VANCOUVER, BC / ACCESSWIRE / March 23, 2017 / Kapuskasing Gold Corp. (TSX-V: KAP) (the "Company" or "KAP") announces that the Company has acquired by staking a 100 per cent interest in 15 claims (375 hectares) located in the prolific mining area of Baie Vert, in the Springdale Peninsula area of Newfoundland. These claims are proximal and contiguous to the "Lady Pond Project". The Lady Pond Project is now composed of 33 claims (825 hectares) located approximately 45 kilometres from the Nugget Pond Milling Facility operated by Rambler Metals and Mining Canada PLC..
The ongoing compilation to date on the 8 recently acquired claim blocks announced March 1, 2017, is progressing well (data housed by the Newfoundland and Labrador, Department of Natural Resources (DNR)). The compilation has also pointed KAP toward privately held files that the Company is accessing where available.
Historic work to date indicates the Lady Pond Prospect is one of the priority properties in the portfolio of eight. DNR files reviewed and interpreted guided the Company to acquire 11 claims to the northeast and 4 claims to the southwest (275 and 100 hectares respectively) of the Lady Pond prospect. The 15 claims were staked to cover the interpreted strike direction of geology and known mineralization.
The review of historic data has located selected grab sample results of blasted rock on a dump site located at Lady Pond. Three of the samples returned the following results:
- 1.08 g/t gold, 5.84% copper and 0.05% cobalt,
- 0.81 g/t gold, 3.36% copper and 0.12% cobalt
- 6.51 g/t gold, 6.80% copper and 0.14% cobalt
KAP is continuing the historic data compilation and cautions the reader that these are selected grab samples and additional sampling is required to verify and bring up to 43-101 compliant standards.
The Company continues to review all available data on the projects in Newfoundland and Labrador. The compilation will guide the exploration that will commence in late spring as conditions permit. Exploration programs will focus on the down dip and shallow on-strike potential of the known sulphide occurrences, with a particular emphasis on cobalt and gold mineralization. Previous operators focused primarily on the copper mineralization and it appears that cobalt and gold analysis was never routinely performed. KAP will concentrate on determining the cobalt, gold and copper potential by assaying for all three elements. As the compilation progresses materials will be placed on the company website.
"We are excited about the known copper mineralization of the Lady Pond area, however, the potential for cobalt and gold mineralization is particularly intriguing." stated KAP president and CEO Jonathan Armes. "Adding additional claims by staking should reward the Company and its shareholders by adding 100% owned claims hosting historic surface occurrences."
Mr. Garry Clark P.Geo,(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. The content of the geological data presented has been derived from the Provinces Mineral Deposit Database and exploration assessment files and are believed to be accurate and correct.
On behalf of the Board of Directors
Kapuskasing Gold Corp.
Jonathan Armes
President & CEO
Phone 1 (416) 708-0243
Neither the 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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will," "anticipates," "expected to," "plans," "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
SOURCE: Kapuskasing Gold Corp.