TORONTO, ONTARIO–(Marketwired – Oct. 14, 2015) – Kerr Mines Inc. (“Kerr” or the “Company“) (TSX:KER) is pleased to report that drilling has intersected the Lower Plate Zone that runs parallel to the main Copperstone Mine located in Western Arizona. Three of the holes completed in this phase cut gold-bearing mineralization as projected, highlighted by hole KER-15-02 which encountered 0.41 oz/t Au (13.9 g/T) over 6 feet (1.83 m). The drill holes were collared from two set- up locations within the Copperstone open pit. Drill results are summarized below:
|* – KER-15-04 was drilled from a different set-up and was terminated prior to reaching the target zone.|
|** – True widths are estimated at 60%-80% of reported intersections.|
The drilling campaign, which consisted of four diamond drill holes with a total core length of 3,040 feet, has confirmed and extended mineralization in the parallel Lower Plate Zone as well as adding an additional potential zone at the latite-phyllite contact. Both zones are open along dip and require additional exploration. The goal of this phase of drilling was to follow up on previous intersections and to extend the zone along strike and dip towards current underground access allowing for potential future development in conjunction with the main Copperstone zones.
The Lower Plate Zone is located approximately 300 to 500 feet to the footwall of the Copperstone main zones and runs parallel to the open pit and current underground development. All drill holes intersected a quartz latite porphyry hanging wall interval, followed by a strongly hematite-stained mineralized zone with copper oxide (chrysocolla) and some fault gouge present, and terminating in a foliated phyllite or tuff in the footwall.
Sections and plans related to this press release will be available on the Company’s website at www.kerrmines.com. The technical aspects of this press release have been reviewed and approved by Dale Ginn, P.Geo. and Nathan Tribble, P.Geo., “Qualified Persons” as defined by National Instrument 43-101 for this project.
Kerr has implemented a quality-control program to ensure best practice in the sampling and analysis of the drill core. Assays have been completed using a standard 30 gram fire assay at American Assay Laboratories. For samples that return a value greater than 10 grams per tonne gold, the sample is fire assayed with a gravimetric finish. HQ and NQ size drill core is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. Standards are inserted at every 12 samples to ensure quality control throughout the program. The drill core is shipped in security sealed bags for preparation and analysis at American Assay Laboratories at its facilities in Sparks, Nevada. American Assay Laboratories is accredited and registered ISO/IEC 17025:2005.
About Kerr Mines
Kerr Mines is a Canadian mineral exploration and development company based in Toronto, Canada. Kerr Mines’ focus is the acquisition, exploration and development of prospective mineral properties in North America. With a proven track record of making discoveries and managing mines, Kerr Mines’ team seeks assets in low risk jurisdictions to increase its existing resource base, from the exploration drill bit or through strategic acquisitions. Kerr Mines acquired the Copperstone gold mine in Arizona in 2014. The mine is fully permitted with significant mining infrastructure, mineral resources and processing infrastructure in place. Kerr Mines has also established a sizeable footprint of contiguous gold properties near Virginiatown, Ontario on the prolific 200-km long Cadillac-Larder Lake Break that straddles the Ontario-Quebec border. Mining properties along the Break have historically produced over 95 million ounces of gold.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
President and CEO