Lund and Oromin Acquire Brazilian Gold Property.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography-- Lund Gold Ltd. ("Lund") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:LGD LGD Loss Given Default LGD Livestock Guardian Dog LGD Low-Grade Dysplasia (abnormal cells, such as those found when doing a biopsy) LGD Laboratory of Genomic Diversity LGD Lou Gehrig's Disease ) and Oromin Explorations Ltd. ("Oromin") (TSX VENTURE:OLE) are pleased to announce that they have been granted an option to jointly acquire a 100% interest in the 5,000-hectare Carneirinho gold exploration property in north central Brazil. The Carneirinho Property is located approximately 200 kilometres southwest of the city of Itaituba within the very active Tapajos region, generally regarded as the premier epithermal gold district in Brazil. The Carneirinho Property lies approximately 30 kilometres northwest of the Tocantinzinho Property currently being explored by Brazauro Resources Corp. Extensive former and current garimpeiro workings are located within the Carneirinho Property. Since 1996 when garimpeiro activity and small-scale mining began, historical production from the property is reported to be approximately 3 tonnes of gold. At the Carneirinho Property's main garimpeiro pit, Antonio de Luca, a total of 600 kilograms of gold were reportedly produced from the 70 metre long, 25 metre wide and 25 metre deep excavation. Antonio de Luca is one of a series of garimpeiro pits excavated along the 800 metre long Araguari structural trend. The Araguari structure is open to expansion beyond the current area of former and current workings. Limited exploration by TVX TVx Target Vertex TVX Transmission Valid Timer (FDDI) TVX Valid Transmission Gold Inc. ("TVX") in 1996 and 1997 outlined at least two parallel structures, the Duesdeth and the Cuiabano. These structural trends are components of the Tapajos regional structural zone, a 200 kilometre long regional-scale northeast-southwest trending shear zone that accounts for the majority of the 7 to 10 million ounces of gold produced by garimpeiros in the Tapajos region. Exploration undertaken by TVX included soil geochemistry, induced polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is ("IP") and magnetics geophysical surveying, structure lineament lin·e·a·ment n. 1. A distinctive shape, contour, or line, especially of the face. 2. A definitive or characteristic feature. analysis, rock and saprolite sap·ro·lite n. Soft, partially decomposed rock rich in clay and remaining in its original place. saprolite channel sampling and drilling of three core holes. Lund and Oromin's Brazil based geological consultant is Jose Lenzi, formerly the Exploration Manager for TVX, who is very familiar with the exploration potential of the Tapajos region in general and the Carneirinho Property in particular. Channel sampling results reported by TVX are outlined below:
Structural
Trend Garimpeiro Pit Gold (g/t) Sample Length (m)
-----------------------------------------------------------
Araguari Antonio de Luca 12.68 26.0
Joao Pinto 0.09 8.0
10.83 7.0
Deusdeth Deusdeth 9.03 10.0
12.06 2.0
2.34 4.0
5.70 4.5
0.09 7.0
Fininho 1.94 13.6
12.38 1.9
Lund and Oromin's Brazil based geological consultant believes that TVX's three drill holes were not properly located and oriented to test the 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. identified on surface. One hole intersected a diabase diabase: see basalt. diabase or dolerite Fine- to medium-grained, dark gray to black intrusive igneous rock. Diabase is one of the dark rocks known commercially as “black granite. intrusive at the projected depth of the 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. zone and a second hole was oriented incorrectly, drilling sub-parallel to the projected dip of the mineralized zone, and was stopped prior to reaching the target. The third hole tested on IP anomaly adjacent to, but off the trend of the mineralized structural zone and was terminated prematurely as it reached a sulphidized phyllic alteration zone. The Carneirinho Property is underlain un·der·lain v. Past participle of underlie. by granitic units and rhyolite rhyolite, fine-grained light-colored acidic volcanic rock. Rhyolite is chemically the equivalent of granite, and is thus composed primarily of quartz and orthoclase feldspar with subordinate amounts of plagioclase feldspar, biotite mica, amphiboles, and pyroxenes. flows - volcanic sediments that have been intruded by younger alkali-granites. These younger alkali-granite units, directly linked to gold mineralization at Carneirinho, have intruded along the Tapajos regional NW-trending structural corridor and along intersection zones with late NE-trending structural systems. Similar geological and structural controls commonly occur throughout the Tapajos region. Representatives of Lund and Oromin paid a brief visit to the Carneirinho Property to assess the geologic potential of the previously identified mineralized structural trends. Although the majority of former garimpeiro sites were covered by more recent tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. and were no longer active, the representatives were able to collect three character grab samples from saprolite at the Deusdeth garimpeiro pit that returned assay values of 2.49 g/t gold, 4.63 g/t gold and 17.85 g/t gold. One additional sample taken from the only currently active garimpeiro operation located between the Antonio de Luca and Joao Pinto pinto Spotted horse, also called paint, piebald, skewbald, and other terms to describe variations in colour and markings. The American Indian ponies of the western U.S. were often pintos. Most pure-breed associations refuse to register horses with pinto colouring. pits returned an assay value of 9.30 g/t gold. Three other samples, taken from non-altered, non-mineralized saprolite at various locations on the property, returned less than 100 ppb ppb abbr. parts per billion gold. Lund and Oromin plan to initiate exploration activities as soon as crews can be mobilized to Carneirinho. Preliminary evaluation will include geological mapping, prospecting, channel sampling and auger auger (ô`gər): see drill. auger Tool (or bit) used with a carpenter's brace for drilling holes, usually in wood. It looks like a corkscrew and produces extremely clean holes, almost regardless of how large the bit is. drill sampling. Additional geophysics covering an area larger than previous ground surveys and core drilling is also proposed as a second phase program. The option to acquire the Carneirinho Property is structured as a two-stage option with Lund and Oromin jointly acquiring a 50% interest at each stage. In order to exercise the first option, Lund and Oromin must pay the vendor US$50,000 on or before April 30, 2005 and a total of US$1,700,000 by April 30, 2009. Following the exercise of the first option, in order to exercise the second option, Lund and Oromin must pay the vendor an additional US$6,000,000 on or before April 30, 2010. In connection with this acquisition, Lund and Oromin have agreed, subject to regulatory approval, to pay a finders fee to Jose Lenzi based on the number of ounces of gold discovered by Lund and Oromin as a result of its exploration of the Carneirinho Property, as calculated by a "qualified person" in compliance with the provisions of National Instrument 43-101. On behalf of the Board of Directors of LUND GOLD LTD. Chet Idziszek, President On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD. Chet Idziszek, President No stock exchange has approved or disapproved the information contained herein. Lund Gold Ltd. (TSX VENTURE:LGD) Oromin Explorations Ltd. (TSX VENTURE:OLE) |
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