Kapuskasing Gold Adds 4 New Properties in Borden Gold Camp
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 10, 2014) - Kapuskasing Gold Corp. (TSX VENTURE:KAP) (the "Company" or "Kapuskasing") is pleased to announce that it has added four new properties to its portfolio. Kapuskasing acquired all four properties by staking and thus holds a 100% interest in an additional 19,696 hectares in Ontario's newest gold camp. With this new land position, the Company now has six (6) separate but related exploration properties.
New map can be viewed here: http://www.kapgold.com
The Company has also recently completed initial ground reconnaissance work on the Rollo and Borden North properties it acquired earlier this year and is set to commence its summer exploration activities.
Rollo Update (19,160 hectares)
On the Rollo property the Ontario Government documents 1948 and 1950 reports indicate visible gold at the Hanson Lake and Coppell Lake Occurrences. These occurrences are approximately 4 kilometers apart and mapping by the GSC indicate they are along the same anticlinal feature.
Borden North Update (17,600 hectares)
The compilation of the known geological data on Borden North indicates the presence of highly metamorphosed sediments and gneisses that parallel the Ivanhoe Fault. These rocks are potentially similar to the Borden Gold Zone. The applicable NI 43-101 report filed on May 9, 2014 recommends extensive prospecting and geochemical sampling to define the anomalous gold zones with follow-up geophysics and diamond drilling.
Newly Staked Claim Groups:
Borden West (9,904 hectares) sits at the southwestern flank of the Kapuskasing Structural Zone, immediately west of the town of Chapleau and 20 km west of Probe's Borden Gold discovery. The property covers ground along a projected offset of the structural zone, which hosts the Borden Gold Zone to the southeast. This structural zone has never been drill tested and will be the focus of planned prospecting and future geophysical work prior to drill testing. Access to this property is via gravel forest access roads that run through the claim group.
The Schewabik Belt (6,304 hectares) The property hosts strongly altered and metamorphosed rocks interpreted to represent the eastward continuation of the Destor-Porcupine Fault zone within the Kapuskasing Structural zone. Ontario Government maps show the area is underlain by migmatized metavolcanic and metasedimentary rocks similar to Probe's Borden Gold zone.
Borden South (4,256 hectares) comprises approximately 4,200 Ha on the southeastern flank of the Kapuskasing uplift, running from a large carbonitite intrusive to the southwest along the Ivanhoe Fault abutting into Probe Mines East Limb property to the northeast. Borden South may be associated with the locally offset portion of the Rideout Shear System which hosts Probe's Borden Gold and IAMGold's Cote Lake deposits.
Golden Route (1,232 hectares) encompasses approximately 1,200 Ha is situated 10 km southwest of Chapleau approximately 20 km southwest of the Borden Gold project. Ontario Government maps indicate geology similar to the Borden lake area and very limited historic work. These claims are located parallel to Highway 101.
Subject to finalized plans and budgets, Kapuskasing Gold's exploration plans for all the properties includes geophysics and prospecting to define drill targets for an early fall campaign.
On behalf of the Board of Directors of Kapuskasing Gold Corp.
Dean Nawata, President & CEO, Director
Qualified Person
Mr. Garry Clark, P.Geo, the Exploration Manager and a director of the Company, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release.
Neither 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.
Forward-Looking Statements and Cautionary Notes
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook and timing of exploration/development activity on the Borden North and Rollo properties and the impact on Kapuskasing's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
