Kirkland Lake, Ontario--(Newsfile Corp. - April 22, 2015) - Mistango River Resources (CSE: MIS) (the "Company") is pleased to provide an exploration update and company assets.
Exploration
In the fall of 2014 Mistango completed 5 drill holes on its Sackville Property located west of Thunder Bay, totaling 754m in length. The drilling aimed to discover the in-situ source of historic large high-grade polymetallic boulder-train located on the property. The three largest being approximately 3 tonnes ("Stares"), 10 tonnes ("Boomer") and 15 tonnes ("Calvert"), discovered over a distance of approximately 1.8 kilometres and all being generally aligned in a north to south orientation consistent with paleo-ice flow direction. Historical and typical grades for the Stares Boulder: 12% Zn, 0.6% Cu, 4.4% Pb, 359 g/t Ag, 5.52 g/t Au and the Calvert boulder: 12% Zn, 0.26% Cu, 1.70% Pb, 214 g/t Ag, 3.51 g/t Au (Ni-43-101 Report on Sackville dated June 2010).
The 4 drill targets selected for investigation during the 2014 drill program (Targets 1, 2, 6 and 7) consisted of previously unexplored IP, VTEM, airborne magnetic survey, and geochemical soil anomalies associated with bi-modal mafic-felsic volcanic lithology. The targets are located approximately 3 km to the north of the massive sulphide boulder-train, in alignment with the inferred paleo-ice flow direction.
For sketches of the targets visit:
http://rjkexplorations.com/press-release/sketch-of-targets.jpg
Hole SK-14-05 tested Target 1 and was assayed due to visible anomalous sulphide mineralization. Samples were assayed by Swastika Laboratories in Swastika, Ontario using ICP and Fire Assay for Au. Hole SK-14-05 returned 0.189% Zn, 0.015% Cu and 0.3 g/t Ag over 0.7m (from 11m to 11.7m) and 0.112% Cu, 0.0338% Zn, 0.0118% Pb and 2.6 g/t Ag over 1m length (from 73 to 74m depth) and 0.115% Cu, 0.0338% Zn, 0.0119% Pb and 2.7 ppm Ag over 1m (from 115 to 116m). Target 1 was chosen due to combination of relatively high Zn soil values (up to 1570 ppm), IP and short length VTEM anomalies, inferred correlation up-ice with mineralized boulder-train and presence of rhyolite with pyroclastic fragments at a nearby trench.
Drilling was discontinued in January due to extreme cold weather and lack of snow which led to constant freezing of water lines. Drilling is expected to resume in early May and will concentrate on testing of the remaining exploration targets as well as investigating the extend of proximal anomalous base metal mineralization intersected during 2006 drilling program conducted on the Property. The highlight of the 2006 program was DDH SC05-08, which returned 0.14% Zn, 0.047% Cu, 183 g/t Ag and 0.004 g/t Au over 7.4m (from 53.3m to 60.7m).
Assets
In September of 2013 the company sold its 2% Royalty to Premier Royalty Inc. for $1,250,000 and 100,000 shares of Premier Royalty which was subsequently was acquired by Sandstorm Gold as of this takeover Mistango now owns 14,500 shares of Sandstorm.
During 2013 the company completed a resource study on its 100% owned Omega Property located near Larder Lake, Ontario. The total indicated resource is 219,808 ounces gold and the inferred resource is 365,400 ounces gold. For more information please see the Company's website at www.mistangoriverresources.ca or on SEDAR filing site.
During the July of 2014 The Company was granted by the Government of Quebec 100% interest in the past producing Estradies Polymetallic Mine which borders the south boundary of the Mistango's Casa Berardi claims. Mistango now controls approximately 3,967 hectares and 9 kilometers of the "Casa Berardi" break corridor and is located approximately 22 kilometers east of Hecla's Casa Berardi underground gold mine. The former mine is developed by a ramp, has road access and a power line to the property.
In 2006 an independent Ni-43-101 compliant resource estimate was completed on the Main Zone by Scott Wilson Roscoe Postle, and a resource in the central zone were estimated in the course of a feasibility study compiled in 2008 by GENIVAR. Total Resource is estimated at 709,172 tonnes at a grade of Zn 9.8 % Cu .8% Pb .9% Au 5.0 g/t and Ag 163 g.
As of April 1 2015 the company had liquid assets of $507,133.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that Mistango believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to the certification of the registration of the assignment agreement by the Registry Office and the release of the Consideration from escrow. These forward-looking statements reflect the current expectations or beliefs of Mistango based on information currently available to Mistango. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Mistango to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Mistango.
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