Kapuskasing Gold Begins Second Phase Exploration at Borden North
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2015) - Kapuskasing Gold Corp. (TSX VENTURE:KAP) (the "Company" or "KAP") is pleased to announce that its summer 2015 exploration program is underway with the initial focus on the Borden North area followed by Rollo property which returned a number of high-grade gold surface samples from work in late 2014. The Company's Borden North Property is located 46 km northeast of the Borden Lake Gold Deposit recently acquired by Goldcorp in a similar geological setting. Mr. Mike Tremblay, who co-discovered the Borden Gold Deposit, will conduct KAP's exploration program.
"With our first pass having yielded gold mineralization at Borden North and high grade at Rollo, we are excited to get back out on the ground", said Garry Clark, KAP's Exploration Manager. "The Borden Camp, the newest of Ontario's major gold camps, will have Goldcorp as its backbone for years to come and KAP is very well positioned as the understanding of this area evolves."
Early phase 2 work will consist of additional prospecting, mapping and sampling with the view to identifying specific drill locations for testing later in 2015.
KAP will immediately follow the Borden North program with a similar second phase exploration program on its Rollo property located to the southeast of Borden North. The Rollo Property is just 13 km to the south of the planned haul route for ore from the Borden Deposit to Goldcorp's operations in Timmins. Initial prospecting identified three areas of high grade gold mineralization on the Rollo Property in late 2014.
The Borden North property is within the Kapuskasing structural zone and the target is gold mineralization similar to the Borden Gold Project operated by Goldcorp. Gold mineralization at Borden Gold is associated with disseminated and fracture controlled sulfides within a volcano-metasedimentary package of variable composition. Prospecting last fall identified potential gold bearing horizons that assayed up to 200 ppb gold. Work in the fall was cut short due to the onset of snow.
The Rollo property is situated along a projected extension of the Destor-Porcupine fault zone, which hosts several multi-million-ounce gold producers in the nearby Timmins camp, and sits between IAMGOLD's Cote Lake gold deposit and Goldcorp's Borden Gold project. Prospecting of the Rollo property last fall returned significant gold values that will be followed up this spring (See news release Dec 18th 2014 "Kapuskasing Gold Samples Up To 7.69 g/t Gold At Rollo and Borden North Gold Properties, Ontario").
Kapuskasing Gold has 6 gold properties located along extensions of the Destor-Porcupine or Borden Gold project. All of the properties, with the exception of Rollo, are situated within the Kapuskasing structural zones and have potential similarities to Goldcorp's Borden Gold project. A detailed map and property descriptions can be viewed on the Company's website: www.kapgold.com.
On behalf of the Board of Directors of Kapuskasing Gold Corp.,
Dean Nawata, President & CEO, Director
Qualified Person
Mr. Garry Clark P.Geo, the Exploration Manager and a director of the Company, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements and Cautionary Notes
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Borden and Rollo properties and the impact on Kapuskasing's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.