Mr. Adrian O'Brien reports:
Kermode Resources Ltd. has commenced its first ever drill program on the Company's 100% owned Buzz Lake Gold Project located near Snow Lake, Manitoba. Kermode will be drilling a total of between 800 and 1,000 metres on geophysical targets identified by a ground-based Mag-VLF survey, which was completed prior to drilling. This initial drill program has been designed to follow up a historic, single discovery hole drilled by Hudson's Bay Exploration and Development (HBED) in 1985 which has never seen follow up work to date. HBED's discovery hole (KUS 169) was made in an 800 metre long geophysical conductor and the uncut average gold content for the 3.74 metres (from 53.65 to 57.39) is 7.65 gpt
. The exploration program is being led by Richard Kowalski, P.Geo.
"We are tremendously excited to kick off our drill program at Buzz Lake" said Adrian O'Brien, President of Kermode Resources. "It is a rare enough instance to have a gold discovery, but to have the chance to follow up a discovery that was made many years ago, by a major mining company in a world-renowned camp like Snow Lake represents a truly exceptional opportunity."
Winter 2012 drill program - Details
- Up to 1,000 metres, with the estimated depth of each hole to be 100 to 200 metres
- Recently completed ground-based Mag/VLF survey has confirmed the 1983 HBED conductor featuring original discovery hole (KUS 169)
- 1985 HBED Discovery hole - KUS 169 - 3.74 metres (from 53.65 to 57.39) of 7.65 gpt Au.
Buzz Lake Gold Project - Key Points:
The preceding data pre-date and are therefore non-compliant with NI 43-101 and have not been verified by Kermode; however Kermode considers the source reliable, the data were collected in conformity with the standards of the time, and are considered useful to direct future exploration.
About Kermode Resources:
- The Buzz Lake Gold Project is located in west central Manitoba, about 27 kilometres southeast of the mining community of Snow Lake
- 100% KLM owned, initial drill program financed, fully permitted
- 800+ metre geophysical target, with a discovery hole drilled by Hudson Bay Exploration and Development (HBED) that has never been followed up
- Hole KUS169 - Uncut average gold content for the 3.74 metres (from 53.65 to 57.39) is 7.65 gpt
- A GOLD DISCOVERY IN A PROVEN CAMP THAT HAS NEVER BEEN FOLLOWED UP
Kermode Resources Ltd. is a publicly traded mineral exploration company that is committed to the exploration, and development of new prospects in a quest to define a world class gold deposit. Kermode is engaged in advancing 2 key projects with significant potential in favourable, safe and proven jurisdictions: The Eastgate Gold Project - A high grade, low sulphidation epithermal gold system located near Fallon Nevada USA and The Buzz Lake Gold Project - A high grade, shear-hosted gold target located in the famed Snow Lake Camp in central Manitoba, Canada. The company has also established an NI 43-101 compliant Inferred Mineral Resource of 18,300,000 tonnes at 0.84 grams per tonne gold or 495,000 ounces gold at Jackson's Arm, Newfoundland.
Michael Moore, P.Geo, a Qualified Person for purposes of National Instrument 43-101, has reviewed the technical information in this news release.
Further information is available at www.kermode.com
ON BEHALF OF THE BOARD
PRESIDENT and DIRECTOR
Forward-Looking Statements: This Kermode Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Kermode which are based on the beliefs of Kermode management, as well as assumptions made by and information currently available to Kermode management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.