Kiska Consolidates Ownership of Kliyul Project, BC
September 07 2010 - 8:17AM
Marketwired
Kiska Metals Corporation ("Kiska" or the "Company") (TSX VENTURE:
KSK) has completed three separate purchase agreements to acquire
the property interests of Rio Tinto Exploration Canada Inc. ("Rio
Tinto"; 45%), First Majestic Silver Corp. (30%) and Daylight Energy
Ltd. (25%) in the Kliyul porphyry copper-gold project located in
north-central British Columbia. Additionally, the property has been
expanded with the purchase of a mineral claim held by Norwest
Enterprises Inc. These transactions result in Kiska obtaining a
100% interest in the 45.3 sq. km property subject only to a 1.5%
Net Smelter Royalty reserved for Rio Tinto. The property is
situated 200 kilometres northwest of Mackenzie and 60 kilometres
southeast of the Kemess South Mine.
"Now that these transactions are complete, Kiska will be able to
follow up on two promising drillholes completed in 2006. One of
these holes returned 0.23% copper and 0.52 g/t gold over a core
length of 218 metres, which compares favourably with the grade of
significant porphyry deposits in this part of the Quesnel Terrane,"
stated Jason Weber, President and CEO of Kiska. "Future exploration
on the property will benefit from its opportune location five
kilometres south of the access road and power-line connected to the
Kemess South Mine."
Kliyul Property Description
Rio Tinto's interest in the property dates back to 1970 when its
predecessor company, Kennecott Explorations, staked the KLI claims
to cover gossanous exposures. Kennecott made the project available
to Kiska in 2005 (then operating as Geoinformatics) under a larger
strategic alliance. Previous exploration had focussed on the Kliyul
magnetite-pyrite-chalcopyrite "skarn" where drilling had
intersected copper-gold mineralization associated with a
geophysical magnetic high. Noting that historic drilling on the
Kliyul magnetite skarn was restricted to within 100 vertical metres
of surface, Geoinformatics drilled two deeper holes targeted at a
magnetic high anomaly from 3-D inversions of historic magnetic
data. The most significant intercept occurred in hole KL06-30,
which returned 217.8 metres of 0.23% copper and 0.52 g/t gold from
a hole depth of 22.0 metres including 0.30% copper and 0.81g/t gold
over the bottom 131.8 metres of this interval. The hole was drilled
to a depth of 325.37 metres ending in mineralization with the last
two samples averaging 0.31% copper and 1.30 g/t gold over 4.37
metres. Hole KL06-31 returned a number of shorter intervals of
similar tenor of mineralization highlighted by 24 metres of 0.20%
copper and 0.44 g/t gold, 32 metres of 0.21% copper and 0.62 g/t
gold and 20 metres of 0.14% copper and 1.21 g/t gold.
Early interpretation of the mineralization at Kliyul was
classified as skarn, however, Kiska's 2009 field visit to the
property, including an examination of the 2006 core, suggests that
the mineralization is more consistent with a porphyry model akin to
other deposits in this part of the Quesnel Terrane including Mt.
Milligan (NI 43-101 compliant measured and indicated resource of
707 million tonnes @ 0.18% copper, 0.33 g/t gold), Kemess South
(1998-2007 production of 161 million tonnes @ 0.228 copper, 0.711
g/t gold), Kemess North (NI 43-101 compliant measured and indicated
resource of 719 million tonnes @ 0.15% copper, 0.30 g/t gold), and
Kwanika (NI 43-101 compliant indicated resource of 183 million
tonnes @ 0.29% copper, 0.28 g/t gold) deposits. A large exposure of
strong quartz-sericite-pyrite (phyllic) alteration associated with
a linear airborne magnetic high several kilometers long indicates
that the mineralized system is much more extensive than has been
effectively explored to date. The copper-gold core of the Kliyul
porphyry system would be expected to lie in the valley bottom
inboard of this strong phyllic alteration. The original discovery
and shallow drilling focused where the target
quartz-magnetite-chalcopyrite-pyrite mineralization comes to
surface and soil geochemistry was effective. Exploration potential
is high to the east and west of main drilling where target areas
are masked by thin glacial and alluvial sediments or phyllic
altered intrusive and volcanic rocks.
Current Exploration Plans
Kiska will initiate a field program in September with the
primary goal to confirm early interpretation of the geological
model by re-logging core that can be recovered from earlier
drilling campaigns and field checking earlier mapping.
Qualified Person Statement
The content of this release has been reviewed and approved by
David A. Caulfield P. Geo., Director of Business Development of
Kiska Metals Corporation. Mr. Caulfield is a Qualified Person as
defined under the terms of National Instrument 43-101.
About Kiska Metals Corporation
Kiska Metals Corporation is a mineral exploration company
focused on advancing the Whistler Project, Alaska, which includes a
multi-million ounce gold-copper resource and excellent exploration
potential. Kiska has renowned technical expertise and a quality
exploration portfolio with numerous early stage exploration
opportunities around the world, some held in partnership with a
selection of the world's largest and most successful gold and base
metal producers.
On behalf of Kiska Metals Corporation
Jason Weber, P.Geo., President & CEO
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". Other than statements of historical
fact, all statements included in this release, including, without
limitation, statements regarding future plans and objectives of
Kiska Metals Corporation, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Kiska's expectations are the risks
detailed herein and from time to time in the filings made by Kiska
Metals Corporation with securities regulators. Those filings can be
found on the Internet at http://www.sedar.com and
http://www.sec.gov/edgar.
KSK10-23
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: Kiska Metals Corporation Drew Martel Investor
Relations 604.669.6660 Kiska Metals Corporation Jason Weber
President & CEO 604.669.6660 604.669.0898 (FAX)
www.kiskametals.com
Kiska Metals Corporation (TSXV:KSK)
Historical Stock Chart
From May 2024 to Jun 2024
Kiska Metals Corporation (TSXV:KSK)
Historical Stock Chart
From Jun 2023 to Jun 2024