Altai Acquires the Negros Island Sulfur-Gold Property, Philippines.TORONTO--(BUSINESS WIRE)--July 9, 1996--Altai Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) Altai Resources Inc., through its subsidiary Altai Philippines Mining Corporation has acquired the former sulfur property of Benguet Corporation Inc. which is located on Negros Island 10 km Northwest of Dumaguete City. The 1,701 hectares (4,200 acres) size property has large proven reserves of elemental sulfur and good exploration potential for finding epithermal type of gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Altai Philippines has a 100 percent interest in the mining claims. The previous owners retain 1.5 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there royalty for gold and 0.5 percent NSR for other commodities (e.g. sulfur). Since the 1960's the claims were explored with over 24,000 meters (80,000 feet) of diamond drilling and mineable reserves of 58 million tonnes grading 17.2 percent elemental sulfur and 13.7 percent sulfide sulfur were outlined. In 1986-1990 Freeport McMoRan, a major American mining company, optioned the property and prepared a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the sulfur deposit. It was concluded that the deposit can be profitably mined for sulfur which could be used for the production of ammonium sulfate fertilizer. In 1990 Freeport McMoRan withdrew from the joint venture because the Filipino mining laws at that time did not allow it to obtain 100 percent ownership of the property. Altai intends to find a major partner to develop the sulfur potential. To date approximately ten million dollars are reported to have been spent on this property by previous interests. In the 1980's a geochemical survey of the area was carried out as a part of a United Nations sponsored gold exploration program. This survey outlined geochemical anomalies which were thought to be related to epithermal gold mineralisation. In the general area, there are numerous manifestation of intensive hydrothermal hydrothermal, hydrothermic relating to the temperature effects of water, as in hot baths. alteration as well as hot spring and fumarolic activity. The latter is related to present day volcanism volcanism or vulcanism Any of various processes and phenomena associated with the surface discharge of molten rock or hot water and steam, including volcanoes, geysers, and fumaroles. . In this type of geological environment, gold mineralization may be present at deeper levels below the sulfur deposit or at lower elevation proximal to the sulfur zone. The area has considerable topographic relief, the lower, gold mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. portion of the hydrothermal system may also be exposed on the surface. Altai will conduct a reconnaissance gold exploration program. CONTACT: ALTAI RESOURCES INC. Niyazi Kacira, Ph. D., 416/869-1338 416/869-1238 (Fax) Arpad Farkas, Ph. D., 416/869-1338 416/869-1238 (Fax) |
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