VANCOUVER, BRITISH COLUMBIA -- (Marketwired - May 15,
2017) - Kenadyr Mining (Holdings) Corp. (TSX
VENTURE:KEN)(OTC PINK:KNDYF) (the "Corporation" or
"Kenadyr") is pleased to announce that drilling has commenced on
the South Zone of Kenadyr's 100% owned Borubai License, Kyrgyz
Republic.
The South Zone is directly adjacent to Zijin Mining Group Co
Ltd.'s ("Zijin") Taldy-Bulak Levoberejny ("TBL") Mine deposit,
currently in production.
Initial drilling is designed to intersect an area which was
previously drilled by the Soviet's between 1970 and 1990, and which
intersected significant gold mineralization.
The South Zone is open in three directions and to depth and
drilling in this zone has the potential to see increased grade of
the mineralization (from historic numbers) as a result of increased
core recovery (core recovery during Soviet drilling averaged only
60% recovery) and the use of Fire Assay versus ICP analysis
techniques (which were predominately used during Soviet
assaying).
The target depth of the initial drill hole is 850 meters.
Kenadyr is in a strong position to embark on this upcoming
program, having a strong balance sheet, no debt nor significant
payments owing, a strong institutional shareholder base and a
management team with extensive in-country operational experience,
and merger and acquisition expertise.
Dr. Alexander Becker, Kenadyr Chief Executive Officer,
states, "Drilling has now commenced, ahead of schedule and
this is a testament to the team's strong efforts in the field along
with the efficiency of QED, the drill contractor. The South Zone is
a high priority area for Kenadyr with excellent underlying geology.
It is open and strongly mineralized at the extent of drilling,
according to historical results, and we look forward to retesting
this area, to confirm the high grade results reported from previous
drilling."
Kenadyr's Borubai project comprises a 100-per-cent-owned
exploration licence covering a contiguous 164-square-kilometre land
package that encircles the Zijin/Kyrgyz/Altyn newly constructed and
operational TBL mine, in northern Kyrgyz Republic.
Zijin, the majority owner of the TBL mine, is one of China's
largest gold producers, second-largest copper and zinc producer, as
well as a major producer of tungsten and iron ore. In 2015, Zijin's
sales revenue and net profit attributable to the parent company
reached $11.44-billion (U.S.) and $255-million (U.S.),
respectively, ranking first and second, respectively, among 14
major global public gold miners (source: Zijin website). According
to a news release published by Zijin. on Aug. 15, 2011, the
national resources table of Kyrgyz Republic stated that the TBL
field contains (C1 plus C2) 8,906,100 tonnes of gold ore (the
average grade is 7.23 grams per tonne) and the gold metal volume is
64,420.5 kilograms, among which the C1 grade (initial mining
reserve) is 4,949,754 tonnes of gold ore (the average grade is 7.02
grams per tonne) and the gold metal volume is 34,754.6 kilograms.
The TBL mine is designed to produce 125,000 ounces of gold per
annum. The TBL mine deposit is directly adjacent to Kenadyr's
initial drill target, the South Zone, which was previously drilled
by the Soviets, with drilling on the Bourubai License exceeding
98,000 meters.
Readers are cautioned that the resource and reserve
estimates relating to the TBL mine do not extend to the Borubai
project. Kenadyr has not independently verified the information
with respect to the TBL mine provided in this news release and it
is not necessarily indicative of the mineralization on the Borubai
project. A qualified person has not done sufficient work to
classify the historical estimates on the TBL mine as current
mineral resources or mineral reserves, and Kenadyr is not aware of
the resource and reserve categories, or the key assumptions,
parameters and methods used to prepare the historical estimates on
the TBL mine. Kenadyr is not treating the historical estimates on
the TBL mine as current mineral resources or mineral reserves as
defined in National Instrument 43-101. While Kenadyr considers the
historical estimates on the TBL mine disclosed in this news release
to be relevant to investors, Kenadyr cautions readers that they
should not be unduly relied upon in drawing inferences on the
mineralization on the Borubai project.
Kenadyr's Borubai project, which surrounds the TBL mine, has
been the subject of extensive historic exploration including
drilling (98,200 metres in 184 diamond drill holes), trenching
(13,800 cumulative metres), bulldozer cuts (33,400 cumulative
metres), geologic mapping at 1:25,000 and 1:50,000 scales, ridge,
spur and grid soil geochemistry for multi-elements (14,200
samples), rock geochemical sampling (2,320 samples), pan
concentrate sampling (790 samples), 100 metres of adits, and 184
metres of underground raises. Additionally, the entire area has
been subject to airborne magnetic, radiometric and gravity surveys,
as well as ground-based resistivity and induced polarization
surveys. Additional high grade gold targets exist throughout the
Borubai license. The entire license has been subject to extensive
geochemical and geophysical surveys, with follow up trenching and
drilling on only a few of the identified anomalies.
Additional information in respect of the Corporation's business
and the Borubai project is available in the Corporation's filing
statement dated February 27, 2017, available under the
Corporation's profile on SEDAR.
Kenadyr has an expert team of mine developers with considerable
local and regulatory knowledge, led by Chief Executive Officer Dr.
Alex Becker, who has operated successfully in the country for much
of the past 20 years. The board and management team includes; R.
Stuart (Tookie) Angus (Chairman), Alexander Becker (Chief Executive
Officer), Bryan Slusarchuk (President), Douglas J. Kirwin
(Director), Brian Lueck (Director) and Kevin Ma (Chief Financial
Officer). Mark Eaton will act as an adviser to the Corporation.
QED and its predecessor company have a 30-year history and QED
has grown their business to be an industry leader in the provision
of drilling services to varied clients. QED's services includes
diamond drilling, reverse circulation (RC) drilling, RC grade
control, geothermal, geotechnical drilling, water boring and slope
stability solutions. QED acts as a drill contractor for multiple
public and private companies around the world including major,
mid-tier and exploration focused companies.
Kenadyr has 83,947,623 common shares issued, along with common
share purchase warrants exercisable at various prices for an
aggregate of 4,633,044 common shares, and 8,385,000 incentive stock
options exercisable at $0.80 per share and subject to vesting.
Brian Lueck, P. Geo, a director of Kenadyr and a qualified
person as defined by National Instrument 43-101, has reviewed and
approved the technical information in this news release.
On behalf of Kenadyr Mining (Holdings) Corp.
Dr. Alexander Becker
Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements relating
to the future operations of the Corporation and other statements
that are not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding the future plans and
objectives of the Corporation are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Corporation's expectations include
the success for failure of the Corporation's proposed exploration
activities on the Borubai Project or its resource potential
relative to the TBL Mine and other risks detailed from time to time
in the filings made by the Corporation with securities
regulations.
The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Corporation. The reader is cautioned not
to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Corporation will update or revise publicly any of
the included forward-looking statements as expressly required by
Canadian securities law.
CONTACT INFORMATION
Kenadyr Metals (TSXV:KEN)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Kenadyr Metals (TSXV:KEN)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
