Kent Exploration Reports on Archean Star Proposed Option to Earn 80% Lease Interest on Historic Monitor Copper, Gold Mine, Silver Valley, Idaho
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2012) - Kent Exploration Inc, ("Kent" or the "Company") (TSX VENTURE:KEX)(PINKSHEETS:KXPLF)(FRANKFURT:7KX) reports that Archean Star Resources Inc. ("Archean") a Company in which Kent has a 10 million common shareholding of, has announced it has entered into a Letter Agreement to earn an 80% interest in a Mining Lease on the historic Monitor Copper, Gold Mine in Shoshone County, Idaho ("Monitor" or "Monitor Mine"). The historic Monitor Mine is located approximately 30 km (17 mi) ESE from the town of Wallace, Idaho, in the historic and highly prolific Coeur D'Alene Mining District, where, since 1884, 1.2 billion troy ounces of silver, 8.3 million tons of lead, 3.3 million tons of zinc, 207 thousand tons of copper and 529,000 troy ounces of gold (worth US$37 billion at today's prices) have been produced from steeply dipping narrow veins, some of which extend from surface outcroppings to a mile or more deep.
History of Monitor Mine
Archean reports that Historic production records from past underground exploration and development work at the Monitor Mine reported that 1,562 tons were shipped to the Tacoma smelter in the early 1900's with average reported smelter returns of 14.92% copper, (298.3lb/ton), 23.6 g/t silver (0.76 opt Ag) and a reported average of 8.64 g/t Au (0.278 opt/Au) with a reported high gold value of 68.43 g/t Au (2.2 opt/Au). Mineralization at Monitor is reported to occur primarily as deep, continuous, high-grade vein systems, with shoots of Bornite and high-grade Chalcopyrite with values of from 7.46% up to 30% Cu and variable widths between 3 m (10 ft.) and 6 m (20 ft.) along with gold values to up to 68.43 g/t Au and anomalous silver values.
Archean states that historic development work on the Monitor Mine reportedly included a 700 ft. shaft and approximately 300 m (1,000 ft.) of development crosscuts and drifting over five levels.
Adjacent to the Monitor Mine and approximately 300 m (1,000 ft.) NW of the Monitor shaft and at 80 m (240 ft) lower elevation, lies the Richmond Mine adit. The Richmond vein, that strikes N68E, is projected to intersect the Monitor vein approximately 480 m (1,600 ft.) WNW from the Monitor shaft. Historic assays from the Richmond vein, that reportedly has a similar widths (10 ft.) and grades as the Monitor vein, are reported as approximately 12% Cu, 34.1 g/t Ag (1.1 opt Ag) and between 3.7 g/t - 10 g/t Au (0.12 opt to 0.3 opt Au).
During the great Idaho fire of 1910 all above ground infrastructure was destroyed and both the Monitor and Richmond mines ceased production, never to reopen. Work recommenced on the Monitor in the late 1920s when an approximate 1.5 km drive was constructed that reportedly intersected the a 3 meter (10 foot) wide Monitor vein approximately 300 meters (1,000 ft.) below, and 600 meters (2,000 ft.) west of the Monitor shaft. Work reportedly ceased during the great depression after which the mine workings were never re-opened. Historic mine production was reportedly limited to developmental ore from the drifts and some stoping above the 200 level.
District wide trends within adjacent properties in the Coeur D'Alene Mining District, such as the Galena Mine and the Lucky Friday Mine, indicate mineralized veins with widths between 3 meters to 10 meters extend to as deep as 6,100 ft.
Archean has advised that all grades reported are historic in nature, are not NI 43-101 compliant and a qualified person has not done sufficient work to classify historical estimates as a current mineral resource. Archean is not treating any historical estimates as a current mineral resource and any historical estimates should not be relied upon.
Archean announces that in order for it to earn an 80% interest as per the terms of the Agreement, and subject to the approval of the TSX Venture Exchange ("TSX-V"), Archean must incur property expenditures of US$2.1 million over three (3) years and issue three (3) million common shares of Archean; one (1) million common shares upon signing, one (1) million common shares on the first anniversary of the Agreement and one (1) million common shares on the second anniversary of the Agreement.
Archean reports it has engaged Dr. G. E. Ray, Ph.D. P.Geol to undertake a NI 43-101-Compliant Report on the Monitor Property. Dr. Clay Conway, Ph.D. P. Geol., a qualified person and a director of Archean will be heading up the concurrent exploration program on the Monitor Property.
Kent Exploration Inc. is a junior exploration company with a 100% interest in all its major projects, and is planning on building shareholder value through establishing cash flow from its Flagstaff Mountain, WA, barite mine, and then from its now wholly owned bentonite property in Nevada. Any positive cash flow is intended to reduce dilution and fund exploration on its three major gold prospects (Alexander River, Paparoa and Lyell), in the highly prolific West Coast South Island gold fields of New Zealand. Additional shareholder value has been established through its approximately 18% interest in Archean Star Resources Inc, ("Archean") which is listed on the TSX Venture Exchange under the symbol ASP.
The Company has an experienced management and technical team with extensive exploration expertise and offers investors the potential for a major gold discovery on its New Zealand gold projects.
This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P. Geol., a Qualified Person as recognized by National Instrument NI-43-101 and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Kent Exploration Inc.
604-684-3394 or Toll free: 1-866-399-6539