here's another moly that isnt on any radar
Cons Big Valley options Spain Mine moly property
2005-06-29 14:18 ET - News Release
Mr. Frank Basa reports
CONSOLIDATED BIG VALLEY ENTERS INTO AN AGREEMENT TO PURCHASE INTEREST IN THE FORMER "SPAIN MINE" MOLYBDENITE PROPERTY IN ONTARIO
Consolidated Big Valley Resources Inc. (CBG) has entered into an option agreement to acquire a 100-per-cent interest in the former Spain Mine molybdenite property located in greater Madaskawa township in the Southern Ontario mining division. The property encompasses three continguous and two adjacent mining claims -- covering approximately 400 hectares of prospective mineral rights on both Crown and patented lands, located about 120 kilometres west of Ottawa, Ont., and 12 kilometres west of the former Hunt molybdenite mine, and is in the epicentre of about 21 moly showings throughout the southern Renfrew county region.
The Spain Mine property highlights include:
25,000 tons of ore reserves grading 1.67 per cent MoS2 (molybdenum disulphide) based on a report prepared by Velocity Surveys Ltd. (Sept. 13, 1968):
the K zone tested with 52 vertical boreholes calculated to contain up to 20,000 tons of inferred moly ore of an average grade slightly better than 4 per cent MoS2;
intensive study of all reports indicate there are approximately 5,000 tons of proven ore left in the main pit (measuring 25 metres in length, 40 metres wide, and three metres to nine metres deep) assaying 1 per cent to 1.5 per cent MoS2;
excellent open pit potential-mineral body eight metres to 12 metres below surface and slightly dipping toward southwest;
excellent accessibility -- located only 200 metres east of major all season north-south transportation route Hightway 41;
excellent potential for increase in moly resource:
mineralized zone (25 metres in width) strikes northeasterly and is traceable for 1,600 metres with a possible additional 350-metre extension;
a possible 150,000 tons of 1.78 per cent MoS2 mineralization present in this (i) zone based on the projection of values received in the 25-metre-by-40-metre open pit at the western end of the zone;
potential for two parallel zones along the main strike;
Legree showing on the southeast section of the property to be explored further; and
the moly crystals are very large averaging about two inches, some are from six inches to 12 inches across with some aggregate of the pure mineral weighing several pounds.
No exploration has been carried out on the property since the early 1960s and with the recent substantial increase in the price of molybdenum oxide to more than $30 (U.S.) per pound, the company believes this is an extremely promising property to acquire at this time.
The above resource figures on the Spain property are not National Instrument 43-101 compliant, have not been verified by an independent qualified person, should not be relied upon, and are presented for disclosure purposes only.
The company has commissioned an NI 43-101-compliant report which is expected soon.
Agreement terms (subject to regulatory approvals):
Consolidated Big Valley has acquired the option to earn a 100-per-cent interest in the Spain property from the vendors Robert R. Robitaille and Douglas Lalonde of Timmins, Ont., and Sheldon Davis of Toronto, Ont., under the following terms:
an option to acquire a 60-per-cent undivided interest in the mining interests by delivering to the vendors 900,000 Consolidated Big Valley treasury common shares, subject to regulatory approvals, at a deemed price of 25 cents per share. The option expires Sept. 14, 2005;
an additional option to acquire the remaining 40-per-cent undivided interest in the mining interests by delivering to the vendors $200,000 in cash, or, at the option of the purchaser, an equivalent value of Consolidated Big Valley common shares priced at the 10-day arithmetic average closing price prior to Sept. 14, 2006. This option expires Sept. 14, 2006; and
if Consolidated Big Valley, at any time prior to Sept. 14, 2006, assigns 50 per cent or more of its interest in the mining interests, it shall be obligated to exercise this remaining 40-per-cent option at that time.
There shall be no finder's fee payable to anyone in respect of this agreement. |
