KAT Exploration Initiates Drilling Program on Rusty Ridge IOCG Property
June 16 2010 - 9:50AM
Marketwired
KAT Exploration Inc. (PINKSHEETS: KATX) www.katexploration.com
KAT Exploration is pleased to inform its shareholders and
investment community that a deep drilling program on its Rusty
Ridge Iron Oxide, Copper & Gold (IOCG) property is being
initiated in order to test two major Induced Polarization
(IP)/Magnetics targets. Application for drilling has been submitted
to Newfoundland Department of Mines & Energy to carry out the
work.
A Canadian geological firm with much experience in the Olympic
Dam type deposits have been contracted to carry out the project
under the direction of our present geologist Mr. James Weick.
The Rusty Ridge targets have been identified by an airborne
survey and ground geophysics which can be viewed on KAT's
website.
The coincidental magnetic IP resistivity and soil geochemical
anomalies suggests potential for a body of Iron Oxide +/- Base,
Precious and Rare Earth Element type mineralization, similar in
style and settings to the giant Olympic Dam deposit in
Australia.
The presence of a large magnetic body that appears to be
intrusive into the overlying rock sequence that appear regionally
altered, are variably pyritic and contain vein type fluorite
mineralization and appears to suggest a magnetic origin for the
mineralization.
Anomalous levels of the Light Rare Earth Elements (LREE) cerium
and lanthanum, all present in Olympic Dam were not only detected in
soils but also in rock samples as well in our Rusty Ridge property.
In addition, the soil geochemistry also produced anomalies in
silver, gold & copper.
President and CEO Ken Stead stated, "This project will be very
significant for the growth of the company if the defined targets at
depth prove to be a multi-mineral ore body similar to that of the
Olympic Dam, or any deposit for that matter. We know the targets
are very intense and now we are ready to prove what they are by
means of a series of deep drill holes."
Shareholders and Investors will be kept up to date as this drill
project moves forward.
Also, KAT Exploration has received numerous inquiries regarding
recent developments within the company. Our investor's relation
department felt it would be advantageous to post a Flow Chart on
our web site under 'Properties,' to clarify the present structure
and the future direction of the company. President and CEO Ken
Stead stated, "We are working hard to build shareholder value in
both of our companies and is in a process of taking all our high
grade copper and other IOCG properties under KAT Exploration to the
next major stages of development.
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and is subject
to the Safe Harbor created by those sections. This material
contains statements about expected future events and/or financial
results that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of Kat Exploration Inc.
to be materially different from the statements made herein.
Contact: Jack Zwicker KAT Exploration Inc. Investor Relations Ph
902-497-3188 jzwicker@katexploration.com www.katexploration.com
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