(TheNewswire)
VANCOUVER, BC - TheNewswire – December 10, 2020 - Kenadyr Mining (Holdings) Corp. (TSXV:KEN ) ( OTC:KNDYF ) ( FRA:KM0) (the “ Corporation ” or“ Kenadyr ”) continues to review its substantial database for theBorubai Project with a view to begin asset development once conditionspermit. The Corporation has engaged APEX Geosciences Ltd.(“APEX”), a premier geological consultancy, to examine drill dataand make notes and recommendations.
The East Zone, an area of mineralization approximately1km away from the main Taldybulak Levoberezhniy mineralized zone(which Zijin Mining is exploiting on their license area), representsthe primary drill-ready target on Borubai for expanding on past work.Previously announced drill results in the East Zone include 69m corelength at 2.57 g/t gold, 50m core length at 8.15 g/t gold and 93m corelength at 1.00 g/t gold. Preliminary analysis by APEX indicates thepotential for an underground and/or and open pit-based resource at theEast Zone with a current drill indicated exploration target rangingfrom 7.7 million tonnes at a grade of 1.5 g/t for a total of 370,000ounces of gold to 19.7 million tonnes at a grade of 0.9 g/t for atotal of 570,000 ounces of gold (memo by Dufresne & Acorn, 2020and NI 43-101 report “Technical Report for Javelle Capital Corp. onthe Borubai Gold License Kyrgyz Republic”, Boswell, filed on SEDARFebruary 28, 2017). The potential quantity and grade are conceptual innature. There has been insufficient exploration to define a mineralresource and it is uncertain if further exploration will result in thetarget being delineated as a mineral resource. This material could bepotential feedstock to the neighboring Zijin’s milling operation.
Figure 1. Location of Zijin and Kenadyr MineralizedGold Zones.
Historical drilling on Kenadyr’s Borubai licenseconsists of more than 98,200m in 184 holes pre-1991 with an additional10 RC holes and 3 core holes for a total of 2,158m completed byKenadyr in 2016. The Borubai East Zone exploration target is basedupon geochemical assay data from more than 43 drill holes withhistorical underground development and sampling that was modelled byBoswell (NI 43-101 report February, 2017) and more recent work,conducted by APEX that is documented in an internal memo (Dufresne& Acorn, 2020). The exploration target is not a mineral resourceand the potential quantity and grade are conceptual in nature. It isuncertain if future exploration will result in the definition of amineral resource, however, APEX recommends follow-up drilling andmodelling for the Borubai East Zone.
The South Zone is directly adjacent to the Zijin’smain Taldybulak Levoberezhniy mineralized zone, with mineralization anextension of that zone approximately at 500m to 700m below the surface(Zijin’s Taldybulak Levoberezhniy is an underground mine that isbeen in production since 2015). The mineralized material could beexploited by Zijin’s main operation by extending the undergroundworkings across the license boundary. Geologically, it is the samemineralized zone. Highlight drill results on the South Zone onBorubai licensed ground includes 40m core length at 6.17 g/t gold.Preliminary analysis by APEX indicates that there is potential for thematerial in the South Zone to add resources and extend Zijin’sTaldybulak Levoberezhniy’s mine life.
APEX’s report said: “There is a reasonableprobability for an underground mineral resource in the South Zone at500m to 700m depth, but it does present challenges to delineate ifusing surface drilling.” “The East Zone does have the potential toproduce an underground or bulk tonnage open pit based mineral resourcewith additional drilling and using modelling driven by data based oncomparable assets in the region. The modelled lodes for the East Zoneare at depths ranging from 175m to 275m vertical depth. These lodescould be further tested with surface drilling, as the mainmineralization area appears to have significant thickness and width.As such, additional surface drilling would be expected to furtherdefine and provide the data necessary to produce a modern mineralresource estimate.” “There are multiple exploration target areasoutside the zones adjacent and near to Taldybulak Levoberezhniy minethat have yielded mineralized intersections and present additionalresource potential.”
The technical content of this news release has beenreviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., aqualified person as defined by National Instrument 43-101.
About Kenadyr
Kenadyr is developing its 100%-owned Borubai goldexploration license in the Kyrgyz Republic, as well as evaluatinggrowth opportunities in the gold mining sector. The Borubai licensecompletely surrounds the Taldybulak Levoberezhniy gold mine, withwhich it shares mineralization trends. Taldybulak Levoberezhniyproduced 133,335 oz gold in 2019 and is operated by ZijinMining.
ON BEHALF OF KENADYR MINING (HOLDINGS) CORP.
Tim McCutcheon
Chief Executive Officer and Director
For more information, please contact:
Tim McCutcheon or Kevin Ma
E-mail: info@kenadyr.com
Phone: +1-604-569-2963 Ext 105
Cautionary Statement onForward-Looking Information
NEITHER THE TSX VENTURE EXCHANGE NORITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THEADEQUACY OR ACCURACY OF THIS RELEASE.
This press release containsforward-looking statements and forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian securities legislation. All statements,other than statements of historical fact, included herein including,without limitation, statements regarding the anticipated content,commencement, timing and cost of exploration programs, anticipatedexploration program results, the discovery and delineation of mineraldeposits/resources/reserves, and the anticipated business plans andtiming of future activities of the Company, are forward-lookingstatements. Although the Company believes that such statements arereasonable, it can give no assurance that such expectations will proveto be correct. Forward-looking statements are typically identified bywords such as: believe, expect, anticipate, intend, estimate,postulate and similar expressions, or are those, which, by theirnature, refer to future events. The Company cautions investors thatany forward-looking statements by the Company are not guarantees offuture results or performance, and that actual results may differmaterially from those in forward looking statements as a result ofvarious factors, including, but not limited to, the state of thefinancial markets for the Company's equity securities, the state ofthe commodity markets generally, variations in the nature, quality andquantity of any mineral deposits that may be located, variations inthe market price of any mineral products the Company may produce orplan to produce, the inability of the Company to obtain any necessarypermits, consents or authorizations required, including TSXVacceptance, for its planned activities, the inability of the Companyto produce minerals from its properties successfully or profitably, tocontinue its projected growth, to raise the necessary capital or to befully able to implement its business strategies, and other risks anduncertainties disclosed in the Company's latest interim ManagementDiscussion and Analysis and filed with certain securities commissionsin Canada. All of the Company's Canadian public disclosure filings maybe accessed via www.sedar.com and readers are urged to review thesematerials, including the technical reports filed with respect to theCompany's mineral properties.
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