tyke, news out on IMN-t:
Altius and Inmet to enter second year Robert's Arm JV
Thu 25 Oct 2001
News Release
See Altius Minerals Corp (ALS) News Release
Mr. Brian Dalton of Altius Minerals reports
The company would like to provide the following updates regarding the
Robert's Arm and South Tally Pond projects.
Robert's Arm
Altius Minerals reports that Inmet Mining Corporation has elected to enter
the second option year of the earn-in/joint venture agreement for the
Robert's Arm property and has made the required option payment to Altius.
Work completed during 2001 included prospecting, relogging of archived
core, two phases of diamond drilling totalling 2,175 metres, and bore hole
geophysical surveying. The Robert's Arm property, located in the northern
part of the prolific Buchans-Robert's Arm volcanic belt, covers one of the
largest VMS systems in Eastern Canada.
The last hole of the phase 2 program, which involved deepening a previous
hole, was particularly encouraging. It cored basaltic rocks, which became
increasingly chloritized and pyritized with depth, culminating in a section
of strongly altered and pyritized felsic volcanic rocks. In all, more than
200 metres of strongly altered volcanic rocks were intersected and several
sections within the interval grade to semi-massive and massive sulphide.
Discovery Geophysics conducted a downhole time-domain electromagnetic
survey and interpreted the intersection of an extensive conductor, centred
to the south of the hole, at about the depth of the mineralized felsic
volcanic horizon.
South Tally Pond
The company plans to deepen one of the drill holes it completed earlier
this year on the South Tally Pond property. Drill hole SP-01-04 was drilled
to a depth of 215 metres as a stratigraphic test and encountered a thick
interval of silicified and sericitized volcanic rocks. Increasingly
anomalous base metal values (to several thousand parts per million combined
copper, lead, zinc) were observed toward the bottom of the hole. However,
the hole did not penetrate the southern margin of the volcanic package,
which coincides with an interpreted EM conductor and the company intends to
deepen the hole to the interpreted depth of the conductor.
Altius has granted Inmet Mining Corporation an exclusive option to enter an
earn-in/joint venture agreement concerning the South Tally Pond property.
The option provides Inmet with the right to earn up to a 55-per-cent
interest in the property in exchange for cash payments totaling $120,000
and exploration expenditures of $2.5-million over a maximum five-year
period. In consideration for this option, Inmet agrees to make cash
payments to Altius that will equal an amount that is up to twice the costs
incurred by Altius in deepening STP-01-04. Half of the payment is in
consideration of the option grant and the other half is payable if Inmet
elects to exercise the option. The option must be exercised within 10 days
of Altius providing a report that details the results of the initial
drilling program, which will commence immediately. |
