NEW RELEASE!
April 2, 1997
Now Holds 8.5 Million Hectares of New Exploration Licences in Kazakstan
VANCOUVER, April 2 /CNW/ - Steppe Gold has over the last few weeks made a number of announcements in regard to new property acquisitions in Kazakstan. Steppe gold is now the largest property holder in the country at a time of increasing interest in gold and base metals
exploration in the region fuelled by a number of successful project developments and commitments to large scale smelter expansions. Steppe Gold has acquired 8 properties totalling 84,650 square kilometres (8,465,000 hectares) in the major gold and base metal producing belts
in the country.
The terms on all the licenses are identical, in which Steppe Gold:
- has a 69% equity with excellent local partners holding 31% equity,
- is manager of the projects,
- must provide all exploration and development finance which is repaid with interest from 88% of project cashflow surplus,
- has received notification that all licenses were issued during February 1997, and,
- has executed agreements with local partners.
A brief summary of the properties is given below.
SELETY
Area: 2,367,700 hectares
Comments
- Complex geology with major shear zones cutting volcanics and sediments intruded by felsic and intermediate intrusions. Selety is located in the Charsk gold belt one of the major gold producing belts in the country. Larger gold deposits in the belt include Vasilkovskoye and Bakyrchik both with more than 10 million ounces in reserves.
- In the northern portion of the property there is identical geology to the Aksu, Zholymbet, Bestobe, Maikain deposits which total 6M Oz of gold, all of which are located within (as exclusions) or close to the Selety property.
- In the southern part of the property there is similar geology and structure to that which hosts KazMinco's Samarskoye porphyry copper-gold deposit, with reported resources of 3.8 billion pounds of copper and 2 million ounces of gold.
- Within the license there are numerous gold occurrences in a terrain which is amenable to inexpensive geochemical exploration.
- Selety surrounds much smaller holdings being explored by Teck Exploration Inc. and Cameco adjoins the properties to the north.
EAST VASILKOVSKOYE
Area: 18,600 hectares
Comments:
- The property covers the eastern portion of a granitoid intrusion which contains the 13 million ounce Vasilkovskoye gold deposit. The remainder of the intrusion has been reserved for the corporation which eventually retains the right to develop this deposit.
- The Steppe Gold property hosts a very similar structural setting and geology to the Vasilkovskoye deposit.
- Previous exploration has located similar mineralisation to Vasilkovskoye in the northern portion of the license close to a shear zone which is strongly altered and mineralised over a strike of 15 kilometres.
- Outcrop in the license is poor with bedrock being obscured by a thin veneer of soil. Modern low level geochemical techniques have not been utilised in the exploration of the license.
TENGHlZ
Area: 1,540,000 hectares
Comments:
- Complex geology with fault bounded anticlines cod%fy basement intrusive complexes which hosts most of the known mineralisation in the license area.
- Considered to have excellent potential for gold and gold-copper porphyry systems.
- Previously has not been explored using modern geochemical techniques.
ODAK, TEMIRTAU, KASHTAL
Area: 1,061,000 hectares
Comments
- Odak hosts a 30 kilometre structural corridor which to the north of the license is host to the large Bozshakol copper gold deposit containing 1.6 million ounces gold and 4 billion pounds of copper. Exploration will be targeted on this trend using low level geochemical techniques.
- Temirtau surrounds one of the larger steelworks in the CIS and abuts the Samarskoye gold-copper deposit. A structural trend which passes through the license is believed to be the focus of mineralisation in the region.
- Kashtal hosts a number of quartz vein and auriferous stockwork deposits within granitoid intrusions.
SOUTHERN URALS
Area: 2,508,400 hectares
Comments
- The property covers a large portion of the Urals belt which is the most significant metal producing region of Russia.
- The belt hosts widespread gold-copper porphyries, VMS base metal deposits, large gold quartz stockworks and nickel and chrome deposits.
- Known mineralisation, within exclusions in the Southern Urals property, exceeds 3.5 million ounces of gold and 3 million tonnes of copper.
- Along strike to the south Cogema are exploring the Yubineny property which has reported resources of 1.5 million ounces of gold.
CHU-ILI
Area: 963,300 hectares
Comments
- Located in the southern portion of the Akbakai gold belt which hosts the 2.5 million ounce Akbakai gold deposits. The license has a similar geological and structural setting to the region around Akbakai.
- Three gold mines in the belt are currently in production.
- Steppe gold property located close to Almaty and infrastructure.
- Licence has been poorly explored however gold mineralisation in veins, stockworks and shear zones is known within the license.
NAIMANZHAL
Steppe Gold has been undertaking a due-diligence on this property during the last 2 months. Steppe Gold has not elected to proceed with its option to acquire a 50% interest in the license and
has advised the vendor accordingly.
The Vancouver Stock Exchange has not approved nor disapproved of the information contained herein. Not for distribution to any US news wire service or dissemination in the US.
Website: info-mine.com,
E-mail: jmenzies(at)iaccess.com.au
For further information: Mr John Menzies, President (604) 691-1751, cell: (604) 803-5910 |
