First Quantum quits Copper Joe

Kiska Metals Corp. Oct. 13 reported results from a single hole drilled this year at the Copper Joe porphyry copper-gold project in Southcentral Alaska. This drilling consisted of an 806-meter hole targeting the center of a 1,400-meter-wide geophysical anomaly.

This hole did not return any significant assay results but did cut 400 meters of hydrothermal breccia with abundant pyrite is that is believed to be the cause of the conductivity low anomaly identified by geophysics. Kiska said the extent of brecciation and the strength of the alteration encountered is evidence that Copper Joe is host to a robust porphyry-hydrothermal system.

Additional drilling, however, is required to determine whether ore-grade mineralization exists.

First Quantum Minerals, which funded the program, has indicated to Kiska of its intention to withdraw from the project, and Kiska will evaluate the next steps for Copper Joe over the coming days.

"Although results are disappointing, Copper Joe has served as an excellent example of Kiska's ability to expose its shareholders to participation in a potential world-class discovery through cooperative agreements with senior mining companies," said Kiska Vice President of Exploration Mike Roberts. "We look forward to developing similar new opportunities in the near-future."

-SHANE LASLEY