Kintavar Exploration Inc. [KTR-TSXV] shares were active Thursday after the company released assays results from drilling on the Sherlock Corridor area of its Mitchi property in Quebec.
The program included 12 drill holes (2,300 metres) that primarily investigated surface exploration targets on the Sherlock/Watson/Toby zone and the Elementary zone.
Kintavar said the Toby showing returned assays of 0.59% copper over 11.6 metres from the start of the drill hole and requires additional follow up to intersect the rest of the mineralization.
The northern extension of the Watson zone has been discovered by strong soil anomalies in copper and drilling returned 0.24% copper over 32 metres.
These drill holes extend the mineralization that has been intersected in drilling in the Sherlock / Watson / Toby sedimentary assemblage to over one kilometre east to west, the company said.
Kintavar shares jumped 26% or $0.03 to 14.5 cents on Thursday. 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 kilometres 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.
On Thursday, Kintavar said an additional eight holes in the program intersected the mineralized sedimentary stratigraphy with chalcocite, bornite and chalcopyrite, confirming the kilometric extension of the mineralized system.
Based on the results of the summer drilling and exploration programs, Kintavar said the focus shifts to pinpoint the zones of structural thickening that are created as a result of the interaction of folding on the mineralized stratigraphy and late faulting.
“These conditions have created the favourable structural thickening observed in the Sherlock zone and are now the focus as we start planning for 2019 with the objective of demonstrating large volumes and eventual maiden resource estimate,’’ the company said.