News release: Int'l Taurus acquires gold property
International Taurus Resources Inc ITS
Shares issued 28,530,403 Jul 16 close $0.25
Mon 19 Jul 99 News Release
Mr. Robert Blakestad reports
Terms have been reached with the principals of Autotrac Limited, a private Ontario corporation, for an exploration licence with an option to purchase five patented mining claims known as the Northshore project, south of Schreiber, Ont. The claims total 522.3 acres in area and are in one of Ontario's oldest gold camps, well known for free gold in quartz veins.
The agreement calls for the payment of $80,000 over two years. A royalty ranging from 2 per cent to a maximum 5 per cent net smelter return is payable, increasing with gold production in excess of one million ounces. This acquisition is subject to the signing of a definitive agreement and approval of the relevant authorities.
Previous work by Noranda, Santa Fe and Cyprus Canada on the Northshore project has shown potential for bulk minable deposits. Drill intercepts of as much as 3.5 grams per tonne gold over 42 metres, 3.8 g/t over 19.6 metres and 1.3 g/t over 64 metres in three holes from one mineralized zone are present. Additionally, there are many surface showings and drill intercepts of high-grade gold, with values as high as 451 g/t over 0.46 of a metre in Noranda drill hole NR-5.
This previous work has established mineral inventories of 2.2 million tonnes grading 2.2 g/t gold on the Afric zone and 3,800 tonnes grading 21.8 g/t on the Northshore zone.
Taurus's focus will be on the definition of one or more zones of high-grade gold mineralization that can be readily developed for near-term production, while exploring and evaluating the property for its larger bulk mining potential.
Robert Blakestad, president, comments: "The high-grade potential of the Northshore project exhibits the type of near-term potential the company Is focused upon at this juncture. To that end, the project will be evaluated for its potential to be a near-term producer of gold that could result in cash flow for Taurus, during which time the company will continue to advance its larger projects including the Lyon copper project and the new Martiniere D gold discovery.
WARNING: The company relies on litigation protection for "forward-looking" statements.
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