NDT Ventures acquires Amarok property in Nunavut
NDT Ventures Ltd NDE
Shares issued 25,626,978 Oct 31 close $0.11
Mon 5 Nov 2001 News Release
Mr. Fred Hewett reports
NDT Ventures has reached agreement to acquire the Amarok property located
in Nunavut, Canada.
The company initiated due diligence on the property after initial sampling
by the property vendors identified gold values up to 8.79 grams per tonne
in an outcropping-banded iron formation. Prior to the vendors sampling,
there had been no evidence of previous exploration being conducted on the
property. Additional work by independent consultants retained by the
company defined gold values in outcrop, subcrop and frost-heave boulders
over an area measuring 100 metres by 600 metres. An open 1.5 metres
chip/channel sample in this area assayed 9.8 grams per tonne gold, with
representative grab samples assaying 4.8 grams per tonne and 2.3 grams per
tonne gold. Of the 57 samples taken, 30 reported gold values exceeding 100
parts per billion with 16 samples assaying in excess of one gram/tonne.
Anomalous gold values were also found 1.1 kilometres to the northeast in
frost-heave-banded iron formation boulders along the postulated strike of
the formation. Outcrop in the area is limited.
Regional magnetic data over the property has defined a significant
northeast trending magnetic high measuring 13 kilometres by up to three
kilometres with the known gold occurrences lying on its southeastern flank.
The magnetic trend is relatively unexplored and considered very permissive
for the discovery of additional banded iron formation gold occurrences.
Other magnetic features also occur on the property which warrant further
exploration.
The company plans a program of winter airborne geophysics and additional
spring ground sampling to better define the existing target and to identify
further targets. NDT can earn a 100-per-cent interest in the property,
subject to a royalty, by conducting exploration totalling $1,125,000,
issuing one million shares and paying $30,000 in cash over a four-year
period. This agreement is subject to regulatory approval.
The company is very pleased to acquire such an early stage prospective gold
project and will keep its shareholders informed as exploration progresses.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
