The 26,771
Highlights
Expansion of contiguous holdings in
Grizzly Target trench sampling from 2006 returned 0.74% Cu and 1.09 g/t Au over 38 m.
Historical stream sampling at Lucifer outlined a 4 km-long trend of highly anomalous stream sediment samples grading up to 7.8 g/t Au - similar in strength and scale to the Hank epithermal deposit signature at HWY 37.
The LGM Project Overview
The LGM/Voigtberg,
Grizzly Porphyry Target Area
The Grizzly target is a silica-undersaturated alkalic Cu-Au porphyry with a comparable setting to
The small program failed to identify the geometry of the porphyry intrusion and drilled exclusively along an east-west azimuth into pseudoleucite-bearing rocks. The NNE axis of mineralization in moderately S-dipping gully defined by rocks was not crossed by the 2008 drill holes. Anomalous intercepts from 2008 include 0.16 g/t Au and 0.10% Cu over 66.6 m (hole GRZ08-11).
Follow-up geophysical surveys identified a moderate chargeability and magnetic anomaly directly below the Grizzly trench showing. The strongest chargeability anomaly remains untested and lies downslope from the Grizzly showing in a region where monzonite to syenite porphyry is mapped on surface. Three large untested magnetic anomalies were identified at depth below the Grizzly showing, the most westerly coincides with a moderate shallow chargeability anomaly.
The Grizzly showing appears to be a high-level,
Lucifer Porphyry and Epithermal Target Area
Lucifer is an early-stage 4 by 5 km region defined by a Cu-Au-Ag-Mo soil geochemical anomaly grading up to 3383 ppb Au, 787 ppm Cu, 5.6 ppm Ag, and 216 ppm Mo; the strongest ASTER anomaly across the Grizzly-Voigtberg-Lucifer Trend and a 2.5 km by 1 km area of silica-sericite-carbonate-pyrite alteration outlined by Noranda in 1991. The region is also defined by a large gossan continuous with the Grizzly and Voigtberg targets and is prospective for both porphyry and epithermal mineralization.
Widely spaced drilling at Lucifer amounts to 1,821.96 m. Airborne geophysical surveys were completed at Lucifer including magnetic susceptibility and VTEM.
The source of Cu-Au mineralization at Lucifer is not yet drill delineated and several gossans on surface to the east are unsampled.
Potential Continuation of Hank-Williams Trend
The northern LGM project lies to the southwest from the Hank-Williams Trend on the HWY 37 Project. Within this area are Texas Creek Suite intrusions mapped by the
Historical rock sampling of intrusive boulders at the toe of one glacier returned grades up to 0.90% Cu, 0.27 g/t Au, and 6.8 g/t Ag. That glacier has since receded by 1,500 m and not been subsequently explored. Sampling of lateral moraines in the area returned up to 4.5 g/t Au and 74.6 g/t Ag from breccias.
Terms of the Agreement
Under the terms of the Agreement, the Company will issue 3,000,000 common shares in the capital of Kingfisher, to Origen and pay
The transaction remains subject to various terms and conditions, including, but not limited to, the approval of the TSX-V and CSE.
Options Issuance
Kingfisher also announces the grant of 1,700,000 stock options that are exercisable for a period of five years at a price of
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Cautionary Note Regarding Forward-Looking Statements
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. This news release contains statements that constitute 'forward-looking statements.' Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects,' 'plans,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'projects,' 'potential' and similar expressions, or that events or conditions 'will,' 'would,' 'may,' 'could' or 'should' occur.
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The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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