04:21:02 EDT Thu 20 Jun 2024
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Kermode Resources Ltd (2)
Symbol KLM
Shares Issued 42,590,422
Close 2024-05-03 C$ 0.01
Market Cap C$ 425,904
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Kermode releases Khrysos gravity concentrate results

2024-05-06 09:16 ET - News Release

Mr. Peter Bell reports


Kermode Resources Ltd. has released the results of gravity concentrate test work from samples collected at the Khrysos project in British Columbia.

The samples comprise over 20 kilograms of material from two large holding drums at the Kami main showing (located at 49.99492, minus 118.45903). The drums contain approximately five tonnes of sulphide-rich quartz stockpiled by previous operators at the property. The exploration target at the Kami main showing is a series of subhorizontal quartz veins hosted in granitic rocks of the Nelson plutonic suite.

The samples were passed through a jaw crusher once, then through a hammer mill three times, and then through a Keene Engineering ST-1 shaker table to create tailings, middlings and concentrates. Kermode assayed the tailings, middlings, concentrates and a control sample that was not concentrated.

The calculated head grade from the concentrate test work is 9.7 parts per million gold and 237.8 ppm silver. Kermode also collected an additional sample of similar material, called a control sample, that weighed 2.9 kg and assayed 7.3 ppm Au and 335 ppm Ag.

Assays were completed by Activation Laboratories Ltd. in Kamloops, B.C. The gold and silver results were done by fire assay with gravimetric finish. Assays for sulphur and other elements were completed by aqua regia inductively coupled plasma optical emission spectroscopy, which show low levels of arsenic and mercury. Kermode has a multiyear, area-based exploration permit for the Khrysos project that allows for three trenching sites and three drill pads. In addition, Kermode plans to remove waste left by previous operators, including the steel drums and stockpiles.

Qualified person

The technical information in this news release has been reviewed and approved by Robert Carrington, professional geologist and professional engineering geologist, a qualified person as defined in Canadian National Instrument 43-101 responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About the Khrysos gold property

To earn 100-per-cent ownership of the project, Kermode must make one payment of common shares and assign a sales participation right as described below:

  • 1.5 million common shares of Kermode on or before May 26, 2027. In addition the payment of 1.5 million common shares made on May 26, 2022;
  • Sales participation right is set at 10 per cent for a period of 10 ten years, where the right is calculated as a percentage of the gross proceeds from any transaction whereby Kermode sells any interest in the project;
  • There are no net smelter return royalty payments, nor work commitments.

About Kermode Resources Ltd.

Kermode is a junior mining company hunting for exploration opportunities around the world.

We seek Safe Harbor.

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