Great news about drilling being moved up. (posting old NFM Release)
I'm surprised some Mining Letter(s) haven't picked up on this before. A listing on the TSE will make it much easier for Americans & Europeans to get hold of CANUC stock !! I would love to read a report about Canuc's properties in Ecuador, when it comes out; - please post if it does. Thanks for getting info ! Unrelated Question. Does gold "travel" near the surface ? and is this one reason why NFM is buying land surrounding the main body of ore at Canuc's site. Which site is higher ?
ÿ Canadian Company Press Release
ÿ
NFMÿÿ1997-05-20 ÿÿ(provided courtesy of Canadian Corporate News)
Northfield Minerals Inc. - Company Update
TORONTO, ONTARIO--Northfield Minerals Inc. (NFM-TSE) is pleased to
report on the continuation of the exploration program on it's 630
hectare Nambija Uno concession, in southern Ecuador. Northfield
can earn up to a 65 percent interest in the property by a
combination of work commitments and payments spread over four
years. Northfield's nambija Uno concession totally encloses Canuc
Resources' 69 hectare Nambija concession, from which mining co-
operatives produced in excess of 2,000,000 ounces of gold since
1982 despite only 50 percent recoveries.
On May 8th, 1997, Canuc Resources announced an option and joint
venture agreement with Placer Dome Inc. whereby, over a five year
period, Placer Dome can earn up to a 60 percent interest in the 69
hectare concession. In order to earn a 60 percent interest,
Placer Dome must; (i) contribute US$10,000,000 to Canuc's treasury
through the purchase of stock and cash payments, (ii) spend a
minimum of US$6,000,000 on exploration, and (iii) complete a
bankable feasibility study and finance 70 percent of Canuc's share
of mine development costs.
Northfield's exploration program on its Nambija Uno concession
this year, has consisted of line cutting, soil sampling,
lithogeochemical sampling, prospecting, geological mapping,
trenching and diamond drilling. To date the exploration program
has identified a number of large areas of garnetiferous skarn
mineralization and stockwork veining that hosts gold. The gold
mineralization in this area is controlled by young alkalic
intrusions and a regional north-south structure. This is a
similar setting to the nambija gold mineralization on the
neighbouring Placer Dome/Canuc Resources Joint Venture property.
Also, discovered on Northfield's property is an 11 metre wide
massive sulphide zone. This zone has been traced along strike for
200 metres and 100 metres vertically and remains open both along
strike and down dip. Channel sampling across the massive sulphide
zone returned values of 8.34 percent Zn, 1 percent Cu, and 15.5 g
Ag/t over the 11 metres. This includes a higher grade portion of
12.2 percent Zn, 1.8 percent Cu and 26.8g Ag/t over 6 metres.
Additional exploration encountered polymetallic gold
mineralization believed to be high and up-section from the main
north-south Nambija mineralization zone lying to the west.
Northfield's current exploration program which includes road
building, trenching and channel sampling, is in the process of
crosscutting a large area of quartz stockwork, altered dacite
apopyses, and gold soil anomalies that straddle the Nambija zone
between the north trending main production zone on the Canuc
Resources/Placer Dome Joint Venture property located to the south,
and Placer Dome's Campana area projects located immediately north,
in Zamora Gold's Campanilla concession. Drilling will follow as
these new targets are laid out.
Most of the production in the Nambija area has been coarse gold.
Previous soil sampling over the entire Nambija Uno property took a
classical approach to soil analysis and may not have encountered
coarse gold in the samples. The current program will examine the
previously collected soil samples using a Heavy Metal Screw to
process entire soil samples for evidence of coarse gold. Such
analysis will furnish a more thorough look at previous sampling
and may redefine Northfield's Nambija area gold anomaly map.
"With the recent announcement of the Canuc Resources/Placer Dome
Ltd. joint venture," states Chairman Thomas Larsen, "Northfield is
well positioned to capitalize on the exploration potential of the
company's Nambija Uno concession that strategically surrounds
these 69 hectares."
-
|
