Blackstone Resources Inc -
Blackstone granted title on Pogo area property
Blackstone Resources Inc BZZShares issued 10,985,5011999-02-09 close $0.14Wednesday Feb 10 1999Mr. Donald McInnes reports The company has received full title from the State of Alaska Department of Natural Resources, to 32 mineral claims and 28 prospecting sites which were staked in November 1998. The nine square mile Falcon property, in the Goodpaster district, east-central Alaska, is 40 kilometres southeast of the Pogo project of Teck Corporation and Sumitomo Metal Mining. In November 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 is host to intrusive contacts, bismuth and arsenic silt geochemical anomalies and magnetic lows and lies within the Big Swede trend, a second linear magnetic and pluton feature south of the Pogo deposit. The Falcon property was acquired for 200,000 shares to be paid over three years and by granting a net smelter royalty to Rimfire Minerals Corporation. 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. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
