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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: Norm. Forster who wrote (49)5/27/1997 9:14:00 PM
From: chevalier   of 285
 
Norm I have been busy so I apologize for the time it took me to comply. I just finished my due diligence on this project and have come up with the following (abbreviated). This is a complex geological model to understand. Porgera was drilled from the 1960's and it was not until a few years ago that the model was interpreted properly. In the 1980's Placer finally uncovered roscellite which is a vandium bearing mineral. Then high grade drill holes were done to really expand the reserve base of the Porgera mine. Madison's plan was to locate and find quartz roscollite zones with the initial surface work and drilling so that the Porgera geological model could be applied to Mt Kare. Did they ever find it! There are two systems at work here: first is a broad N-S system lower grade which formed in the rocks around the gabbro intrusions. Then there is an E-W high grade system where the quartz roscolite zones occur. It is where these two zones intersect that the goods lay.
A recent reinterpretation of past geophysics reveal that potentially, the overall volume of near surface gabbro intrusive is as large as that at Porgera. Auger drilling has, as you noted, extended the soil anomoly from 1.6 to 4km in length and equally important found the northeast zone which lies roughly 2 km from the Main zone. As well the North zone has been expanded. What I am getting at is there is much anicdotal evidence that other there will be other regions of gabbro on the property. This project could be huge.
The government will probably pay for their 20% increase in interest if this project pans out to the enormous scale it looks to be developing into. We should see roughly twenty more holes any time now and further quartz roscolite intersection will enhance this project further.

Hope this helps

Ari Sussman
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