DSR-v...in the news:
Doublestar subsidiary acquires 11 prospects in Honduras
Tue 1 Oct 2002
News Release
Mr. Paul Saxton reports
GOLD AND SILVER PROSPECTS ACQUIRED IN HONDURAS
Eleven exploration concessions have been acquired by Doublestar's Honduran
subsidiary, Aurora Exploracion (Honduras) S. de R.L. This transaction
increases Doublestar's mineral concession interests in Honduras to 276
square kilometres, making Doublestar one of the larger explorers and
landholders in the country. Several of the concessions are in the highly
prospective department of Santa Barbara in close proximity to the company's
wholly owned Zopilote property which hosts a gold resource of 10.5 million
tonnes grading 1.32 grams per tonne gold at a cutoff of 0.3 of a gram per
tonne and where the majority of the property has yet to be explored in
detail. The concessions include advanced epithermal gold targets with old
workings which have provided up to 59 grams of gold per tonne in
underground channel sampling; advanced epithermal silver-gold targets; two
advanced bulk-tonnage gold prospects; grassroots gold prospects; an
advanced polymetallic prospect; and two advanced polymetallic/silver
prospects with values up to 6.85 per cent copper, 9.2 per cent zinc and 85
grams of silver per tonne. These new concessions can be viewed in more
detail on the company's Web site at
www.doublestar.net/projects/honduras_regional/.
Aurora has entered into a letter of intent with Australis S. de R.L., also
of Honduras, under which Australis will receive 125,000 Doublestar Class A
shares in return for assisting Doublestar in acquiring the concessions, and
Dr. Peter Donovan, PhD, geology, owner of Australis, will be retained as a
consultant to Aurora and provided with a stock option covering the
acquisition of 75,000 Doublestar Class A shares, subject to regulatory
approval. Australis will retain a 1-per-cent net smelter royalty on some of
the acquired properties.
Doublestar considers Honduras to be among the best mineral provinces
conducive to the discovery of bulk-tonnage, heap-leachable gold deposits.
The company's view is based on the existence of widespread placer gravels
in numerous small and large watersheds, and the presence of deep-seated
tectonic faulting along the boundary between the North American and
Caribbean plates in which overall setting, three heap-leach gold mines have
opened within the last few years. |
