Kenadyr Mining Drills 50 Meters of 8.15 g/t Gold at Borubai Project in the Kyrgyz Republic
TSX VENTURE: KEN
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2017) - Kenadyr Mining (Holdings) Corp. (TSX VENTURE:KEN) (OTCQB:KNDYF) (FRANKFURT:KM0) (the "Corporation" or "Kenadyr") is pleased to announce the first 9 drill holes at The East Zone.
East Zone Drilling
The Corporation has completed drilling to define the extent of mineralization on the section approximately 100 meters from the boundary to Zijin Mining Group Co Ltd.'s ("Zijin") Taldy Bulak Levoberejnyi ("TBL") Mine, and directly on strike from the last mine section of the TBL Orebody. Although the TBL Mine is highly variable in shape and grade from section to section, the section defined on Kenadyr's Borubai License is typical of the sections within the TBL Orebody.
As well, previously announced Hole SZ-1-17 (40m @ 6.17 g/t Au and 5m @ 5.8 g/t Au) intersected what appears to be the extension of the TBL Orebody to the South, an area of gold mineralization (partially defined by extensive (over 98,200 meters on the Borubai Licenses) historic Soviet drilling). The mineralized zones extending in both directions onto the Borubai License (South Zone and East Zone) are open along strike, and well mineralized at the current extent of drilling.
Kenadyr is continuing with the drill program on the East Zone, initially stepping out drill fans on 50 meter sections, to test for the strike extension of the mineralization defined in these initial 9 drill holes.
The mineralized zone (East Zone) on Kenadyr's Borubai License is rising in elevation (as compared to the TBL orebody) and the Corporation intends to evaluate the East Zone as a potential open pit mining target.
A table of significant drill intersections from the initial 9 drill holes are tabled below:
|Hole Number||From||To||Interval||g/t Au|
The Corporation is confident that these intersections are approximate 'true widths'.
Kenadyr's Borubai project comprises a 100-per-cent-owned exploration license covering a contiguous 164-square-kilometre land package that encircles the Zijin/Kygysaltyn newly constructed and operational TBL mine, in northern Kyrgyz Republic.
Zijin, the majority owner of the TBL mine, is one of China's largest gold producers, second- largest copper and zinc producer, as well as a major producer of tungsten and iron ore (source: Zijin website). According to a news release published by Zijin. on Aug. 15, 2011, the national resources table of Kyrgyz Republic stated that the TBL field contains (C1 plus C2) 8,906,100 tonnes of gold ore (the average grade is 7.23 grams per tonne). The TBL mine is designed to produce 125,000 ounces of gold per annum. The TBL mine deposit is directly adjacent to Kenadyr's initial drill targets, the South Zone and East Zone, which were previously drilled by the Soviets, with drilling on the Borubai License exceeding 98,000 meters.
Readers are cautioned that the historical resource and reserve estimates relating to the TBL mine do not extend to the Borubai project. Kenadyr has not independently verified the information with respect to the TBL mine provided in this news release and it is not necessarily indicative of the mineralization on the Borubai project. Kenadyr is not aware of the resource and reserve categories, or the key assumptions, parameters and methods used to prepare the estimates on Zijin's TBL mine. The historical estimates on the TBL mine are not current mineral resources or mineral reserves as defined in National Instrument 43-101. Kenadyr considers the historical estimates on the TBL mine disclosed in this news release to be relevant to investors for the purpose of understanding Kenadyr's current drill program and exploration strategy.
Kenadyr's Borubai project, which surrounds the TBL mine, has been the subject of extensive historic exploration including drilling (98,200 metres in 184 diamond drill holes), trenching (13,800 cumulative metres), bulldozer cuts (33,400 cumulative metres), geologic mapping at 1:25,000 and 1:50,000 scales, ridge, spur and grid soil geochemistry for multi-elements (14,200 samples), rock geochemical sampling (2,320 samples), pan concentrate sampling (790 samples), 100 metres of adits, and 184 metres of underground raises. Additionally, the entire area has been subject to airborne magnetic, radiometric and gravity surveys, as well as ground-based resistivity and induced polarization surveys. Additional high grade gold targets exist throughout the Borubai license. The entire license has been subject to extensive geochemical and geophysical surveys, with follow up trenching and drilling on only a few of the identified anomalies.
Additional information in respect of the Corporation's business and the Borubai project is available in the Corporation's Annual Information Form dated April 28, 2017, available under the Corporation's profile on SEDAR.
Kenadyr has an expert team of mine developers with considerable local and regulatory knowledge, led by Chief Executive Officer Dr. Alex Becker, who has operated successfully in the country for much of the past 20 years. The board and management team includes; R. Stuart (Tookie) Angus (Chairman), Alexander Becker (Chief Executive Officer), Bryan Slusarchuk (President), Douglas J. Kirwin (Director), Brian Lueck (Director) and Kevin Ma (Chief Financial Officer). Mark Eaton will act as an adviser to the Corporation.
Brian Lueck, P. Geo, a director of Kenadyr and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
Appointment of Mr. Michael Velletta to Board
In additional news, Mr. Velleta has been appointed to the board of directors of Kenadyr. Mr. Veletta was one of the original directors of Kenadyr, as a private company, and will re-join the board effective November 1, 2017.