NEWS:
Luiza concession increased
Starpoint Goldfields Inc STS
Shares issued 6,444,175 Sep 16 close $0.24
Wed 17 Sept 97 News Release
Mr F.I. Ilott reports
The company's alluvial diamonds and gold concession, the Luiza, in the
Democratic Republic of Congo has been increased in size from 500 sq km to
3,480 sq km. The properties of the Luiza concession are approximately 150
km. northeast of the alluvial diamond concessions of the Lunda Norte
Province of Angola where DiamondWorks' Luo concession, the soon to be
producing Yetwene and Starpoint's Riverstone concessions are located.
Information received from a mining company active in the region indicates
alluvial gold in the 10-12 grams per ton range. Starpoint is working to
confirm these figures on the Luiza Concession and is very optimistic about
the potential of this property In view of its history of local mining.
Starpoint's northern gold and diamond concessions in the Congo, the Tele,
the Panga and the Adumbi-Yindi encompassing approximately 13,000 sq km,
will be the source of geologic exploration activity in early November by
Gordon Richards, P.Eng., immediately following the wet season. A review of
the geological data and known gold occurrences by Mr Richards reveals that
these properties are centred on three separate areas of Archean age rocks.
"Approximately 60% of the world's cumulative gold production has come from
Archean age rocks. Greenstone belts of all Arc;ean shield areas are
characterized by numerous lode gold deposits. Examples of major producers
occur in all the Archean shield areas of the world: the Superior and Slave
provinces of Canada (the mines of the Porcupine, Red Lake, Kirkland Lake
and Yellowknife districts); the early Precambrian Shield of Montana (the
Homestake mine); the Brazilian Shield (the Morro Velho and Rapos O mines);
the Kaapvaal Craton and the Zambian Cratan (the deposits of the Barberton
Mountain land and the deposits of the Gwenda and Midland belts); the Shield
area of western Australia (the Golden Mile, Kalgoorlie); and the Indian
Shield (the Kolar gold fields); Roberts R.G; in Ore Deposit Models edited
by R.G. Roberts and P.A. Sheahan." See Gordon Richards, 'Exploration
Proposal' at www.starpoint.com.
Starpoint's concessions have yet to benefit from vigorous exploration using
organized, modern techniques. It is now Starpoint's focus.
As announced previously, recorded production of gold by Belgian interests
of over 360,000 ounces prior to Zairian independence in 1960 was from
several locations on each of the concessions. Gordon Richards, in a review
of material for Starpoint, reports "this combination of known gold
production within Archean age rocks make the three concessions extremely
interesting exploration targets".
Starpoint continues to forge governmental and mining partnerships in its
goal of bringing these properties into production.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.
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Dorothy |
