News Releases

 
Aug 12, 2009
Vancouver, BC -- August 12, 2009: Kiska Metals Corporation, TSX-V:KSK, ("Kiska" or "the Company") is pleased to announce that the 2009 work program has begun at the Whistler gold-copper project in Alaska. The 2009 program will include:

  • collecting 341 line-kilometers of Induced Polarization geophysics,
  • evaluation of Whistler Property regional targets, and
  • commencement of a fall drill program (expected to begin in September).
Whistler 2009 Program Underway

The Whistler Project is located 150 km (92 miles) northwest of Anchorage, Alaska and is comprised of 440 km2 of Alaska state claims. The project consists of the Whistler Zone, a gold-copper porphyry deposit with Indicated and Inferred Resources of 1.31Moz and 4.44Moz gold-equivalent, respectively (refer to Appendix 1) numerous similar targets including the Raintree West and Rainmaker discoveries where gold-copper mineralization with comparable grades to the Whistler Zone were recently discovered and regional targets that may be prospective for different mineralization styles than at the Whistler Zone.

On August 6, 2009 Kiska commenced a regional Induced Polarization (IP) geophysical survey totaling 341 line kilometres. The program involves geophysical crews from Aurora Geoscience of Anchorage and SJ Geophysics of Vancouver and uses a combination of 2D and 3D IP techniques. The survey will further refine targets in thin gravel-covered areas to prioritize targets for drilling. As many as five targets may be drilled in a fall program, with additional targets determined following the completion of IP data gathering, processing and integration. Including drilling planned for this fall, a total of 7,000 metres in at least 20 drill holes is planned for completion by mid-2010.

The IP and drill program constitute the entire work program required for Kennecott Exploration to make a decision regarding its back-in rights on the project (refer to Geoinformatics press-release dated June 18, 2009 for further information). If Kennecott exercises its back-in rights it must refund two times the aggregate of Geoinformatics and Kiska's exploration expenditures on the property and fund Whistler exploration through a positive pre-feasibility study to achieve a 51% interest. Kennecott can elect to fund the project through to a positive development decision to earn a 60% interest.

Exploration and Investment Portfolio Update
As a result of the business combination between Geoinformatics Exploration Inc. and Rimfire Minerals Corporation; Kiska Metals Corporation now has one of the most impressive exploration portfolios of any junior company in North America and Australia. Many of the projects in the portfolio have been joint ventured to major and junior companies enabling Kiska to participate in upside potential while limiting exploration expenditures. Kiska technical management is currently evaluating the combined project portfolio, which is a necessary step in prioritizing projects and optimizing value.

Kiska's exploration portfolio now includes:

Alaska
  • The Whistler Project: Gold-copper porphyry resource (see Appendix 1) and over 50 additional targets.
  • Uncle Sam Gold Project: 100% holding of the Uncle Sam project located east of Sumitomo's Pogo Gold Mine in east-central Alaska. The project consists of extensive anomalous surface gold geochemistry and a drill intersection of 10.6 metres averaging 6.1g/t gold.
  • Goodpaster Project: Dominant land position consisting of over 700 km2 of claims surrounding and on trend with Sumitomo's Pogo Gold Mine. Rubicon Minerals Corporation has an option to earn an initial 60% interest (Kiska 40%) in the properties.
Australia
  • Clancy Exploration: Kiska is a 45% shareholder in this Australian-listed junior with a large portfolio of priority projects in the prospective Lachlan Fold Belt of NSW, Australia, which hosts Newcrest's Cadia-Ridgeway deposit.
  • Victoria Goldfields: Kiska is currently earning an initial 50% interest from Northgate Minerals Corporation in regional exploration targets on trend with Northgate's five million ounce Stawell Gold mine in Victoria.
  • Barmedman -- Kiska has 100% of the Barmedman copper-gold project located in New South Wales. Inmet Mining (Australia) Pty. Ltd has an option to earn a 60% interest in this copper-gold project.
British Columbia
  • Redton Project: 85% interest in a large claim package that lies within 1500 metres of the Kwanika discovery (Serengeti Resources). Redton contains three porphyry copper gold prospects, including the Falcon molybdenum-copper project where drilling has identified extensive molybdenum intersections such as 346 metres grading 0.06% MoS2 including 78 metres @ 0.135MoS2.
  • Thorn Project: Kiska has 100% interest in multiple gold-silver-copper targets covering a 6 km2 area. Drill intersections to date include 4.2 metres grading 4.4g/t gold, 402g/t silver and 2.95% copper.
  • Quesnel Trough Projects: Xstrata Canada Corporation is earning an initial 51% by spending $3M on several copper-gold porphyry targets in the central Quesnel Trough.
  • Tide Project: Joint venture with American Creek Resources Ltd., which holds a 51% interest in the project. Drilling has targeted gold mineralization over wide intervals such as the 36 Zone discovery hole which averaged 1.0 g/t gold over 129.6 metres.
  • Williams Project: Wholly-owned gold vein and porphyry copper-gold prospects. Fourteen holes drilled at the T-Bill vein prospect within a 300 by 300 metre area have intersected eleven separate intercepts in excess of 12 g/t gold. Drilling is targeting a set of parallel vein corridors underlying a 2 by 3 kilometre gold-arsenic soil geochemical anomaly.
Mexico
  • El Tecolote Project: Kiska holds 100% of the historic El Tecolote mine in northern Sonora. The mine produced high grade copper and silver. The company has identified a second surface anomaly located 1 kilometre from the historic mine which consists of anomalous copper and gold in soils over an area 1.5 by 0.6 kilometres in size.
  • Azure Sonora JV: Kiska holds 40% of a joint venture on 13 projects with Azure Minerals Ltd. (ASX:AZS) in Sonora, Mexico. Projects include base-metal and gold-silver exploration projects.
  • La Noria Project: Kiska holds 100% of the La Noria Project located 60 kilometres northeast of Mazatlan in Sinaloa. The company has identified five copper-molybdenum-silver-gold mineralized breccias bodies.
  • Kiska holds 100% of several other early stage exploration projects in Mexico.
Nevada
  • Colorback Project: Kiska holds 100% of the Colorback Project located approximately 13 kilometres north of the Cortez Mine (Barrick Gold Corp) in Nevada. The company has discovered extensive fracture controlled mineralization at surface and has postulated a Cortez style gold target at 450 metres to 600 metres depth.
Ontario
  • Laurion MCR JV: Kiska holds 50% of four exploration projects targeting nickel-copper and platinum group elements in Ontario with the remaining 50% held by Laurion Mineral Exploration Inc.
Yukon Territory
  • Boulevard Property: Silver Quest Resources Ltd has an option to earn 100% of the project, a gold target located 35 kilometres south of Underworld Resources' recent Golden Saddle gold discovery.
  • Wernecke Breccias JV: Kiska holds a 20% interest in a joint venture with Fronteer Development Group Inc. in a 374 km2 land package prospective for Iron Oxide Copper-Gold (IOCG) deposits.
Investment Portfolio
  • Clancy Exploration Ltd: Kiska holds an ~44.6% share equity interest in Clancy Exploration (ASX:CLY). Clancy is one of the largest strategic land holders in the Lachlan Fold Belt in New South Wales. Clancy has four joint ventures with Gold Fields Ltd targeting gold-copper porphyry systems, including a recent copper gold discovery at the Myall joint venture.
  • Royalties: Kiska holds royalties on a number of exploration projects in North America and New Zealand.
Qualified Person Statement

The content of this release has been reviewed and approved by Mark Baknes P. Geo. and Darren Holden (MAusIMM) of Kiska Metals Corporation. Mr. Baknes and Mr. Holden are Qualified Persons as defined under the terms of National Instrument 43-101.

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov/edgar.


APPENDIX 1.
Mineral Resource Statement for the Whistler Gold Deposit, Alaska Prepared by SRK Consulting (Canada) Inc February 2008.


 

Tonnes and Grades

Total Contained Metal

Resource Category

Tonnage (Mt)

Gold (g/t)

Silver (g/t)

Copper (%)

Gold Eq 3 g/t

Gold (Moz)

Silver (Moz)

Copper (Mlb)

Gold Eq 3 (Moz)

Indicated (open-pit 1)

30

0.87

2.46

0.24

1.35

0.84

2.37

159

1.31

Total Indicated

30

0.87

2.46

0.24

1.35

0.84

2.37

159

1.31

Inferred (open-pit 1)

123

0.59

2.07

0.19

0.98

2.33

8.19

515

3.86

Inferred (underground 2)

11

1.16

3.55

0.24

1.66

0.41

1.26

58

0.59

Total Inferred 4

134

0.64

2.18

0.20

1.05

2.74

9.44

573

4.44


1. Reported within a conceptual pit shell and based at a cut-off grade of 0.3 g/t gold equivalent adjusted for metallurgical recovery.
2. Reported based on an underground bulk mining method using a cut-off grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery;
3. Total grade and Total Contained Metal gold equivalent grade and ounces estimated based on equal full recoveries, $550 per ounce gold, $8 per ounce silver and $1.50 per pound of copper;
4. Totals may vary due to rounding.