Blackstone Resources Inc - Blackstone to earn into Moneta's Jamieson property
Blackstone Resources Inc
BZZ
Shares issued 10,985,501
1998-11-02 close $0.17
Tuesday Nov 3 1998
Also Moneta Porcupine Mines Inc (ME)
Mr. Donald McInnes reports
Blackstone Resources has entered into an agreement with Moneta Porcupine
Mines, whereby Blackstone can earn up to a 70 per cent interest in the Jamieson
property, 20 kilometres northwest of Timmins, Ontario. The property is within the
Porcupine camp in the Abitibi greenstone belt which hosts several current and past
producing base and precious metal mines. The property is 2km east of the
past-producing Kam Kotia mine and 15km west of Falconbridge's giant Kidd
Creek mine complex.
The prospectivity of the Porcupine camp for VMS targets is becoming
increasingly well understood and major exploration programs have recently been
conducted by Millstream Mines and Cross Lake Minerals while Outokumpu
Canada has advanced the nearby Montcalm property to prefeasibility. The
Jamieson property consists of 142 units (23.2 square kilometres), principally
underlain by favourable volcanic stratigraphy of the Kam Kotia mine, Canadian
Jamieson (0.83 tonnes of 2.35 per cent Cu, 3.5 per cent Zn, 24.5 g/t Ag),
Jameland (0.51 tonnes of 0.99 per cent Cu, 0.88 per cent Zn, 3.5 g/t Ag), and
Genex (240 tonnes of 21 to 24 per cent Cu concentrate). Previous geophysical
and drilling programs on the Jamieson property have identified a prospective
rhyolite volcanic sequence, but this work focused only on shallow targets. A
program consisting of geophysics has commenced to evaluate the property for
potential VMS type mineralization to a depth of 400m, which will be followed by
a drill program.
Blackstone can earn a 50 per cent interest in the property by spending $350,000
on exploration by Oct. 1, 2001. Blackstone can earn an additional 20 per cent
interest in the property by spending an additional $500,000 by Oct. 1, 2003. A
finder's fee is payable.
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