Here's #3, This is good news on properties in the Phillipines. Paid for with shares not cash. While this dilutes the stock, it doesn't consume money they don't have. With the low share float on this stock it can give up a lot of shares before the market thinks it's too many. Also with the low share float, it can go up fast and far on good news.
just my thoughts J.A.
Alliance Pacific Gold Corp.
APG VSE September 19, 1997
Acquires MRA's Rights to Philippine Gold and Copper Projects
ALLIANCE PACIFIC GOLD CORP. ("APG-V;APGO-L")
- Acquires MRA's Rights to Philippine Gold and Copper Projects
Brian A. Lueck, P.Geo., President of Alliance Pacific Gold Corp., announces that the Company, subject to approval by the Vancouver Stock Exchange, has entered into agreements with MRA Consultants Ltd. (MRA) to acquire all of MRA's rights to earn a 100% direct and indirect interest in 5 Philippine properties held by Mineral Production Sharing Agreements (MPSA's). This property package, in addition to the Lobo-Boneng-Atok-Saka Ang Properties, establishes Alliance Pacific Gold Corp. as a major property holder within the central copper-gold belt of northern Luzon.
The following is a brief description of each project with the terms of agreement:
MAINIT GOLD PROSPECT
Mainit is situated within the 250 km narrow mountainous belt of porphyry copper-gold, replacement massive sulphides, and epithermal gold deposits that comprise the Baguio Mineral District in northern Luzon. The MPSA application on this project has the support of a major mining company in the form of a joint venture letter of intent with Alliance Pacific Gold Corp, Formal announcement of this joint venture is pending due diligence of the property titles by the major company. Alliance Pacific Gold Corp. has already completed its due diligence, which was performed by the law firm of Sycip, Salazar, Hernandez
and Gatmaitan, Makati, Philippines.
The Mainit property contains andesite to dacite flows, andesitic pyroclastics, tuffaceous sediments of shale, wackes and conglomerates, and fossiliferous shaly limestone,
An extensive pyritic and silicified advanced argillic zone 1 to 2 km wide stretches in a north-easterly direction along the length of the property for more than 4 km. The most altered zone measures roughly one km . This altered zone contains hot springs, sinter deposits, hydrothermal breccias, and cherty rocks. Alunite occurs in the breccias and in some of the silicified rocks. Enargite occurs in pro- and syn-mineral breccias together with pyrite and silica. Some
breccia fragments contain pyrite veinlets and disseminations. Native sulfur is found in enargite-rich outcrops. Malachite stains are found in places.
Reconnaissance work by Goldfields Asia in 1981 indicated high gold-silver contents in strongly silicified outcrops within the altered zone. Outcrop samples averaged 2.6 g/t Au with a Ag:Au ratio of 25.6 : 1. Calcareous sublimate in one hot springs contained 0.34 g/t Au. Siliceous sinter and cherty rocks averaged 1.03 g/t Au. Porous silicified hot spring aprons returned 1.37 g/t Au and 7.20 g/t Au. Reconnaissance sampling by the Bureau of Mines in 1983
returned assays between 0.20 g/t Au to 6.0 g/t Au with high silver:gold ratios and arsenic up to 20 ppm. Reconnaissance work for Benguet Exploration, Inc in 1982 obtained averages of 3.39 g/t Au in mineralized silicified rock; 1.73 g/t Au in clayey soil over the deposit; and 0.32 g/t Au in unaltered volcanic rock. The Ag : Au ratio was over 20. Free gold has been noted. Copper and lead occur on the lower section of the gold-silver zone.
In 1981, Goldfields Asia calculated an open pit exploitable gold resource potential at Mainit in the order of 30 million to 90 million tonnes containing 3 to 10 g/t Au. This resource assumes a 10 to 30 metre surface thickness over an area of one km2, the known area of gold mineralization. The metal resource potential for such a target is 3 to 30 million ounces of gold.
The extent of surface alteration, and the degree of mineralization, point to a possible underlying porphyry copper-gold deposit of major dimensions. The potential to a depth of 300 metres is in the order of +500 million tonnes.
The company has entered into an Option Agreement with MRA dated September II, 1997, whereby the Company can earn a 100% direct and indirect interest in the Mainit Gold Prospect by:
(a) issuing to MRA up to 3,000,000 common shares in the capital stock of the Company, subject to VSE approval and submission of engineering reports recommending further work on the property; and
(b) issuing a further 1,000,000 shares upon receipt of a positive feasibility study, indicating an economic deposit.
Kilong-Olao and Bayosen are exposed porphyry copper deposits located in the Abra Province on the Luzon island. Both were last explored (only for copper) in the early 1970*s. The prospects are centered on diorite intrusives within the andesite volcanic terrain of Abra Province. They are found within a gold and copper-gold mineralized belt along the eastern half of Abra Province which forms part of the Bagnio Mineral District, host of some the most significant copper-gold deposits in the Philippines, including Lepanto, Philex and Ataxnok.
A soil geochemical survey over Kilong-Olao by Marcopper Mining Corporation in 1972-73 delineated a north-south oriented 4.5 km x I km copper anomaly above 500 ppm. The anomaly is strongest over a NNE-oriented quartz diorite measuring 2.5 km x 2.5 km and intruding meta-andesite. The soil copper anomaly extends continuously northward for another 2 kms. Several smaller anomalies occur a kilometer north of the main one.
Marcopper had reported an open ended drill-indicated resource of 50 million tonnes in the southern half of Kilong-Olao where drilling was focused. Al Magan's review of Marcopper data indicated a resource of 68 million tonnes at 0.32% Cu. The deposit is open to the north as indicated by the soil copper anomaly that extends another 2 kms north from the drilled end. It could be open at depth as copper values tend to increase downward as in DDH No. I and partly in DDH No. 4. Gold was not determined but local panners were recovering gold from the drill sludge left at the hole collar.
The Bayosen deposit is found 12 kms almost due south of Kilong-Olao. Soil geochemical sampling on a 200 m x 50 m grid by Carpentaria Exploration Company Ply Ltd in 1976 delineated a north-south oriented 3 km x 1 km copper anomaly of between 500 ppm and >2,000 ppm. Copper anomalies of between 500 ppm and 2,000 ppm, but of smaller dimensions, occur immediately around the main one such that the entire width of anomalous ground is about 1.5 km. Bayosen has not been tested by drilling but offers strong possibilities for a major copper-gold resource with possible peripheral epithermal gold resources(as is the case at Kilong-Olao).
The ground between Bayosen and Kilong-Olao has been little explored. Considering the 5 to 7 km porphyry centers that are recognized in other parts of the Bagnio Mineral District, the 12 km distance between Kilong-Olao and Bayosen offers possibilities for another occurrence.
The company has entered into an Option Agreement with MRA dated September 11, 1997, whereby the Company can earn a 100% direct and indirect interest in the Kilong-Olao and Bayosen Copper-Gold Prospect by:
(a) issuing to MRA np to 200,000 common shares in the capital stock of the Company, subject to VSE approval and submission of engineering reports recommending further work on the property; and
(b) issuing a further 1,000,000 shares upon receipt of a positive feasibility study, indicating an economic deposit.
MALITAO Cu-Au PROSPECT
The Malitao Prospect is situated within the 120 km narrow belt of porphyry copper-gold, replacement massive sulphides and epithermal gold deposits distributed along the west half of Kalinga-Apayao Province. This belt of copper-gold deposits form the northeastern sector of the 250-km north-south Bagnio Mineral District.
In the Kalinga-Apayao Province dioritic intrusives are distributed in the southwestern and mid-west sectors where copper-gold deposits have been explored. Malitao and others are probably iron-copper-gold skarn mineralization above unroofed dioritic intrusives which, in turn, possibly host largely intact porphyry copper-gold deposits.
The Malitao area is underlain by bedded clastic sedimentary rocks composed of indurated fine-grained siltstone, greywacke, and conglomerate. The conglomerate clasts are mostly altered basalt and some limestone cobbles. Elsewhere, chloritized and epidotized basalt intercalate with the sediments. Float of quartz diorite was recognized along Malitao Creek during a 1958 survey by the Bureau of Mines,
The Malitao deposit is a massive sulphide deposit which outcrops in several areas. Continuous channel samples of the outcrops by Philex showed 32.32 meters of .593 g/T Au and 3.96% copper, and 93.29 meters of .566 g/T Au and 3.5% copper. Metre-wide, steep-dipping fault structures run north to northeast through the prospect. The main mineralized outcrop is traceable for more than 300 meters and appears to be a replaced favorable bed that strikes north and dips 101015 degrees to the east. Strong clay and pyrite alteration and silicification has a thickness of about 20 to 30 metres. Main copper minerals are bornite, chalcopyrite and chalcocite. Other sulphides are pyrite and marcasite. Samples taken by Bureau geologists returned an average of 20% Cu, 8.84% Zn and I to 2 g/t Au. The associated pyritic altered zone contained 0.32% Cu.
In ODH-I, the first of seven very poor recovery small-diameter holes drilled by Philex Mining Corporation in 1969, a massive sulphide intersection was reportedly 6 metres thick underlain by slightly pyritic conglomerate and sandstone. In ODH-3, a massive sulphide intersection of pyrite, chalcopyrite, bornite and covellite was 23.5 metres thick underlain by 9,1 metres of altered pyritic rock with chalcopyrite dissemination, and followed by 4.8 metres of altered, pyritic, volcanic rock and 2.4 metres of red shale at hole bottom.
The company has entered into an Option Agreement with MRA dated September 11, 1997, whereby the Company can earn a 100% direct and indirect interest in the Malitao Copper-Gold Prospect by:
(a) issuing to MRA up to 200,000 common shares in the capital stock of the Company, subject to VSE approval and submission of engineering reports recommending further work on the property; and
(b) issuing a further 1,000,000 shares upon receipt of a positive feasibility study, indicating an economic deposit.
MAYANTOC Cu-Au PROSPECT
The Mayantoc copper-gold prospect is a highly altered Au-Cu mineralized diorite intrusive over a kilometer across intruding andesitic to basaltic volcanics. This intrusive is located in Tarlac Province, Central Luzon, within the Zambales-Bataan-Batangas copper-gold belt. Dizoo (Zambales) and Taysan (Batangas) porphyry copper-gold deposits are located within this belt, and caldera structures, such as in the Dizon area, have been recognized along this belt
Mayantoc is underlain by flat to shallow dipping andesitic to basaltic volcanic flows which have been intruded by diorite over a kilometer in exposed dimension. The diorite is extensively argillized with disseminated pyrite, A 10-meter wide exposure of quartz-calcite stockwork with pyrite, chalcopyrite and bornite occurs in volcanics along Balbalitok Creek on the southeast quadrant of the property. Quartz-calcite veining in volcanics is also found near the central
part of the property.
Rock chip, float chip, and stream sediment samples indicate significant anomalism in copper and gold within the diorite intrusive and its general contact area with the volcanics. A rock sample of brecciated white quartz in Tuwil Creek returned 0.67 ppm Au and 42 ppm Cu; and a float chip of similar material returned 5,70 g/t Au and 105 ppm Cu. The quartz-calcite stockwork in Balbalitoc Creek returned 4,350 ppm Cu and 0.22 g/t Au, and 295 ppm Cu and 0.36 g/t Au. Further downstream, float of rusty, cupriferous, pyritic quartz-calcite material returned 0.15 g/t Auto 0,18 g/t Au with corresponding Cu of 14 ppm to 345 ppm. Stream sediment downstream in Allabon Creek draining the southwest quadrant of the property returned 1,200 ppm Cu and 0.10 g/t Au.
Reconnaissance work by a private field party in 1997 obtained the following results from samples suspected to be gold bearing:
//st
Sample Au (g/t) Ag (g/t)
Sulphides 6.67 8.67
Sulphides, gouge 4.00 5.20
Quartz-pyrite-ore 1.96 2.17
Quartz-pyrite-ore 1.87 1.95
Quartz-pyrite-ore 2.30 2.60
Weathered sulphide ore 4.20 6.50
Sulphide ore 6.20 10.00
//et
These results indicate a good potential for finding a significant gold deposit in the Mayantoc area. Mayantoc has not been tested by drilling to date. The 1990 reconnaissance work by the Bureau of Mines covered basically only the central section of the tenement. However, the present information indicates that the Mayantoc property has good potential for the discovery of porphyry-style Cu-Au and/or epithermal gold mineralization.
The company has entered into an Option Agreement with MRA dated September II, 1997, whereby the Company can earn a 100% direct and indirect interest in the Mayantoc Copper-Gold Prospect by:
(a) issuing to MRA up to 200,000 common shares in the capital stock of the Company, subject to VSE approval and submission of engineering reports recommending further work on the property; and
(b) issuing a further 1,000,000 shares upon receipt of a positive feasibility study, indicating an economic deposit.
TEL: (604) 688-2010 Brian A. Lueck, P.Geo., President FAX: (604) 688-2015 TEL: 1-800-785-3339 |
