TORONTO, ONTARIO--(Marketwired - March 17, 2015) - Kombat Copper Inc. (TSX VENTURE:KBT) ("Kombat" or the "Company") has commenced a 2,000 metre surface drill program at the Kombat Mine property and has enlisted the services of a reputable Namibian-based drill contractor, Ferrodrill, to complete the drilling activities. The program is designed to renewed focus on defining a near-surface mineral resource to support an open pit scenario that would allow the Company to fast track to production.
Kombat Copper has utilized new interpretations of the underling geology and structures that control emplacement of mineralization along with the results of past mine work to assist with the design of the initial phase of drilling. Prior to this, the Kombat Mine historically produced 12.46 million tonnes of ore grading 2.62% copper plus by-products of lead and silver over a period of 45 years starting in 1962.
This phase entails a 2,000 metre diamond drill campaign targeting previously defined mineralized zones that projects to surface. This initial drilling will occur in the immediate vicinity of old mine workings that were established from 1908 to 1925 and identified through historic documentation. These documents revealed a small open pit immediately to the north east of an old shaft that reportedly mined mineralization grading greater than 5% copper to depths of 20 meters. Records from 1908 indicate a shipment of 37 tons of ore grading 35% copper (hand sorted). Subsequent records indicate that a total of 1,122 tons of 38.23% copper were direct shipped and a further 11,592.5 tons grading 11.4% copper were shipped to a smelter up until 1925 when mining operations shut down.
This former pit had since been backfilled and the company intends to mechanically trench across this pit and determine if it was backfilled with lower grade copper mineralization from subsequent underground development that occurred until 1925.
Subsequent drilling will target a strike length of 750 meters between the #1 and #3 shafts where past mining has provided positive indications of near surface copper mineralization (See Figure 1).
A second phase of drilling will be required to attain a sufficient density of data to calculate a compliant mineral resource estimate. The Company is greatly encouraged that recent compilation work of extensive hard copy and electronic data has provided this opportunity to define near-surface mineral resources that could be fast tracked to production.
Issuance of Shares for Debt
Kombat also announces that it has completed its shares for debt transaction announced on February 17, 2015 following the receipt of approval from the TSX Venture Exchange. Accordingly, Kombat has issued 3,200,000 common shares at a deemed price of $0.05 per share. The shares are subject to a statutory four-month hold period in accordance with applicable securities laws.
About Kombat Copper
Kombat Copper (TSX VENTURE:KBT) is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant upside.
The Company holds an 80% interest in five Mining Licenses in the Otavi Mountainlands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property: the past-producing Kombat Mine. The Kombat Mine's extensive infrastructure includes an 800m production shaft which was opened in 2006, two additional recently-operational shafts, three ramp systems, extensive underground workings, mine buildings, a tailings facility, a mill and concentrator all supported by the Company's local town site. The Kombat Mine opened in 1962 and historically produced 12.46 million tonnes of ore grading 2.62% copper over a period of 45 years. It is linked to vital existing infrastructure, including power, water, roads, and rail with close proximity to the port of Walvis Bay and to one of only five commercial-grade smelters in Africa located in Tsumeb, located 100 road kilometers away from Kombat.
F. W. Nielsen, P.Geo., President and CEO of Kombat Copper, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
Neither 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.
This news release may contain forward-looking statements. These statements include statements regarding theproposed drill program, the Company's expectations regarding mineral resources and potential development work and the Company's plans for the Kombat Mine.. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
To view Figure 1: Longitudinal Section of the Kombat Mine Identifying Areas to be Drilled, please visit the following link: http://media3.marketwire.com/docs/Figure%201%20997206%20.pdf.
Source: Marketwired (Canada)
(March 17, 2015 - 7:30 AM EDT)
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