Kintavar Announces Maiden Copper and Silver Mineral Resource Estimate at Sherlock Zone, Mitchi Project
NEWS RELEASE
For immediate distribution
Kintavar Announces Maiden Copper and Silver Mineral Resource Estimate
at Sherlock Zone, Mitchi Project
Highlights:
Measured & Indicated resource of 2.99Mt @ 0.4% Cu and 4 g/t Ag constrained within a
shallow open pit with cut-off grade of 0.2% Cu
Estimate is based on 66 drill holes totaling 10,150 m completed between 2017 and 2022
Mineral resource estimate confirms the potential o f hub-and-spoke model for the Mitchi
project
Current study confirms the deposit is amenable to open pit mining operations with at -
surface mineralization and relatively low strip ratios
A Preliminary Economic Assessment will be completed to evaluate the capital costs of a hub-
and-spoke model centered around the Sherlock zone and the existing infrastructure around
the Fer à Cheval outfitter
Genevieve Ayotte, CPA, joining the board of directors
Shareholders are invited to join the Annual General Meeting on Friday June 16, 2023 at 10am
at the following link: Teams link
Montreal, Quebec, June 15, 2023 – Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-
V: KTR), is pleased to announce the successful completion of its maiden mineral resource estimate
(“MRE”) for the Sherlock zone, Mitchi Project. The independent MRE was prepared by InnovExplo
Inc. in accordance with NI 43-101 regulations.
“The Sherlock zone maiden mineral resource estimate achieved its goal. The study’s objective was
to delineate the first open pit for our hub-and-spoke model that we envision for the Mitchi project.
With the first shallow open pit with mineralization from surface established, we c an proceed to
the next stages in development and exploration. The upcoming Preliminary Economic Assessment
(PEA) will establish all the economic parameters for such operation. The PEA will need to take into
consideration all the infrastructure already presents around the Fer à Cheval outfitter, a major
operational hub in the area. The PEA results will guide the next infill drilling program while other
exploration activities will focus on identifying the best potential open pit targets that could feed
ore to the same mill.” commented Kiril Mugerman, President & CEO of Kintavar Exploration.
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Mineral Resource Estimate
Mitchi
Project Mineral Resources Tonnes Copper (%) Silver (g/t) Lbs of Copper Ounces of
Silver
Sherlock
Measured 6,000 0.47 2.4 57,200 400
Indicated 2,983,000 0.40 4.0 26,305,300 385,500
Measured + Indicated 2,989,000 0.40 4.0 26,362,500 385,900
Inferred 85,000 0.35 3.8 653,400 10,200
Notes to the 2023 MRE
1. The independent and qualified persons for the 2023 MRE , as defined by NI 43-101, are
Olivier Vadnais-Lebanc, P. Geo., and Simon Boudreau, P.Eng. all from InnovExplo Inc. The
effective date of the 2023 MRE is June 12, 2023.
2. These mineral resources are not mineral reserves, because they do not have demonstrated
economic viability . The results are presented undiluted and are considered to have
reasonable prospects of economic viability.
3. The MRE follows CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines
(2019).
4. The estimate encompasses 25 mineralized envelopes mod eled using Genesis TM software.
Thickness varies from 0.88m to 8.56m, with an average thickness of 3.16m. A modeling
cutoff grade of 0.1% Cu was used to create the envelopes.
5. No assays were capped. Compositing of 1.0 m in length was completed using the gra de of
the adjacent material when assayed or a value of zero when not assayed.
6. The estimate was completed using a sub-block model in Surpac 2022. A 4m x 4m x 4m parent
block size was used with 1m x 1m x 1m sub -blocks. The mineral resources were estimated
using hard boundaries on composited assays with the inverse distance to square power (ID2)
method.
7. A density value of 2.79 g/cm3 was assigned to the mineralized envelopes, of 2.61 g/cm3 was
assigned to dyke envelopes and a density value of 2.91 g/cm3 was a ssigned to the
enveloping waste material.
8. The mineral resource estimate is classified as Measured, Indicated and Inferred. Measured
mineral resources were defined for blocks inside geological resource solids classified as
Indicated within 10 m of surface outcrops. Indicated resources are defined with a minimum
of three (3) drill holes in areas where the drill spacing is less than 35 m. The Inferred category
is defined with two (2) drill hole s in areas where the drill spacing is less than 55 m where
there is reasonable geological and grade continuity.
9. The reasonable prospects for eventual economic extraction requirement is satisfied by using
reasonable cut -off grades for an open pit extraction scenario and constraining pit shells
(Whittle optimization) with wall angle of 50° in rock and 30° in overburden. The estimate is
reported at a cut-off grade of 0.2% Cu. The estimate was calculated using a price of US$3.80
per pound of copper, USD:CAD exchange rate of 1.32, industrial sorting recovery of 81% with
a mass pull of 45%, metallurgical recovery of 85% for copper at a concentrate grade of 40%
copper, mining cost of $3.00/t in rock and 2.10$/t in overburden, transport cost of $90.00/t
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concentrate, G&A cost of $9.50/t, sorting cost of $0.40/t, and processing cost of $20.00/t.
The cut -off grades should be re -evaluated in light of future prevailing market conditions
(metal prices, exchange rate, mining cost, etc.). Silver is treated as a by-product in the MRE.
10. The number of metric tonnes was rounded to the nearest th ousand, following the
recommendations in NI 43 -101 and any discrepancies in the totals are due to rounding
effects. The metal contents are presented in pounds of in-situ metal rounded to the nearest
thousand for copper and nearest hundred for silver. Any d iscrepancy in the totals is due to
rounding effects. Rounding followed the recommendations of NI 43-101.
11. The qualified persons are not aware of any problem related to the environment, permits or
mining titles, or related to legal, fiscal, socio -political, commercial issues, or any other
relevant factor not mentioned in this Technical Report that could have a significant impact
on the 2023 MRE.
The resource estimate was based on a traditional metallurgical study (flotation) completed in 2019
and a well established XRF sorting technology for which a study was completed earlier in 2023.
All samples have been sent and prepared (PREP-31) by ALS Global laboratory in Val-d’Or. For base
metals and silver, the pulp was sent to ALS Global laboratory in Vancouver for multi-elemental
analysis by four acid digestion (ME -ICP61) with ICP -AES finish. Samples with assays higher than
10,000 ppm Cu, Zn or Pb, or 100 ppm Ag were reanalyzed with over limits methods (CU-OG62, ZN-
OG62, PB-OG62, or AG -OG62) at the ALS Global Va ncouver laboratory. Quality controls include
systematic addition of blank samples and certified copper standards to each batch of samples sent
to the laboratory.
New Director Appointment and Annual General Meeting
Kintavar is very pleased to announce the nomination of Genevieve Ayotte as a new candidate for
directorship. The new director will be proposed at Kintavar’s next Annual General Meeting
(“AGM”). The AGM will take place on Friday June 16, 2023 at 10 a.m. (Eastern Time) at McMillan
LLP 1000, Sherbr ooke W, Suite 2700, Montreal, Quebec. Shareholders are invited to attend in
person or by joining remotely through the following link: Teams link
Ms. Genevieve Ayotte is a member of the Certified Professional Accountants of Quebec and
graduated from HEC Montréal with a Bachelor’s in Business Management and a D.E.S.S in public
accounting (2008). Outside of Ms. Ayotte’s accounting profession, she also serves as President of
Women in Mining - Montreal. Since 2008, Ms. Ayotte developed extensive mining knowledge,
specifically in public accounting at PricewaterhouseCoopers LLP (PwC). As a director in audit at the
Montreal office, she has worked with many Canadian mining companies, including Arianne
Phosphate which she joined as their Chief financia l officer in 2022. “Genevieve is an experienced
professional with detailed knowledge of Kintavar from her time worked at PWC. Her involvement
in the mining industry in Quebec and extensive knowledge in public accounting will be an
important asset as we mov e the Mitchi project to the next phase of development” mentioned
Mugerman.
NI-43-101 Disclosure
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The qualified persons independent of the issuer, responsible for estimating the resources of the
Mitchi property, within the meaning of NI 43-101, are Messrs. Olivier Vadnais-Leblanc, P.Geo.,
and Simon Boudreau, P.Eng., of InnovExplo Inc.
MM. Vadnais-Leblanc and Boudreau declare that they have read this press release and that the
scientific and technical information relating to the resource estimate presented therein is
correct.
Alain Cayer, P.Geo., MSc., Vice-President Exploration of Kintavar, is Qualified Person under NI 43‐
101 guidelines who supervised and approved the preparation of the technical information in this
news release.
The NI 43 -101 Mineral Resource Estimate and Technical report will be filed on Sedar within 45
days of this press release.
Figure 1: Sherlock Zone resource categories within a pit boundary at a cut-off grade of 0.2% Cu. (pdf)
About Kintavar Exploration & the Mitchi – Wabash Properties
Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition,
assessment, exploration and development of gold and base metal mineral properti es. Its flagship
project is the Mitchi – Wabash copper -silver district (approx. 3 9 0 00 hectares, 100% owned)
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located 100 km north of the town of Mont-Laurier and 15 km East of the town of Parent in Quebec.
Both properties cover an area of more than 300 km2 accessible by a network of logging and gravel
roads with access to hydro-electric power already on site, major regional roads including railroad
and a spur. The propert ies are located in the north -western portion of the central
metasedimentary belt of the Grenville geological province. The projects primarily focus on
sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold
(IOCG) and skarn type targets. Osisko holds a 2% NSR on 27 claims of the southern portion of the
Mitchi property, outside of the sedimentary basin. Kintavar also has exposure in the gold
greenstones of Quebec by advancing the Anik Gold Project in a partnership with IAMGOLD and
several early-stage projects that were optioned by Gitennes Exploration.
Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the
Fer à Cheval outfitter (www.feracheval.ca), a profitable and cashflow generating operation where
it employs local workfor ce. It as well works with local First Nations to provide training and
employment.
For further information contact:
Kiril Mugerman, President and CEO
Phone: +1 450 641 5119 #5653
Email: [email protected]
Web: www.kintavar.com
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the times at or by which, such future performance will be achieved. No assurance can be given that any events
anticipated by the forward -looking inform ation will transpire or occur, including additional closings of the private
placement referred to above, or if any of them do so, what benefits the Corporation will derive. Forward -looking
statements and information are based on information available at th e time and/or management's good -faith belief
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unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions
include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and
analysis for the fiscal year ended December 31, 2022, which is available on SEDAR at www.sedar.com; they could cause
actual events or results to differ materially from those projected in any forward -looking statements. The Corporation
does not intend, nor does the Corporation undertake any obligation, to update or revise any forward -looking
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or otherwise, except if required by applicable laws.