Falcon/Redton, BC
Property Overview
Kiska is one of the largest land holders in the prospective northern Quesnel Trough in British Columbia. The Company's leading prospect is the Falcon Molybdenum discovery - a signficant grass-roots discovery in this area.Falcon was discovered in 2007 with two holes on a geophysical target. Both holes hit widespread molybdenum mineralization. In addition to molybdenum the project also contains low-grade copper and rhenium mineralization.
On the same Redton Project, Kiska has several other targets including the Red Zone copper-gold porphyry.
The Redton Project consists of over 700 sq. km of mineral exploration claims located approximately 70 km west of the Mt. Milligan copper-gold project and immediately adjacent to Serengeti Resources' recent Kwanika copper-gold discovery. Currently, there are two highlighted target areas on the property, the Falcon and Red Zone porphyry prospects.
Kiska has earned an 85% interest, subject to underlying royalties, in the project by spending in excess of $4.75 million. Redton Resources Inc. holds the other 15% interest and holds a 3% NSR of which 1.5% can be purchased for $6,000,000 (1% for $1,000,000; 0.5% for $5,000,000). The Takla-Rainbow property which forms part of the Redton project is subject to a 3% NSR to Lorne Warren which can be purchased for $3,000,000.
In 2010, a 600 line kilometre airborne magnetic and aerotem survey was carried out over two separate target areas on the project. The northern block (400 line kilometres) targeted previously identified porphyry targets east of the adjacent Kwanika property. The 200 line kilometer south block was centred over the Falcon porphyry prospect drilled by the Company in 2008. The Company made an advance royalty payment of $20,000 during the previous fiscal year.
Kiska's 2011 program was planned to systematically evaluate the entire Redton Property in order to refine targets for more advanced exploration. During that period, soil geochemistry and reconnaissance mapping and prospecting was undertaken and further exploration will be completed in the third quarter. This work will include a soil and silt geochemical surveys, mapping, prospecting and approximately 65 line kilometres of induced polarization geophysical survey to develop new targets in the central part of the property, east of Serengeti's Kwanika deposit, and to refine previously defined targets around the Falcon prospect. It is likely that drilling planned for the Redton project in 2011 will be completed in 2012.
High grade molybdenite in porphyry from the Falcon Prospect, BC.
