To Virginijus,
****NEWS RELEASE****
Sounds very interesting.
Serengeti Diamonds Ltd -
Chunya/Lupa gold prospects identified
Serengeti Diamonds Ltd SGDShares issued 258229791997-09-25 close $0.09Friday Sep 26 1997Mr Tim Gallagher reports The company's joint venture partner Ormonde Mining PLC has identified three gold prospects as having bulk tonnage potential within its three prospecting licenses totalling 220 sq km in the Chunya/Lupa gold district in southwest Tanzania. The company plans to carry out followup exploration programs in October at Kasanga Bridge, Makhona-Njiwa and Lyaruu to advance the projects to drill ready stage by early 1998. Results from the first phase of exploration, carried out during June and July, are highly significant and encouraging. The company carried out regional mapping, soil geochemistry and detailed examination of 14 prospects within the Chunya Goldfield. 1) At Kasanga Bridge grab samples of banded iron formation (BIF) collected over a strike length of 350m have returned gold values of 7.19 g/t, 5.35 g/t and 4.68 g/t. Grab samples of gossan within the BIF have returned grades of up to 144 g/t. Geochemistry shows anomalous gold-in-soil values (maximum 744 ppb) over an area of up to 2.5km by 1.5km, which suggests continuity of mineralization over significant strike lengths and widths. 2) The Makhona-Njiwa prospects lie close to the intersection of major shear structures which appear to control the distribution of gold-bearing quartz reefs. At Makhona, surface chip sampling across one quartz zone gave results of 1.46 g/t over 30m, with a maximum value of 3.8 g/t over 5m. A second chip sample section, 60m to the west, returned results of 4.81 g/t and 1.86 g/t over separate 5m widths. Soil geochemical sampling has outlined several extensive gold-in-soil anomalies in the Makhona-Njiwa area, with strike lengths of up to 2.5km and values of up to 756 ppb gold. 3) Artisanal mining activity is widespread in the Litiruu prospect area, which comprises a sulphide-rich quartz lode within sheared altered schists. The shear system has an exposed length of 200m and width of 5m, but is obscured by soil cover to both north and south of the current artisanal pits. Grades of up to 15.25 g/t have been returned from quartz veins. Samples from wallrock have returned positive gold values and the company believes the prospect has potential of economic grades over significant widths. The Serengeti/Ormonde joint venture agreement provides for Serengeti to earn a 50% interest in the three Tanzanian licenses held by Ormonde through exploration expenditure totalling US$1 million over three years. Ormonde is the project operator. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
HARLEY.
PS.I think this company needs a little promotion and some financing and it might do very well. |
