Kesselrun Resources Announces Final Drill Results From 2022 Drilling and Southern Geophysical Targeting

Thunder Bay, Ontario--(Newsfile Corp. - February 9, 2023) - Kesselrun Resources Ltd. (TSXV: KES) (OTCQB: KSSRF) ("Kesselrun" or the "Company") is pleased to provide the final drill results from the 2022 drilling as well as preliminary geophysical interpretations.

Eight of the final eleven holes were drilled in the southern portion of the project area, on strike from the adjacent Moss Lake Gold Project, where outcrop exposure is below average. Seven of the eight drill holes intersected wide zones of shearing and alteration along with low grade gold mineralization, consistent with what is seen peripheral to the Moss Lake gold deposit.

Highlights

  • Seven of eight holes drilled in the southern area intersected wide zones of consistent low grade gold mineralization similar to what is seen on the far extents of the Moss Lake gold deposit

  • 22HUR183 intercepted 0.1 g/t Au over 317.7 m and 22HUR182 intercepted 0.3 g/t Au over 62.6 m including 0.9 g/t Au over 10.0 m

  • Zones of magnetic disruption associated with northeast trending structures on strike from the reconnaissance drilling identified as high priority targets for 2023

Michael Thompson, P.Geo., President and CEO of the Company, stated, "These reconnaissance drill holes in the south essentially allowed us to calibrate the geophysical data to the intense shearing and alteration with associated low grade gold mineralization that was intercepted in seven of the eight holes. This is similar to what is seen next door on the peripherals of the Moss Lake gold deposit where Goldshore Resources has estimated in excess of 4 million ounces of gold. We are confident ongoing targeting will guide future drilling to a successful conclusion."


 
Figure 1: Drilling and Targets - South/Pearce Area - Huronian Gold Project
 
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Table 1: Summary of Significant Drill Intercepts - Current News Release (1)

Hole ID

Area

From (m)

To (m)

Interval (m)

Au (g/t)

22HUR171

East of Fisher

no significant values

22HUR172

East of Fisher

68.5

81.0

12.5

0.2


including

68.5

74.0

5.5

0.5

22HUR173

East of Fisher

41.2

50.3

9.1

0.2



77.3

85.0

7.7

0.4



107.3

119.0

11.7

0.3


including

115.2

119.0

3.8

0.6

22HUR179

South/Pearce

38.5

268.0

229.5

0.1


including

38.5

41.8

3.3

0.5


including

71.0

81.6

10.6

0.1


including

189.7

202.0

12.3

0.2


including

251.0

267.0

16.0

0.3

22HUR180

South/Pearce

5.5

252.0

246.5

0.1


including

5.5

29.8

24.3

0.2


including

156.3

163.0

6.7

0.3


including

236.0

252.0

16.0

0.2

22HUR181

South/Pearce

44.5

253.0

208.5

0.1


including

44.5

59.0

14.5

0.2


including

93.9

109.4

15.5

0.1


including

142.9

163.0

20.1

0.1


including

186.2

253.0

66.8

0.2


including

186.2

190.5

4.3

0.7


and including

225.3

244.0

18.7

0.4

22HUR182

South/Pearce

208.0

270.6

62.6

0.3


including

208.0

218.0

10.0

0.9


including

208.0

210.0

2.0

3.0


including

216.0

218.0

2.0

1.4


including

262.0

263.0

1.0

4.2

22HUR183

South/Pearce

7.0

324.7

317.7

0.1


including

18.8

29.2

10.4

0.2


including

210.3

249.8

39.5

0.3


including

230.3

233.5

3.2

0.8


including

248.7

249.8

1.1

4.4

22HUR184

South/Pearce

129.3

189.2

59.9

0.1



275.2

293.8

18.6

0.1

22HUR185

South/Pearce

7.5

238.0

230.5

0.1


including

7.5

14.0

6.5

0.3


including

58.5

67.9

9.4

0.2


including

58.5

61.0

2.5

0.4


including

215.8

238.0

22.2

0.4


including

215.8

227.7

11.9

0.6


including

226.9

227.7

0.8

5.1

22HUR186

South/Pearce

no significant values

 

(1) Widths are drill indicated core length as insufficient drilling has been undertaken to determine true widths with at this time. Average grades are calculated with un-capped gold assays as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.


 
Figure 2: Tilt Derivative Magnetics - South/Pearce Area - Huronian Gold Project
 
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Interpretation of the geophysical data, as well as geological modelling, is ongoing over the entire project. In the Huronian Mine area preliminary analysis of the geophysical data shows excellent correlation between certain geophysical features and gold mineralization. It is expected that the targeting exercise in this area will assist in identifying new zones of gold mineralization as well as extensions of known zones.

Exploration on Kesselrun's 100% owned Huronian Gold Project is focused on outlining and growing gold mineralization in the numerous known zones located in close proximity to the former producing Huronian Gold Mine as well as the discovery of new zones elsewhere on its underexplored and extensive 4600-hectare land package.

About the Huronian Gold Project

The 100% owned Huronian Gold Project hosts the past producing Huronian Mine, Northwestern Ontario's first gold mine with an historic resource estimate of 44,592 oz Au at an average grade of 15.3 g/t Au in the indicated category and 501,377 oz Au at an average grade of 14.4 g/t Au in the inferred category. The resource estimate presented for the Huronian Project is historic in nature. Kesselrun Resources' qualified person has not completed sufficient work to confirm the results of the historical resource. Kesselrun Resources is not treating this as a current mineral resource but is considering it relevant as a guide to future exploration and includes it for reference purposes only. The historic resource was estimated by Minescape Exploration Inc. in 1998. Further drilling will be required by Kesselrun Resources to verify the historic estimate as current mineral resources.

As well, the Huronian Gold Project hosts the same lithological package of rocks, as interpreted from both Government of Ontario and Kesselrun Resources mapping, compilation and modelling, on strike from the adjacent Moss Lake Gold Project with an NI 43-101 compliant resource estimate of 4.17M oz Au at an average grade of 1.1 g/t Au in the inferred category (2). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Kesselrun Resources' property.

(2) Goldshore Resources Inc. news releases November 15, 2022 and December 12, 2022.

Qualified Person

Michael Thompson, P.Geo., President and CEO of Kesselrun, is the Qualified Person responsible for the project as defined by National Instrument 43-101 and has approved the technical information in this news release.

QAQC

Kesselrun has implemented a quality control program to comply with industry best practices for sampling, chain of custody and analyses. Certified gold reference standards, blanks and duplicates are inserted at the core processing site as part of the QA/QC program in addition to the control samples inserted by the lab. Samples are prepared and analyzed by Activation Laboratories in Thunder Bay. Samples are analyzed for gold using Fire Assay-AA techniques. Samples returning over 10 g/t gold are analyzed using Fire Assay-Gravimetric methods. Selected samples are also analyzed with a standard 1 kg metallic screen fire assay. All results reported herein have passed QA/QC protocols.

About Kesselrun Resources Ltd.

Kesselrun Resources is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun's management team possesses strong geological and exploration expertise in Northwest Ontario. For more information about Kesselrun Resources, please visit www.kesselrunresources.com.

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 news release.

For additional information please contact:

Kesselrun Resources Ltd.

Michael Thompson, P.Geo., President & CEO
807.285.3323
michaelt@kesselrunresources.com

Corporate Communications
1.866.416.7941
information@kesselrunresources.com

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Kesselrun, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, dependence upon regulatory approvals, the execution of definitive documentation, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154209