MONTREAL, June 10, 2022 (GLOBE NEWSWIRE) — Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce the results of its Annual and Special Meeting (the “AGM”) and also to provide an exploration update on the Wabash property.
All the resolutions that were presented at the AGM on June 09, 2022, were approved by the shareholders. These resolutions include the nomination of the directors and the auditors as well as the renewal of the Corporoation’s Stock Option Plan.
Shareholders re-elected Kiril Mugerman, Mark Billings, David Charles, Guy Le Bel, Richard Faucher and Maxime Lemieux to the Board of Directors.
Moreover, during the Board meeting held after the AGM, Mark Billings was reconducted as Chairman and Maxime Lemieux as Corporate Secretary. Mark Billings (Chairman), Richard Faucher and Guy Lebel will form the audit committee.
The Board of Directors has also granted 2,250,000 stock options under the Corporation’s Stock Option Incentive Plan to directors, officers and employees at an exercise price of $0.10 per share. These options expire five (5) years from the date of the grant, on June 09, 2027.
The summer exploration program on the Wabash project began in June 2022. The camp at the Wabash project had been put back into operation during the month of May allowing for the geophysical surveys to commence. Two (2) geophysical targets (MLI corridor and GB1) will be evaluated with Induced Polarization (IP) and DeepEM respectively. The geological team has started surface work on the MLI corridor in order to trench and to expose the high-grade mineralized horizons from hole WAB-21-21 (1.01% Cu and 19.3 g/t Ag over 16.8m). As the anomalies from the IP survey become available, the surface exploration work will attempt to follow the high-grade horizon laterally. Currently, the MLI corridor is estimated at over 1km in length.
The results from trenching and geophysics will be used to plan the drilling program that is planned to start in July or August. Currently, approximately 2,000m of drilling is being planned for phase 2 which will be followed up by another drilling program in the fall.
Several meetings had taken place in May 2022 to provide an update on the Wabash project and the upcoming work with the local Wemontaci First Nation community and the La Tuque municipality. The Wabash project benefits not only from great infrastructure but as well from supportive local communities and First Nations. Our collaboration will help better plan exploration activities and future infrastructure development projects (road, cellular communications, power, logging and more). We are very excited and proud to be working with both groups.
“We have 2 very promising targets to follow up on from the winter drilling program. After almost 2 years since the discovery of mineralization at Wabash, we are narrowing down our exploration focus with the goal of delineating important volumes with high grade copper mineralization. The regional exploration team will be using data from these successful discoveries as guides to find more targets of similar size and grade while the detailed-geological team will focus on MLI and GB1. We will be providing exploration updates throughout the summer.” commented Kiril Mugerman, President and CEO of Kintavar Exploration.
About Kintavar Exploration & the Mitchi – Wabash Properties
Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi – Wabash copper-silver district (approx. 39 000 hectares, 100% owned) located 100 km north of the town of Mont-Laurier and 15 km East of the town of Parent in Quebec. Both properties cover an area of more than 300 km2 accessible by a network of logging and gravel roads with access to hydro-electric power already on site, major regional roads including railroad and a spur. The properties are located in the north-western portion of the central metasedimentary belt of the Grenville geological province. The projects primarily focus on sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold (IOCG) and skarn type targets. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik Gold Project in a partnership with IAMGOLD and several early-stage projects that were optioned by Gitennes Exploration.
Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the Fer à Cheval outfitter (www.feracheval.ca), a profitable and cashflow generating operation where it employs local workforce. It as well works with local First Nations to provide training and employment.
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Forward looking Statements:
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.
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, 2021, 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.
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