Kiska Metals Corporation

TSX VENTURE : KSK


Kiska Metals Corporation

November 26, 2012 18:50 ET

Kiska Metals Corporation: Drilling Extends Mineralization to Depth at Thorn Property, BC; Includes 123 Metres of 402.5 g/t AgEq

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2012) - Kiska Metals Corporation (TSX VENTURE:KSK) ("Kiska" or "the Company") reports the results of the final six holes from phase two 2012 drilling at the Thorn Property have been received from funding partner Brixton Metals Corporation. Brixton is earning a 51% interest in the property by funding exploration expenditures totaling $5 million and by making staged cash and share payments. Kiska estimates that Brixton has less than $1 million in remaining expenditures (subject to final expenditure report) to earn its interest. At Kiska's election, Brixton can earn an additional 14% (totaling 65%) interest by funding a further $10 million in exploration on the property. Brixton is the project operator.

The program was successful in expanding precious and base metal-rich Oban Breccia Zone mineralization at depth and to the south. Mineralization has now been intersected in drilling over an area of 130 metres in a north-south direction, up to 100 metres in width and to a depth of approximately 325 metres. The Oban Breccia Zone remains open at depth to the south. A total of 1,738 metres were drilled in 13 NQ diamond drill holes in the phase two program. The depth of the holes ranged from 45 metres to 338 metres.

Highlights of the final six holes include:

  • Confirmation that the Oban Breccia Zone is plunging to the south and open in that direction
  • Preliminary indication of increasing copper values with depth with corresponding decrease in lead-zinc values.

"These final holes from the 2012 campaign are important in that they show that mineralization is steeply plunging and open to the south," stated Jason Weber, P.Geo., President and CEO of Kiska. "Combined with the apparent metal zonation from lead-zinc rich to copper rich sulphide mineralization at depth, the Oban Breccia Zone is proving to be a dynamic system that has potential to be larger than the surficial footprint would suggest."

Thorn 2012 Phase Two Drilling - Significant Intersections:
Hole ID
From
(metre)
To
(metre)
Interval
(metre)
Silver
g/t
Gold
g/t
Copper
%
Lead
%
Zinc
%
AgEq
g/t
THN12-81 26.0 75.0 49.0 35.0 0.33 0.03 0.21 0.34 71.6
including 26.0 40.0 14.0 58.8 0.86 0.01 0.33 0.36 127.4
THN12-82 35.0 62.0 27.0 45.2 0.55 0.01 0.17 0.64 99.5
including 35.0 55.0 20.0 56.9 0.66 0.01 0.20 0.80 123.2
THN12-83* 24.0 174.5 150.5 165.3 1.37 0.11 0.92 1.25 314.6
including 24.0 97.7 73.7 284.2 1.49 0.12 1.31 1.78 466.3
THN12-84 26.0 336.0 310.0 105.8 0.71 0.03 0.90 1.76 223.5
including 26.0 227.0 201.0 145.0 0.95 0.05 1.26 2.35 303.6
including 44.0 167.0 123.0 190.7 1.19 0.06 1.74 3.25 402.5
including 104.0 121.0 17.0 251.5 1.45 0.05 2.78 3.99 526.1
THN12-85 30.0 52.0 22.0 39.4 0.56 0.04 0.21 2.69 155.7
including 38.0 46.0 8.0 76.4 1.01 0.09 0.45 6.83 345.9
THN12-85 261.0 327.0 66.0 17.8 0.39 0.59 0.16 0.16 115.0
including 264.0 294.0 30.0 30.9 0.48 1.18 0.25 0.23 203.4
*Previously released November 5, 2012.

Drill holes THN12-84 and -85 were collared from the same setup as drill hole THN12-83 (azimuth of 170 degrees and a dip of -50 degrees to a depth of 209.7 metres). THN12-84 was drilled at a dip of -63 degrees on the same azimuth as THN12-83. THN12-84 was drilled at -75 degrees, intersecting higher copper grades at depth (from 261 metres) indicating a potential zonation to higher temperature mineralization at depth. To view a cross-section of holes THN12-84 and THN12-85, click on the following link: http://www.kiskametals.com/s/ThornMaps_Photos.asp

Drill holes THN12-81 and -82 were collared 45 metres east of THN12-83, and drilled at an azimuth of 325 degrees with a dip of -60 and -45 degrees, respectively. Both were short holes intersecting breccia-hosted mineralization. The final two holes of the program, THN12-86 and -87, were collared on the northeast margin of the breccia, intersecting sporadic mineralization in Thorn Stock intrusive rocks.

Brixton is planning further drilling at the Oban Breccia Zone in 2013.

To view accompanying Oban Maps, visit the following link: http://media3.marketwire.com/docs/Oban_Maps.pdf

About the Thorn Property

The 189 square kilometre Thorn Property is located 120 kilometres northwest of Telegraph Creek, BC. High sulphidation epithermal vein-hosted high-grade copper-gold-silver mineralization and breccia-hosted high-grade silver and gold mineralization in diorite porphyry intrusive rocks make up the dominant exploration targets on the property.

Qualified Person Statement

The content of this release has been reviewed by Jason Weber, P.Geo., President and CEO of Kiska Metals Corporation. Mr. Weber is a Qualified Person under the terms of National Instrument 43-101.

Sealed samples were shipped by the Brixton geologists to ALS Minerals preparation lab in Whitehorse, Yukon. ALS Minerals laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. Analysis for gold was done by Fire Assay with AA finish. All other elements were analyzed by Aqua Regia Digest with ICP-AES finish. Silver over-limits were analyzed by fire assay with gravimetric finish. Base metal over-limits were analyzed with Aqua Regia Digest and AA finish.

Silver equivalent (AgEq) values were calculated using $1,088 per ounce of gold, $19.62 per ounce of silver, $3.20 per pound for copper, $0.80 per pound of lead and $0.80 per pound of zinc. Metal recoveries are currently not known, therefore the silver equivalent calculation assumes 100% recoveries for all metals.

AgEq = Ag g/t + (Au g/t x 34.98/0.63) + (Pb% x 17.64/0.63) + (Zn% x 17.64/0.63) + (Cu% x 70.55/0.63)

About Kiska Metals Corporation

Kiska Metals Corporation is a mineral exploration company focused on advancing the Whistler property, Alaska, a district-scale project with excellent exploration potential which includes the Whistler Deposit (a 2.25 M oz gold-equivalent indicated resource of 79.2 million tonnes averaging 0.51 g/t gold, 1.97 g/t silver and 0.17% copper and a 3.35 M oz. gold equivalent inferred resource of 145.8 million tonnes averaging 0.40 g/t gold, 1.75 g/t silver and 0.15% copper). Kiska has renowned technical expertise and a quality exploration portfolio with numerous early stage exploration opportunities around the world, some held in partnership with a selection of the world's largest and most successful gold and base metal producers.

On behalf of Kiska Metals Corporation

Jason Weber, P.Geo., President & CEO

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Kiska Metals Corporation
    Candice Ridyard
    Investor Relations
    604.669.6660

    Kiska Metals Corporation
    Jason Weber
    604.669.6660
    604.669.0898 (FAX)
    www.kiskametals.com