Kintavar Exploration Inc. [KTR-TSXV] shares were active Wednesday February 27 after the company released final assays from 2018 drilling on its Mitchi property in Quebec.
“We are very excited with these final results from the 2018 drilling program,” said Kintavar President and CEO Kiril Mugerman. “We have drilled over 10,000 metres, discovered many new mineralized zones, and learned a lot about the geology and the structure of the Mitchi Project in the past year.’’
Highlights from 2018 drilling include 94.80 metres at 0.30% copper within 216 metres of 0.20% copper, which ranked as the longest mineralized interval reported to date on the Mitchi property.
Investors reacted by sending Kintavar shares up 13% or $0.03 to 26 cents. The shares trade in a 52-week range of 53 cents and 11 cents.
Kintavar is currently focused on the Abitibi gold district where the company is working on the Anik and RAL properties and in the Grenville geological province on the Mitch property.
Covering 30,000 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. The property covers an area of more than 300 km2 accessible by a network of logging and gravel roads with a hydroelectric power substation located 14 to the east.
The property is located on the north-western portion of the central metasedimentary belt of the Grenville geological province.
Osisko Mining Inc. [OSK-TSX] holds a 2% net smelter return (NSR) royalty on 27 claims on the southern portion of the property outside the sedimentary basin.
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.
“As we advance, the intervals become longer and grades inch higher while the Sherlock Zone remains open laterally and at depth,” Mugerman said.
“With ongoing metallurgical testing, we are hoping to begin demonstrating some economical potential of the stratiform mineralization of the Mitchi Project and what we believe could become a district scale project with the entire sedimentary basin having already been staked by Kintavar and royalty free.”
Mugerman went on to say that the company is looking forward to going back to the field in the spring to begin drilling the extensions of the Sherlock Zone and continue working on the Conan zone.