Nov 30, 2009
Vancouver, BC - November 30, 2009: Kiska Metals Corporation, TSX-V:KSK, ("Kiska") is pleased to report copper and silver results from the recently announced gold discovery at the Island Mountain target, located approximately 23 kilometres south of the Whistler deposit. As reported November 2, 2009 (KSKPR09-06), the first of five holes completed in the 2009 drilling program on the Whistler Project returned 0.68 g/t gold over 382.9 metres, including an upper copper and silver-bearing interval and a lower gold-only intersection. The upper interval of 150.0 metres in drilled length averaged 0.72 g/t gold (previously reported), 2.37 g/t silver and 0.16% copper (1.06 g/t gold equivalent). A second interval averaged 1.22 g/t gold (previously reported), 0.69 g/t silver and 0.05% copper over the bottom 106.9 metres of the drill hole. Island Mountain represents a porphyry target distinct from the Whistler deposit which hosts a NI43-101 compliant indicated resource of 1.31 million ounces gold-equivalent and an inferred resource of 4.44 million ounces gold-equivalent (see Appendix 1 for details).
"We are very encouraged by the discovery at Island Mountain," stated Mark Baknes, Vice President of Exploration for Kiska Metals. "The hole ended in a significant stretch of mineralization with surficial and magnetics data indicating further potential both at depth and laterally. We are very excited about follow up drilling at Island Mountain next year."
The upper gold bearing intersection in IM09-001 (150.0 metres averaging 0.72 g/t gold, 2.37 g/t silver and 0.16% copper) corresponds to a breccia targeted on surface, consisting of an actinolite-magnetite-altered hydrothermal breccia with pyrrhotite>pyrite>chalcopyrite. The deeper gold-bearing zone (106.9 metres averaging 1.22 g/t gold), from 280.0 to the 386.9 metres (end of hole) consists of pyrrhotite veins and vein halos of net textured pyrrhotite surrounding veins. Average metal content over the entire hole for molybdenum (75% of samples below analytical detection), lead (26 ppm) and zinc (135 ppm) is low as are deleterious elements arsenic (57 ppm) and antimony (below analytical detection).
Island Mountain consists of Whistler-equivalent intrusive rocks, anomalous copper and gold rock and soil geoachemistry and associated gossans covering a 2.5 by 4.0 kilometre area. The discovery hole targeted a 150 metre diameter exposure of hydrothermal breccia at the southern end of Island Mountain where surface rock samples have returned values up to 1.19 g/t gold, 5.2 g/t silver and 0.2% copper. Similar gold and copper bearing breccias are noted 600 metres northeast and 500 metres southeast of the discovery hole and reconnaissance soil sampling extending 1.6 kilometres to the northeast from this hole is strongly anomalous in copper and gold. A second Island Mountain hole (IM09-002) was completed 1.7 kilometres to the north of the first hole. This hole targeted a broad zone of weak to moderate biotite altered monzonite porphyry and disseminated chalcopyrite, returning 0.13 g/t gold over 202.3 metres. Although anomalous in gold over its entire length, the hole was lost due to technical reasons prior to reaching target depth.
Island Mountain Diamond Drilling
1 Previously reported
2 Gold equivalent calculations based on full recoveries and $550 per ounce gold, $8 per ounce silver and $1.50 per pound copper.
A total of five holes were completed in the current program. The three remaining holes, for which any assay results have yet to be received, targeted the Lightning, Digger and Raintree West targets, all of which are in the Whistler Corridor (see Kiska website for a plan map outlining the location of these holes). A 2008 hole at Raintree West, located 1.5 kilometres east of the Whistler Deposit, returned 160 metres averaging 0.59g/t gold, 6.02g/t silver, 0.10% copper, 0.20% lead and 0.46% zinc. Results from the remaining three holes are expected to be released in early December.
A further 15 holes are planned to test regional targets in the Whistler corridor as part of a spring 2010 program. These holes will be targeted on the basis of an Induced Polarization ("IP") geophysical survey as well as geological mapping, geochemistry and previously collected airborne magnetic data. This work is conducted under an agreement with Kennecott Exploration Inc.to identify and drill test the multiple targets found property-wide Kennecott has the right to obtain a 51% interest in the project by refunding 200% of the exploration expenditures incurred by Kiska and its predecessors (an estimated $25 million payment) and by advancing the project to a positive prefeasibility study. Kennecott can obtain an additional 9% interest by advancing the project to a production decision.
Induced Polarization Survey Update
Kiska has finished groundwork at Whistler for the 2009 field season. In addition to drilling, Kiska was conducting a large 3D and 2D IP survey of up to 340 line kilometers. The 2D portion of the survey was finished in September whereas approximately 80% of the 3D survey was completed prior to shutting the program down due to frozen ground conditions that made the collection of high quality data difficult. IP geophysics is an electrical geophysical technique well suited in detecting sub-surface sulphide minerals such as copper-bearing chalcopyrite - a mineral closely associated with gold on the property.
About Kiska Metals Corp
Kiska Metals Corporation is a mineral exploration company with renowned technical expertise and sizable exploration portfolio containing the multi-million ounce Whistler gold deposit, numerous exciting early stage exploration opportunities around the world and partnerships with some of the world's largest and most successful gold and base metal producers. Kiska resulted from the merger of Rimfire Minerals Corporation and Geoinformatics Exploration in August 2009.
Qualified Person Statement
The content of this release has been reviewed and approved by Mark Baknes P. Geo., Vice President of Exploration of Kiska Metals Corporation. Mr. Baknes is a Qualified Person as defined under the terms of National Instrument 43-101. All drill core samples were analysed at Alaska Assay Laboratories in Fairbanks, Alaska.
On behalf of Kiska Metals Corporation
Jason Weber, P.Geo., President & CEO
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.
Mineral Resource Statement for the Whistler Gold Deposit, Alaska Prepared by SRK Consulting (Canada) Inc February 2008.
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