International Taurus Resources Inc -
Agreement signed on Casa Berardi exploration portfolio
International Taurus Resources Inc
ITS
Shares issued 26,751,339
1998-07-21 close $0.35
Wednesday Jul 22 1998
Mr. Robert Blakestad reports
The company has signed a formal agreement with Cyprus Canada, a wholly
owned subsidiary of Cyprus Amax Minerals Company, whereby International
Taurus will acquire a 100 per cent interest in Cyprus's share, of a portfolio of 20
properties in the Casa Berardi sector of the northern Abitibi belt in Quebec,
Canada.
The ultra high resolution EM - magnetometer airborne survey was originally flown
in 1987 on behalf of Morrison Minerals. Through a series of corporate and joint
venture transactions, the survey is now in the possession of International Taurus
under an option from Cyprus Amax Minerals Company. The survey is held jointly
with Fairstar Exploration. This database is a proprietary resource of both
companies and is not available to other explorers in the region.
The survey covers more than 5,600 square kilometres of the Abitibi greenstone
belt in northern Ontario and Quebec. Due to the 100 metre line spacing, low flight
altitude and 3 metre data spacing, the survey provides a unique view of structure
and geology in this highly prolific greenstone belt.
Work over the past five years by Cyprus and Fairstar resulted in the identification
of unique structural characteristics related to gold mineralization in the Casa
Berardi region. The Fenelon deposit was discovered in 1994 based on this
interpretation. The Martinere D occurrence was discovered in 1997 towards the
end of Cyprus's winter drill program.
The Fenelon A deposit is in Fenelon township, 30 kilometres northeast of the
Selbaie mine access road. Gold chalcopyrite mineralization is associated with a
complex assemblage of ultramafic to mafic volcanic rocks and quartz porphyry
intrusives. Pervasive carbonate alteration is common throughout the deposit. A
prefeasibility study, completed in 1997, outlined a potentially economic, near
surface deposit containing 252,000 tonnes grading 14.2 g/t gold (104,000
ounces), of which about half can be mined by open pit methods. Fairstar is
developing the access road to the site in preparation for a proposed bulk sampling
program. International Taurus controls approximately 30 per cent of this deposit
through the Cyprus agreement.
The Martinere D prospect was discovered in 1997 during a winter drill program
designed to test structural targets similar to the Fenelon A and Detour Lake mine
areas. The second hole of the program intersected ultramafic to mafic volcanic
rocks and quartz porphyry intrusives similar to these other deposits. The sixth hole
of an eight hole drill program intersected strong quartz chalcopyrite mineralization
grading 12.5 g/t over a core length of 2.5 metres hosted within mafic volcanic
rocks. The original structural interpretation suggests there is potentially 5
kilometres of strike available for testing associated with the gold intersection.
This second discovery in a relatively short period of time confirms the value of the
structural interpretation derived from the private airborne survey for the discovery
of Casa Berardi gold deposits.
No follow-up drilling has been conducted on this new discovery. International
Taurus plans to follow-up on this target in a winter drill program later this year.
Financing for exploration on this portfolio will be provided through the $750,000
flow-through component of the $5,500,000 financing started in June.
Field work has begun on the Fenelon B, DuTast and Subercase properties where
detailed ground geophysical surveys have been completed. Drill target selection is
now in progress.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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