Kiska Completes Purchase of 100% Interest in Prospective Copper-Gold Project in BC (Chuchi Project)
VANCOUVER, BC--(Marketwired - January 18, 2016) - Kiska Metals Corp. ("Kiska" or the "Company") (TSX VENTURE: KSK) is pleased to announce that it has completed the purchase of a 100% interest in the Chuchi Property, subject to an underlying royalty agreement.
Kiska elected to accelerate the delivery of the payment to complete the purchase, and has issued the remaining 800,000 Kiska shares due to PUF Ventures (formerly Chlormet Technologies Inc.) (refer to news releases dated September 8th, 2014 and January 16th, 2015).
Project Highlights:
The road-accessible Chuchi Property hosts a copper-gold porphyry system in a prospective region of the Quesnel porphyry belt in north-central British Columbia, and is located 32 km to the northwest of the Mt. Milligan copper-gold mine. The core of the property overlies a 12 km2 alteration zone centered on a cluster of porphyritic monzonite stocks hosted by volcanic and sedimentary rocks. Drilling campaigns from 1989 to 1991 targeted coincident Cu-Au soil geochemical anomalies and Induced Polarization ("IP") chargeability high anomalies within this alteration zone, for a total of 13,030 metres from 79 drillholes. Drilling returned significant intervals of copper-gold mineralization and higher grade, gold-only mineralization over a 1.5 km by 1.5 km area referred to as the BP Zone, including:
- 100.0 metres grading 0.27% Cu and 0.37 g/t Au (from 38.0 m downhole), including 16.0 metres grading 0.71% Cu and 1.32 g/t Au (from 82.0 m downhole), in hole 89-07
- 194.0 metres grading 0.21% Cu and 0.21 g/t Au (from 32.0 m downhole), including 70.0 metres grading 0.31% Cu and 0.34 g/t Au (from 156.0 m downhole), in hole 90-27
- 54.6 metres grading 2.03 g/t Au and 0.09% Cu (from 91.4 m downhole), including 32.6 metres grading 3.38 g/t Au and 0.07% Cu (from 91.4 metres), in hole 91-42
Recent geological and geophysical work by Kiska indicates that: 1) there remains considerable room for expansion of known zones of mineralization at surface and to depth, 2) the potentially higher grade core of the BP Zone has yet to be drilled, and 3) potentially new zones of mineralization have been identified under shallow post-mineral cover (see news release dated December 3rd, 2015). This work has identified compelling new drill targets, and Kiska is currently seeking a partner to further advance the project.
The technical content of this document was reviewed and approved by Michael Roberts, Ph.D., P.Geo., Vice President of Exploration for Kiska Metals Corp., a Qualified Person as defined by National Instrument 43-101.
All previous exploration data on the property, including diamond drilling, geophysical surveys and geochemical surveys, is considered as "historical data" and was compiled from exploration reports and press releases that are believed to be accurate. This historical data has not been independently verified by Kiska, and in some instances may be unverifiable due to a lack of original data, archive sample material or original assay certificates. The true widths of all of the copper and gold intercepts in the drillholes reported in this press release are unknown at this time due to a lack of geometrical information on the mineralized zones.
About Kiska Metals Corporation
Kiska Metals Corp. is a prospect generator company with a high quality portfolio of gold and copper projects throughout North America. Two of Kiska's projects are held under option agreements with major mining companies. Kiska has several other gold and copper projects available for option-joint venture as well as an extensive royalty portfolio.
On behalf of Kiska Metals Corporation
Grant Ewing, President & CEO
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.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corp. with securities regulators. Those filings can be found on the Internet at http://www.sedar.com.
Contact
Brian Miller or Grant Ewing
TEL: 604.669.6660
FAX: 604.669.0898
www.kiskametals.com