Kent Exploration (TSXV:KEX) Reports on Archean Star's (TSXV:ASP) Option to Earn 80% Lease Interest on Historic Monitor Copper, Gold Mine in Silver Valley, Idaho - Video Posted on www.InvestmentPitc...
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 2, 2012 - Kent Exploration (TSXV:KEX)
reports that Archean Star (TSXV:ASP) announced an option to earn an 80% interest
in a mining lease on the historic Monitor Copper, Gold Mine in Silver Valley,
Idaho. Archean Star was spun off from Kent Exploration, with Kent holding 10
million shares (18%) of Archean Star.
InvestmentPitch.com has produced a "video news alert" about this option by
Archean Star. If this link is not enabled, please visit www.InvestmentPitch.com
and enter "Archean Star" in the search box.
The Monitor Mine is located approximately 30 kilometres east, southeast of
Wallace, Idaho in the historic and highly prolific Coeur D'Alene Mining
District, where more than 1.1 billion ounces of silver, 8.3 million tons of
lead, 3.3 million tons of zinc, 207,000 tons of copper, and 529,000 ounces of
gold have reportedly been produced from steeply dipping narrow veins, some of
which extend from surface outcroppings to depths exceeding one mile.
Historic production records from the Monitor Mine, dated from the early 1900s,
reported that 1,562 tons were shipped to the Tacoma smelter, with average
reported smelter returns of 14.92% copper, 0.76 ounces per ton silver, and
0.278 ounces per ton gold. One individual result returned 2.2 ounces of gold per
ton.
Mineralization at Monitor is reported to occur primarily as deep, continuous,
high-grade vein systems, which vary the width from 3 metres to 6 metres, with
shoots of Bornite and high-grade Chalcopyrite with values ranging from 7.46% to
30% copper, along with gold values up to 2.4 ounces per ton.
Historic development work on the Monitor Mine included a 213 metre (700 feet)
shaft and approximately 300 metres (1,000 feet) of development crosscuts and
drifting over 5 levels.
Another historic producer, the Richmond Mine, is located in the same vicinity,
and reported similar characteristics and grades as the Monitor Mine.
During the Great Idaho Fire of 1910, which burned about 3 million acres in
Washington, Idaho, and Montana, including one third of the town of Wallace, all
above ground infrastructure was destroyed at both sites.
Although the Monitor Mine was subject to occasional work over the next 2
decades, all work reportedly ceased during the great depression and the workings
were never re-opened.
To earn its 80% interest, Archean Star must pay $25,000 and incur property
expenditures of US$2.1 million over three years. The company must also issue 3
million shares, with 1 million shares due upon signing, and 1 million shares on
each of the 1st and 2nd anniversaries. This agreement is subject to approval by
the TSX Venture Exchange.
For more information about Kent Exploration and the company's other properties,
please visit their website www.kent-exploration.com, or contact President & CEO,
Graeme O'Neill at 604-684-3394, or by email
company(at)kent-exploration.com.
InvestmentPitch.com, a multimedia company that provides a combined solution for
creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals, specializes in
producing short three minute videos based on significant news releases and
research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1654807]
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2012 - 17:34 Uhr
Sprache: Deutsch
News-ID 199122
Anzahl Zeichen: 4266
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Kategorie:
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