THUNDER BAY, ON,
April 30, 2013 /CNW/ - Kesselrun
Resources Ltd. (TSXV:KES) ("Kesselrun") today announced results
from its diamond drilling program at its flagship Bluffpoint ("BP")
project, an amendment to the BP option agreement as well as the
addition of three new projects in Northwestern ON.
Bluffpoint Drilling Results
Twenty four drill holes for a total of 3,466 metres
were completed in this initial drill program. Widespread gold
mineralization was encountered throughout the target zone in a
variably altered package of granitic rocks. Alteration
including quartz, albite, chlorite, carbonate, hematite, magnetite
and pyrite has been logged throughout all holes drilled to
date.
Michael Thompson, P.
Geo., President & CEO of Kesselrun, commented, "Initial results
to date are very encouraging and have been instrumental in the
ongoing development of the mineralization model for the project.
Numerous untested targets remain and future exploration efforts are
currently being evaluated in light of these results. We are well
situated for continued development in 2013 with four projects now
100% owned by Kesselrun that are unconstrained by large exploration
commitments."
Table 1 - Significant Drilling Results
Hole ID |
From
(m) |
To (m) |
Length
(m)* |
Weighted Grade Au
(g/t) |
BFP-12-002** |
4.0 |
55.0 |
51.0 |
0.33 |
including** |
4.0 |
15.7 |
11.7 |
0.44 |
including** |
44.0 |
55.0 |
11.0 |
0.90 |
which includes** |
47.1 |
55.0 |
7.9 |
1.14 |
including** |
124.0 |
150.0 |
26.0 |
0.36 |
which includes** |
130.0 |
140.0 |
10.0 |
0.70 |
and which includes** |
130.0 |
136.0 |
6.0 |
0.86 |
BFP-12-003** |
1.0 |
9.0 |
8.0 |
0.34 |
BFP-12-009** |
24.7 |
86.0 |
61.3 |
0.41 |
including** |
53.3 |
75.0 |
21.7 |
0.91 |
which includes** |
62.7 |
77.0 |
14.3 |
1.24 |
and which includes** |
66.4 |
74.0 |
7.6 |
1.89 |
and** |
66.4 |
69.0 |
2.6 |
4.30 |
and** |
66.9 |
67.6 |
0.7 |
9.28 |
BFP-13-012 |
34.8 |
39.7 |
4.9 |
0.35 |
BFP-13-015 |
2.7 |
11.7 |
9.0 |
0.52 |
including |
5.7 |
8.7 |
3.0 |
1.14 |
BFP-13-016 |
53.2 |
56.5 |
3.3 |
1.34 |
including |
53.2 |
55.0 |
1.8 |
2.33 |
BFP-13-019 |
7.0 |
36.9 |
29.9 |
0.24 |
including |
26.0 |
36.9 |
10.9 |
0.51 |
which includes |
26.0 |
33.0 |
7.0 |
0.65 |
BFP-13-022 |
13.0 |
20.0 |
7.0 |
0.70 |
including |
13.0 |
14.0 |
1.0 |
4.09 |
* length refers to drilled length; true widths have not been
determined |
** previously announced results (see Kesselrun news release
dated January 9th, 2013) |
BP Option Agreement Amendment & Addition of New
Projects
The original option agreement to acquire the Bluffpoint project
required further aggregate payments of $400,000 and the issuance 4,000,000 common shares
of Kesselrun to earn a 100% interest in the project. The amended
terms will have Kesselrun make a $200,000 payment and issue 2,000,000 common
shares of Kesselrun to the vendor immediately to earn a 100%
interest in the Bluffpoint project. For no further cost, Kesselrun
will also be assigned a 100% interest in three additional projects
located in Northwestern Ontario,
the Esox, the Higbee Extension and the Mulcahy projects. The
vendor will maintain a net smelter royalty of 2% (with Kesselrun
retaining a buyback right of half or 1% for $1,000,000) on the three new projects.
Michael Thompson, President &
CEO of Kesselrun is the vendor of all of the projects.
Kesselrun's Portfolio of 100% Owned Projects
Bluffpoint - The Bluffpoint project consists of 103
mining claims covering 22,512 hectares in Northwestern Ontario's Wabigoon Subprovince,
host to several recent gold discoveries such as Osisko's
(TSX:OSK) Hammond Reef
Project and Rainy River's (TSX:RR)
Rainy River Project. Accessible year round by a network of
well-maintained logging roads, Bluffpoint offers low cost
exploration in an emerging prolific gold district.
Esox - The Esox project is located approximately 7
kilometres south of the Bluffpoint project and consists of 78
mining claims covering 14,350 hectares. The project has been
explored by various companies since 1954, most recently in
2011/2012 by Armada Exploration Corp. Numerous gold, base
metals and graphite targets exist on the project and remain
untested (see Armada Exploration Corp. NI 43-101 Technical Report
filed on SEDAR April 3, 2012).
Higbee Extension - The Higbee Extension project is
located approximately 50 kilometres north of the Bluffpoint project
and consists of 17 mining claims covering approximately 3,600
hectares. The primary target is granitic hosted gold located
on strike from Manitou Gold's Higbee project where grab samples of
up to 266 g/t Au have been encountered (Manitou Gold Inc. news
release April 27, 2010)
Mulcahy - The Mulcahy project is located approximately 45
kilometres north of the Bluffpoint project and consists of 33
mining claims covering approximately 7,800 hectares. The project
hosts numerous Nickel Copper Platinum Palladium targets explored by
numerous companies in the past including Falconbridge Nickel. The
project is located 12 kilometres on strike from Canadian Arrow
Mines Ltd.'s Kenbridge Nickel Deposit with National Instrument
43-101 compliant resources of 7,139,000 tonnes grading 0.62%Ni,
0.33% Cu and 0.016% Co in a measured and indicated category as well
as 118,000 tonnes grading 1.38% Ni, 0.88% Cu and 0.003% Co in
inferred category (Canadian Arrow Mines Ltd. news release
August 19, 2008).
Michael Thompson, P. Geo.,
President & CEO of Kesselrun, is the Qualified Person
responsible for the Bluffpoint project as defined by National
Instrument 43-101 and has approved the technical information in
this news release.
QA/QC
Kesselrun has implemented a quality control program for the
trench sampling and planned drill program to ensure best practice
in sampling and analysis. The planning, execution and monitoring of
Kesselrun's quality control programs on the Bluffpoint project are
under the supervision of Michael
Thompson, P. Geo. Kesselrun maintains strict quality
assurance/quality control protocols including the systematic
insertion of certified standard reference and blank materials into
each sample batch. Analyses in this release were performed by
Accurassay Laboratories Ltd. of Thunder
Bay, Ontario with ISO 17025 accreditation. Samples are
transported in security sealed bags to Accurassay and all samples
were assayed using industry-standard assay techniques for gold.
Gold was analyzed by a standard 30 gram fire assay with an AA
and/or gravimetric finish.
About Kesselrun Resources Ltd.
Kesselrun Resources is a Thunder Bay,
Ontario-based mineral exploration company focused on growth
through property acquisitions and discoveries. Kesselrun's
management team possesses strong geological and exploration
expertise with particular experience in Northwest Ontario. For more information about
Kesselrun Resources, please visit www.kesselrunresources.com.
Forward Looking Statements
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, including without
limitation, the private placement, are 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", "could" or "should" occur. Although the Company
believes the expectations expressed in such forward looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward looking statements. Factors that
may cause the actual results to differ materially from those in
forward-looking statements include gold prices, results of
exploration and development activities, regulatory changes, defects
in title, availability of materials and equipment, timeliness of
government approvals, continued availability of capital and
financing and general economic, market or business conditions. The
Company cautions the foregoing list of important factors is not
exhaustive. Investors and others who base themselves on the
Company's forward-looking statements should carefully consider the
above factors as well as the uncertainties they represent and the
risk they entail. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct. Please see the public filings of the Company at
www.sedar.com. 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 news release.
SOURCE Kesselrun Resources Ltd.