TORONTO, March 26, 2020 /CNW/ - Mistango River Resources Inc. (MIS:CSE, "Mistango" or the "Company") is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the 2,105 hectare Teck-Kirkland Property from Hinterland Metals ("Hinterland"). The Teck-Kirkland property encompasses the western boundary of Kirkland Lake Gold (KL:TSE) and includes claims on the Amalgamated, Main, Cadillac and Kirana Faults. This expansion of Mistango's Eby-Baldwin brings the property to a total of 4,300 hectares making the Company one of the largest landowners in the Kirkland Lake camp.
"This acquisition establishes Mistango as a major land holder in Kirkland Lake, particularly along with western extension of the Amalgamated and Main breaks which hosts excellent geology but has seen substantially less exploration due to its fragmented ownership. This Teck-Kirkland acquisition gives us additional coverage along the intersections of the major breaks in the area including the Amalgamated, Main, Cadillac and Kirana faults. The focus of our exploration going forward will be where these major structures crosscut," said Stephen Stewart, Mistango's Director.
About the Teck-Kirkland Property (now a part of the Eby-Baldwin Project)
This acquisition nearly doubles the size Mistango's Eby-Baldwin land position to 4,300 hectares. This expanded land package is contiguous with Kirkland Lake Gold's Macassa Mine, one of the worlds highest grade gold mines, and gives Mistango one of the largest land positions in the Kirkland Lake district. The Teck-Kirkland property and includes 47 cell and boundary claims as well as 24 patents and mining licenses of occupation.
Eby-Baldwin is located contiguous with Kirkland Lake Gold's Macassa Mine and also adjacent to Agnico Eagle's Upper Beaver deposit property. Mistango's data compilation has identified great geological potential at Eby-Baldwin and highlighted numerous gold bearing structures, including the Main, Amalgamated and Kirana breaks converge with the Cadillac Larder Lake Break ("CLLB") on Eby-Baldwin.
The confluence of these breaks provides for geological similarities to the Macassa mine. While the Main Break is considered the most important structure at the Macassa mine, the more recent discovery of the South Mine Complex is structurally governed by the Amalgamated Break. Eby-Baldwin strategically hosts both structures within its property boundaries. The acquisition of the Teck-Kirkland property from Hinterland extends the Eby-Baldwin project northeastwards, encompassing more of the Kirana and Main breaks.
Geological Upside at Eby-Baldwin
Eby-Baldwin has known historical presence of gold in veins and in its association with porphyry intrusions, another key similarity with the Macassa mine. A northwest trending porphyry dyke located immediately south of the CLLB shows wide, low-grade gold intersections that need to be revisited under the current gold price environment. Mistango will plan a considerable drill program, given it has expanded the Eby-Baldwin land package, targeting the Main and amalgamated Breaks to delineate structural controls on the mineralization. This will follow-up ground induced polarization and a high-resolution drone magnetic survey.
Terms of Acquisition
Mistango will acquire 100% of the Teck-Kirkland Property by issuing Hinterland 1,500,000 common shares and $15,000 in cash.
Further detail on all assets can be found at www.mistango.com.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director of Mistango, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
Mistango is a Canadian-based exploration and development company focusing on its Omega and Eby-Baldwin projects in Kirkland Lake, Ontario.
SOURCE Mistango River Resources Inc.
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