Russ & Liz take a peek at this closolagy play to MAN.
Planex signs option for property in Peru
Planex Ventures Ltd
PNV
Shares issued 4,384,000
Mar 11 2002 close $.200
Monday Mar 11 2002
News Release
Mr. David Henstridge reports
Planex Ventures has signed an option agreement with Cia. Minera Urumalqui S.A. (MUSA) to acquire
and develop a resource property of merit located in Peru, South America. Over the last 18 months the
board of directors of the company has reviewed numerous traditional opportunities for its qualifying
transaction (QT), none of which developed or were considered to be in the best interests of shareholders.
It has been the board's assessment that the selected QT is a good choice, particularly in light of the fact
that the current directors are experienced in the resource sector and will continue to manage the company.
The company has entered into an agreement over the 13,100-hectare Los Lomas properties located in
northern Peru. The property is owned by MUSA, a private Peruvian company jointly owned by BHP
Billiton Mining and Exploration Peru B.V. and Compaia Minera San Ignacio de Moroacocha S.A. The
company has the option to earn a 70-per-cent interest in the property by spending $1-million (U.S.) over
a four-year period on the following basis:
Expenditures Work period
$100,000 (U.S.) prior to Feb. 1, 2003
$200,000 (U.S.) prior to Feb. 1, 2004
$200,000 (U.S.) prior to Feb. 1, 2005
$500,000 (U.S.) prior to Feb. 1, 2006
-----------------
$1,000,000 (U.S.)
At MUSA's election, the company may also be required to issue to MUSA up to 250,000 common
shares: 75,000 shares on receipt of Canadian Venture Exchange and shareholder approval, a further
50,000 shares on each of the first two anniversaries, and 75,000 on the third anniversary, provided that the
company has not withdrawn from the option agreement. Upon having earned this interest, the company
will give to MUSA the right to back in for a 70-per-cent project interest by financing all subsequent
expenditure on the properties until the commencement of commercial production. Alternatively, MUSA
can elect to convert its 30-per-cent project interest into a 1.5-per-cent net smelter return.
The Los Lomas properties are located between 10 kilometres and 15 kilometres northeast of the Tambo
Grande deposit where Manhattan Minerals Corp. has reported probable mineral resources in the TG1
deposit for gold as 8.056 tonnes at 3.5 grams per tonne gold and 67 g/t silver and, in the sulphide zone,
49.2 tonnes at 1.6 per cent copper, 1 per cent zinc, 0.5 g/t gold and 26 g/t silver. Historically, MUSA has
conducted within the properties regional soil sampling, mapping, structural interpretation, gravity,
magnetic and transient electromagnetic (TEM) ground surveys, and reconnaissance drilling. A number of
significant volcanic massive sulphide indications have been identified by MUSA and others within the
Los Lomas properties and include exhalative chert horizons, disseminated sulphides, stockwork
mineralization, barite, gossans and altered volcanics.
Recently, significant new geophysical data, from a FalconJ airborne gravity survey (BHP Billiton has the
worldwide rights to the system) flown over the Los Lomas properties, indicate the presence of three large
linear and bull's-eye gravity anomalies within the properties. As Manhattan has reported that gravity is an
effective exploration tool at Tambo Grande, the company believes that each of the target areas justifies
exploratory drilling.
Marigol zone
This area is underlain by silica- and iron-rich boulders similar to the gossanous outcroppings found at
Tambo Grande. The boulders appear to have been transported by rivers that no longer exist. Musa
collected enzyme leach soil samples and performed limited TEM and ground gravity surveys over a
four-square-kilometre area in the proximity of the gossanous boulders. Two geochemical anomalies were
drilled near the western margin of a ground gravity anomaly, but no significant results were obtained. The
ground gravity survey produced a long linear, NNW-SSE trending, anomaly in the western part of the
zone and is supported by the results of the airborne survey; the airborne anomaly is about 0.5 kilometre
wide, two kilometres long and becomes stronger to the south. In addition, the airborne survey discovered
a strong semi-circular anomaly about two kilometres southeast of the drill holes, measuring about one
kilometre to 1.5 kilometres in diameter. A geological consultant to the company noted that both airborne
gravity anomalies lie off the existing surface grid.
Tejedores zone
Ground magnetics induced polarization, (IP) and gravity surveys were conducted by Val d'Or in
1995-1996. Numerous hand trenches were located on gossanous showings, and a TEM survey was
performed subsequently. One drill hole tested a weak IP anomaly which produced weak stringer-style
mineralization believed to possibly be the roots of an eroded VMS deposit. Another hole tested a
zinc-copper anomaly over a barite/chert exhalite occurrence; only weak disseminated sulphides were
encountered. The third hole tested a >1,000-part-per-million (ppm) barium anomaly with coincident, but
weaker, copper and zinc values in rhyolitic volcanics. This hole yielded 7.55 metres of 0.43 per cent zinc,
903 ppm copper and 30.35 metres of 0.2 per cent zinc, 176 ppm copper. The ground gravity survey
shows strong anomalies lying one kilometre to two kilometres north and west of the areas drilled, but the
TEM survey was not run over them. The westernmost anomaly lies stratigraphically downdip from a
gossanous area containing oxidized vein structures over an area 750 metres by 1,000 metres; this
suggests that a VMS target could exist here at depth.
The airborne gravity here, like at the Marigol zone, coincides remarkably well with the ground gravity
results. Again, the Falcon survey produced another strong, semi-circular anomaly lying from one
kilometre to two kilometres west of the ground survey area and has dimensions of roughly 1.5 kilometres
by one kilometre. No other surface information is documented in this area that may largely be covered by
alluvium.
Malingas zone
This area is underlain by massive and porphyritic volcanics and previously, BRGM, of France, found a
barite occurrence. Limited rock chip sampling yielded weakly anomalous results in lead and barium. The
FalconJ system produced a very strong gravity anomaly near the western margin of the concession that is
a minimum of two kilometres in length. This area is near the intersection of two major conjugate fault
structures, similar to that interpreted to occur at Tambo Grande, eight kilometres to the northwest. The
area of the anomaly is largely covered by overburden.
The company intends to undertake a program of follow-up ground gravity on the targets defined by the
FalconJ airborne system, as a prerequisite to a reconnaissance drilling campaign, to explore these exciting
new target areas. As part of the option agreement with MUSA, the company has committed to drill at
least two of these large untested targets in 2002.
This could be the start of something. any comments?
While you are at it MLR seems to be in play.
take care
ralfph |
