Namibia?! - ' Boulder to acquire Namibian mineral property
Boulder Mining Corp YBR
Shares issued 12,544,491 Apr 1 2002 close $.180
Tuesday Apr 2 2002 News Release
Mr. John McAdam reports
BOULDER ACQUIRES OUTSTANDING IRON OXIDE-COPPER-GOLD
(IOCG) PR ...
Boulder Mining has entered into an option agreement with Bafex Exploration Pty,
a wholly owned subsidiary of Bafex Holdings Ltd., to explore for iron
oxide-copper-gold (IOCG) mineralization on the 19,000-hectare Tevrede
property, located in Namibia, one of Africa's most politically and economically
stable countries.
The deal
Boulder can earn a 100-per-cent interest in the Tevrede property, (excluding a
3-per-cent net smelter return (NSR) royalty), by making a cash payment of
$25,000 to Bafex, spending $3-million on exploration over four years with a
minimum first year expenditure of $300,000, and issuing a total of 500,000
common shares to Bafex over three years, with 100,000 common shares to be
issued upon regulatory approval. Furthermore, Boulder must issue Bafex an
additional 50,000 common shares at the end of each year beginning on the fifth
anniversary of the agreement for a period of five years, or until the property is in
production, whichever is sooner. The 3-per-cent NSR royalty can be reduced to
2-per-cent by paying Bafex $1-million (U.S.) prior to commencement of
commercial production. Boulder has first right of refusal to the remaining
2-per-cent NSR royalty. The agreement is subject to regulatory approval.
The property
The Tevrede property is underlain by Proterozoic age rocks, which are known to
host many of the world's most significant mineral deposits. This property has the
potential to host a large IOCG deposit similar to the Olympic Dam deposit in
South Australia, which contains an enormous resource of 2.3 billion tonnes
grading 1.3 per cent Cu, 0.5 gram per tonne (g/t) Au and 0.4 kilogram per tonne
U308. Historical exploration on the Tevrede property focused on the base and
precious metal potential within a northeast trending volcano-sedimentary package
with anomalous gold values over an 11-km strike length in quartzite (up to 121 g/t
Au over three m), anomalous gold-copper values over a one-km strike length in
tuffaceous quartzites (up to 11 g/t Au and 32 per cent Cu) and anomalous
gold-copper values over a three-km distance in andesites. Evidence of an IOCG
system is the presence of quartz-hematite-magnetite + fluorite + chalcocite +
chalcopyrite + pyrite in veinlets related to north and northwest trending fractures
that emanate from an adjacent granitic complex located immediately to the south.
Boulder and Bafex believe that the copper-gold mineralization in the sediments is
peripheral to a much larger mineralized system in the granite complex in the
southern portion of the Tevrede property.
Recent (1995) airborne magnetic and radiometric surveys indicate that the granitic
complex is intruded by a high heat production (HHP) granite, enriched in uranium,
thorium and potassium. The HHP granite is a five-km diameter plug mantled on
the north, east and south sides (over a distance of approximately 15 km) by
coincident potassium-thorium and magnetic anomalies. Reconnaissance
mapping/prospecting on the west margin of the HHP granite has led to the
discovery of widespread hydrothermal breccias containing strongly altered granitic
clasts in a magnetite-destructive hematitic matrix with traces of copper. Recent
prospecting by Bafex over the coincident magnetic-radiometric anomaly on the
east side of the HHP granite led to the discovery of copper-gold mineralization
associated with hydrothermal, fracture controlled and disseminated magnetite
within Rapakivi-textured granite. The direct association between the copper-gold
mineralization and the magnetite indicates that the entire area peripheral to the
HHP granite is prospective for copper-gold mineralization, an area in excess of 50
square km.
Exploration plans
Boulder plans to conduct a high-density stream sediment sampling program,
ground gravity and magnetic surveys and detailed geological mapping, prospecting
and sampling to delineate targets for drill testing. Drilling is anticipated for the fall
of 2002.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com '
... i bought this thing for El Fuerte and El Fuiste, lol ... ah well it was a whole lot cheaper then, too |
