More news - this looks highly prospective to me, what do you think??
Alexander News International Inc -
Gwanda acquisition completed
Alexander News International Inc
AWS
Shares issued 4593465
1998-05-04 close $0.3
Wednesday May 6 1998
Mr. Donald Sullivan reports
The company has completed the Gwanda property acquisition in Zimbabwe. The
property covers two EPO's (exclusive prospecting orders) on the Gwanda
Archean greenstone belt with a total area of 182,780 acres (74,000 hectares).
The Gwanda greenstone belt is approximately 110km northeast of Zimbabwe's
second largest city, Bulowayo. EPO 49/96 and EPO 1074 includes numerous
past-producing gold mines, with grades ranging from 3.3 g Au/t to 20.3 g Au/t.
Gold produced from these mines range from 520 kg to 18,400 kg. The Gwanda
greenstone belt has produced a total of 115,900 kg of gold since 1991 and
accounts for 10 per cent of Zimbabwe's gold output.
SIGNIFICANT PROPERTY FEATURES
The area of the Gwanda greenstone belt covered by the project area is highly
prospective and with more than 50 per cent chance of locating a similar mine in
the area to those which already exist.
The Gwanda greenstone belt is the third largest producer of gold per square
kilometre in Zimbabwe.
The average gold production of the nine most significant mines in and adjacent to
the project area is 103,700 ounces per mine.
Little modern geochemical or geophysical exploration has been conducted over
the area. Wide zones of low-grade mineralization occur and have been/are being
mined in the Gwanda belt. A realistic exploration target would be the development
of a resource of 4 million tonnes at 4 g/t (500,000 ounces of contained gold).
There is excellent potential for the discovery of parallel reefs at the old dormant
mines, and/or the discovery of lower grade, wider zones of disseminated
mineralization in the altered wallrocks.
There is potential, if a central mill is established, to develop a series of satellite
mining operations on narrow-vein, high grade, gold reefs. This would add
significantly to the potential economic gold resource.
The property has a developed network of roads that provide access to every part
of the property. The area has an educated workforce and experienced geologists
for a complete exploration program. Power and water is easily accessible and in
abundance.
Significant Mines Within and
Immediately Adjacent to the Project
Mine Gold Grade
oz g/t Au
Jessie 410,530 10.5
Geelong 173,640 4.6
Penzance 71,200 13.3
Farvic 67,190 16.6
Nicholson 60,430 7.2
Bucks Reef 46,170 27.0
Prince Olaf 45,940 21.8
Colleen Bawn 34,020 15.1
Sally 24,200 6.9
Bunny's Luck 905 21.4
New Jess 840 39.0
Mogul 277 14.7
Cleveland 263 5.7
Ettrick 244 3.5
CONCLUSION
The potential for the discovery of new gold deposits within the Gwanda
greenstone belt section of the project area is considered to be excellent. Within
and adjacent to the existing dormant mines, because of the nature of the mining
operations in Zimbabwe in the past, it is unlikely that dedicated on-mine
exploration was conducted during mining. As a consequence, the possible
presence of parallel reefs or adjacent bulk-mineable disseminated mineralization
has never been seriously tested.
The potential for locating bulk-mineable (open-pit) mineralization between the
existing mines is also considered to be excellent. Outcrop is scarce in areas
between the known mines and very little has been done in the way of modern
geophysical and geochemical exploration. If oxide mineralization is explored for, a
realistic tonnage target would be in the range of 2.5 to 5 million tonnes at a grade
of 3 to 4 grams per tonne.
Watts Griffis & McOuat has outlined a two-phase exploration program. Phase I
will consist of airborne magnetics, regional prospecting, sampling and mapping of
known showings. Phase II will involve follow-up drilling and trenching of targets
from phase I.
The Gwanda property complements Alexander's Mount View property 70km
north of Harare, the capital of Zimbabwe.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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