Killdeer Acquires Gold & PGE Properties In Northern Saskatchewan
Killdeer Acquires Gold & PGE Properties In Northern Saskatchewan
Vancouver – September 21, 2011 – Killdeer Minerals Inc. – KMI: TSX.V (“Killdeer” or the “Company”) has acquired six mineral claims near Fleming Lake, Henry Lake and Reindeer Lake in north-eastern Saskatchewan (the “Henry Lake Project”). Two of the claims have been optioned from a third party and four claims were acquired by staking. The claims are located some 10-20 kilometers west to northwest of an airstrip in the village of Southend Reindeer and lie between provincial roads 102 and 905, and Reindeer Lake. The southern and northern parts of the property can be accessed by road and by boat, respectively.
The Henry Lake Project is situated in a belt of favourable geology in the central portion of the La Ronge- Lynn Lake Domain. The Domain is composed of a series of northwest dipping tectonostratigraphic units which contain bounding and internal shear/high strain zones, and host numerous known gold and base metal deposits, and past-producing mines, including Bingo, Jolu and the Lynn Lake area. The property is underlain by predominant basic to intermediate metavolcanics and amphibolites, and minor metasedimentary rocks. These rock formations are intruded by composite ultramafic to felsic stocks and plutons, and include numerous sub-volcanic bodies of quartz-feldspar porphyries. The Property hosts several mineral showings of gold, copper and base metals, which represent volcanic-related massive sulphides, mafic/ultramafic intrusion hosted nickel-copper-PGE concentrations and structurally controlled mesothermal gold veins.
In late 2010, Killdeer completed a reconnaissance rock sampling program on two claims of the Project, which returned several significantly elevated concentrations of precious and base metals. Five samples which represent massive sulphide-exhalative horizons returned from 475 to 794 ppm of copper, 298 to 592 ppm of nickel, 829 to 1695 ppm of zinc and some elevated concentrations of cobalt and silver. Three samples of quartz veins returned from 3 to 14 ppm gold. All samples were analyzed by ICP method in TSL Laboratories, Saskatoon. These preliminary results demonstrate good exploration potential for the Henry Lake Project and warrant further exploration programs. The Company plans to conduct an airborne TEM survey which would aid in the delineation of conductor zones related to mineralization and would be followed by detailed mapping, extensive rock sampling and diamond drilling.
Terms of the option agreement oblige Killdeer to pay the vendor a total of $175,000, and issue a total of 350,000 common shares of the Company over a 5 year period to acquire an undivided 100% interest in two claims, of which $10,000 and 50,000 common shares would be issuable within the first year after approval. A 100% interest in the remaining four claims has been transferred to the Company. The vendor retains a 2% NSR on all six claims, half of which the Company can purchase at any time for $1,000,000. The Option Agreement and all terms therein are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Stan Szary”
President, CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.