Glenhaven Resources Inc -
Year end results
Glenhaven Resources Inc
GNN
Shares issued 20132921
1998-05-25 close $0.25
Tuesday May 26 1998
Mr. Donald McInnes reviews the company
The company had a successful year, having completed a successful initial drilling program on its
optioned Taiga project in the Yukon Territory.
To complete a reverse takeover Glenhaven entered into an option agreement with Blackstone Resources
on the Taiga property, a nickel zinc platinum palladium gold project. Glenhaven has an option to earn an
initial 50 per cent interest in the property by expending $1,000,000 in exploration by Dec. 31, 1999,
making cash payments totalling $175,000 by Dec. 31, 1999 and by issuing 100,000 shares to
Blackstone. This interest may be increased to 60 per cent interest in the property by spending a further
$1,000,000 in exploration, paying $250,000 and by issuing a further 100,000 shares by Dec. 31, 2000.
Previous exploration by Blackstone had recognized the potential of the project for the existence of
stratiform nickel platinum palladium gold mineralization.
In September, a 12 hole diamond drill program was started. It was designed to test the down dip
continuity and economic thickness of the nickel bearing horizon on three locations on the property. The
program was successful in intersecting nickel zinc mineralization in two of the 12 holes drilled.
Discovery drill holes REN97-07 and 97-08 have only partially tested a 2.5 kilometre long nickel zinc
molybdenum in soil anomaly, which remains open to the east and west.
Given the success of the drilling program Glenhaven and Blackstone immediately began a 1,200 claim
staking campaign to cover all other areas within the Taiga shale basin which hosted similar geology and
geochemistry. The claims now cover 34km of favourable stratigraphy on the south side of the basin as
well as four separate areas on the northern side of the basin. Total holdings now cover over 290 sq km.
Glenhaven is proposing a $1,000,000 work program for 1998, which will consist of step out drilling in
the discovery area, surface work to identify drill targets in other areas, followed by a comprehensive
drill program.
Subsequent to year end the company closed the placement of 4,850,000 special warrants which netted
the company $970,000. These funds were raised by taking advantage of the flow-through tax rules.
Following year end the company and Blackstone made an application for a prospecting permit to explore
a 328,000 hectare property in the Longwood and Takitimu mountain ranges on the South Island of New
Zealand.
The property lies in an area where past production has yielded 1,500 ounces of platinum and 80,000
ounces of placer gold. The igneous complex shows distinct similarities to the world class Bushveld
complex in South Africa and the Stillwater complex in Montana, which are the only true platinum and
palladium mines operating in the world.
Following the granting of the prospecting permit by the New Zealand government, Glenhaven and
Blackstone will begin an exploration program that will consist of stream sediment sampling, localized
geological mapping, rock sampling and prospecting. |
