MONTREAL, July 23, 2018 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “ Corporation ” or “ Kintavar ”) (TSX-V: KTR ) (FRANKFURT: 58V ), is pleased to announce the acquisition of a 100% interest in 17 mining claims located in the province of Quebec (the “ Claims ”), pursuant to an arm’s length mining claims purchase & transfer agreement (the “ Agreement ”) between the Corporation and several prospectors, in consideration of $10,000, 40,000 shares (“Share”) and 100,000 warrants, each warrant entitling the holder to acquire one Share at a price of $0.37 until July 20, 2020.
The Claims are divided into 2 properties, the Wabash property in the Parent region with 6 Claims and the Baie Johan Beetz (“BJB”) property in the Havre-Saint-Pierre region with 11 Claims. The Wabash claims are subject to a 0.25% net smelter return royalty. In addition to the acquisition of the Claims, the Corporation proceeded with staking additional 120 claims in the Wabash property and 30 claims in the BJB property.
This Agreement is subject to regulatory approval and the securities issued will have a hold period of four months and one day.
“The Mitchi property has provided us with a lot of geological information since its discovery in 2017. We have used that knowledge and the historical data to identify two regions in Quebec with similar signatures. In addition, the Wabash property has an indication of a cobalt enrichment on top of the copper mineralization based on historical lake sediment surveys in the area. Knowing that stratiform copper deposits contain cobalt in the DRC, it is an important vector to be followed up on in future work. We will begin with airborne geophysical survey in the coming months before moving forward with a surface exploration program.” commented Kiril Mugerman, President and CEO of Kintavar.
About the Mitchi Property
The Mitchi property (approx. 30,000 hectares, 100% owned) is located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier. The property covers an area of more than 300 km 2 accessible by a network of logging and gravel roads with a hydro-electric power substation located 14 km to the east. The property is located in the north-western portion of the central metasedimentary belt of the Grenville geological province. Many gold, copper, silver and/or manganese mineralized showings have been identified to date, with many characteristics suggesting of a sediment-hosted stratiform copper type deposit (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold ore (IOCG) and skarn type deposits in the Western portion. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin and a 1% NSR on 21 claims partially in the sedimentary basin.
For further information contact: Kiril Mugerman, President and CEO Telephone: +1 450 641 5119 #5653 Email: kmugerman@kintavar.com Web: www.kintavar.com
Forward looking Statements:
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This news release contains statements that may constitute “forward-looking information” or “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and analysis for the fiscal year ended December 31, 2017, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
