Kerr Mines, Inc. (OTCQB: KERMF) is engaged within the exploration, development, and extraction of gold deposits. Shares of the gold miner are gaining 18.03%, through early trading on Thursday, August 24, 2017. Over the past month, Kerr Mines, Inc. has seen average daily volume of 39,842 shares. However, volume of 224,579 shares or dollar volume of $47,049, has already exchanged hands today.
Shares of Kerr Mines, Inc. are rallying today, after the company announced it is continuing to mobilize mine development at its Copperstone property. Specifically, the company is beginning the first phase of underground drilling to begin further development of the mine. Here is the full press release detailing of the mine development:
Kerr Mines, Inc. Press Release:
TORONTO, Aug. 21, 2017 /PRNewswire/ – Kerr Mines, Inc. (“Kerr” or the “Company”) (TSX: KER, OTC: KERMF, FRA: 7AZ1) is pleased to announce that it has initiated the first phase of the underground drill access mine development for the 2017 Copperstone Mine exploration/development program and pre-feasibility study. Approximately 1,200 feet of new exploration drift is planned to be completed in the first phase. This drift will provide first-time underground drill access to facilitate further definition of the parallel Footwall Zone and to enhance the existing resource in the Copperstone Zone.
The new underground drift will be accessed from existing workings and will extend mine access drifting by approximately 1,200 feet to the Southeast, along the strike of the Copperstone Zone. This access is placed between the Copperstone Zone and the parallel Footwall Zone, giving exploration and development drilling access to both zones. The drift is strategically placed in the footwall of the Copperstone Zone, to provide access for potential future mining.
The objective of the exploration drilling is to continue to build from prior successful drilling results in the Footwall Zone which has indicated similar attitude, rock type, alteration, width and grade as is seen the Copperstone Zone. It is also designed to increase the resource confidence level of the Copperstone Zone along strike and increase its down dip extension.
“DMC Mining Services , our mine development contractor, has done an excellent job of preparing for this work. All of their equipment has arrived at the Copperstone Mine site and they will be commencing mining by the end of the week. The access to drilling that the drift will provide is an investment in the current 2017 Copperstone exploration and resource enhancement program, and is an investment in the future development of this former producing mine. The 2017 Copperstone exploration and development program is the cornerstone of the forthcoming pre-feasibility study and is a key component to the strategy of advancing the Copperstone Mine project towards a production decision, ” said Martin Kostuik, President Kerr Mines.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Michael R. Smith, Registered Geologist, a “Qualified Person” as defined by NI 43-101 for this project.
About Kerr Mines, Inc.
Kerr Mines, Inc. is a North American gold development and exploration company currently advancing the fully permitted past-producing Copperstone Mine project. Copperstone is a high-grade gold project located along the Walker Lane mineral belt in mining-friendly Arizona. The project demonstrates significant upside exploration potential within 12,000 acre a land package which includes a production history of over 500,000 ounces of gold. The Company’s current focus is on maximizing Copperstone’s potential by defining and expanding current resources and strengthening the mine’s economics leading to a production decision.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines’ business are more fully discussed in the Company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release and no stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.