|By Marketwired .||
|July 17, 2014 10:11 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/17/14 -- Kaizen Discovery Inc. (TSX VENTURE: KZD) announced today that its Phase 1 diamond drilling has started at the Tanzilla Copper-Gold Porphyry Project in northwestern British Columbia. Phase 1 is scheduled to include a minimum of 1,600 metres in three holes and will be the first known drilling campaign testing Tanzilla's lithocap porphyry target at this prospective property in one of B.C.'s most prolific copper districts.
The 4,625-hectare Tanzilla property is 100%-owned by Kaizen's wholly-owned subsidiary, West Cirque Resources, which Kaizen acquired in an all-share transaction that closed on July 7, 2014.
The primary goal of the Phase 1 drilling program is to test a 2,000-metre by 1,500-metre chargeability anomaly underlying and flanking a 1,500-metre by 1,000-metre silica-advanced argillic alteration zone, or lithocap, known as Silica Ridge. The current drilling is expected to test the zone to a depth of at least 500 metres below surface. The chargeability anomaly is open to the east and south.
Tanzilla is 20 kilometres southeast of Dease Lake, approximately eight kilometres east of Highway 37 and 69 kilometres north of Imperial Metal's Red Chris Mine. Previous exploration on the property by West Cirque Resources, Kennco, Utah Mines and others identified a seven-kilometre-long alteration zone in mafic volcanics and dioritic to monzonitic intrusive rocks inferred to be Early Jurassic in age.
Kaizen's Phase 1 Tanzilla drilling program is being funded by Freeport-McMoRan of Canada Limited, a wholly-owned, indirect subsidiary of Freeport-McMoRan Inc., 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.
Disclosures of a technical or scientific nature in this news release have been reviewed and approved by John Bradford, M.Sc., P.Geo., Kaizen's Chief Geologist and a Qualified Person under the definition of National Instrument 43-101.
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
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 number of holes and metres that are planned to be drilled in the Phase 1 drilling program at the Tanzilla 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 proposed transaction could be modified, restricted or not completed, and 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 the other company mentioned herein.