Aurient Resources Ltd. Enters Into Option Agreement to Earn a 50 percent Interest in Indo Pacific Resources Ltd.'s Bowutu Mountains License, Papua New Guinea.HAMILTON, BERMUDA--(BUSINESS WIRE)--Feb. 4, 1997-- Aurient(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). AUN.) Aurient Resources Ltd. (AUN.ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) is pleased to announce that it has entered into an Option Agreement with Indo Pacific Resources Ltd. (IPF (Itanium Processor Family) See Itanium. .ASE) granting it the exclusive right to earn a 50 percent interest in the Bowutu Mountains exploration license, located near Lae, on Papua New Guinea's mainland. Aurient has agreed to pay Indo Pacific $75,000 and expend $500,000 on the license within the next 12 months to earn its interest. The agreement is subject to the approval of the Minister for Mining and Petroleum, Papua New Guinea Papua New Guinea (păp`  ə, –y . The Bowutu Mountains area (107 square km) includes three prospects, identified by the previous owner Highlands Gold Ltd.: the Du River Prospect, comprising mesothermal gold veins in gabbros; the Kui copper anomaly, comprising copper veins in doleritic dol·er·ite n. Chiefly British A dark, fine-grained igneous rock; diabase. [French dolérite, from Greek doleros, deceitful (from its easily being mistaken for diorite) sea-floor volcanics; and the Simboma gold anomaly, comprising epithermal gold veins in andesitic sea-floor volcanics. Indo Pacific recently purchased six exploration licenses, including Bowutu Mountains, from Highlands Gold, which was in the process of restructuring its affairs in anticipation of recent events. The Du River Prospect is an area of anomalous gold geochemistry 2 km long by 1 km wide. In the southern part of the prospect numerous samples of bonanza grade gold float were collected by Highlands Gold which assayed between 0.67 and 10.0 oz/t gold, with silver assays of up to 25.0 oz/t. During a recent site visit Colin Bryant, Aurient's Exploration Manager, collected 5 grab samples which assayed 5.2. 5.4, 12.3, 35.3, and 133.6 (check assay 138.4) g/t gold, with anomalous copper (high of 0.33 percent) and zinc (high of 0.35 percent). Exploration by Highlands Gold located float with similar metal values over a distance of over 1 km along a broad low ridge, but failed to identify the gold source, as resources did not permit a detailed follow up program. The Kui copper anomaly is an area of narrow, structurally controlled, copper sulphide veining vein·ing n. Distribution or arrangement of veins or veinlike markings. . Copper grades vary up to 9.6 percent in samples recorded by Highlands Gold, with accompanying anomalous gold values of up to 0.4g/t. The Simboma gold anomaly is an area of anomalous gold geochemistry in altered sea-floor andesitics near the coast. Pan concentrate values reported to date vary up to 1.45 g/t gold. Rock float values up to 1.75 g/t gold were recorded with anomalous copper and silver. Aurient, in conjunction with Indo Pacific, is currently proceeding with detailed geological mapping and geochemical sampling of the Du River Prospect, to be accompanied by bulldozer trenching and possibly ground geophysics. This will be followed immediately by a minimum of 600 meters of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral . Simultaneously, exploration will also be conducted on the Kui and Simboma Prospects. Access to the license area is good by means of recently cut timber roads from the coast. Results will be released as they become available. Initially, all programs will be managed by Indo Pacific, under the direction of its President, geologist R. Peter Macnab. Mr. Macnab is credited with discovering two of Papua New Guinea's largest mines: Placer's Misima mine (annual production of 320,000 oz. gold and 1.5 million oz silver) and the giant Lihir mine operated by RTZ RTZ Rio Tinto Zinc RTZ Return To Zero RTZ Return to Zork (game) RTZ Retail Trade Zone (projected annual production of 700,000 oz. gold commencing 1997). PNG (Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. is well known in mining circles as being "elephant country" as far as gold and copper deposits are concerned as witnessed, in addition to the Misima and Lihir developments, by the Porgera mine, owned by Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. , Highlands Gold and Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. which currently produces over 1 million oz. gold per year), and BHP's Ok Tedi mine This article is about the Ok Tedi Mine. For the River, see Ok Tedi River. The Ok Tedi Mine is located near the headwaters of the Ok Tedi River, in the Star Mountains Rural LLG of the North Fly District of the Western Province of Papua New Guinea. , which currently produces 350,000 oz. gold and 200,000 tonnes of copper annually. Papua New Guinea offers a stable mining business environment with a democratic parliament and independent judiciary based on the British system. The country has sophisticated mining legislation which includes a reasonable, as well as predictable, government royalty and participation regime. Aurient Resources Ltd. is a mining exploration and development company. Its strategy is to acquire and develop a significant portfolio of precious metal projects in Southeast Asia, capitalizing on managements' extensive contacts and experience in this region. -0- The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release. CONTACT: Aurient Resources Ltd. Stan Bagnall, 011/441-892-653588 London, UK or Aurient Resources Ltd. Allan Dolan, 403/ 543-2589 Calgary, Alberta or Aurient Resources Ltd. Colin Bryant, 011/619-310-3335 Perth, Australia |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion