Kliyul, BC
Property Status
Kiska has completed three separate purchase agreements to acquire the property interests of Rio Tinto Exploration Canada Inc. ("Rio Tinto"; 45%), First Majestic Silver Corp. (30%) and Daylight Energy Ltd. (25%) in the Kliyul porphyry copper-gold project located in north-central British Columbia. Additionally, the property has been expanded with the purchase of a mineral claim held by Norwest Enterprises Inc., Scott-Martindale, Davis and Walker-Javorsky. These transactions result in Kiska obtaining a 100% interest in the 45.3 sq. km property subject only to a 1.5% Net Smelter Royalty reserved for Rio Tinto. The property is situated 200 kilometres northwest of Mackenzie and 60 kilometres southeast of the Kemess South Mine.Property Overview
Rio Tinto's interest in the property dates back to 1970 when its predecessor company, Kennecott Explorations, staked the KLI claims to cover gossanous exposures. Kennecott made the project available to Kiska in 2005 (then operating as Geoinformatics) under a larger strategic alliance. Previous exploration had focussed on the Kliyul magnetite-pyrite-chalcopyrite "skarn" where drilling had intersected copper-gold mineralization associated with a geophysical magnetic high. Noting that historic drilling on the Kliyul magnetite skarn was restricted to within 100 vertical metres of surface, Geoinformatics drilled two deeper holes targeted at a magnetic high anomaly from 3-D inversions of historic magnetic data.Early interpretation of the mineralization at Kliyul was classified as skarn, however, Kiska's 2009 field visit to the property, including an examination of the 2006 core, suggests that the mineralization is more consistent with a porphyry model akin to other deposits in this part of the Quesnel Terrane including Mt. Milligan (NI 43-101 compliant measured and indicated resource of 707 million tonnes @ 0.18% copper, 0.33 g/t gold), Kemess South (1998-2007 production of 161 million tonnes @ 0.228 copper, 0.711 g/t gold), Kemess North (NI 43-101 compliant measured and indicated resource of 719 million tonnes @ 0.15% copper, 0.30 g/t gold), and Kwanika (NI 43-101 compliant indicated resource of 183 million tonnes @ 0.29% copper, 0.28 g/t gold) deposits. A large exposure of strong quartz-sericite-pyrite (phyllic) alteration associated with a linear airborne magnetic high several kilometers long indicates that the mineralized system is much more extensive than has been effectively explored to date. The copper-gold core of the Kliyul porphyry system would be expected to lie in the valley bottom inboard of this strong phyllic alteration. The original discovery and shallow drilling focused where the target quartz-magnetite-chalcopyrite-pyrite mineralization comes to surface and soil geochemistry was effective. Exploration potential is high to the east and west of main drilling where target areas are masked by thin glacial and alluvial sediments or phyllic altered intrusive and volcanic rocks.
Current Exploration Plans
Subsequent to the quarter end 2011, the Company completed 19 line kilometres of Induced Polarization (IP) survey to follow up a 2006 drill program in which diamond drilling intersected copper-gold mineralization below historically defined shallow mineralization. In hole KL06-30, a 217.8 metre intersection averaged 0.23% copper and 0.52 g/t gold and KL06-31 returned a number of intervals of similar tenor highlighted by 24 metres of 0.20% copper and 0.44 g/t gold, 32 metres of 0.21% copper and 0.62 g/t gold and 20 metres of 0.14% copper and 1.21 g/t gold. These were the first deep drill holes drilled on the property.
Kliyul Fact Sheet
