Kaizen Discovery begins phase one drilling and geophysics programs at its Aspen Grove ProjectVANCOUVER, CANADA -- Kaizen Discovery Inc. (TSXV: KZD) announced today that it has initiated induced polarization (IP) and phase one diamond drilling programs at its Aspen Grove copper-gold project in south-central British Columbia.
The Volterra 3-D IP survey being deployed by S.J. Geophysics will cover 7.7 square kilometres in the area of the Par copper-molybdenum-gold porphyry prospect. The IP survey will be followed by a phase one, four-hole, 2,000-metre drill program to test the Par system to a depth of 500 metres.
The IP and drill programs have been designed to follow up on positive results from airborne magnetic and geological mapping surveys carried out in May and June 2014, as well as a number of historical diamond drill holes drilled by Tormont Mines between 1962 and 1965 that intersected disseminated pyrite-chalcopyrite mineralization over significant widths. Intersections included: 0.86% copper and 44 g/t of silver over 20 metres (hole 27); and and 0.54% copper and 28 g/t of silver over 30 metres (hole 29).
"The initiation of drilling at Aspen Grove marks an important milestone in the strategic partnership between Kaizen and ITOCHU," said B. Matthew Hornor, Kaizen's President and Chief Executive Officer.
"The strong spirit of cooperation developing between our companies is the foundation from which we plan to identify, acquire and explore other highly prospective opportunities."
Kaizen announced the receipt of C$4 million in project financing on August 22, 2014, following the execution of a definitive investment agreement with strategic partner ITOCHU Corporation, of Japan.
The IP and phase one drill programs are part of a two-year campaign to aggressively explore key targets at the Aspen Grove Project. Aspen Grove is favourably situated in southern B.C.'s premier porphyry belt 45 kilometres north of the Copper Mountain mine and 85 kilometres south of the Highland Valley mine. Kaizen's Aspen Grove mineral claims cover 11,237 hectares.
The Par prospect is located within a 2.5 by 1.5-kilometre magnetic low that is coextensive with outcrops of quartz-feldspar porphyry that have undergone magnetite destructive phyllic to advanced argillic alteration. A pair of small circular magnetic highs within the larger magnetic low correspond to outcropping mineralized magnetite and hematite-rich breccia pipes containing porphyry clasts. Grab samples of breccia mineralization have returned values of up to 0.38% copper and 0.11 grams per tonne (g/t) of gold, while samples of mineralized phyllic-altered porphyry have returned up to 0.76% copper and 0.59 g/t of gold (reference: West Cirque Resources news release, October 22, 2013). Geological mapping carried out at Par this June extended the strike length of silica, phyllic and argillic altered porphyry and oxidized quartz-limonite veining to more than three kilometres.
Tanzilla Project update
At Kaizen's 100%-owned Tanzilla copper-molybdenum-gold porphyry project in northern B.C., 1,386 metres of diamond drilling were completed in July and August 2014. Although five drill holes were attempted, two were terminated at shallow depths (34 and 54 metres) due to difficult drilling conditions in silica and clay-altered hydrothermal breccia.
The 2014 drill program identified porphyry and high-sulfidation-style copper-gold-molybdenum mineralization in three widely spaced (940 to 960 metres) drill holes, TZ14-01, TZ14-03 and TZ14-05. All three holes intersected several porphyritic intrusive phases, including microdiorite and syenite. Strong magnetite-chlorite to quartz-sericite-pyrite altered porphyry is associated with multiple phases of quartz, carbonate, magnetite, chalcopyrite, bornite, enargite, molybdenite and fluorite veining and stockwork.
Hole TZ14-05 targeted the central chargeability high underlying the Silica Ridge lithocap, intersecting intensely silica and advanced argillic altered hydrothermal breccias containing disseminated and vein chalcocite, covellite, chalcopyrite, enargite and molybdenite from 100 metres to the hole's termination, due to difficult drilling conditions, at a depth of 475 metres. Although the hole was terminated above the inferred porphyry depth, the high-sulfidation-style mineralization contained strongly anomalous copper (up to 0.133%), molybdenum (maximum 807 parts per million, or ppm), gold (maximum 0.148 g/t), lead (maximum 1,095 ppm), arsenic (maximum 463 ppm), antimony (maximum 50 ppm) and bismuth (maximum 70 ppm). Drill core is being analyzed by Terraspec for alteration mineralogy to provide better vectors toward the porphyry target.
Kaizen's phase one Tanzilla drilling program is being funded by Freeport-McMoRan of Canada Limited (Freeport) as part of an earn-in agreement. Freeport can earn an initial 51% interest by funding cumulative expenditures of C$8 million over a four-year period, including C$1.5 million of mandatory expenditures in the first 18 months. Kaizen is the operator of the 2014 exploration program.
Kaizen's disclosure of a technical or scientific nature in this news release has been reviewed and approved by John Bradford, M.Sc., P.Geo. and Chief Geologist for Kaizen, who serves as a Qualified Person, as defined under National Instrument 43-101.
Rock-sample assay results reported previously for Par are from grab and small (about one metre) chip samples that are representative of various outcrop locations varying from unaltered to very strongly mineralized rock. No inference about average grade over a volume of rock can be made on the basis of reconnaissance-scale sampling of this nature. Sample preparation and assaying was carried out at ALS Minerals' North Vancouver analytical laboratory. Samples were analyzed for 35 elements, including copper, by aqua regia digestion and ICP-AES, while gold was analyzed by fire assay (30-gram nominal sample weight), aqua regia digestion and ICP-AES. Over-limit copper (>1%) was re-analyzed by aqua-regia digestion and ICP-AES.
Historical assays of Tormont's drill core at Aspen Grove are recorded in typed drill logs with sample numbers, footage intervals and copper, silver and gold assays. Gold assays are recorded with a detection limit of 0.005 ounces per ton. Copies of the logs were provided by William R. Bergey, P.Eng. The assays can not be verified as the laboratory assay sheets are not attached to the logs. Most of the core is still in racks on the property but hole numbers and footages can not be verified. Locations of four drill holes were verified in the field and plotted close to locations on maps filed for assessment by Mr. Bergey. Nevertheless the core assays should be considered as historical information only and should not be relied on.
Drill-core samples for the Tanzilla Project were prepared at Kaizen's core logging facility in Dease Lake, B.C., and samples were shipped to ALS Minerals' preparation lab in Terrace, B.C. Samples were analyzed at ALS's ISO 9001:2008-certified North Vancouver laboratory for gold by fire assay and ICP-AES, and for 35 elements, including copper, molybdenum and silver, by ICP-AES using an aqua regia digestion. Blanks, standards and duplicate samples were inserted into the sample sequence with a ratio of approximately one sample out of 25. The 2014 drilling program and sampling protocol was supervised by John Bradford, M.Sc., P.Geo.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo's proprietary geophysical technology, Kaizen's long-term growth strategy is to work with Japanese partners to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com.
B. Matthew Hornor
President and CEO
Executive Vice President -- Corporate Development
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.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Kaizen's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements may include, without limitation, statements regarding the IP survey and the number of holes and metres that are planned to be drilled in the phase one drilling program at the Aspen Grove Property.
Although Kaizen has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Kaizen disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Kaizen does not assume any liability for disclosure relating to any other company mentioned herein.
View the release in PDF format:
You can return to the main News Releases page, or press the Back button on your browser.