Thunder Bay, Ontario--(Newsfile Corp. - July 8, 2021) - Kesselrun Resources Ltd. (TSXV: KES) (OTC Pink: KSSRF) ("Kesselrun" or the "Company") is pleased to provide the following drilling results on its Huronian Gold Project.
Continued drilling of the Huronian zone has been successful in confirming the continuity of the mineralized structure as well as proving its potential down plunge. In particular, hole 21HUR070, shown below, was drilled in the area of the mine where development ore reportedly averaged 78 g/t gold. Hole 21HUR070 intercepted a comparably high grade over a narrow width within a wider, three metre intercept of 13.6 g/t gold. Further drilling is planned down plunge of the workings and this intercept.
21HUR070 intercepted 41.8 g/t Au over 0.9 m within a 3.0 m wide zone which averaged 13.6 g/t Au
21HUR066 intercepted 22.0 g/t Au over 0.9 mwithin a 1.9 m wide zone which averaged 10.5 g/t Au
21HUR075 intercepted 12.6 g/t Auover 0.6m within a 20.9mwide zone which averaged 1.0 g/t Au
Figure 1: Schematic Long section - Huronian Zone
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Figure 2: Schematic Cross section - Huronian Zone
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Michael Thompson, P.Geo., President and CEO of the Company, commented, "As we continue to drill the Huronian structure, we are getting an exciting first-hand look at what was mined nearly 100 years ago. We are now able to confidently and readily identify the gold bearing structures at Huronian which has helped us generate potential targets by applying these observations elsewhere on the property. This initial phase of drilling into the old mine has confirmed that the main zone is continuous for a considerable length and is still present where historic mining ended. It has also confirmed the presence of remnant mineralization in previously mined out areas as well as mineralized off-shoot structures at depth. In the next phase of drilling, we plan on testing the depth extents of the main structure and we will continue to explore the possibility of multiple ore shoots."
The 2021 Huronian drill program is budgeted at 20,000 metres targeting the Fisher, Fisher North, McKellar and Huronian zones, all in close proximity along an approximate 1500 m strike length in the area of the historic Huronian Mine. The area also has tremendous potential for discovery of new wide zones of significant gold mineralization in light of the new revised mineralization model.
As of this news release approximately 12,000 metres has been drilled of which 6,250 metres of drilling results have been released.
Figure 3: Schematic Plan Map - Huronian Project
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Table 1: Summary of Significant Drill Intercepts - Current News Release (1)
|Hole ID||Zone||From (m)||To (m)||Interval (m)||Au (g/t)|
Table 2: Summary of Significant Drill Intercepts - 2021 Huronian Project (1)
|Hole ID||Zone||From (m)||To (m)||Interval (m)||Au (g/t)|
|21HUR043||no significant values|
|21HUR048||Fisher N||lost hole - redrilled as 049|
|21HUR050||Huronian||lost hole - redrilled as 051|
(1)Widths are drill indicated core length as insufficient drilling has been undertaken to determine true widths at this time on the Fisher and McKellar Zones. The Huronian Zone true widths are estimated to be 80% to 90% of the reported widths. Average grades are calculated with un-capped gold assays as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.
About the Huronian Gold Project
The 100% owned Huronian Gold Project hosts the past producing Huronian Mine, Northwestern Ontario's first gold mine with an historic resource estimate of 44,592 oz Au at an average grade of 15.3 g/t Au in the indicated category and 501,377 oz Au at an average grade of 14.4 g/t Au in the inferred category. The resource estimate presented for the Huronian Project is historic in nature. Kesselrun Resources' qualified person has not completed sufficient work to confirm the results of the historical resource. Kesselrun Resources is not treating this as a current mineral resource but is considering it relevant as a guide to future exploration and is included for reference purposes only. The historic resource was estimated by Minescape Exploration Inc. in 1998. Further drilling will be required by Kesselrun Resources to verify the historic estimate as current mineral resources.
As well, the Huronian Gold Project hosts the same lithological package of rocks, as interpreted from both Government of Ontario and Kesselrun Resources mapping, compilation and modelling, on strike from Goldshore Resources Inc.'s adjacent Moss Lake Gold Deposit with a resource estimate of 1,377,300 oz Au at an average grade of 1.1 g/t Au in the indicated category and 1,751,600 oz Au at an average grade of 1.1 g/t Au in the inferred category as outlined in their 2013 PEA2. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Kesselrun Resources' property.
On January 26, 2021 Wesdome announced that the Moss Lake Project would be purchased by Goldshore Resources Inc. (see Wesdome and Goldshore news releases dated January 26, 2021).
(2) Moss Lake Gold Mines news releases February 20, 2013 and September 9, 2013.
Michael Thompson, P.Geo., President and CEO of Kesselrun, is the Qualified Person responsible for the project as defined by National Instrument 43-101 and has approved the technical information in this news release.
Kesselrun has implemented a quality control program to comply with industry best practices for sampling, chain of custody and analyses. Certified gold reference standards, blanks and duplicates are inserted at the core processing site as part of the QA/QC program in addition to the control samples inserted by the lab. Samples are prepared and analyzed by Activation Laboratories in Thunder Bay. Samples are analyzed for gold using Fire Assay-AA techniques. Samples returning over 10 g/t gold are analyzed using Fire Assay-Gravimetric methods. Selected samples are also analyzed with a standard 1 kg metallic screen fire assay. All results reported herein have passed QA/QC protocols.
Health and Safety
The health and safety of our personnel and contractors is always top priority to Kesselrun. The current situation presents new challenges above and beyond what we normally face while working in the field. Kesselrun has implemented further measures to ensure the health and safety of all working on the Company's projects.
About Kesselrun Resources Ltd.
Kesselrun Resources is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun's management team possesses strong geological and exploration expertise in Northwest Ontario. For more information about Kesselrun Resources, please visit www.kesselrunresources.com.
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.
For additional information please contact:
Kesselrun Resources Ltd.
Michael Thompson, P.Geo., President & CEO
Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Kesselrun, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, dependence upon regulatory approvals, the execution of definitive documentation, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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