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Tuesday, May 03, 2011 |
NEWS RELEASE |
Drilling Identifies New Copper Gold Targets and Expands Raintree West Prospect at Whistler Project, Alaska
Vancouver, BC - May 3, 2011: Kiska Metals Corporation ("Kiska or the Company") reports that the recently completed shallow-hole grid drilling program at the Whistler Project, Alaska, has defined a new zone of near-surface gold-copper porphyry mineralization and veining at the Raintree North prospect, and has significantly expanded the footprint of the Raintree West prospect. In addition to the 53 holes (3,505 metres) of shallow grid drilling, six deep holes have been completed for a total of 3,071 metres at the Raintree West, East and North discoveries. Assay results are pending.
The grid drilling program consisted of 53 shallow vertical diamond drill holes completed on 200 metre centres with hole lengths averaging 66 metres. This aspect of the 2011 Whistler exploration program was designed to test prioritized areas with shallow drilling to penetrate glacial sediments which cover the Whistler Orbit (50km2 area in the vicinity and surrounding the Whistler Deposit). The drill holes were targeted to sample the upper 50 metres of bedrock. The objective was to both identify new zones of proximal and distal porphyry-style mineralization and collect geologic information to improve targeting of conventional drill holes in the 2011 summer drill campaign. This approach of shallow grid drilling is often employed in covered terranes in Africa and Australia, but is rarely considered on North American projects in areas with glacial overburden cover. This grid drilling program has proven to be highly successful in terms of speed, cost effectiveness and information gained. A plan map of the grid drilling can be found at http://www.kiskametals.com/s/Whistler.asp?ReportID=453854. Please note that drill hole numbers refer to grid location rather than order of completion.
"We are extremely pleased with the success of the shallow grid drilling conducted in the Whistler Orbit so far in 2011 and we are considering expanding this program through the summer to continue to test other targets on the property. This approach has allowed us to quickly and efficiently assess large areas of the Whistler Orbit and gather information on mineralization, alteration and geology," stated Jason Weber, President and CEO of Kiska Metals Corporation. "This technique provides a direct test of targets and mitigates our reliance on geophysical interpretation for targeting drill holes. We are confident that it will provide a more direct route to drilling success."
In the Raintree North area (2.2 km northeast of the Whistler Deposit), grid hole RG11-178 intersected porphyry mineralization hosted in diorite porphyry with magnetite and K-feldspar alteration and chalcopyrite mineralization. This intersection confirms the results (0.23 g/t gold and 0.09% copper over 94 metres) of a nearby 2006 hole drilled by Kennecott. Two additional 2011 grid holes, located 200 metres to the north and east of RG11-178, also intersected magnetite alteration and veining. All four of these drill holes, situated within a broad 350 x 500 metre-wide airborne magnetic high anomaly, suggest the presence of a new and distinct mineralized porphyry centre with similar geological characteristics to the multi-million ounce Whistler Deposit. A subsequent conventional angle hole, WH11-032, was drilled below this discovery and assays are pending. Raintree North warrants follow-up drilling this summer.
The spring program has now defined an area measuring 1,200 metres by 600 metres and open to the north at the Raintree West prospect (1.5 km east of the Whistler Deposit). A 2009 hole at Raintree West returned 471.6 metres averaging 0.38 g/t gold, 4.7 g/t silver, 0.09% copper, 0.15% lead and 0.35% zinc. The area outlined by the grid drilling is defined by strong quartz-sericite-pyrite alteration and base metal veining similar to that found in the 2009 drill hole; both alteration types are spatially related to high temperature copper-gold mineralization.
A third area of base metal veining measuring approximately 300 by 300 metres and centred on a magnetic high anomaly has been defined at the Raintree South prospect, 2.2 km east of the Whistler Deposit. Drilling by previous operators confirmed that this anomaly is associated with moderate grades of gold and copper (0.38 g/t gold and 0.14% copper over 20 metres) in high temperature porphyry mineralization. This area will be tested by conventional drilling in the summer program.
Phase II exploration at Whistler will commence in early June, with the addition of two drill rigs at Island Mountain, 23 kilometres to the south of the Whistler Deposit. In total, 31,000 metres of drilling is planned for the Whistler Project in 2011, 6,575 metres of which has been completed to date. Additional work in 2011 includes a detailed airborne magnetic survey that is planned for the Island Mountain prospect in May. Exploration at Whistler will continue through to the end of 2011. A new camp and airstrip located closer to the areas of drilling was completed in the fall of 2010 and the construction of a 177 km (110 mile) long ice road in 2011 enabled the mobilization of equipment to site that will allow year-round exploration of the Whistler Project.
Qualified Person Statement
The content of this release has been reviewed by Mr. Mark Baknes, M.Sc., P. Geo., VP Exploration of Kiska Metals. Mr. Baknes is a Qualified Person as defined under the terms of National Instrument 43-101.
About Kiska Metals Corporation
Kiska Metals Corporation is a mineral exploration company focused on advancing the Whistler Project, Alaska, which includes a multi-million ounce gold-copper resource and excellent exploration potential. Kiska has renowned technical expertise and a quality exploration portfolio with numerous early stage exploration opportunities around the world, some held in partnership with a selection of the world's largest and most successful gold and base metal producers.
On behalf of Kiska Metals Corporation
"Jason Weber"
Jason Weber, P.Geo., President & CEO
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 Corporation, 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 Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov/edgar.
Kiska Metals Corporation
575-510 Burrard St.
Vancouver, B.C., Canada V6C 3A8
Tel: (604) 669-6660
Fax: (604) 669-0898
Contact: Jason Weber - President and CEO
Drew Martel - Investor Relations | |