Kerr Mines Announces New Exploration Targets at Copperstone Project
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.
Blue Pearl Exploration Targets (CNW Group/Kerr Mines Inc.)
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.
