|April 23, 2002|
New Discovery of Porphyry Gold-Copper Mineralisation in the Los Ranchos Formation in the Dominican Republic
|IMPACT Minerals International Inc. "IPT"|
MinMet PLC, an international exploration and mining company, has advised IMPACT Minerals International Inc. that following a programme of soil geochemistry, trenching and geological mapping on the El Brujo concession in eastern Dominican Republic ("DR"), that it has discovered porphyry gold-copper mineralisation, with additional, possibly related, gold replacement targets. Exploration in the DR is being operated by a team from MinMet's wholly-owned subsidiary Exploration & Discovery Latin America (Panama) Inc. ("E&D"). The El Brujo concession is under option from IMPACT Minerals International Inc., which is a 43% subsidiary of Energold Mining Ltd. ("EGD")
A trench being cut across the soil anomaly, the Dos Brassos Zone I (formerly the Gossan Zone) has exposed intensely veined intrusive porphyry. There are at least four additional soil geochemistry anomalies characterised by an associated arsenic-mercury-tellurium-antimony signature, along the long axis of the soil grid, which are interpreted by E&D to represent gold replacement targets. Rock samples from one of the anomalies, called the Dos Brassos Zone II (formerly the Vein Zone, a 1200m by 150m gold in soil anomaly of greater than 50ppb gold) and located 1.5 kilometres to the south-east has returned values up to 12.3 g/t gold. Rock samples from another, the newly discovered Los Cayas Zone, located 3 kilometres north-west of Dos Brassos Zone I, have returned up to 24.1 g/t gold with 264 g/t silver.
The Technical Position
The porphyry gold-copper mineralisation within a 9km by 2km soil geochemistry grid is located within the Dos Brassos Zone I, a discrete 800m x 900m gold-copper molybdenum soil geochemical anomaly. It has an associated, distinctive, outboard zinc anomaly, characteristic of porphyry-style mineralisation.
Following a detailed review of all mapping and sampling data, sites will be defined for an initial drill programme to commence in the second half of 2002.
David Hall, Director, MinMet, said: "This discovery is significant as it is the first exposed porphyry gold-copper mineralisation recorded in the Los Ranchos Formation which hosts the world-class Pueblo Viejo Au-Ag-Zn deposit, the world's second largest high sulphidation gold deposit after Yanacocha in northern Peru. The Dominican Republic Government recently granted the mining concession for Pueblo Viejo to Placer Dome for development."
Gordon Riddler, Group Technical Director, MinMet added: "Since the start of the exploration programme in November 2001, significant progress has been made, and this discovery reflects the excellent geological work by our E&D team and adds a very important set of new drilling targets to the MinMet portfolio. It should be noted that the area of the geochemical anomaly outlined from the programme to date is capable of supporting a major orebody."
Placer Dome, the North American mining company, has recently finalised terms with the Dominican Government for exploitation of the huge Pueblo Viejo gold resource in the north-west of the country. Past production, reserves and resources from this deposit exceed 40 million ounces of gold.
Under an agreement with Energold Mining Ltd. and IMPACT Minerals International Inc., who control a large land package in the DR, MinMet had a six month exclusive period to review their ground holdings and select up to 30,000 hectares for further exploration under an earn-in and option agreement ("Earn-in Agreement"). MinMet can earn up to 51% of certain properties on confirmation to Energold/IMPACT that pre-determined expenditures on specific areas has been incurred ("Vesting Expenditures"). All costs after the Vesting Expenditures will be on a E&D 51:49 basis with Energold or IMPACT, with normal dilution provisions for non-participation. MinMet has completed the first systematic regional stream sediment programme in the belt of rocks that hosts the Pueblo Viejo deposit. In addition extensive rock float sampling was undertaken, and working with a leading economic geological consultant, MinMet has developed a new geological model of the Pueblo Viejo deposit. This has led to a major re-interpretation of the potential for this world-class belt. Subsequent to the first six month programme, MinMet selected 27,709 hectares from the Energold/IMPACT portfolio which are subject to the Earn-in Agreement.
Samples were sent to ALS Chemex, Vancouver, which conducted ICP analyses for 28 elements.
On behalf of the Directors of IMPACT Minerals International Inc.
"H. Walter Sellmer"
For further information please contact:
Fred Davidson or
The Canadian Venture Exchange has neither approved nor disapproved this news release.
You can view the Next News Releases item: Mon Apr 29, 2002, Incentive Stock Options
You can view the Previous News Releases item: Fri Dec 7, 2001, Normal Course Issuer Bid
You can return to the main News Releases page, or press the Back button on your browser.