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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 15.24

+0.3%

Nov 7 4:00 PM EST

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To: Robert Dydo who wrote (621)	2/17/1998 12:14:00 PM
From: John Menzies	Read Replies (2) of 1248

AKBASTAU NORTH * You asked me by email about the various exploration plays and I thought I would give you replies in a series of segements so that you had the opportunity to comment and discuss each. AKBASTAU NORTH is located immediately along strike from the Akbastau base metal deposit to the south of Mizek. The target is a geochemical anomaly which follows a zone of intense alteration and volcanic breccias from the Akbastau deposit for more than 2.5 kilometres to the north-west. The area has had no previous exploration and lies in a valley up stream fromt he Akbastau deposit. The akbastau deposit contains about 750 million pounds of copper, 350 million pounds of zinc, 400,000 ounces of gold and 11 million ounces of silver. We located the target after region stream sediment geochemistry which we follwoed up with detailed soil geochemicstry - just good basic inexpensive exploration. Akbastau has produced some excellent drillhole results during Soviet exploration including C-249 which starting from 15 metres depth intercepted 63 metres at 4.5% copper ending in mineralisation, and C-309 which intercepted 119 metres starting at 47 metres at 2.4% copper followed by 40 metres at 1.6% copper and 2.5% zinc. We are really encouraged by the resuls to date. The anomaly has excellent gold- copper lead and zinc values in a zone up to 400 metres wide. Gold up to 0.6 g/t zinc to 5200ppm and lead to 1130 ppm. What we find exciting about this is the coincidence of the metals and the fact that the levels are as high or higer than those which we have taken from over the Akbastau deposit itself where there is an outcropping gossan. The coincidence with alteration and excellent geology is also encouraging. This is a major target with good chemistry and geology along strike from a major deposit in an area which appears to have had no exploration at all. Work needed and planned for 1998 includes IP and RC drilling. There is also a somewhat weaker anomalt 1 kilomtre to the east which we call ET which has some quite high values and similar coincident geochemistry. The anomaly has a strike of a couple of kilometres but is not as continuous as Akbastau north. If you want to have a look at the contoured plans come by the office- call 1 604 689 7837 anytime.

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