Hi JAS, I agree! We're all focused on Pico Machay right now, and I'm not ready to write it off just yet, but we also have to remember that Barrick has 3 joint ventures with Queenstake and Queenie is also doing a small drill program on their property in Mexico. Anyone of these properties has the potential for a discovery. I think the money is being used prudently, and the j.v's help to increase the amount of exploration, and the possibility of a discovery, without breaking the piggy bank. Are any of them going to bring it on home for us? That remains to be seen, but they are certainly in the right areas and drills are turning. Another thing to consider, is they have a lot more property to be able to do even more j.v's, so I find it hard to get all negative, at this point in time, because they didn't come up with bonanza holes the first time out. I thought maybe some would like a brief summary of the properties held in J.V. with Barrick, as well as Queenstakes j.v in Mexico.
The North Ancash: J.V with Barrick
During Phase I exploration of the North Ancash Joint Venture properties, from mid-November 1997 until mid May 1998, Barrick personnel carried out a professional and thorough exploration program on each of Queenstake's 53,800 hectares of mineral concessions it held under option. During this period a number of exploration techniques were used to define prospective areas for Phase II work, to include drilling.Barrick is electing to continue to work on 24,000 hectares of the original 53,800 hectares optioned.The concessions being kept in the joint venture include those that cover the Calipuy volcanic unit along the Pierina trend to the north and south of the Pierina deposit.
Uchumuchay: J.V with Barrick
The results from this drilling should be released soon, I would think.
Queenstake's 6,100 hectare Uchcumachay property is a large well-defined gold target in the Calipuy volcanic rocks which also host Barrick's Pierina gold deposit, 140 kilometers to the north. A 3.5 kilometer zone of strong acid sulfate silica alteration and brecciation has been identified at Uchcumachay associated with large structural breaks related to caldera edges and a volcanic dome. Hydrothermal silicified breccias with gold representing individual targets within the larger altered system. Alteration, especially silicification, is similar to Pierina where Barrick is developing its 7 million ounce gold reserve.
South Ancash: J.V. with Barrick
This joint venture is for Queenstake's additional properties in the South Ancash area, plus two smaller properties in Huancavelica, for a total of 19,500 hectares. The South Ancash properties (14,000 hectares)are also in Calipuy volcanic rock and stretch from 100 to 130 kilometers south of Pierina. The Huancavelica properties are in mid-Tertiary volcanic rocks correlative with the Calipuy. Queenstake's preliminary exploration programs have identified a number of target areas worthy of follow-up geological and geochemical studies to identify drill-targets.
Guinoloza, Mexico: J.V. with Alamos
Mapping at Guinoloza has identified an altered rock package in the center of the claim block, which is interpreted to be the same rock package found at the El Sauzal deposit. A volcanic-sedimentary sequence of andesites, dacites and limestones is altered by
strong silicification along north-south and east-west fracture zones. The altered rocks are geochemically enriched in barium, arsenic and lead, with a weaker gold signature.
The target is beneath the currently mapped surface exposures within open pit mineable depth. An Induced Polarization geophysical survey conducted last year identified high resistive zones within a more conductive halo. The resistivity anomaly is coincident with silica altered rocks. Similar anomalous resistive zones have been recognized over the El Sauzal ore body, which, by the way, if anyone doesn't realize was staked before Francisco staked El Sauzal.(Minera Vulcan, a company owned 60% by Queenstake and 40% by Alamos) Bet they wished they would have staked that property too!):-))
Cheers
Shirley |
