VANCOUVER, BC –Kenadyr Mining (Holdings) Corp. (TSX-V: KEN; OTC-MKTS: KNDYF; FRA: KM0) (the “Corporation” or “Kenadyr”) is pleased to announce further results of the 2018 drill program at Kenadyr’s Borubai property comprising drill holes EZ- 6,9,10,11,12,13,14 and 16 – 18. (Hole EZ-15-18 was abandoned in fault rubble).
These drill holes include 2 new sections collared approximately 50 meters east, and another 50 meters east of the last section reported at the end of June this 2018 season. Hole EZ-16-18 was collared another 100 meters east of the last section now being reported. The new drilling further demonstrates that the East Zone continues strongly along strike with good continuity of mineralization continuing eastward from the TBL Mine.
As mentioned in previous news releases, the East Zone is a separate body from the main TBL Mine 60% owned (40% KyrgyzAltyn) and wholly operated by Zijin Mining, and the company is evaluating the potential for this zone to be mined by open pit methods. The company is using a 0.5 g/t cutoff to calculate intervals for this mineralized zone.
Kenadyr has temporarily halted drilling in order to perform an I.P. chargeability and resistivity survey across the drilled area of the East Zone and progressing along strike to the east for an additional 1100 meters. This survey is underway and being performed by a recognized international contractor. The purpose of the survey is to more precisely track the highly chargeable drill target as the drilling progresses eastward.
Drill results are tabled below:
|Hole Number||From||To||Interval||g/t Au|
|and including||286||300||14 meters||3.91|
The Corporation is confident that these intersections are approximate “true widths”. All intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global).
Brian Lueck, Kenadyr’s Chief Executive Officer, states, “Kenadyr’s 2018 drill program continues to demonstrate that the mineralization found at the TBL Mine, operated by Zijin, continues strongly along strike onto Kenadyr’s Borubai License. These new sections presented in this release for the East Zone, in combination with the previously announced sections, clearly demonstrate that the mineralization is consistent along section in its overall geometry. We are anticipating the results of the current geophysical program to be available within 4 weeks. The mineralized zone is highly pyritic, and contrasts well with the host rocks, making it an ideal target for the chargeability-resistivity survey. The survey is being done over the drilled area, as well as an area to the East where we believe the extension lies. This survey will confidently show the signature of the drilled mineralized zone, which is tightly drill controlled, and provide excellent direction as the company continues to define the mineralization along strike to the east.”
Kenadyr’s Borubai project comprises a 100-per-cent-owned exploration license covering a contiguous 164-square-kilometre land package that encircles the Zijin/KygysAltyn newly constructed and operational TBL mine, in northern Kyrgyz Republic. Zijin has wholly funded the company’s recent private placement at $0.20/share in support of Kenadyr’s ongoing exploration on the Borubai licence.
Zijin, the majority owner of the TBL mine, is one of China’s largest gold producers, second-largest copper and zinc producer, as well as a major producer of tungsten and iron ore (source: Zijin website). According to a news release published by Zijin. on Aug. 15, 2011, the national resources table of Kyrgyz Republic stated that the TBL field contains (C1 plus C2) 8,906,100 tonnes of gold ore (the average grade is 7.23 grams per tonne). The TBL mine is designed to produce 125,000 ounces of gold per annum. The TBL mine deposit is directly adjacent to Kenadyr’s initial drill targets, the South Zone and East Zone, which were previously drilled by the Soviets, with drilling on the Bourubai License exceeding 98,000 meters.
Readers are cautioned that the resource and reserve estimates relating to the TBL mine do not extend to the Borubai project. Kenadyr has not independently verified the information with respect to the TBL mine provided in this news release and it is not necessarily indicative of the mineralization on the Borubai project. Kenadyr is not aware of the resource and reserve categories, or the key assumptions, parameters and methods used to prepare the estimates on Zijin’s TBL mine. The estimates on the TBL mine are not current mineral resources or mineral reserves as defined in National Instrument 43-101. Kenadyr considers the estimates on the TBL mine disclosed in this news release to be relevant to investors for the purpose of understanding Kenadyr’s current drill program and exploration strategy.
Kenadyr’s Borubai project, which surrounds the TBL mine, has been the subject of extensive historic exploration including drilling (98,200 metres in 184 diamond drill holes), trenching (13,800 cumulative metres), bulldozer cuts (33,400 cumulative metres), geologic mapping at 1:25,000 and 1:50,000 scales, ridge, spur and grid soil geochemistry for multi-elements (14,200 samples), rock geochemical sampling (2,320 samples), pan concentrate sampling (790 samples), 100 metres of adits, and 184 metres of underground raises. Additionally, the entire area has been subject to airborne magnetic, radiometric and gravity surveys, as well as ground-based resistivity and induced polarization surveys. Additional highgrade gold targets exist throughout the Borubai license. The entire license has been subject to extensive geochemical and geophysical surveys, with follow up trenching and drilling on only a few of the identified anomalies.
Kenadyr Announces New CEO Brian Lueck – Dr. Alex Becker to assume COO position
The Company also announces the appointment of Brian Lueck, a director, as the new CEO of the company, with Dr. Alex Becker stepping into the position of COO.
Brian Lueck is a practicing member of the Engineers and Geoscientists of British Columbia and a Fellow of the Society of Economic Geologists. Mr. Lueck received a First-Class Honors B.Sc. degree in Geology from UBC in 1985 and has been active as a director or senior officer of various Canadian and London public mining and exploration companies for over 25 years. Recently, Mr. Lueck was a founder and senior officer of K92 Mining during and subsequent to the acquisition of the Kainantu Mine from Barrick Gold.
Dr. Alex Becker is assuming the role of COO of Kenadyr Mining. His extensive experience and local knowledge of operating and exploring in the Kyrgyz Republic has proven invaluable to the company and makes him ideally suited for this role. Dr. Becker remains an active and integral member of the Kenadyr Management Team.
Brian Lueck, P. Geo, CEO of Kenadyr and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
On behalf of Kenadyr Mining (Holdings) Corp.
Chief Executive Officer and Director
For more information, visit www.kenadyr.comor contact Kevin Ma, CFO at firstname.lastname@example.org (604) 687-7130.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include the success for failure of the Corporation’s proposed exploration activities on the Bourabi Project or its resource potential relative to the TBL Mine and other risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.