21:38:03 EDT Wed 17 Jul 2024
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Kermode Resources Ltd (2)
Symbol KLM
Shares Issued 44,242,618
Close 2024-05-29 C$ 0.01
Market Cap C$ 442,426
Recent Sedar Documents

Kermode samples up to 21.8 g/t Au at Eastgate

2024-05-30 14:07 ET - News Release

Mr. Peter Bell reports


Kermode Resources Ltd. has released the results of continuing exploration at the Eastgate B.C. project. The samples are taken from two areas called Pasayten and the Red Star Mine.

The samples were selected for gold at Pasayten as below.

At the Pasayten showing, there is a mining portal that is partially buried. It appears to be over 100 years old based on vegetation. The length of the portal is unknown. It is driven north on a north-south trending quartz vein 15-25cm in width. The vein dips to the west at 60 degrees. The vein is hosted in silicified volcanic sediments and features sugary quartz with trace unweathered sulphides. There appears to be tetrahedrite mineralization.

The samples were selected for zinc at the Red Star Mine.

As in news release dated Dec 14, 2023, Kermode prospect at the Pasayton gold occurrence where a random grab sample assayed 43.7 ppm Au. Since then, Kermode has expanded the land position to include the historic Red Star Mine.

The project consists of 8 mineral tenures covering approximately 510 hectares. The property hosts 5 mineral occurrences including the Red Star VMS copper mine, where work has occurred since the early 1900s including 300 m of underground development. In the mid 1960s, a mining campaign removed 40 tonnes of material that was processed to yield 31 grams of gold, 2,612 grams of silver, 2,345 kilograms of copper, and 2,932 kilograms of zinc (approximately 0.8g/t Au, 60g/t Ag, 5% Cu, and 7% Zn). Since then, the property has seen exploration drilling in 1992 by Westmin Resources for a total of 1,400m and in 1997 by Teck Resources for a total of 1,515m of drilling.

Qualified Person

The technical information in this news release has been reviewed and approved by Mr. Robert Carrington, Professional Geologist and Professional Engineering Geologist, a Qualified Person as defined in Canadian NI 43-101 responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About the Eastgate BC Property:

To earn 100% ownership of the project, Kermode must assign the vendors a Net Smelter Return royalty and a Sales Participation Right as described below.

- NET SMELTER RETURN("NSR"): Equal to 1% one percent with buy-down of $1,000,000 to remove the royalty.

- SALES PARTICIPATION RIGHT ("SPR"): Equal to 60% sixty percent with a term of ten years.

- There are no work commitments.

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

We seek Safe Harbor.

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