Kintavar Exploration Inc. [KTR-TSXV] on Tuesday February 27 announced the results from the remaining eight holes from the maiden drilling program on the Mitchi property in Quebec that targeted the Sherlock and Watson prospects.
Highlights include drill hole DDH MS-17-08, which intersected 206.3 metres, grading 0.18% copper and 1.65 g/t silver, including 21.9 metres of 0.52% copper and 16.5 metres of 0.50% copper. In total, four of 12 drill holes intersected over 100 metres of copper mineralization.
Mineralization starts from surface and remains open to the East, West and at depth, the company said in a press release.
Kintavar shares eased 5.66% or $0.03 to 50 cents in early afternoon trading on Tuesday. The 52-week range is 65 cents and $0.095.
Covering 28,000 hectares, Mitchi is a 100%-owned 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.
The latest assays and the intersected lithologies continue to validate the field observations and interpretation of the folded stratiform model and are beginning to provide more detail about the geometry of the folding, which is expected to play an important role in the thickness of the mineralized unit, the company said.
“The initial drilling program on the Sherlock and Watson area was a major success,’’ said Kintavar President and CEO Kiri Mugerman.
“Not only that we were able to intersect over 100 metres of copper mineralization in four of the 12 drill holes, but we were able to validate at depth the folded stratiform copper model and get a better understanding of the structural geology of the mineralized strata,’’ he said. “We are now starting several geophysical programs on both the Sherlock and Nasigon corridors in order to have both areas ready for drilling as early as possible.”
He went on to say that Stratiform copper deposits are usually known for their continuity and predictability and to date, even with the Grenville deformation, we are still seeing that the mineralization is continuous.
“With the knowledge we gained from this initial drill program and the information we get from the ongoing exploration surveys, this summer’s drilling program should be very exciting as we will be focusing on better defining the mineralized areas, extending them and defining them in new areas of the property,” Mugerman added.