Kent Exploration Executes Option Agreement on Bayhorse Silver Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 10, 2013) - Kent
Exploration Inc (TSX-VENTURE:KEX) ("Kent" or the "Company")
announces that, subject to the approval of the TSX Venture Exchange
("TSX-V"), it has entered into an Option and Joint Venture
Agreement (the "Agreement") dated December 4, 2013 among Bayhorse
Silver Mine, LLC, American Cordilleran Mining Corporation ("ACMC")
and AMCOR Exploration Inc., a wholly owned subsidiary of ACMC (ACMC
and AMCOR Exploration Inc. are collectively referred as "AMCOR"),
to earn an 80% (the "Option") of AMCOR's 100% leasehold interest in
the Claims (as defined below), commonly referred to as the Bayhorse
Silver Mine ("Bayhorse") in east-central Oregon State. The
Agreement supercedes the Letter of Agreement with AMCOR that was
announced in the Company's news release dated November 7, 2013.
Bayhorse is the sole registered and legal owner of 3 patented
claims and 10 lode claims totaling approximately 250 acres (the
"Claims"). The property is readily accessible, being approximately
7 miles by County road from Huntington, Oregon, on the BN rail
line, with road access and power at the property boundary,
approximately 500 feet from the main adit entrance.
Mining has been conducted intermittently at Bayhorse since the
early 1920's and the mine last closed after the price of silver
dropped to under US$6/oz in late 1984. The property has remained
dormant since. The Bayhorse mine has two existing accessible adits,
the upper extending about 800 feet westward into the hill and the
lower extending about 500 feet into the hill. A middle level is
reached only by raises from the lower level and winzes from the
upper level. Three areas have been stopped in the ground between
the upper and middle level.
To earn the Option, the Company is required to (i) pay an
aggregate of US$25,000 to AMCOR (US$5,000 paid); (ii) issue an
aggregate of 1,500,000 common shares to AMCOR in stages over five
(5) years, with 500,000 common shares are issuable within five (5)
days of TSX-V acceptance, a further 500,000 common shares issuance
on the third anniversary of TSX-V acceptance and the remaining
500,000 common shares issuance on the fifth anniversary of TSX-V
acceptance; and (iii) incur not less than an aggregate of
US$1,500,000 of expenditures over five (5) years, of which
US$500,000 is a firm commitment.
A work program is underway on the Bayhorse property, and follow
up assays from those assays announced in the Company's news release
KEX2013-11 from a surface and underground sampling program recently
conducted by the Company are tabulated below. Further assay results
are pending.
|
|
|
|
Ag |
|
Ag |
|
Cu |
|
Zn |
Sample |
|
Type |
|
g/t |
|
oz/tonne |
|
% |
|
% |
178623 |
|
Stockpile grab |
|
1,210 |
|
38.9 |
|
8.62 |
|
4.92 |
178624 |
|
grab, upper adit entrance |
|
169 |
|
5.43 |
|
|
|
|
178625 |
|
1m Chip, 0.5 mi s. of Bayhorse adit |
|
424 |
|
13.63 |
|
2.17 |
|
|
Historic Information:
The Company advises that information of a historic nature is
presented in this news release and historic production, estimates,
drill information and grades reported have not been verified; A
qualified person has not done sufficient work to verify the
historical estimates nor classify the historical estimates as
current mineral resources or mineral reserves and the Company is
not treating the historical estimates as current mineral resources
or mineral reserves. (ounces/grams conversion is one ounce/short
ton = 34.2857 grams/tonne)
As "stated in the minerals production yearbook" (Jacobsen,
1959), total reported historic production from the Bayhorse Mine
through 1959 was 286,000 ounces of silver from 8,300 tons of ore
for an average of approximately 35.5 opt Ag (1,217 g/t Ag).
Herdrick (1981) estimated remaining shipping ore at a 7.5 opt Ag
cutoff to be 166,208 tons, and on-site mill ore at a 3 opt Ag
cutoff to be 473,350 tons. Herdrick provides no production and
shipping records
According to other more recent reports in 1984, 90 underground
drill holes totaling approximately 15,000 feet reportedly
delineated approximately 26,000 tons of silver bearing
mineralization of which 5,718 tons were reported being produced at
an average grade of 16.7 opt Ag (572.5 g/t Ag) while approximately
20,000 tons at an average of 15 opt Ag reportedly remained unmined.
The historic records also indicate that of the 5,718 tons produced,
approximately 23% reportedly graded between 21 - 100 opt Ag, 71%
reportedly graded between 6 opt - 20 opt Ag and 6% reportedly
graded less than 6 opt Ag. Ancilliary copper produced reportedly
averaged 1% Cu. The highest reported grade from the 1984 drilling,
sampling and mining program was a round that reportedly assayed 691
opt Ag (23,691 g/t Ag) and 15.72% Cu from a tetrahedrite-tennantite
rich vein.
Both adits on the property are open, but the workings are not
entirely accessible at present due to safety issues. Historic
reports indicate that the mineralization, consisting mainly of
tehrahedrite/tennantite, occurs in a 60-80 feet wide in a zone
along an andesite and rhyolite contact. Minor copper, arsenic, and
vanadium are associated with the silver. Azurite and malachite
coatings are common in oxidized parts of mineralized ground on the
walls of the excavated stopes. Additional minerals include
enargite, dufrenoysite and cuprodesclosite. Gold values of up to 10
g/t Au have also been reported in the mineralization.
Kent Exploration Inc. is a junior exploration company with a
100% interest in its three New Zealand high grade gold prospects
(Alexander River, Paparoa and Lyell), in the highly prolific West
Coast South Island gold fields of New Zealand, and has entered into
an Option and Joint Venture Agreement to earn an 80% Leasehold
interest in the historic Bayshore Silver Mine in Oregon.
The Company has an experienced management and technical team
with extensive exploration expertise and offers investors the
potential for a major gold discovery on its New Zealand gold
projects.
This News Release has been prepared on behalf of the Kent
Exploration Inc. Board of Directors, which accepts full
responsibility for its contents. The contents of this news release
has been reviewed and approved by Dr. Clay Conway, 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) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking Statements - This news
release contains certain forward-looking statements, including
statements regarding the business of the Company, including with
respect to execution of the Option and Joint Venture Agreement and
the anticipated results thereof. These statements are subject to a
number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward-looking
statements. There is no guarantee that the Option will be completed
as proposed or at all. The Agreement remains subject to approval of
the TSX Venture Exchange. When relying on forward-looking
statements to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and should
not place undue reliance on such forward-looking statements. The
Company does not undertake to update any forward looking
statements, oral or written, made by itself or on its behalf except
as required by law.
Kent Exploration Inc.Graeme O'NeillPresident604-684-3394 or Toll
free: 1-866-399-65391-888-282-7763www.kent-exploration.com
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