Kintavar Exploration Inc. (the “
Corporation” or
“
Kintavar”) (TSX-V: KTR), is pleased to announce
additional results from the soil geochemical survey that has been
completed on the Wabash property and the start of radiometric
surveys on both the Wabash and Mitchi projects. In addition, the
Corporation has signed an agreement to sell the Gaspard Nord
property, located in the Chapais-Chibougamau area of Quebec, to
Northern Superior.
Soil Geochemistry –
WabashSeveral soil geochemistry grids have been completed
throughout the summer on the Wabash property. The results presented
here are primarily for areas indicated on Figure 1 as area A – the
Indiana zone and its extensions to the South and area B – Indiana
extensions to the North towards the Cooper zone. Assays are pending
for several areas to the West and East of the Richer zone and to
the East of the Lapointe zone.
Area A highlights the key Indiana zone that was
discovered during the realization of the soil survey. Furthermore,
another strong anomaly was discovered to the South of the main road
that crosses the entire property. Area B identified a group of soil
anomalies halfway between Indiana and Cooper which is now becoming
an important follow up sector to be able to connect the various
mineralized zones. In addition, three more areas of interest have
been identified and a sampling program is planned before
winter.
Airborne Magnetic and Radiometric
Geophysical Survey - Wabash The Corporation is adding
another important exploration tool to be used to map out potential
extensions of mineralised zones and favorable stratigraphy. The
airborne radiometric survey has been successfully used in Africa to
map out stratiform copper deposits and it could provide a very
useful indirect exploration tool. In addition, a detailed magnetic
survey will be conducted to cover new claims added to the property
(see press release September 7, 2021). The survey will cover a
total of 1,640 line kilometers.
Airborne Magnetic and Radiometric
Geophysical Survey – MitchiThe Corporation will use the
opportunity to conduct a detailed magnetics and radiometric survey
on the Western portion of the Mitchi property. The Western portion
has several IOCG showings and targets that were identified during
the 2017 exploration program (see press release September 26, 2017)
and this survey will generate high quality targets to follow up in
the coming year. The surveys will cover a total of 1,883 line
kilometers.
“Since day one, we have seen the success of soil
geochemistry on the project. We saw how the Indiana zone was
clearly highlighted by the soil anomalies. Our team is now on the
ground following up on all these targets. The geophysical survey
will provide further important information which will improve the
selection of high priority areas on the Wabash property.” commented
Kiril Mugerman, President & CEO of Kintavar Exploration.
Gaspard Nord TransactionAs part
of its focused strategy on copper and base metal projects in the
Grenville geological province, the Corporation has agreed to sell
its 5 claims of the Gaspard Nord property to Northern Superior
Resources Inc. (SUP.V) for a total consideration of 85,000 shares
in the capital of SUP.V. Kintavar will retain a 2% NSR (Net Smelter
Royalty) subject to a partial buyback right of 1% for a purchase
price of CAD$1,000,000. The transaction is subject to regulatory
approval.
“With the Gaspard Nord transaction now completed
we have successfully optioned out or sold all our properties in the
Chapais-Chibougamau gold area. We are committed to creating value
to our shareholders whether by exploration or through strategic
transactions. We have now accumulated a healthy equity portfolio
that will help limit dilution for shareholders.” added
Mugerman.
NI-43-101 Disclosure Alain
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.
Figure 1: Wabash property – Soil survey results (pdf) is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f24b206a-1cf2-4742-9caf-754b91a0e47d
About Kintavar Exploration & the
Mitchi – Wabash PropertiesKintavar Exploration is a
Canadian mineral exploration Corporation engaged in the
acquisition, assessment, exploration and development of gold and
base metal mineral properties. Its flagship project is the Mitchi –
Wabash copper-silver district (approx. 39 000 hectares, 100% owned)
located 100 km north of the town of Mont-Laurier and 15 km East of
the town of Parent in Quebec. Both properties cover an area of more
than 300 km2 accessible by a network of logging and gravel
roads with access to hydro-electric power already on site, major
regional roads including railroad and a spur. The properties are
located in the north-western portion of the central metasedimentary
belt of the Grenville geological province. The projects primarily
focus on sediment-hosted stratiform copper type mineralization
(SSC) but include Iron Oxide Copper Gold (IOCG) and skarn type
targets. Osisko holds a 2% NSR on 27 claims of the southern portion
of the Mitchi property, outside of the sedimentary basin. Kintavar
also has exposure in the gold greenstones of Quebec by advancing
the Anik Gold Project in a partnership with IAMGOLD and several
early-stage projects that were optioned by Gitennes
Exploration.
Kintavar supports local development in the
Mitchi-Wabash region where it owns and operates the Fer à Cheval
outfitter (www.feracheval.ca), a profitable and cashflow generating
operation where it employs local workforce. It as well works with
local First Nations to provide training and employment.
For further information contact:
Kiril Mugerman, President and CEOPhone: +1 450 641 5119
#5653Email: kmugerman@kintavar.comWeb: www.kintavar.com
Forward 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, 2020, 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.
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