Kent Exploration Inc.: Archean Star Announces 2nd Year Expenditures at Gnaweeda Gold Project, Diamond Drill Program
29 October 2011 - 6:12AM
Marketwired
Kent Exploration Inc (TSX VENTURE:KEX)(PINK
SHEETS:KXPLF)(FRANKFURT:7KX) ("Kent") announces that Archean Star
Resources Inc. ("Archean"), has reported that it has advised Teck
Australia Pty. Ltd. ("Teck") that of the AUD$3,000,000 required
under the Option Agreement between Archean and Teck to earn 100% of
Teck's interest in the Gnaweeda Gold Project ("Gnaweeda") at
Meekatharra in the Murchison Gold District, Western Australia by
November 30, 2013, it has expended AUD$1,969,537 on property
expenditures as of the second anniversary of the four year term
Agreement. With approximately 10,000,00 common shares, or 35% of
the common shares, Kent is the controlling shareholder of
Archean.
Archean anticipates that, subject to market conditions and
financing, it will complete the balance of the expenditures to earn
100% of Teck's interest in Gnaweeda towards the end of the first
quarter of 2012.
Archean has planned a nominal 3,000 meter diamond drill program
at the approximately 170 square km Gnaweeda property that is
anticipated to commence during the first week of November, 2011. Up
to 6 diamond drill holes are to be drilled at the approximately 2.5
km by 750 meter Turnberry zone in the north of the project area
that will initially target three earlier identified higher grade
gold zones within the main Turnberry zone, including the zone where
the Company intersected 3 meters grading 8.27 g/t Au and 22 meters
grading 2.46 g/t Au in diamond drill hole TB003.
Archean reports this will be followed up with a nominal 6 hole
diamond drill program at the approximately 1 km long Bunarra zone,
approximately 18 km to the south of Turnberry, where at Bunarra
central, diamond drill hole BN003 intersected a gold bearing
mineral suite identified as quartz-tourmaline-arsenopyrite-pyrite
hosted in gabbro. Diamond drill hole BN003 intersected 18 meters at
an average grade of 11.71 g/t Au while hole BN005 intersected 79
meters at an average grade of 0.31 g/t Au.
Archean states that re-logging of the Bunarra diamond drill core
has determined that in BN008, this same gold-bearing suite was
intersected approximately 48 meters higher up than in BN003, from
approximately 51 to 66 meters downhole, in a mostly weathered and
oxidized part of the zone. The reported intersection further down
BN008 of 7 meters grading 1.19 g/t Au from 100 meters to 107 meters
down hole, including a 1meter intersection grading 7.3 g/t Au,
differs from the BN003 intersection in that the gold is in a newly
recognized mineral style at Bunarra, namely a
quartz-chlorite-fluorite vein. As fine grains of visible gold are
present in the quartz veins in this intersection, with the largest
approximately.75 mm by 0.5 mm in size, Archean intends to conduct a
metallic screen re-assay on this sample.
The Bunarra zone was originally interpreted to trend from the
southwest to the northeast and is now interpreted to consist of one
or more parallel zones trending from the north-northwest to the
south-southeast. Historic workings are present approximately 500
meters along strike to the north-northwest and 700 meters along
strike to the south-southeast and the zone is open along strike and
to depth, with an interpreted dip to the west.
Archean Star Resources Inc. is a junior exploration company
that, through its wholly owned subsidiary, Archean Star Resources
Australia Pty Ltd, has entered into an Option Agreement, subject to
a 75% back in right, to earn 100% of Teck Australia Pty Ltd's
interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in
West Australia.
Kent Exploration Inc. is a junior exploration company that has
acquired the Alexander River, Paparoa and Lyell gold projects in
the highly prolific Reefton gold field in New Zealand and has an
approximate 35% interest in, and is the controlling shareholder of,
Archean Star Resources Inc, ("Archean") which is listed on the TSX
Venture Exchange under the symbol ASP. Archean's wholly owned
subsidiary, Archean Star Resources Australia, Pty, Ltd, ("ASRA")
has an Option Agreement, subject to a 75% back in right, to earn
100% of Teck's interest in Chalice Gold Mines Limited's Gnaweeda
Gold Project in West Australia.
The Company has an option to earn a 100% interest in the Silver
Hills property, a silver/ lead/ zinc prospect in south-eastern
British Columbia. The Company has a 100% interest in Coal
Prospecting Permits covering approximately 92,000 ha in
east-central Saskatchewan; a 100% interest in a mining lease option
on the Flagstaff Mountain property, a barite-gold-silver-zinc-
property in eastern Washington state, having a fully permitted mine
which is approved to produce up to 100,000 tons of barite per year,
a and a 100% interest in the mining lease option on the Ivanhoe
Creek property, a Midas-style gold/silver target in Nevada's Carlin
Trend, and 50% of a 100% interest in the Ivanhoe Creek placer
claims covering a bentonite deposit.
This News Release has been prepared on behalf of the Kent
Exploration Inc. Board of Directors, which accepts full
responsibility for its contents. This news release has been
reviewed by Dr. Clay M. Conway, Ph.D., P.Geol., a Qualified Person
as recognized by National Instrument NI-43-101 and a director of
the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), has reviewed, nor do they accept responsibility
for, the adequacy or accuracy of this news release.
Contacts: Kent Exploration Inc. Graeme O'Neill President
604-684-3394 or Toll free: 1-866-399-6539 1-888-282-7763
(FAX)www.kent-exploration.com
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