Key Capital Announces Major Potential Meteorite Mining Opportunity Joint Ventured
SCOTTSDALE, AZ--(Marketwired - Dec 2, 2015) - Key Capital Corporation (OTC PINK: KCPC) ("Key Capital" or "the Company") advises that the Company has entered into a joint venture for the exploitation of a highly promising and exciting Arizona resource property.
The orebody located on the property is well known as a magnetite resource having been the subject of extensive historic exploration since the 1960s. In recent years, through identification of extraordinary high-grade iridium in samples, it became evident that a significant part of the orebody on the property is of meteorite origin, and it was established that the orebody presented major potential for precious metals and PGMs.
Iridium is usually found naturally only in small concentration and quantity and the total annual world production of iridium, which sells for around US$580 per ounce, is only 3 tons. Concentrations of iridium such as in the analysis of ore samples from the property, including associated high-grade osmium, is only found in meteorites in association with other high-grade precious metals, and the ore in this case appears to be "Achondrite" in origin.
Recognizing that an alternative assay approach needed to be used, an ore sample was sent to an independent specialist laboratory and the resultant reported precious and rare metals content proved to be extraordinary:
Metal oz/t | |
Silver | 7.2 |
Gold | 6.9 |
Palladium | 4.8 |
Platinum | 5.1 |
Rhodium | 7.6 |
Iridium | 15.4 |
Osmium | 5.5 |
Ruthenium | 3.7 |
In general, the natural composition of a meteorite is relatively consistent and in most cases very rich in mineralization. The opportunity to capitalize on the potential of this identified meteorite ore is unique and exciting, and, subject to expectations being met during the course of bulk sampling commencing in Q1, 2016, it is planned to then commence mining operations by 2016 year-end.
The project does not have a proven resource or reserve and is not compliant with SEC or NI 43-101 reporting standards. However, when considering the relatively high content of precious and rare metals known to be found in certain meteorites when compared to traditional mines, the Company has determined that the most effective and efficient method of development is to prove up grade, recoverability and viability through bulk sampling, and then to move directly to scaled-up commercial production.
Christopher Nichols, President/CEO of Key Capital stated: "The idea that asteroids can be mined for their high-grade valuable resources has been around for years and in recent times has attracted many high-profile investors including Larry Page, Eric Schmidt, James Cameron, Ross Perot, and Richard Branson. The opportunity to mine a meteorite presents unique potential, but without the high-risk, expected costs and uncertainty of establishing mining operations in a space environment."
ABOUT KEY CAPITAL: Key Capital is a financial services company providing alternative finance solutions to resource and energy projects. The Company is growing a Mineral and Energy Bank of accretive interests in diverse commodity streams through the provision of structured and equity financing for mid-market resource production in mines containing gold, silver, or base metals, or in energy products. The Company is a Georgia corporation headquartered in Scottsdale, Arizona.
Disclaimer
Statements made in this press release that express the Key Capital or Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause Key Capital's or the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. Key Capital and the Company cannot assure future financial results, levels of activity, performance or achievements and investors should not place undue reliance on Key Capital's or the Company's forward-looking statements.
