Consolidated Venturex Holdings - West Africa Gold Project.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 13, 1996-- CONSOLIDATED VENTURE (VSE See DOS/VSE. VSE - Virtual Storage Extended :CVA CVA abbr. cerebrovascular accident CVA, n See accident, cerebrovascular. CVA cerebrovascular accident. CVA Cerebrovascular accident, see there .) Consolidated Venturex Holdings Ltd. ("the Company"), has completed an option agreement to acquire a 100 percent interest in the Sula Mountains prospecting license in central Sierra Leone, West Africa. The prospecting license area is approximately 84 sq kms in size, covering an extensive area of alluvial and bedrock gold showings associated with banded iron formations ("BIF BIF In currencies, this is the abbreviation for the Burundi Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. "). Gold bearing quartz stringer zones were discovered on the property in the '50's, during evaluation of the iron formation. Samples from trenches and tunnels cut for bulk sampling the iron returned values up to 6.1 g/t (0.17 oz/st) gold. The iron exploration was undertaken by the Sierra Leone Development Company at a time when gold had a price of US $35/oz and reserves of iron were the main objective of the work. The Sierra Leone Geological Survey estimate of the lateritic lat·er·ite n. A red residual soil in humid tropical and subtropical regions that is leached of soluble minerals, aluminum hydroxides, and silica but still contains concentrations of iron oxides and iron hydroxides. iron ore resource to a depth of 15 metres (50 feet) and with grades exceeding 55 percent metallic iron was 125 million tonnes of iron ore. Subsequent estimates, including material of lower grade, indicate potential for 500 million tonnes of iron ore. A site visit by the Company earlier this year confirmed widespread artesanal gold workings in the streams draining the BIF. This indicates an extensive source of gold in the lateritic and bedrock environments. Gold was being recovered from drainage on two sides of the hills forming the Simbili and Numbara iron deposits, supporting the reported 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. in quartz stringers in the BIF. The rocks hosting the BIF are greenstones and metasediments that include some conglomerate horizons. The Company believes that potential exists for a substantial gold deposit within this very large system of banded iron formation and is initiating a full scale exploration program November/December 1996. ON BEHALF OF THE BOARD OF DIRECTORS BENJAMIN AINSWORTH, DIRECTOR -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). nor any other regulatory body has reviewed this news release and therefore do not accept responsibility for the adequacy or accuracy of this release. CONTACT: Consolidated Venturex Holdings Ltd. Benjamin Ainsworth, 604/688-2280 604/683-2308 (FAX) 1-888-888-9122 (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. Toll Free) 1-888-888-9123 (USA Toll Free) |
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