TORONTO, Oct. 17, 2017 /CNW/ - Kerr Mines Inc. ("Kerr"
or the "Company") (TSX: KER, OTC: KERMF, FRA: 7AZ1) is pleased
to announce it is in the process of acquiring exploration permits
for new exploration targets based on geophysical anomalies at its
Copperstone project in Arizona. 541 hectares (1,338 acres) of
additional permitted land approximately 1,200 meters (4,000 feet)
to the north east of the Copperstone Zone is being added to the
existing 4,775 hectares (11,800 acres) permitted area of the
Copperstone Project.
The new exploration targets are the result of magnetic imaging
(horizontal gradient of the magnetic potential) which indicates a
low change in the magnetic field potential in four main areas
outside of the Copperstone deposit. These geophysical targets
are thought to represent detachment faults, which like at the
Copperstone deposit, could be mineralized. A low change in
potential (blue) infers a large mass of rock with uniform magnetic
character and is identical to the signature seen on the northeast
side of the Copperstone deposit, which historically produced over
500,000 ounces of gold and has a current mineral resource of
313,000 ounces at 10.35 gram per tonne (0.302 ounce per ton)
(measured + indicated), estimated in 2010*. The four areas
are the Southwest Target and Blue Pearl Targets 1, 2 and 3.
Not only are the Blue Pearl Targets similar in magnetic signature
to Copperstone, they are also similar to the Southwest Target which
has had successful drill results in the past.
The additional permitted land is necessary to allow the Company
to explore the Blue Pearl areas. Blue Pearl 1 and a portion
of Blue Pearl 2 are located on State Sections 6 and 7 in Township
6N, Range 19W of La Paz County in
Arizona.
"The addition of the area covering the new exploration targets
enhances an entirely new dimension to the strategy of fully
realizing the potential of the Copperstone Project. The
Copperstone Zone, the Southwest Target and Footwall Target are the
short to medium term aspects of the Copperstone Project and soon,
with the addition of the Blue Pearl targets, we have a longer term
avenue of value creation," said Martin
Kostuik, President Kerr
Mines.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
NI 43-101 and reviewed and approved by Michael R. Smith, Registered Geologist., a
"Qualified Person" as defined by NI 43-101 for this project.
*Mineral Resource Tabulation – Model capped at 5.0 oz Au/t with
a 0.15 oz Au/t cutoff grade, 1,038,000 tons (measured +
indicated) - NI 43-101 Technical Feasibility Report, Copperstone
Project, February 11, 2010.
Limited mining of this resource occurred in the period between Q4
2012 and Q3 2013 and will be tabulated when a new resource is
estimated in early 2018.
About Kerr Mines Inc.
Kerr Mines is a North American gold
development and exploration company currently advancing the 100%
owned, fully permitted past-producing Copperstone Mine project.
Copperstone is a high-grade gold project located along the Walker
Lane mineral belt in mining-friendly Arizona. The project demonstrates significant
upside exploration potential within a 4,775 hectare (11,800 acres)
land package that includes a production history of over 500,000
ounces of gold. The Company's current focus is on maximizing
Copperstone's potential by defining and expanding current resources
and strengthening the mine's economics leading to a production
decision.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements, including
current expectations on the timing of the commencement of
production and the rate of production, if commenced. These
forward-looking statements entail various risks and uncertainties
that could cause actual results to differ materially from those
reflected in these forward-looking statements. Such statements are
based on current expectations, are subject to a number of
uncertainties and risks, and actual results may differ materially
from those contained in such statements. These uncertainties and
risks include, but are not limited to, the strength of the Canadian
economy; the price of gold; operational, funding, and liquidity
risks; the degree to which mineral resource estimates are
reflective of actual mineral resources; and the degree to which
factors which would make a mineral deposit commercially viable are
present; the risks and hazards associated with underground
operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in
the Company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory
authorities in Canada and
available at www.sedar.com and readers are urged to read these
materials. Kerr Mines assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
Neither TSX nor its Regulation Services Provider (as that term
is defined in the policies of the TSX) accepts responsibility for
the adequacy or accuracy of this release and no stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
SOURCE Kerr Mines Inc.