MONTRÉAL, June 20, 2019 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (KTR.V) (58V.F), is pleased to announce the beginning of the 2019 exploration program on the Mitchi stratiform copper project. The program is divided into 3 main priorities: 1. Surface work to extend the mineralization of the main Sherlock zone to the East and to the West; 2. Continue surface exploration in the Elementary / Conan zones and identifying new zones of mineralization within the Sherlock corridor; and 3. Follow up drilling on both the Sherlock zone and the Elementary / Conan zones.
Sherlock Zone Surface Exploration
Surface exploration will focus on the following:
- Sherlock zone – The main Sherlock zone has provided the best mineralized intervals to date and remains open to the East, to the West and at depth. Surface work will focus on extending the mineralization in both directions and to identify on surface horizons that were previously intercepted only in drilling.
- Structural and lithological mapping to identify extensions and similar structural thickening patterns in proximity of the Sherlock zone
Elementary / Conan Zone Surface Exploration
- Elementary / Conan zone – The Elementary & Conan zone has been already confirmed to have mineralization from surface while large soil anomalies have been identified in 2018 that require extensive follow up. The strength and the size of the anomalies suggests the presence of a large target similar in size to the main Sherlock zone.
- Other regional targets within the Sherlock corridor will be evaluated for their potential to host significant size of mineralization and prepared for eventual follow up by drilling
Sherlock Corridor Drilling
Once the surface exploration work is complete, Kintavar is planning approximately 5,000 meters of drilling to investigate primarily the Sherlock zone extensions followed up by drilling on the Elementary / Conan zone.
In addition, the Corporation announces that all the resolutions that were presented at the annual and special meeting on June 20, were approved by the shareholders. These resolutions include the nomination of the directors and the auditors as well as the renewal of the Stock Option Plan.
Shareholders re-elected Kiril Mugerman, Mark Billings, Pierre Bertrand, David Charles and Maxime Lemieux to the Board of Directors.
Moreover, during the Board meeting, held after the meeting, all members of management have been re-appointed to their respective positions, and Mark Billings, David Charles and Maxime Lemieux will continue to form the audit committee.
The Board of Directors has granted today 1,135,000 stock options under its Stock Option Incentive Plan to directors, officers, consultants and employees at an exercise price of $0.165 per share. The options expire five (5) years from the date of grant on June 20, 2024.
Alain Cayer, P. Geo., MSc., Vice-President Exploration of Kintavar, is the 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 Property
Kintavar 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.
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Forward looking Statements:
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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.