Duran to Alamos to joint venture Queenstake's Mamanina
property
Alamos Minerals Ltd
AAS
Shares issued 14,878,030
1999-06-14 close $0.25
Tuesday Jun 15 1999
See Duran Gold Corp (DRN) News Release
Mr. John Proust reports
Duran Gold has entered into a joint venture with Queenstake Resources in respect of Queenstake's
polymetallic Mamanina property in Peru.
The company has entered into a series of letter agreements with Alamos Minerals and Intercontinental
Resources Inc., a wholly owned subsidiary of Queenstake Resources, pursuant to which it will acquire an
undivided 30-per-cent interest in the Mamanina property, which has been the subject of a joint venture
between Alamos and Queenstake (through IRI). Alamos will relinquish its interest in the property in
exchange for up to one million common shares of Duran. Duran will be obliged to issue, initially,
100,000 of these shares. The balance will be due to Alamos if the Vancouver Stock Exchange accepts
filings which indicate that the property meets the criteria of an advanced exploration property, or better.
IRI will own the remaining 70 per cent of the property and Duran and IRI will further explore and
develop the property on the same corporate joint venture basis as the prior Alamos/IRI joint venture. This
joint venture is subject to VSE approval.
The 1,400-hectare Mamanina property is 580 kilometres north of Lima, Peru. Road access from the coast
extends to within nine kilometres of the property. Mamanina is along a northwest trending mineralized
belt which includes the world-class Antimina copper, zinc deposit, approximately 110 kilometres to the
southeast. Deposits near the property include Pashpap, a copper, molybdenum porphyry with a reported
grade of 0.8 per cent copper. The El Aguila deposit, 12 kilometres northeast of Mamanina, is a porphyry
copper, molybdenum prospect with reported grades of 0.8 per cent copper and is currently being drilled
by RTZ.
Surface sampling at Mamanina has established the presence of widespread mineralized skarn and
porphyry. Geologic, geochemical and geophysical programs conducted in 1996 and 19997 have
identified four targets containing copper, zinc and molybdenum with localized anomalous gold values.
These targets range in size from 400 by 300 metres to 1,000 by 700 metres. Interpretation of the
geophysical results indicate that sulphide minerals may continue to more than 250 metres of depth. These
targets have dimensions sufficient to contain a major size discovery. |
