MONTREAL, QUEBEC -- (Marketwired) -- 04/04/13 -- Management of KHALKOS EXPLORATION INC. ("Khalkos") (TSX VENTURE: KAS) is pleased to announce the acquisition of the V Property in the Villebon Township, located 47 km south of the city of Val d'Or in Abitibi, Quebec. The property consists of two adjacent lots covering 87 hectares containing gold-bearing quartz veins of several metres in thickness. In accordance with the agreement with the vendors, which is conditional to the approval of the competent authorities, Khalkos wholly acquires this strategic property in consideration of the issuance of 1,200,000 common shares.
Recent rock sampling and historical data compilation demonstrate the strong potential of the V Property, which encourages Khalkos to pursue exploration activities on the property.
The property is located at around 12 km south of the former Chimo mine which produced 363 000 oz of gold between 1966 and 1996. The property is well-positioned in a favourable area containing numerous other gold showings within an under-explored gold deformation corridor of more than 1 km in length. The first mineralized showings were discovered in the 1930s, and underwent stripping, rock sampling, and drilling in the 1940s and 1980s, with no additional drilling since then. The historical data was estimated at around 5,500 oz at 7.8 g/t Au in vein #4 and around 1,000 oz at 3.2 g/t Au in vein #3 with a vertical depth of less than 100 m. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and Khalkos is not treating the historical estimate as current mineral resources. During the 1940s, the V Property underwent a small-scale artisanal mining operation, producing around 160 oz of gold, which was then sent to the Royal Canadian Mint.
Khalkos plans on expanding the stripped area of vein #4, notably in the northern part of the vein, where a historical sample graded 35 g/t Au. A systematic sampling program is also planned on the old stripping areas of veins 3 and 4. A drilling campaign will also be undertaken shortly in order to confirm the depth of the veins, which were not tested at deeper than 100 m in vertical depth.
This press release was prepared by Dominique Doucet, P. Eng., President of Khalkos, Qualified Person pursuant to National Instrument 43-101.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
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 release.
(514) 510-7964 (FAX)
(514) 510-7964 (FAX)
Most Popular Stories
- Twitter Coming to Phones Without Internet
- Entravision Initiates Quarterly Cash Dividend
- Amanda Bynes Enrolls in California's FIDM
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- Shanghai Smog Forces Factory Shutdowns
- Obamacare Doing Just Fine, Ky. Governor Says
- How to Arm Yourself Against CryptoLocker Virus
- Eagle Deaths OK'd for Wind Power
- Consistent Hiring Points to Stronger Economy Ahead
- How Monthly Jobs Reports Move the Markets' Needle