Hello Georges
An interesting NR from TNK. Of no apparent interest to SUF shareholders unless you read anything into the last paragraph under the Area 1 discussion.
TNK Announces Results of 1998 Drilling and Sampling Programs from Gope Prospect, Botswana
TORONTO, March 11 /CNW/ - TNK Resources Inc. today announced that it has
received the results of mini bulk sampling from De Beers Prospecting Botswana
(Pty) Ltd. (''De Beers'') in Area 1, as well as the results from the drilling
program carried out by TNK in Areas 2 and 3.
In January, 1998 TNK entered into three joint venture agreements with De
Beers to further develop the Gope Prospect. Under the joint venture agreement,
De Beers has the right to earn varying interests in the Gope property, which
has been divided into three areas. Area 1 contains the four kimberlite pipes
discovered in 1997 by TNK, Area 2 covers the western portion of the property
and Area 3 covers the eastern region of the prospect, which surrounds the De
Beers-Falconbridge Gope 25/136 kimberlite pipe cluster. As part of the deal,
De Beers' Canadian subsidiary, Monopros Limited, took an equity stake in TNK
through an $800,000 private placement.
Area 1 Joint Venture Results
----------------------------
In Area 1, De Beers completed a mini-bulk sample on the four kimberlite
pipes with the following results.
<<
Sample Size Concentrate No. of Carats per
Pipe Tons Processed Carats Stones Hundred Tons
GP 173 N 43.74 80.0 kilograms 0.175 5 0.314
GP 173 S 21.25 28.5 kilograms 0.600 8 4.285
GP 234 19.54 28.0 kilograms 1.865 18 8.020
GP 211 19.70 22.0 kilograms 0.260 3 0.938
-------------------------------
2.900 34
>>
De Beers also collected 500 - 100 litre soil samples in a grid area
around the known kimberlites as well as 165 -- 100 litre samples over 16
geophysical anomalies in the licence. Two of the co-incident targets outside
of the discovery area were drilled in February and did not intersect
kimberlite. The sampling in the grid around the known kimberlite pipes
identified interesting kimberlite targets as well as an inferred dyke passing
to the south of GP 234 and GP 211. These targets were not drilled by De Beers.
In accordance with the terms of the joint venture agreement for Area 1,
De Beers has advised TNK that it will not elect to commit to the Stage II
exploration, being full bulk sampling kimberlite evaluation. The joint venture
for Area 1 is therefore terminated and TNK Resources retains a 100 per cent
interest in the licence.
''We are disappointed in the decision that De Beers has made, but we
recognize that their exploration mandate is for large kimberlite bodies.''
said Elizabeth Kirkwood, President & CEO of TNK. ''The results of the sampling
work carried out by De Beers and the magnetic surveys indicates the presence
of a dyke or fissure feature and smaller kimberlite blows along the fissure.
These blows and dyke features as well as other targets remain untested. TNK
can now respond to expressions of interest from other mining companies for a
new joint venture with a partner with the experience and mandate to explore,
develop and mine smaller kimberlite bodies''.
Areas 2 and 3 Joint Venture Results
-----------------------------------
TNK, as operator of Areas 2 and 3 carried out a large soil sample program
as well as helicopter borne magnetometer surveying in 1998. Eleven targets
identified in January and February, 1999 were drilled using a reverse
circulation drill. This limited drilling program did not encounter kimberlite
material in any of the holes. Soil samples were collected at and above the
bedrock and have been processed and are being analyzed for indicator minerals
with results expected in early April.
TNK Resources Inc. is a Canadian junior mining company involved in
mineral exploration around the world. The company's efforts are focused on
diamond exploration in Botswana, the world's largest producer of diamonds.
Recently, TNK has diversified its exploration efforts to include a diamond
exploration project in Canada's Northwest Territories, a high grade
silver/gold epithermal deposit in Mexico, and a silver/gold project in
Northern Ontario, Canada. Headquartered in Toronto, Canada, the Company's
common shares are traded on the Canadian Dealing Network under the symbol
TNKR, and on the NASD Bulletin Board under the symbol TNKRF.
No. of Shares Issued: 38,018,008
I would also point out that these are extremely small sample sizes which typically should be in the range of 100 to 150kg to be representative. I would like to know the size of the kimberlite that produced the .8c/t return as I am sure a larger sample size would likely result in a higher figure than this.
Regards |
