(TheNewswire)
Victoria, British Columbia - TheNewswire - February 6,2024 - Kermode Resources Ltd. (TSXV:KLM) ("Kermode" or the"Company") reports a review of exploration results from2023. In 2024, Kermode plans to continue our ongoing explorationstrategy. The results reported here cover four different projectscalled Khrysos, Silver Bell, Eastgate BC, and Vigh Graphite, which arepart of ongoing business development activities by Kermode.
A map of the projects is provided online at this link:
“SILVER BELL”
The following assays were previously reported byKermode on November 28, 2023. The samples were taken from one area ofinterest known as the JGR Showing as part of the 2023 explorationprogram with Aurum Vena Resources Corp. at Silver Bell.
Sample # | Easting | Northing | Gold | Silver |
996412 | 399177 | 5562273 | 3.9 | |
996413 | 399162 | 5562271 | 4.9 | 612 |
996420 | 399177 | 5562273 | 16.4 | |
996421 | 399177 | 5562273 | 3.2 | |
Additional work performed included clearing theexisting access to the JGR showing and collecting samples ofhistorical dump material for crushing and concentrating. A video ofthe sample site and sample concentrate test work is provided in thislink, “Silver Bell minevisit, old portal mine exploration! Old exploration adit visit! published June 29, 2023:
Sample ID | Description |
996412 | Grab sample of quartz vein material found outside of an oldexploration portal (10-20m long) testing an 8m wide East-West trendingsub-vertical quartz vein. Areas of heavy limonite stain, with rarerlocalized malachite and azurite staining. Area grab of strongerlimonite, malachite stained material at drift face. |
996413 | Select grab of limonite-stained material from same quartz vein. Largegalena / sphalerite bleb. |
996420 | Adit area comparative sample. Select grab of very galena-richmaterial. |
996421 | Adit area comparative sample. Select grab of heavily azuritemalachite stained material. |
The following assays were previously reported byKermode on December 4, 2023. The results include the first assays forgravity concentrate samples from the Silver Bell project at the JGRShowing.
The results are shown in the table below:
Sample ID | Discharge | Gold (PPM Au) | Silver (PPM Ag) |
996430 | Concentrate | 66.4 | 2,950 |
996431 | Middling | 9.9 | 1,040 |
The samples were collected by ATV from loose materialat the mine dump site. The original sample size was 18 kilograms ofmaterial, which was crushed using a jaw crusher, pulverized by a smallgrinding mill, and concentrated using a gold shaker table. Theconcentrate and middling samples were collected and assayed.
A video of the sample concentrate test work is providedin this link, “Crushing it!Crushing gold silver ore!” published September15, 2023:
Picture of sample material
Picture of jaw crusher
Picture of shaker table in action
“KHRYSOS”
The following assays were previously reported byKermode on December 1, 2023.
Sample ID | Sample Description | Au | Ag |
996414 | 1.1m channel sample | 4.0 | 168 |
996415 | 70cm channel sample | 1.5 | 260 |
996416 | 40cm channel sample | 0.4 | 34 |
996417 | 80 cm channel sample | 0.2 | 21 |
996426 | Choice grab of pyrite rich quartz in old pit (pit 1) | 0.3 | 15 |
996427 | Grab sample of galena rich quartz (pit 1) | 1.1 | 387 |
996428 | Area grab of pit 2 | 0.6 | 108 |
996429 | Area grab of pit 3 | 1.5 | 172 |
Assays for select samples of the 2023 work program arelisted above. A video of the site visit titled, “Khrysos Goldproperty visit, June 2023. Channel sample cutting! waspublished July 10, 2023:
A sample of 5 kg taken from ore drums at the Kami MainShowing was crushed using a jaw crusher, pulverized by a smallgrinding mill, and concentrated using a gold shaker table. Samples ofthe concentrates, middlings, and tails were collected and assayed asshown in the table below:
Sample ID | Discharge | Gold (PPM Au) | Silver (PPM Ag) |
997709 | Concentrate | 379.0 | 5140 |
997710 | Middling | 74.5 | 3750 |
997711 | Tailings | 12.2 | 91.6 |
Kermode CEO Peter Bell comments, “I am grateful that Kermode was able toobtain a multi-year, area-based exploration permit for the Khrysosproject that allows for three sites with trenches or test pits andthree sites with drill pads. In addition, Kermode plans to removegarbage left by previous operators, including steel oredrums.”
“ EASTGATEBC”
The following assays were previously reported byKermode on December 14, 2023. The samples were taken from one area ofinterest known as the Pasayten showing as part of the 2023 explorationprogram with Aurum Vena Resources Corp. at Eastgate BC.
Sample # | Easting | Northing | Sample Type | Gold (PPM Au) |
996422 | 675775 | 5447431 | Grab sample/old pit | 0.1 |
996423 | 674783 | 5447535 | Grab sample/old pit | 0 |
996424 | 675783 | 5447499 | Grab sample/old trench | 43.7 |
996425 | 675710 | 5447477 | Grab sample/old trench | 0.3 |
The initial 2023 reconnaissance work program consistedof locating and sampling the Pasayten mineral occurrence. Very limitedhistorical information is known about the showing, with no recentexploration. Assays for select samples of the 2023 work program arelisted above.
Additional work performed included exploration work onthe recently acquired extension ground of the initial claim package. Avideo of the initial exploration work was posted at the followinglink, “Eastgate propertysite visit! Gold Silver exploration near Eastgate BC” published July 20, 2023:
“VIGH GRAPHITE”
The following assays were previously reported byKermode on December 8, 2023.
Sample ID | Sample type | Sulphur (% S) | Iron (% Fe) | Graphitic Carbon (% Gr) |
23-20-01 | Area grab, Crushed and Screened | 1.1 | 6.3 | 3.6 |
23-20-02 | Choice grab, calcite-rich material | 0.0 | 1.3 | 9.6 |
23-20-03 | Choice grab, visible graphitic material | 0.0 | 1.7 | 13.6 |
The following assays were previously reported byKermode on January 15, 2024.
ID | Target Area | Sample Description | Sample Weight (KG) | Sulphur | Iron | Total Carbon | Graphitic Carbon |
24-01 | RUTH | Composite grab sample from area with hematite-stained graphiticsediments | 0.6 | 0.9 | 3.2 | 0.7 | 0.5 |
24-02 | RUTH | Composite grab sample from area with hematite-stained graphiticsediments | 0.9 | 1.1 | 3.1 | 0.5 | 0.4 |
24-03 | DEEP BLUE SKY | Composite grab sample from area with hematite-stained graphiticsediments | 1.1 | 1.3 | 3.2 | 0.5 | 0.5 |
24-04 | DEEP BLUE SKY | Select grab of quartz with trace sulphides. | 0.9 | 0.0 | 0.9 | 0.0 | 0.0 |
24-05 | DEEP BLUE SKY | Select grab sample of graphite-rich metasediments crosscut by quartzveins. | 0.8 | 7.0 | 2.9 | 13.2 | 13.1 |
24-06 | DEEP BLUE SKY | Select grab of quartz with trace sulphides. | 0.7 | 0.4 | 1.0 | 2.2 | 2.0 |
24-07 | DEEP BLUE SKY | Select grab of quartz with trace sulphides. | 1.1 | 0.0 | 1.8 | 0.4 | 0.3 |
24-08 | RUTH | Composite grab sample from area with hematite-stained graphiticsediments | 0.6 | 0.4 | 4.2 | 1.7 | 1.5 |
24-09 | DEEP BLUE SKY | Select grab sample of graphite-rich sediments. | 0.5 | 0.1 | 3.4 | 21.2 | 21.3 |
Photograph of Graphitic Carbon (Gr)in Sample 24-09
Property Option Deal Terms
KHRYSOS & SILVER BELL:
-
To earn 100% ownership of the project, Kermode mustmake one payment of common shares and assign a Sales ParticipationRight as described below.
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1,500,000 common shares of Kermode on or before May 26,2027. In addition the payment of 1,500,000 common shares made on May26, 2022.
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Sales Participation Right is set at 10% ten percent fora period of 10 ten years, where the right is calculated as apercentage of the gross proceeds from any transaction whereby Kermodesells any interest in the project.
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There are no Net Smelter Return royalty payments, norwork commitments.
EASTGATE BC:
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To earn 100% ownership of the project, Kermode mustassign the vendors a Net Smelter Return royalty and a SalesParticipation Right as described below.
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The Net Smelter Return royalty is set at 5% fivepercent with a buy-down of $5M five million dollars to reduce theroyalty to zero.
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The Sales Participation Right is set at 25% twenty fivepercent for a period of 10 ten years, where the right is calculated asa percentage of the gross proceeds from any transaction wherebyKermode sells any interest in the project.
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There are no exploration spending commitments, sharepayments, nor cash payments.
VIGH GRAPHITE:
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To earn 100% ownership of the project, Kermode mustassign the vendors a Net Smelter Return royalty and a SalesParticipation Right as described below.
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1,500,000 common shares of Kermode on or beforeDecember 8, 2026. In addition to the payment of 1,500,000 commonshares made on December 8, 2023.
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The Net Smelter Return royalty is set at 5% fivepercent with the following buy-down conditions. Three percent 3% canbe eliminated for three million dollars $3,000,000, reducing theroyalty to 2%.
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The Sales Participation Right is set at 10% ten percentfor a period of 10 ten years, where the right is calculated as apercentage of the gross proceeds from any transaction whereby Kermodesells any interest in the project.
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There are no exploration spending commitments, nor cashpayments.
Qualified Person
The technical information in this news release has beenreviewed and approved by Mr. Robert Carrington, Professional Geologistand Professional Engineering Geologist, a Qualified Person as definedin Canadian NI 43-101 responsible for the scientific and technicalinformation contained herein under National Instrument 43-101standards. Mr. Carrington is not independent ashe has optioned the Tonya project in Nevada to Kermode and conductsexploration work under a shares-for-services basis.
QA/QC Statement
The most recent work conducted on the subject propertyby the Company utilized commercial laboratories for all geochemicalanalyses and was conducted using industry-standard chain of custodyprocedures with all samples. Due to the preliminary nature of thefield geochemistry programs, no blind analytical blanks and standardswere utilized by the Company; and only the internal proceduresemployed by the commercial laboratories were utilized for QA/QCprotocols. The Qualified Person is satisfied that these proceduresand protocols are sufficient for current status of the subjectproperty.
About Kermode
Kermode is a junior mining company hunting forexploration opportunities around the world.
On Behalf of the Board of Directors,
KERMODE RESOURCES LTD
"Peter Bell"
President/CEO
For further information please contact:
Tel: 1-250-588-6939
Email: peterbellmining@gmail.com
Website: https://linktr.ee/kermoderesources
Neither the TSX Venture Exchange norits Regulation Services Provider accepts responsibility for theadequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute"forward-looking statements" within the meaning ofapplicable Canadian and United States securities legislation(collectively herein referred to as "forward-lookinginformation"). Such forward looking statements involve known andunknown risks, uncertainties and other factors that may cause Kermodeactual results, performance or achievements, or developments in theindustry to differ materially from the anticipated results,performance or achievements expressed or implied by suchforward-looking statements.
Forward-looking statements in this document include butnot limited to results, analyses and interpretations of explorationprograms. The forward-looking information contained in this newsrelease represents the expectations of the Company as of the date ofthis news release and, accordingly, is subject to change after suchdate.
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