Kerr to Commence Drilling at Copperstone
TORONTO, ONTARIO--(Marketwired - Apr 21, 2015) - Kerr Mines Inc. ("Kerr" or the "Company") (TSX:KER) is pleased to report that drilling in and around the Copperstone gold deposit located in Western Arizona is set to commence. Initial drilling will primarily target the Lower Plate Zone located parallel to the main Copperstone zones that were previously mined by open pit and underground methods.
A number of widely spaced, high grade gold intersections were obtained within the Lower Plate by previous operators such as 0.29 oz/ton over 35 feet, including 0.65 oz/ton over 15 feet in drill hole #DCU-08. The Lower Plate Zone is located approximately 300 to 500 feet to the footwall of the Copperstone main zones and runs parallel to the open pit and current underground development. The goal of this phase of drilling will be to follow up on previous intersections and to extend the zone along strike and dip towards current underground access allowing for potential future development in conjunction with the main Copperstone zones.
"This drill program is significant as any success on the Lower Plate creates additional flexibility in the future development of Copperstone. Thoughtful planning and definition of the A through D Copperstone zones with the addition of the Lower Plate will be our near-term focus. The near-surface location and high grades of the Copperstone and Lower Plate zones bode well for future development," commented Greg Gibson, CEO.
The Company has not yet completed the work necessary to verify the past exploration results and since some of these results are historical in nature and some results predate National Instrument 43-101 ("NI 43-101") standards, these results should not be relied upon. In addition, a qualified person has not completed sufficient work to verify these historical results and the Company is not treating these results as current. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Dale Ginn, P.Geo., a "Qualified Person" as defined by NI 43-101 for this project.
Sections, plans and diagrams related to this press release are available at the company's website, www.kerrmines.com.
About Kerr Mines
Kerr Mines is a Canadian mineral exploration and development company based in Toronto, Canada. Kerr Mines' focus is the acquisition, exploration and development of prospective mineral properties in North America. With a proven track record of making discoveries and managing mines, Kerr Mines' team seeks assets in low risk jurisdictions to increase its existing resource base, from the exploration drill bit or through strategic acquisitions. Kerr Mines acquired the Copperstone gold mine located in Arizona in 2014. The mine is fully permitted with significant mining infrastructure, mineral resources and processing infrastructure in place. Kerr Mines has also established a sizeable footprint of contiguous gold properties near Virginiatown, Ontario on the prolific 200-km long Cadillac-Larder Lake Break that straddles the Ontario-Quebec border. Mining properties along the Break have historically produced over 95 million ounces of gold.
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.