Mistango Updates on Kirkland Lake Exploration Plans
Mistango Updates on Kirkland Lake
Exploration Plans
TORONTO
,
Sept. 8, 2020
/CNW/ - Mistango River Resources Inc. ("Mistango" or the "Company")
(CSE: MIS) is pleased to provide an update on the Company's operations, exploration activities and
plans on its 100% owned
Eby
-
Baldwin
and Omega projects.
"Our team is excited about the discovery potential on the Kirkland West project as well as the
potential to expand resources on the Omega project. We look forward to commencing our drill
programs and continued exploration of these highly prospective properties well situated in the heart
of the
Kirkland Lake
gold camp," said
Stephen Stewart
, Director of Mistango.
Eby
-
Baldwin
(Kirkland West Project)
Mistango will hereon refer to the Eby-Baldwin Project as the 'Kirkland West' Project. This allows the
Company to distinguish between the different geological settings of the
Eby
and
Baldwin
zones. The
Baldwin Zone, which is adjacent to
Kirkland Lake Gold's
Macassa Mine includes land holdings in
western Teck township as well as in
Grenfell
and
Eby
townships. The Baldwin Zone shares a similar
geological context with the
Kirkland Lake
mining camp in that it hosts likely extensions of the gold-
bearing Main Break fault and subsidiary structures, as well as the regionally important Larder-
Cadillac fault zone. The Eby Zone is 3KM to the southwest within
Eby
township and is likely to
feature a somewhat different although a highly prospective geological setting.
Exploration Update on Kirkland West
Our field work on Kirkland West began on
June 1, 2020
and is largely completed. The field work
included extensive mapping and collection of approximately 240 grab samples to be assayed for
gold. Reprocessing of an aeromagnetic data set was commissioned and structural interpretation of
the resulting map products is largely completed. When the full assay data set becomes available it
will be reviewed along with the new structural interpretation and historical data to establish drill
targets for immediate testing.
Target areas for the drill program are expected to include the historical Baldwin Mine and
surrounding areas as well as several complex structural domains, each of which are located on or
associated with fault systems similar to those that host much of the gold endowment of the Kirkland
Lake Camp.
Shareholders can expect details on Kirkland West's upcoming drill program to be announced after
the completion of its current financing as described below.
Omega Project Update
Mistango reminds shareholders that in addition to its Kirkland West Project, it is the 100% owner of
the Omega Project, located on the Larder-Cadillac fault zone, 20km east of
Kirkland Lake
. Work to
date has included re-logging and re-sampling of diamond drill core from a selection of holes as well
field mapping and the collection of approximately 30 grab samples for gold assay. This work is
expected to improve Mistango's understanding of the controls on mineralization exercised by rock
types and structures. Once completed, a drill program will be designed aimed at expanding the
existing Omega resource, summarized below, and at further exploring the regionally important
Larder-Cadillac fault zone.
Omega's NI 43-101 Resource
Cut-off Grade
Classification
Tonnes (Mt)
Au grade (gpt)
Contained ounces
0.5 gpt gold above 130 masl
Indicated
4.92
1.39
219,438
3 gpt gold below 130 masl
Indicated
0.003
3.19
370
Total Indicated
219,808
0.5 gpt gold above 130 masl
Inferred
3.35
1.8
190,900
3 gpt gold below 130 masl
Inferred
1.34
4.0
174,500
Total Inferred
365,400
Corporate Update
Mistango currently has approximately
$4 million
in its treasury and expects to raise an additional
$3
million
in gross proceeds from the brokered private placement of flow-through units announced on
August 31, 2020
. The completion of this
$3 million
financing will provide Mistango with a strong
treasury from which it will seek to invest in robust drill programs for the purpose of making a
discovery on its Kirkland West project.
QP Statement
The technical information contained in this news release has been reviewed and approved by Dr.
Keith Benn
, P.Geo., Vice President Exploration for Mistango, who is a Qualified Person as defined in
"National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About Mistango River Resources Inc.
Mistango is a Canadian -based exploration and development company focused on its
Eby
-
Baldwin
and Omega projects in the
Kirkland Lake
District of
Ontario's
Abitibi Greenstone Belt. The Company
is listed on the Canadian Securities Exchange (CSE) under the symbol MIS.
Neither Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility
for the adequacy or accuracy of this release. Certain information in this press release may contain
forward-looking statements. This information is based on current expectations that are subject to
significant risks and uncertainties that are difficult to predict. Actual results might differ materially
from results suggested in any forward-looking statements. Mistango assumes no obligation to
update the forward-looking statements, or to update the reasons why actual results could differ
from those reflected in the forward looking-statements unless and until required by securities laws
applicable to Mistango. Additional information identifying risks and uncertainties is contained in
filings by Mistango with Canadian securities regulators, which filings are available under Mistango
profile at
www.sedar.com
.
SOURCE
Mistango River Resources Inc.
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http://www.newswire.ca/en/releases/archive/September2020/08/c6157.html
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For further information:
To Speak to the Company directly, please contact: Stephen Stewart,
Director, Phone:
416.644.1567, Email:
[email protected]; www.Mistango.com
CO: Mistango River Resources Inc.
CNW 07:00e 08-SEP-20