<Is this the same Frank Johnson that is involved with Sterling Pacific
SRZ-V????>
I believe so. See below for SRZ news reles
Essam.
Sterling Pacific Resources Inc SRZ
Shares issued 10,242,230 Jan 31 close $0.95
Mon 3 Feb 97 News Release
Mr Frank Johnson reports
Sterling Pacific Resources Philippines and Atok Big Wedge Mining have
signed an exclusive option agreement on the Atok gold mine property in the
Benguet Province, Philippines. This agreement will form the basis of a
joint venture, whereby Sterling can earn a 75% equity interest in the
property and 25% participating equity interest will be retained by Atok-Big
Wedge Mining.
The Atok-Big Wedge gold mine property is in the Baguio gold-copper
district. The property is only 4km southeast of the main metropolis of
Baguio City. The adjoining Kelly mine of Benguet Corp is listed as one of
the major deposits of the Baguio gold district, with a long history
starting in 1931. The Kelly mine property is included within the Atok-Big
Wedge property, and its principal gold deposit extends onto the Atok-Big
Wedge. Adjoining to the east of the Atok-Big Wedge is the Antamok open pit
mine of Benguet Corp, the largest gold mine in the Baguio gold district.
The Antamok, Kelly and Atok mines are gold in quartz vein type.
Mineralization occurs in individual and sheeted veins and stockworks of
quartz, calcite and silicified wall rock in competent volcano-sedimentary
and intrusive rocks along pre-existing NE and SW trending structures. Veins
are generally thin (0.5 to 2.0 metres), and are of clear white or
crystalline quartz with coarse crustification, banding and breccias.
Sulphides are polymetalic and commonly occur as stringers and
disseminations in the vein and silicified wall rock. Gold is commonly
native. Electrum and tellurides also occur. Overall grades average 5.0 to
10.0 gm/t with significant silver and copper values. The veins are meso to
epithermal with latter superimposed on the former. These vein gold deposits
may form the roof zones of porphyry deposits, and may represent exploration
indicators for deep porphyry copper-gold mineralization.
The Atok mine produced gold, copper, and silver up to 1993. At the
conclusion of the Benguet mining contract, the Atok mine was put on care
and maintenance by the current owners. The Atok-Big Wedge property consists
of 85 claims covering 549 hectares. Nine of the claims are patented and an
additional 69 are eligible for patent application. Surface infrastructure
includes an operational powerhouse, three large compressors, mine offices,
two vehicles, warehouse, two guest houses (20 person capacity), mine
management housing and a salvageable 450 tpd conventional cyanidation mill,
two jaw crushers and four ball mills.
There are two main production centres on the claims, the extension of the
Kelly mine deposit which is accessible by the Moorehouse main haulage (100
ft level) and the Keystone vein, accessed by shaft No. 3. Historical
production records, although incomplete, constitute a minimum estimate of
over 1.0 million ounces of gold. In 1994-95 selective underground mining by
the owners is reported to have produced 80 gm/t gold from 1.0 tonne per day
mined.
Exploration drilling done by Benguet Corp outlined three open pit
exploration targets before the end of their tenure in 1993. The current
resource potential estimate is reported as 10 million tonnes of ore at 2.18
gm/t gold or approximately 700,000 ounces of gold. These estimates are
considered to be conservative. The upper levels of the Keystone vein are
undeveloped. The Keystone vein system occurs within a large alteration
envelope that is believed to have bulk tonnage potential, similar to that
on the adjacent Antamok mine property where a large open pit operation is
continuing on the extension of the Keystone zone. Sterling has engaged
international consultants to provide an ore reserve/resource summary as
part of the due diligence for completion of the joint venture agreement.
Sterling is aggressively completing other advanced exploration and
development project acquisitions in the Philippines. Announcements with
respect to completion of these acquisitions are imminent. |
