News Release
Newfoundland property option agreement
NDT Ventures Ltd (NDE)
Shares issued 25,518,743
Nov 17 close $0.17
Wed 18 Nov 98
Mr. Fred Hewett reports
The company has reached an agreement with Noveder Inc. to acquire a 50 percent interest in the Avalon property near Goobies in eastern Newfoundland. The Avalon property consists of 15 claims covering approximately 375 hectares. Under the terms of the agreement, the company has an option to acquire a 50 per cent interest in the property by making cash payments of $52,000, by issuing 170,000 shares and by expending $350,000 on the property all over a three year period. A 1 per cent NSR will be retained by the underlying vendor.
The property contains a new gold discovery made by a local prospector in 1998. The discovery is in a breccia zone within a hornfelsed diorite. The breccia contains exotic blocks of altered sediments, altered gabbro, silica rich fragments and may be an explosive diatreme breccia. Gold mineralization consists of sulphide minerals disseminated throughout the altered sediments and within the hornfelsed diorite and as selvages of sulphides localized around breccia fragments. Chip channel sampling by the company across the exposed zone returned 7.72 g/t gold over 9.2m. Taken over the maximum exposed mineralized breccia, the zone averages 4.98 g/t gold across 15.9m. These results appear to be close to true width. The company expects to begin a preliminary program of prospecting, trenching,
gridding and geophysics shortly.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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