<font color="#ff8c1a"><font size=4>How's this for a post?</font><font size=5>
IBI Corp -
La Luz gold project to be acquired<font size=3>
IBI Corp IBIC
Shares issued 147750352 1997-10-17 close $0.10
Monday Oct 20 1997
Mr Wade Crawford reports
IBI has signed a letter of intent to acquire 100% interest in the La Luz gold project near Juntas, Costa Rica. IBI will award to the Cantu family consortium a 3% net smelter return in addition to US$150,000 payable immediately together with a further US$1 million in staged payments to be completed by 1999 through equity financing.
The property is a 14 sq km gold concession at the northwest end of the Costa Rican gold belt. It is 170km NW of San Jose, 8km off the Pan American Highway, 3km north of the mining town of Juntas and directly joins the operating Tres Hermanos gold mine of Ariel Resources. US$1 million has been expended to date by the Cantu family to carry out preliminary exploration work including a full environmental impact study, access roads and sampling of outcrops as well as various excavations and trenches.
IBI has retained the services of Dr Raymond Davies, an eminent and well regarded Canadian geologist. Dr Davies is director and vice-president, exploration for Lytton Minerals, and is also a director of a number of other exploration companies including
New Dolly Varden Minerals, Orezone, Decade and Ditem.
Dr Davies recently visited the property, collected check samples and reviewed the work completed to date. Dr Davies reports that samples taken by the vendors from previously mined veins have grades ranging from 0.53 g/t to 43.34 g/t. Much more significant are surface samples collected from a stockwork structure in the NE part of the property. A line of samples from shallow roadcuts have values that are
relatively low but are anomalous with an average of 0.14 g/t over 500m. However, samples taken from bedrock in streams from either side of the same road gave an average of 0.98 g/t (24.3m sampled over 170m) on the south side and 2.49 g/t (68.5m sampled over 400m) on the north side respectively. The latter samples compare favourably with those of open pit projects in the area (Lyon Lake at 2.9 million tonnes of 1.33 g/t). Four other areas on the property not yet explored have similar characteristics. Dr Davies further reports that based on the extent of the alteration, there is potential for up to 3 million oz gold deposit. So far, this could well be the most important and significant gold project acquired by IBI. Samples collected on the site visit are currently being assayed in Toronto. An initial phase I drilling program of approximately US$350,000 is strongly recommended in his
report. |
