Jan 21, 2010
Vancouver, BC -- January 21, 2010: Kiska Metals Corporation, TSX-V:KSK, ("Kiska") is making final preparations to initiate its 2010 exploration program at the 527km2 Whistler Project near Anchorage, Alaska. The drilling program, consisting of a minimum of 5500 metres and approximately 15 holes is set to start in mid-March, and will continue to test targets generated from IP geophysics, field mapping and sampling, and 1500 metres (in 5 holes) of drilling completed last year. The late 2009 program resulted in new discoveries at Island Mountain (150 metres averaging 0.72 g/t gold, 2.37 g/t silver and 0.16% copper and 106.9 metres averaging 1.22 g/t gold), Old Man Breccia (3.34 g/t gold over a continuous 28 metre channel sample on surface), and a new discovery at depth at the Raintree target (97.2 metres averaging 0.61 g/t gold, 6.9 g/t silver, 0.16% copper, 0.24% lead and 0.59% zinc).
In the 2009 Whistler program, Kiska completed a total of 40 line-kilometres of two-dimensional Induced Polarization (IP) geophysics at the Island Mountain, Muddy Creek and Alger Peak targets and 224 line-kilometers of three-dimensional IP within the "Whistler Corridor", a 160km2 area of the Whistler project covered by 5 to 10 meters of gravel deposits. The Whistler Corridor includes the multi-million ounce Whistler gold-copper porphyry deposit (Indicated and Inferred Resources of 1.31Moz and 4.44Moz gold-equivalent, respectively. Refer to Appendix 1) and tens of other similar-looking targets that were the focus of further definition by the new geophysics. Previous drill testing of several geophysical targets defined by older magnetic and sparse IP lines within this Corridor has already yielded additional porphyry discoveries such as the Raintree prospect (160 metres of 0.59 g/t gold, 6.02g/t silver, 0.10% copper, 0.20% lead and 0.46% zinc). Kiska undertook the new geophysical surveys to investigate the entire 18 by 9 kilometre Whistler Corridor and to generate a three-dimensional geophysical model of the subsurface for drill target optimization. Data processing and modeling are well underway and the three-dimensional geophysical model will be integrated with other data by the end of January, which will lead to the 2010 program drill targeting.
"We had a very successful 2009 program at Whistler with three new gold discoveries in a relatively short exploration program," stated Jason Weber, President and CEO of Kiska Metals. "Our rate of discovery highlights the fact that Whistler is a dynamic gold system where we are finding new mineralization both on surface and at depth. The IP data will be a valuable in helping us to continue to make new discoveries and to expand upon those from 2009."
The initial 2010 program will be overseen by a joint committee of technical management from both Kiska and Kennecott Exploration Inc. Completion of the program will provide all the data necessary for Kennecott to decide whether to elect its one-time right to purchase a 51% interest in the Whistler Project by refunding 200% of the project's exploration expenditures (an estimated $25 million payment) and by advancing the project to a positive prefeasibility study. Kennecott can then earn an additional 9% project interest by advancing Whistler to a production decision (Kiska's interest will be carried through this stage).
About Kiska Metals Corporation
Kiska Metals Corporation is a mineral exploration company with renowned technical expertise and sizable exploration portfolio including 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.
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.