JV with Anglo-American Corp. Awarded New Gold Concession in Eritrea.TORONTO--(BUSINESS WIRE)--Nov. 3, 1997--Rift Resources Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended RIF Rif (rĭf) or Rif Atlas, range of the Atlas Mts., NE Morocco, NW Africa, curving along the Mediterranean coast from Ceuta to Melilla. Tidighin (8,056 ft/2,455 m) is the highest peak. . ) - Rift Resources Ltd., and its joint venture partner, Anglo-American Corporation, has been awarded the Augaro Exploration Licence located in the southwestern region of the State of Eritrea; - Rift Resources Ltd. has also been awarded the adjacent Tekezie Exploration Licence. Augaro Project The Ministry of Energy and Mines, State of Eritrea on October 27, 1997, awarded in its Second Round of licencing, the 183,700 hectare Augaro Exploration Licence to a joint venture formed between Rift Resources Ltd. ("Rift") and Anglo-American Corporation of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. Limited ("Anglo"). The interests in the joint venture are held through respective local subsidiary companies. Under the terms of a Joint Venture agreement signed by the parties, Rift will have a 40% interest in the project but will contribute only 20% of exploration costs up to the completion of the first feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on the property. Anglo will be operator of the joint venture. The Augaro Exploration Licence covers approximately 70 km of strike extent of the Barentu shear zone, a major northeasterly north·east·er·ly adj. 1. Situated toward the northeast. 2. Coming or being from the northeast. north·east trending regional shear structure which has a measured strike extent in excess of 200 km. Included within the licence area are several significant gold occurrences including the former Augaro mine, the Antore and Bartumbakh prospects. Augaro saw sporadic gold production during the later years of the Italian colonial period Colonial Period may generally refer to any period in a country's history when it was subject to administration by a colonial power.
adj. Shaped or finished by shearing, especially cut or trimmed to a uniform length: a sheared fur coat. Adj. 1. and extensively altered intrusive rocks (Geol.) rocks which have been forced, while in a plastic or melted state, into the cavities or between the cracks or layers of other rocks. The term is sometimes used as equivalent to plutonic rocks ltname>. It is then contrasted with effusive or volcanic rocks. See also: Intrusive host 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. within a 300 m wide shear zone. At Antore, a 300 m drift was cut in the 1930s with reported values up to 12.0 g/t Au over widths up to 6 m. Rift believes that the Barentu shear zone is the main controlling structure to the areas of known gold mineralization located by sporadic prospecting in the 1930s. The 70 km extent of the shear zone passing through the property has never been systematically explored. The initial exploration programs will concentrate on drill testing for extensions of the known deposits at depth and along strike as well as programs of regional geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. and geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of to identify additional drill targets. The companies are in discussion with officials from the Energy and Mines Department in regard to the first year technical programs and budget levels. Exploration work is likely to commence early in 1998. Tekeze Project The Tekeze exploration licence area was also granted to Rift (100%) and comprises approximately 120,000 hectares, located immediately southwest of the Augaro licence and covering a further 30 km strike extent of the Barentu shear zone. The zone of intense deformation appears to be as much as 10 km in width. Gold mineralization is known at a number of sites including Omosuba, Biaghela, Sigilea and Maiteb. Rift is in discussion with officials from the Energy and Mines Department in regard to the details of the first year technical programs and budget levels. The acquisition of these projects increases to five the number of active projects held by Rift in Eritrea and adjacent areas of northern Ethiopia. A further four projects remain under application. Rift Resources Ltd. is a Toronto based mineral exploration and development company with exploration interests in Zimbabwe, Eritrea, Ethiopia, Uganda and Niger. The Company is pursuing the acquisition and development of quality gold and gold-rich base metal projects in Africa and currently holds directly, through joint venture, or has under application, interests in 17 gold projects in 6 countries of eastern, southern and western Africa amounting to approximately 2.7 million hectares. CONTACT: Rift Resources Ltd Terence N. McKillen, 416/368-5685 |
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