A new thread for potential investors in this emerging Peruvian area play. Anyone with information to contribute or share is welcome to post.
I am not involved with the company, or the industry, just an interested potential investor who came across this PR while investigating Gitennes (GIT.A). I believe that everyone should do their own DD, but it sometimes helps to find other investors willing to share what they have found.
So far I have been unsucessful at accessing Rampton's own web site (www.rampton.com) which seems to be off-line. If anyone else finds a better site please post.
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November 6, 1997
Acquires Key Property in Peru Adjacent to Gitennes
RAMPTON RESOURCE CORP ("RMO-V;RPTOF-L")
- Acquires Key Property in Peru Adjacent to Gitennes
Rudy de Jonge, CEO of Rampton Resource Corp. (the "Company") , is pleased to announce that the Company has acquired under Option, subject to all necessary approvals, the Virgen de Fatima mineral concession in north central Peru. This concession comprising 800 hectares lies adjacent to Gitennes Exploration Inc.'s Virgen Property held by their wholly owned subsidiary Compania Minera Kori Pampa S.A. Serious efforts had been made by Gitennes and others to acquire this
property. To underline the importance of this ground, Gitennes has also reportedly applied for additional ground to the east and south of Virgen de Fatima, putting the Rampton property acquisition in the center of the Gitennes holding (information according to published research reports and the Peruvian Public Mining Registry). Rampton has the right to acquire 100% of this concession by paying rental payments of US$145,000 over a seven month due diligence period and further optional payment of US$525,000 spread evenly over 24 monthly payments. On completion of all payments, the Company will have a 100% interest in the property, subject to a 3.5% net smelter return in favour of the vendors.
The Virgen de Fatima property is located 160 km by road from Trujillo and 32 km south of the town of Huamachuco at an elevation between 3,750 m and 4,189 m. The world class gold deposits of Yanacocha and Pierina lie 100 km to the northwest and 175 km to the southwest, respectively. Cerro Escorgon, a rounded grass covered hill, forms the main topographic feature on the property.
Company geologists conducted a preliminary field visit that allowed a traverse across the crest of Cerro Escorgon and along Rio Cuchicorral. Their report states as follows:
Folded limestone, sandstone and shale of the Jurassic to early Cretaceous aged Gollarisquizga Group underlie the concession. The lowermost Chimu Formation known to range from 80-600 m thick and composed of medium bedded medium-grained white quartz arenite is k^y to hosting the region's alteration and mineralization. The main host rock of Gitennes auriferous breccia bodies and the bulk of Cerro Escorgon area are of this Chimu Formation quartz arenite.
Breccia bodies similar in character to the Zona Rio Suro described by Gitennes on their Virgen property are outcropping on Rampton's Virgen de Fatima concession. The breccias on Rampton's ground are principally matrix-supported monolithic brecciated quartz arenite. The cementing matrix is composed of hematite and goethite making up between 5-50% of the rock. The dimensions and configuration of each breccia body were not determined during the short visit but appeared attractive and amenable to open pit-mining methods.
The location of three auriferous breccia bodies on Gitennes' property (El Rio Suro, Alumbre and El Centro) imply an underlying east-south-east fabric or alignment that appears to line up with oxidized areas and breccias located to date on Rampton's ground. Regional structures of coincident orientation are present elsewhere on the property and its vicinity. In addition, three other breccia bodies on Gitennes' ground exhibit a southwest alignment. The conjunction of these two alignments occurs on Rampton's ground in a broad area of oxidation approximately 1 km by 0.5 km where sporadic patches of oxide are visible. There are frequent examples in mines and prospects that their best mineral potential lies at the intersection of two structures because of increased fracturing and improved and concentrated fluid flow.
A network of conventional stream sediment and BLEG (Bulk Leach Extractable Gold) samples were taken along Rio Cuchicorral, its three tributaries, on Rampton's Virgen de Fatima concession. This formed a rapid assessment of the presence of gold mineralization within the drainage area. A stream sample site, which lies immediately down stream of the oxidized conjunction area mentioned above, detected a particulate and chemical dispersion of anomalous gold by traditional stream sediment analyses and by BLEG (87 ppb and 2.7 ppb., respectively). For reference, within the exploration community a 1 ppb Au value in a 4 km 2 drainage area from BLEG is considered a
significant anomaly. The same site showed elevated Ag, Pb, Zn, Cd and As (similar pathfinders elements to Gitennes' mineralization). In addition, the southernmost tributary of Rio Cuchicorral that drains the southernmost breccia occurrence, provided a 199 ppb gold anomaly from traditional stream sediment analysis. A plan map is attached. (Map available from the Company).
The company will commence its due diligence including a comprehensive geological and geochemical evaluation immediately.
This acquisition falls in line with management's focused strategy of building a strong Peruvian portfolio of bulk mineable epithermal gold targets with high upside potential. Since June 1997 company geologists have examined 108 properties in their drive to identify quality opportunities for Rampton.
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