First quarter results-Takla Star Resources Ltd(TKR)
Shares issued 12,248,094 Jul 21 close $1.40
Tue 22 Jul 97 Company Review
Mr James Stewart reviews the company
NICKEL IN LABRADOR
Project 61 is strategically located 7km southwest of the Voisey's Bay main
deposit. It is postulated through geophysics that a western extension of
the main deposit trends southwest toward a body of troctolite known as the
Ashley zone, immediately north of project 61, with the southern part of the
troctolite extending onto project 61. Inco has completed ground geophysics
over the Ashley zone and recently announced that the troctolite rock that
hosts the mineral reserves found at Voisey's Bay area may be more extensive
than originally estimated.
The 1997 exploration program for project 61 will consist of an initial two
hole diamond drill program and will test depths to 600 metres.
The Nain area drill program was contingent on the town council of Nain
removing depth restrictions and permitting additional drilling. The company
has been notified that the removal of depth restrictions and approvals for
further drilling will not be forthcoming as expected. Accordingly, drilling
has been postponed for the 1997 season. However, further geological and
geophysical surveys will be conducted outside the boundaries of the town of
Nain.
GOLD IN BOLIVIA
In May 1997 Takla Star entered into an agreement with Redex Gold of
Vancouver.
Redex can earn a 50% interest in the company's La Joya gold project by
making staged exploration expenditures of US$450,000 by August 1998. In
addition, Redex will issue 200,000 shares to Takla by September 1997 and an
additional 100,000 shares if and when a production decision is reached on
the property.
GOLD IN PERU
Takla Star acquired, by staking, a 12,000 hectare land position comprised
of 12 petitions in the Antabamba area of Apurimac province, 100km southwest
of the city of Cuzco. The mineral petitions cover areas containing middle
Tertiary calc-alkalic volcanic rocks considered to be favourable hosts for
epithermal gold deposits.
In the province of Sandia. Takla has filed applications for a 34,400
hectare land position comprised of 35 petitions 170km northeast of the city
of Juliaca. The Sandia project area is underlain by folded carbonaceous
Devonian sedimentary rocks considered favourable hosts for manto and
structurally controlled stockwork gold deposits. Reconnaissance stream
sediment and rock-chip geochemical sampling have outlined a 20km by 10km
area of potential for containing gold mineralization.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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EL note: this release is a very breif overview of some of Takla's properties. I think it is a "nothing" release as it does not provide any more information than is already known. What investors/ speculators want info on is the status of the project 61 drilling and when to expect results. An update on the legal claims against Orkho Pina in Bolivia and/or commencement of work on this property would also be welcome news.
There really is no "results" to this release. They could have at least commented on working capital or cash positions, and summary of income statement for the quarter.
The long wait continues
el |
