Kintavar up 20.5% on Mitchi Project drilling results
Hand sample from Nasigon NE showing disseminated copper minerals (bornite, covellite, malachite) in calc-silicate rock at the Mitchi Project in Quebec. Source: Kintavar Exploration Inc.
Kintavar Exploration Inc. [KTR-TSXV] on Wednesday January 31 released assays from the first four holes of a 2017-2018 winter drilling program at the Mitchi property, which the company has described as the only pure play copper project in Quebec.
News that the company has discovered a new zone on the property sent Kintavar shares up 20.5% or $0.08 to 47 cents on Wednesday. The 52-week range is 48.5 cents and $0.095
Covering 21,000 hectares, Mitchi is a folded stratiform copper-silver project located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier.
Osisko Mining Inc. [OSK-TSX] holds a 2% net smelter return (NSR) royalty on 39 claims and a 1% NSR on 21 other claims on the Mitchi property.
Many gold, copper, silver and manganese mineralized showings have been identified to date, with many characteristics suggesting a sediment-hosted stratiform copper type deposit in the eastern portion of the property and Iron Oxide Copper Gold ore and skarn type deposits in the Western portion, the company said.
The company has said it is targeting a geological environment that has never been explored in this region before. Drilling has focused on the project’s southern corridor to gain a better understanding of the mineralized system on a regional scale.
“This drilling program will allow us to better expand our exploration efforts four kilometres to the east and to the west of the Sherlock and Watson showings as demonstrated by airborne geophysics and to begin working (in an area known as) the northern Nasigon corridor,” said Kintavar President and CEO Kiril Mugerman.
On Wednesday, the company said 12 diamond drill holes, totalling 1,771 metres, have been completed on the Sherlock and Watson drilling areas. Kintavar said it has discovered a new zone north of the Sherlock area, where drills intersected 0.61% copper, 3.76 g/t silver over 30 metres within 120 metres grading at 0.34% copper and 2.90 g/t silver on the Mitchi property.
The company said the new zone – a sedimentary unit – has been intersected by eight diamond drill holes, starting from surface and covering over 200 metres in width, and a vertical depth of 175 metres. The unit remains open to the east, west and at depth, the company said.
Kintavar said it has identified several geological and geochemical anomalies that it plans to investigate in the extensions of the sedimentary unit. It also plans to complete detailed geophysical surveys over the Watson/Sherlock and Nasigon areas on the coming months.