Kintavar Exploration Inc. (the “
Corporation” or
“
Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is
pleased to announce the results of its Annual and Special Meeting
(the “
AGM”) and also to provide an exploration
update on the Wabash property.
All the resolutions that were presented at the
AGM on June 09, 2022, were approved by the shareholders. These
resolutions include the nomination of the directors and the
auditors as well as the renewal of the Corporoation’s Stock Option
Plan.
Shareholders re-elected Kiril Mugerman, Mark
Billings, David Charles, Guy Le Bel, Richard Faucher and Maxime
Lemieux to the Board of Directors.
Moreover, during the Board meeting held after
the AGM, Mark Billings was reconducted as Chairman and Maxime
Lemieux as Corporate Secretary. Mark Billings (Chairman), Richard
Faucher and Guy Lebel will form the audit committee.
The Board of Directors has also granted
2,250,000 stock options under the Corporation’s Stock Option
Incentive Plan to directors, officers and employees at an exercise
price of $0.10 per share. These options expire five (5) years from
the date of the grant, on June 09, 2027.
Exploration UpdateThe summer
exploration program on the Wabash project began in June 2022. The
camp at the Wabash project had been put back into operation during
the month of May allowing for the geophysical surveys to commence.
Two (2) geophysical targets (MLI corridor and GB1) will be
evaluated with Induced Polarization (IP) and DeepEM respectively.
The geological team has started surface work on the MLI corridor in
order to trench and to expose the high-grade mineralized horizons
from hole WAB-21-21 (1.01% Cu and 19.3 g/t Ag over 16.8m). As the
anomalies from the IP survey become available, the surface
exploration work will attempt to follow the high-grade horizon
laterally. Currently, the MLI corridor is estimated at over 1km in
length.
The results from trenching and geophysics will
be used to plan the drilling program that is planned to start in
July or August. Currently, approximately 2,000m of drilling is
being planned for phase 2 which will be followed up by another
drilling program in the fall.
Social acceptabilitySeveral
meetings had taken place in May 2022 to provide an update on the
Wabash project and the upcoming work with the local Wemontaci First
Nation community and the La Tuque municipality. The Wabash project
benefits not only from great infrastructure but as well from
supportive local communities and First Nations. Our collaboration
will help better plan exploration activities and future
infrastructure development projects (road, cellular communications,
power, logging and more). We are very excited and proud to be
working with both groups.
“We have 2 very promising targets to follow up
on from the winter drilling program. After almost 2 years since the
discovery of mineralization at Wabash, we are narrowing down our
exploration focus with the goal of delineating important volumes
with high grade copper mineralization. The regional exploration
team will be using data from these successful discoveries as guides
to find more targets of similar size and grade while the
detailed-geological team will focus on MLI and GB1. We will be
providing exploration updates throughout the summer.” commented
Kiril Mugerman, President and CEO of Kintavar Exploration.
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, 2021, 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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