Kiska Metals Corporation: First Option Taken on the Kliyul Project, BC
January 09 2014 - 8:00AM
Marketwired
Kiska Metals Corporation: First Option Taken on the Kliyul Project,
BC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) - Kiska
Metals Corporation (TSX-VENTURE:KSK) ("Kiska" or the "Company")
reports that, further to the news release dated October 1, 2013,
Teck Resources Limited ("Teck") has elected to take up an option to
earn a 51% interest in the Kliyul Project (the "Property") in
north-central British Columbia (the "First Option"). Teck had until
January 31, 2014 to make such an election.
Under the First Option, Teck can earn a 51% interest in the
Property by incurring a cumulative aggregate of $5.5 million in
exploration expenditures on the Property on or before January 31,
2018. Should Teck exercise the First Option, Teck may elect to
acquire an additional 14% interest in the Property, for a total
interest of 65%, by incurring an additional $6.5 million in
exploration expenditures (for a total of $12.0 million) on the
Property on or before the third anniversary of the exercise of
Teck's First Option.
Kliyul is a gold-copper porphyry project located 67 kilometres
southeast of the shuttered Kemess Mine and lies adjacent to the
Kemess Mine access road and power line. The Company owns a 100%
interest in the 6,537 hectare property subject to a 1.5% NSR. The
main area of interest on the property is the "Kliyul Zone", an 800
by 800 m magnetic high anomaly tested by 21, mostly shallow (less
than 125m below surface) drill holes completed prior to 1995. This
shallow drilling returned significant copper-gold intercepts in a
magnetite breccia, including 76.4 metres of 1.16 g/t Au and 0.33%
Cu from 55.95 metres (KL-8). It should be noted that this intercept
is from a historical drill hole (pre-1995) for which the original
assay certificates and sampling protocols cannot be confirmed. The
most recent drilling at Kliyul, in 2006, yielded encouraging copper
and gold intersections from two deeper holes. In KL06-30, a 217.8
metre intersection averaged 0.23% copper and 0.52 g/t gold. KL06-31
returned a number of intervals of similar tenor 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.
These were the first deep drill holes drilled on the property and
both ended in mineralization. To view figures of Kliyul please
click on the following link:
http://www.kiskametals.com/i/maps/kliyul/2014-01-06_Kliyul_Maps.pdf.
In the autumn of 2013, Kiska completed an exploration program
totaling approximately $500,000, funded under a loan arrangement
with Teck, comprising surface geophysics, property scale geological
mapping, and core re-logging in the Kliyul Zone. With Teck electing
to take up the First Option, these expenditures under the loan are
now considered expenditures under the First Option and the loan is
forgiven. The 2013 geophysics survey consisted of 25.4 line
kilometres of pole-dipole induced polarization ("IP") and ground
magnetics surveys extending 2.5 by 2.2 kilometres west of a
previous survey conducted in 2011 over the main Kliyul Zone. This
survey merged with previous data provides a 5 by 3 kilometre area
of induced polarization and magnetics coverage over the Kliyul Zone
and peripheral target areas. Property-scale geological mapping was
conducted in the survey area to provide geological context to the
geophysical results and historical surface geochemical anomalies.
This work identified a 2.8 kilometre long IP chargeability high
anomaly which is centred on the Kliyul Zone and coincident with
mapped phyllic alteration. Mapped phyllic alteration continues a
further 3 km to the southeast, in the Bap Ridge target area, but
the IP survey planned for this area was curtailed due to inclement
weather. The geophysical survey and surface work also identified
new targets, the Ginger and Shadow zones, located 1.5 kilometres to
the northwest and west, respectively, of the Kliyul Zone. These
new, untested prospects are defined by surficial copper geochemical
anomalies coincident with moderate magnetic high anomalies within
the larger IP chargeability high anomaly, features similar to the
Kliyul Zone.
The re-logging of drill core from the Kliyul Zone helped to
develop a better understanding of the timing relationships between
intrusive suites, alteration, veining, and copper-gold
mineralization. Gold and copper mineralization in the Kliyul Zone
appears to be associated with multiple phases of magnetite breccia
and quartz-chalcopyrite veining within and adjacent to diorite
porphyry intrusive rocks. This work will form the basis for future
drilling.
"The drill core re-logging completed in the autumn program at
the Kliyul Zone finally allowed us to merge the historical and 2006
drill results into a set of geologically consistent cross-sections.
These observations and sections show an intensity and continuity in
alteration and mineralization that is characteristic of a porphyry
system," states Mike Roberts, P.Geo., Vice President, Exploration,
"and show that the system is wide-open for future drill testing. In
addition, the definition of new targets at the Ginger and Shadow
zones, and the presence of a large area of mapped phyllic
alteration at Bap Ridge is encouraging for future exploration
elsewhere on the property."
Qualified Person Statement
The content of this release has been reviewed by Mike Roberts,
P.Geo., Vice President, Exploration of Kiska Metals Corporation.
Dr. Roberts is a Qualified Person under the terms of National
Instrument 43-101.
About Kiska Metals Corporation
Kiska Metals Corporation is a mineral exploration company with a
diverse portfolio of gold and copper projects available for
option/joint venture throughout North America and Australia. One of
the more advanced assets is the Whistler property, Alaska, a
district-scale gold-copper porphyry project with excellent
exploration potential that contains a 2.25 M oz gold-equivalent
indicated resource. Kiska has numerous gold and copper projects
available for option-joint venture as well as an extensive royalty
portfolio available for purchase.
On behalf of Kiska Metals Corporation
David Caulfield, P.Geo., Interim President & CEO
CAUTIONARY STATEMENT: No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. 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.
Kiska Metals CorporationCandice RidyardInvestor
Relations604.669.6660Kiska Metals CorporationDavid
Caulfield604.669.6660604.669.0898www.kiskametals.com
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