Blackstone acquires Alaskan mineral claims
Blackstone Resources Inc BZZ
Shares issued 10,985,501 Jan 5 close $0.08
Tue 5 Jan 99 News Release
Mr. Donald McInnes reports
The company has acquired 32 mineral claims and 28 prospecting sites
covering 2,327 hectares of 8.98 square miles in the Goodpaster District,
east-central Alaska. The property is 40km southeast of the Stoneboy (Pogo)
project of Teck Corp. and Sumitomo Metal Mining, where in November of 1998
Teck announced a resource of 9.98 million tons grading 0.52 ounces of gold
per ton in the Pogo deposit.
The Falcon property covers a prospective area with geological, geochemical
and geophysical characteristics similar to those found on the Stoneboy
property. The Pogo deposit and other mineralized zones at Stoneboy lie
along the Pogo Trend, a linear trend of magnetic low anomalies that
coincide with the contacts between intrusive and metamorphic rocks.
Geochemically, the Pogo deposit is defined by pathfinder elements such as
arsenic and bismuth in silt and soil samples. The Falcon property lies
along the Big Swede Trend, a second linear magnetic and plutonic feature
south of the Pogo deposit and is host to intrusive contacts, bismuth and
arsenic silt geochemical anomalies and magnetic lows.
The Falcon property was acquired in consideration of 200,000 shares to be
paid over a three year period and by granting a net smelter royalty to
Rimfire Minerals Corp. Rimfire is also entitled to 25 per cent of all
future cash or stock consideration that Blackstone may receive from
subsequent joint ventures or options on the Falcon property.
All of the claims and prospecting sites have been staked on Alaskan State
lands and as such clear title will not be confirmed until 90 days after the
last day of staking, which was Nov. 1, 1998.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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