Kintavar intersects 45m @ 0.45% Cu and 23m @ 0.57% Cu; Provides update due to COVID19 virus outbreak
MONTREAL, March 31, 2020 (GLOBE NEWSWIRE) — Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announced drilling results for drill holes MS-19-53 to MS-19-60. The drilling program has now been completed and all the samples have been sent out for assays before the provincial working restrictions due to the COVID19 virus took place. A total of 5,750m were drilled including 3,470m in the Sherlock area, testing the shallow dipping sedimentary units model, and another 2,280m were drilled in the Conan/Elementary and the SHK-34 trench area, investigating the zones discovered during the summer 2019 work. Results for the remaining 31 holes are expected in April.Highlights:MS-19-54: 23.0m @ 0.57% Cu & 5.33 g/t Ag starting from 27.0mMS-19-56: 45.45m @ 0.45% Cu & 3.85 g/t Ag starting from 43.80mMineralized zones envelope width varies between 50 and 75 mMineralized zones intersected across 300m linear from South to NorthSystem remains open at depth to the North and laterally to the East and WestDrilling results for additional 31 holes are expected in April“The Sherlock zone continues to deliver thickness, grade and size. The interpretation from the structural work in summer of 2019 has been confirmed with this drilling program as we can see in both the long section and the cross section presented. Every single drill hole to date from this program successfully intersected the mineralized unit. We are very encouraged by this and look forward to putting the entire picture together with the upcoming remaining results.” comments Kiril Mugerman, President & CEO of Kintavar.Sherlock ZoneDrill holes MS-19-53 to 60 (shown in Figure 1), provided information that allowed to complete a long section (East to West) at the Southern part of the system or the beginning of the thickenings (Figure 2). The mineralized horizons begin at surface and is found within the first hundred meters of the surface as the system remains open to the west. In addition, these drill holes completed a full cross section that covers over 300m (North to South) that is fully cross cutting the mineralized envelope (Figure 3). Section 3+50E shows that the mineralized envelope has a thickness of 50 to 75m comprising of 3 to 4 horizons including the central horizon that can reach over 40m in thickness with a grade of around 0.50% Cu. The table below summarizes all these results.Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1eb5c598-cefa-4b19-8dff-eb9e8440b4d5Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5b26b9a-b5ed-446e-aff1-547a23022dd5Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef3e97dc-1e86-4ac8-a1f2-ff7a705a547fAll samples have been sent and prepared (PREP-31) by ALS Global laboratory in Val-d’Or. The pulp was sent to ALS Global laboratory in Vancouver for copper assays (CU-ICP61). silver assays (AG-ICP61) or a multi-elemental analysis by four acid digestion (ME-ICP61) and spectroscopy (ICP-AES/MS). Samples with assays higher than 10,000 ppm Cu were reanalyzed by atomic absorption (CU-OG62) at the ALS Global Vancouver laboratory. Quality controls include systematic addition of blank samples and certified copper standards to each batch of samples sent to the laboratory.COVID19 Related Corporate UpdateIn light of the global COVID19 pandemic and the provincial regulations, all activity in the field has been suspended and operations at the Fer a Cheval outfitter and Kintavar camp have been reduced to minimum. All essential personnel are currently working from home on data processing, regulatory reporting and planning the exploration program for 2020. The Corporation remains well funded and is well positioned to sustain the current downturn in both the copper prices, the markets and the global economy that was caused by the COVID19 pandemic. Management will keep monitoring the current situation and will provide updates on the summer 2020 exploration program once more information is available from the provincial authorities.NI-43-101 DisclosureAlain Cayer, P.Geo., MSc., Vice-President Exploration of Kintavar, is Qualified Person under NI 43‐101 guidelines who supervised and approved the preparation of the technical information in this news release. About Kintavar Exploration & the Mitchi PropertyKintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. It’s flagship project is the Mitchi property (approx. 30,000 hectares, 100% owned) located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier. The property covers an area of more than 300 km2 accessible by a network of logging and gravel roads with a hydro-electric power substation located 14 km to the east. The property is located in the north-western portion of the central metasedimentary belt of the Grenville geological province. Many gold, copper, silver and/or manganese mineralized showings have been identified to date, with many characteristics suggesting of a sediment-hosted stratiform copper type mineralization (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold (IOCG) and skarn type mineralization in the Western portion. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin.For further information contact:Kiril Mugerman, President and CEO
Phone : +1 450 641 5119 #5653
Email : [email protected]
Web: www.kintavar.comForward looking Statements:
Neither 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.This news release contains statements that may constitute “forward-looking information” or “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and analysis for the fiscal year ended December 31, 2018, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.