SUMMARY OF NPEC PROJECTS AND NEWS RELEASES
Hey, Jim, I'm going to try to post something like you were asking for.
These are news releases/summaries that I've found here and misc.invest.
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NP ENERGY CORPORATION
August 21, 1996
Summary of NP Energy Projects
Silver Properties, Washington State:
In a news release on May 14, 1996 the Company announced progress on a sampling
program on the multi-vein system in the old workings of the Melrose Mine. Assays of
between 0.87 and 108.41 ounces per ton (opt) silver were realized in chip samples taken
from vein material in the old adits and drifts. Further work has been undertaken. Additional
ground has been staked, several new mineralized veins have been discovered and new gold,
copper, silver areas are being sampled. The first assays of these areas received on August 2,
1996 are as follows;
Sample .........Cu %.......Pb%......Zn%.....Ag(opt)....Au(opt)
Rocky Creek....0.587........6.87....17.34.....120.97.....0.017
Charleston.........0.251........0.63......0.08..... 90.96.....0.096
Right face..........2.797........0.01......0.03.......8.15.....0.082
Left face............0.651........0.01......0.01......1.328.....0.026
Mineral Mt........3.933........0.01......0.06......12.68......0.066
..
Acquisition of Telecommunications Company:
On May 20, 1996 NP Energy Corporation announced the acquisition of 100% of Metroplus
Communications Corporation by way of a share exchange agreement. Through company
owned switching platforms, over 2300 customers are provided with toll free calling to
otherwise long distance areas. Metroplus brings to NP Energy Corporation a strong team of
technical, marketing and support staff and expansion into the explosive national
communications industry.
Indonesia gold project:
On May 27, 1996 the Company announced the start of a $500,000 work program designed
to test the property for mineral occurrences by using geological, geochemical and geophysical
sampling, testing and mapping. Initial determinations are that seven structures have been
identified for further sampling along with 3 main drainage systems. The company has received
a highly favorable report from Simapertama's chief geologist and further hard data from the
field can be released shortly after permission is received from Indonesian officials. The
property is located in the volcanic arc between the operating gold mines Kelian and Mt.
Muro. The consulting Engineering firm is P.T. Simapertama Minindo of Jakarta. Recent
reports from the property indicate that several intrusive dyke systems have been located,
mapped and sampled. These systems are known to be related to gold occurrences in this
area.
Oil Field in South America:
On August 6, 1996 NP Energy announced the completion of the due diligence requirements
for the participation in an oil and gas joint venture. NP Energy acquired 20% working interest
in a field on the Santa Elena Peninsula, Ecuador, South America as follows:
Reserve estimates
In place: 1,200 billion Bbls
Produced: 120 million Bbls
Proven: 16 million Bbls recoverable
Development: 48 million Bbls recoverable
Exploration: 82 million Bbls recoverable
Infrastructure: position of 300,000 acres
628 active wells
Gathering system in place
Gas plant
Pipeline to the field
Separation and storage facilities Refinery only 12 miles away
Major port within 90 miles
The percentage share of the net production attributable to NPEC would be 1200 BOPD or
USD $24,000 per day gross revenues.
Financing requirements for phase one are in place and the rehabilitation project is underway.
Reserves from oil production are currently being realized retroactive to July 1, 1996
Exploration potential:
Several defined on-trend anomalies on the property indicate a potential of an additional 82
million Bbls recoverable.
The total investment into the field is expected to be $36,000,000 with a pay out time of 1.5
years and an internal rate of return of 145%.
Copper Project in Chile:
On July 23, 1996 NP Energy announced negotiations to acquire a significant interest in a
copper gold project in Chile. Selected samples, channel samples and grab samples from the
property returned values of between O.30% and 4.82% copper with significant gold
and silver values. Geologists Malcolm Fraser and Gordon House have completed their due
diligence of the Sierra de la Platte Project. Comments in the report state that "the potential
exists for the development of a multi-million ton deposit carrying economic grades of copper
mineralization". An earlier report by geologist Pec Santos
states that the tonnage potential for copper silver gold ore is "definitely greater than 200
million metric tons.". Geologists Fraser and House have recommended an immediate drill
program to test the overall grade and tonnage.
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Date: 1996/09/09
NP ENERGY CORP
NPEC Geological Reports from Gordon House Received
NP ENERGY CORP.
- Geological Reports from Gordon House Received
Larry Regis Jr., President of NP Energy Corp. announces that further to the company's July
23, 1996 news release on the Chilean copper project, geological reports from Gordon
House, P.Geo. have been received and are summarized as follows:
The property is located about 38 km SE of Copiapo, Region III, Chile and consists of seven
concessions covering an area of 1100 hectares.
Mineralization on the concessions occurs as mantos over an apparent thickness of 30 meters
to 100 meters. The manto style of mineralization is usually quite extensive and the potential
exists for the development of a multi million ton deposit carrying economic grades of copper
ore. The mineralization at the Mina Claudia occurs as malachite, azurite, chrysacolla and
specular hematite. The mineralization at the Manto Milagroso was observed to extend over
1000 meters in elevation and consists of malachite, azurite, chrysacolla and specular hematite.
The results of a systematic sampling program on the Mina claudia are very encouraging in that
most of the copper analysis was around 0.4%. The samples were taken as chips over 1 to 2
meters as impartially as possible with no bias towards copper stained pieces as against barren
looking wall rock. The gold and silver values were interesting with gold values being
anomalous and silver values up to 4.6 grams per ton.
Samples taken Manto Milagroso returned values in copper, gold and silver that are
unexpected. Results indicate that the dacite dome is more than a cap rock to the underlying
andesitic volcanics.
The occurrence of a supergene enrichment zone at relatively shallow depths on the adjacent
ground indicates the possibility of similar supergene zones on the Mina Claudia and Manto
Milagroso properties. A drill program is recommended to confirm the grade and tonnage of
the mineralization. Several deep holes are also recommended to test the supergene
enrichment zones.
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News Release - August 29, 1996
NP Energy Corporation reports that further progress has been made in the Chilean copper
project. A subsidiary company has been formed and incorporated under the laws of Chile
Sierra de La Platta Ltda. becomes the project corporation for the joint venture partnership to
which NP Energy Corporation will subscribe. Company geologist Mr. Malcolm Fraser will
be going to Santiagoon Monday August 30, 1996 to attend further work in this regard. In
other developments a cut was made on a rock face on the Milagrosa claims on the property.
The ore intersected by this cut extends for over 150 meters in width, unknown
thickness with 3 meters exposed, and is considered to be direct shipping ore in that it is rich
enough so as to preclude the necessity for concentrating before shipping to the refinery. A
five hundred pound sample has been shipped for assay.
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Sep 17 1996 11:23PM EST
NEWS RELEASE
UPDATE ON CHILEAN COPPER/GOLD PROJECT
NP Energy Corporation reports that consulting geologist Malcolm Fraser has been working
in Chile on the Mina Claudia copper/gold project and reports as follows:
Two areas of mineralization have been opened up in the last month. Both areas appear to
form parts of the same mineral horizon, separated by approximately 200 meters horizontally
and 100 meters vertically. The southwestern opening has exposed mantle type mineralization
over a vertical height of 3.5 meters. The grade of mineralization exposed
will require verification by assay. Visual estimates of up to 14% copper were taken in some
of the specimens. The average grade of the new cut is expected to be 3-4% copper. The cut
was bottomed in mineralization.
The more northwesterly new opening was in a magnitite rim. A number of representative
samples were taken across the face of the cut (App. 4 meters wide and 3 meters deep)
Visual estimates will place the copper content in the 3-6% copper range. The cut was
bottomed in mineralization.
The mantle structure is made more visible by the work done by the Garcia brothers. The
horizontal extension of the Manta Milagroso prospect towards the Mina Claudia now
appears more confirmed.
The Mina Claudia and Manta Milagroso represent an example of the "Manto" type copper
gold mineralization found at the nearby Candelaria (Phelps Dodge) open pit mine and may
well represent an extension of the same mineralized horizon as observed by the writer. Phelps
Dodge has spent over $1 billion in the development of the Candelaria mine, one of the largest
copper gold deposits in the world.
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Oct 23 1996 10:12PM EST
NP ENERGY CORPORATION
NEWS RELEASE
NP ENERGY CORPORATION COMPLETES COPPER/GOLD ACQUISITIONS
NP Energy Corporation is pleased to announce that the company has acquired a 20%
interest in a substantial copper/gold project in Chile. The property is located about 38
kilometers S.E. of Copiato, Region III, Chile and consists of seven concessions covering an
area of 1100 hectares. Local miners are currently producing small tonnage of high grade
copper/gold ore that is classified as "direct shipping ore" by the Anami refinery. This kind of
production has been consistent for many years and has been a mainstay for several families in
the Sierra de la Platta area. The quality of the ore and consistent production
have not escaped the notice of mining and development companies. Np Energy Corporation
and its partners recently sent two independent geologists to the property in order to verify the
data and information presented by the Chilean representatives. Their report was summarized
as follows:
"Mineralization on the concessions occurs as mantos over an apparent thickness of 30 to 100
meters. The manto style of mineralization is usually quite extensive and the potential exsists for
the development of a multi-million ton deposit carrying economic grades of copper ore. The
mineralization at the Mina Claudia occurrs as malachite, azurite,
chrysacolla and specular hemitite. The mineralization at the Manto Milagroso was observed
to extend over 1000 meters in elevation and consists of malachite, azurite, chrysacolla and
specular hemitite. Samples taken at Manto Milagroso returned values in copper, gold and
silver that are unexpected. Results indicate that the dacite dome is more than a cap rock to
the underlying andesitic volcanics.
The occurrence of a supergene enrichment zone at relatively shallow depths on the adjacent
ground indicates the possibility of similar supergene zones on the Mina Claudia and Manto
Milagrosso properties. A drill program is recommended to confirm the grade and tonnage of
the mineralization. Several deep holes are also recommended to test the supergene
enrichment zones.
A bulk sample has been sent to the lab for analysis and results will be made available as soon
as possible.
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3RD NEWS RELEASE
NP ENERGY
October 25, 1996
NP ENERGY CORPORATION PARTNERS IN $50,000,000.00 + ACQUISITION
20% interest in Andacolla Gold Property
NP Energy Corporation is pleased to announce the acquisition of key ground in one of the
hottest gold regions in the world. The company has signed an option to acquire a minimum
20% interest in several hundred hectares of key ground central to the known gold producing
properties of the Andacolla in Chile. Over 10 million tons of gold ore have been drill
indicated on the property and the potential exists for the development of significantly higher
reserves. Average drill grades exceed 2 grams of gold per ton. It is reported that most of the
drilling was done using air track equipment and as a result only the first of what is potentially
several sequential mineralized structures have been intersected. For example, property
reports show consistent gold mineralization to a depth of over two hundred meters. Grades
and tonnage reported on the property are conservative. Three hundred
thousand metric tons of ore from the property were shipped to the Anami refinery for
extraction. Assays returned values of between 3.2 g./t. gold and 60.5 g./t. gold with more
then 30 assays grading higher than 20 g./t. gold. NP Enegy Corporation and its partners are
initiating a work program on the properties immediately. This includes an intensive diamond
drilling program designed to increase proven reserves and test sequential structures.
More details on size, location and property titles will be made available as requirements under
Chilean law permit.
Geoff |
