Kintavar Files NI 43-101 Report for Maiden Copper and Silver Mineral Resource Estimate at Sherlock Zone, Mitchi Project; Starts PEA Work
NEWS RELEASE
For immediate distribution
Kintavar Files NI 43-101 Report for Maiden Copper and Silver Mineral
Resource Estimate at Sherlock Zone, Mitchi Project; Starts PEA Work
Montreal, Quebec, July 31, 2023 – Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-
V: KTR), is pleased to announce that, further to its news release of June 15, 2023, it has filed its
National Instrument 43 -101 technical report dated June 12, 2023 on SEDAR + at
www.sedarplus.com. The report can also be found here. Furthermore, Kintavar is pleased to
announce that it has engaged Sedgman Novopro ( www.novopro.ca) to complete a Preliminary
Economic Assessment (PEA) on the hub-and-spoke model on the Mitchi project. The work will be
starting in August and is expected to be completed by the end of the year.
The independent MRE was prepared by InnovExplo Inc. in accordance with NI 43-101 regulations.
“The PEA is an essential part of developing the Mitchi project as a whole and not only the Sherlock
zone. Demonstrating that it can be developed economically for the Sherlock zone will allow our
team to continue the exploration program to add many other potential zones that were identified
in the region already. All these zones will then be considered to be processed in the same facility
and will be evaluated as one combined large project. As a sum of all parts, we believe the Mitchi
project will be much stronger than looking at each of the zones individu ally.” commented Kiril
Mugerman, President & CEO of Kintavar Exploration.
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.
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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 enve lopes modeled 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 usin g the grade 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 assigned 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 wher e
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
concentrate, G&A cost of $9.50/t, sorting cost of $0.40/t, and proces sing 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 thousand, 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 sil ver. Any discrepancy 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.
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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 V ancouver 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 Vancouver laboratory. Quality controls include
systematic addition of blank samples and certified copper standards to each batch of samples sent
to the laboratory.
NI-43-101 Disclosure
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.
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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 properties. Its flagship
project is the Mitchi – Wabash copper -silver dist rict (approx. 3 9 0 00 hectares, 100% owned)
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 foc us 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 workforce. It as well works with local First Nations to provide training and
employment.
About Sedgman Novopro
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Sedgman Novopro provides comprehensive engineering solutions across diverse industries on six
continents and throughout the project lifecycle. With an integrated approach, Sedgman Novopro
partners with its clients to offer customized tools and know-how necessary to steer projects from
cradle to maturity, including the early -stage project design, proof of concept, project de -risking
and financing, construction, commissioning, and operations.
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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