the "sexy" properties showed up
Longyear, Rey Midas concessions are granted
Energold Mining Ltd EGD
Shares issued 11,552,737 Jan 22 close $0.50
Fri 23 Jan 98 News Release
Also Eldorado Gold Corp (ELD)
Mr Keith Schaefer reports
Two key exploration concessions have been granted in the Dominican Republic
in which Energold has an interest. They are the Longyear concession, which
is adjacent to Pueblo Viejo and the Rey Midas concession which adjoins the
Managua mineral discover by Falconbridge.
The 1,090 hectare Longyear exploration concession adjoins the Pueblo Viejo
mine to the southwest.
A geochemical survey on a 1 sq km grid has identified a prominent gold
anomaly in soils, oxidized float boulders and limited outcrops.
Soils and rocks average 0.5 grams per ton gold and range up to greater than
5 g/t gold with numerous plus 1 g/t Au values accompanied by anomalous
values in silver, copper, molybdenum, lead and zinc.
The anomaly is open to the south, north and northwest and covers an area of
600 by 700 metres underlain by Maimon quartz sericite schists, Los Ranchos
formation volcanics and sediments and Hatillo limestone.
Some 3.5km to the northeast lie the Moore and Monte Negro orebodies at the
Pueblo Viejo mine with a mineral resource of 20 million oz of gold and 5
million oz of past production.
Longyear has been officially granted to Casa Real, SA, a Dominican company
owned by FMI Technologies. FMI is owned 51% by Eldorado Gold and 49%
Energold Mining Ltd. Under the terms of an agreement dated February 21 1997
and amended October 1 1997 Energold will remain the operator for the first
two years, and its 49% interest will be carried to feasibility.
The 2,400 hectare Rey Midas concession is approximately 55km east of Pueblo
Viejo.
Rey Midas has been granted to Actividades Mineras, SA. Actividades is owned
by MJD Agency, a private Canadian company. Energold has the right to earn a
60% interest in Actividades making exploration expenditures of $600,000.00.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
