Does this mean we gonna be rich ,fleace???
Mandorin Goldfields receives results from Zimbabwe properties
Mandorin Goldfields Inc MGD
Shares issued 28,273,547 Jun 23 close $0.03
Thu 24 Jun 99 News Release
Mr. Malcolm Stevens reports
The company has received encouraging results from exploration recently
completed on its Zimbabwe exploration properties.
Zimbabwe Exploration Results
EPO 1073 - Joint Venture with Globemin Resources Inc.
A gridded soil-sampling program was completed during the past two months
covering the northern limb of the Grahamsdale Greenstone Belt within the
southeastern portion of the EPO. A previous soil-sampling program covering
the southern limb of the belt, and Shamvaian metasediments separating the
two limbs, produced a number of arsenic, copper, zinc and gold anomalies,
which are to be investigated during the next phase of exploration.
The area surveyed, for its VMS potential, is a thicker sequence of the same
greenstone horizons drilled by the Falconbridge Maramba joint venture
approximately five kilometres to the east. Published results of their
drilling indicated an active sulphide horizon, open to the east and west,
which produced a number of encouraging copper, zinc and silver
intersections.
Lithologies are similar to the Archaean greenstones of Canada and Western
Australia and consist of a sequence of banded hornblende schist, felsic
volcanics, massive basaltic lavas, ironstone and mica/amphibole schist. All
have suffered extensive deformation, shearing and alteration.
The baseline for the survey was established on metasediments of the
Shamvaian Group, which occupy the Mazowe Valley, lying between the northern
and southern limbs of the greenstones.
The area sampled extended from a 2.2-kilometre baseline, paralleling the
regional strike of the belt, to the eastern boundary of the EPO. Samples
were at 200-metre intervals on the baseline and 50-metre intervals,
northwesterly over 1.5 kilometres per line, to cover the greenstone ridge
to the contact with younger granites. Samples were analyzed for gold,
arsenic, copper and zinc.
Preliminary results for six of the 12 lines received to date indicate a
number of possible gold and separate copper/zinc anomalies, which are
currently being assessed. Results will be reported once all of the
outstanding analyses are received.
EPO 1080 and EPO 1072
The Helimag and Radiometric results over Tafuna Hills indicated strong
structural lineaments, which are believed to have a positive correlation
with the massive quartz vein and stockwork gold-bearing mineralization on
the hill. Historically veins within Tafuna Hills have produced in the
vicinity of seven tonnes of gold at an average grade of about 13 grams per
tonne. Although these high-grade veins are an attractive target for
small-scale operations it is primarily the bulk minable potential that is
targeted by the company.
In the northern portion of Tafuna Hill work has commenced over an area that
has a prior history of numerous workings on rich quartz veins, widespread
alteration, strong structural features and a more recent history of gold
recovered by local miners from dumps of schist material rejected by the
former miners. Following completion of a localized grid the area is
targeted for initial soil sampling and trenching to define drilling
targets.
The company has received Zimbabwe government approval to extend the term of
its EPOs for a further three years to June, 2002.
Substantial progress has been made with regard to the company's joint
venture negotiations on its Zimbabwe properties, EPO 1080 and 1072. Further
details will be announced as they become available.
At the company's last annual meeting on June 24, 1998, shareholders
approved the continuation of the company to the Yukon. This continuation is
effective as of June 11, 1999. New share certificates will be issued in the
normal course further to share transfers and other share transactions. In
the meantime, the existing share certificates will continue to represent
the common shares of the company. Shareholders may, however, obtain the new
form of share certificate by surrendering their existing share certificates
to Montreal Trust Co. of Canada, the company's transfer agent.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
