Impact Minerals Inc -
Impact Goes Ahead with El Brujo Gold Prospect in the DR, drops Majagual
Impact Minerals Inc
IPT
Shares issued 15,866,781
1999-02-17 close $0.08
Friday Feb 19 1999
Mr. Richard Mazur reports
Impact Minerals Inc. has entered into a loan agreement with Merfin Management Ltd. in the amount of $50,000. These funds are committed to maintaining Impact's interests in the Los Ranchos gold project, including the exploration of the El Brujo concession in the Dominican Republic. The loan bears interest at 8.5 per cent per year and is secured by an assignment of Impact's interests in the option agreement
with Energold Mining Ltd. to earn a 100 per cent interest in four exploration concessions in the Los Ranchos gold project. Subject to regulatory approval, a total of 66,667 bonus shares will be issued to Merfin in lieu of a guarantee of repayment of the loan.
This financing meets the commitment to Energold under an agreement dated Oct. 15, 1998 whereby Impact has also committed to an exploration program of $150,000 on the Los Ranchos gold project prior to Oct. 15, 1999. The loan will be used to commence exploration activities on the El Brujo concession while further financing is be finalized.
On the El Brujo concession, a prominent gold-copper soil geochemical anomaly measuring 1,000 metres by 1,000 metres has been delineated. Gold-in-soil of greater than 50 parts per billion and copper values greater than 225 parts per billion define the zone.
Limited mapping has outlined a hydrothermal complex of volcaniclastics of the Los Ranchos formation, quartz-sericite schist, hydrothermal breccias and porphyritic intrusive rocks. The complex has been intensely deformed and exhibits strong argillic, advanced argillic and sericite-chlorite alteration.
Limited sampling of outcrop, float and highly weathered soil and rock has returned values of up to 1,650 ppb gold, 1.8 parts per million silver, 4,800 parts per million copper, 5,700 ppm zinc and 4,800 ppm lead with strongly anomalous arsenic, antimony and mercury. A program of detailed geological mapping, geophysical surveying and trenching is planned to commence shortly.
The company has notified Energold that it will not commit to further exploration of the Majagual porphyry copper-gold project under the terms of the extension agreement. Impact will focus its exploration efforts on its gold prospects in the Dominican Republic.
The board of directors has granted incentive stock options to certain directors and employees of Impact, for the purchase of a total of 350,000 shares at an exercise price of 15 cents for three years.
El Brujo is an excellent property - hosted in the same rocks as Pueblo
Viejo (Los Ranchos Formation), sits on of the two major faults in the country, has similar multi-element geochem anomaly Longyear has, indicative of epithermal environment, again like Longyear and Pueblo Viejo.
Very early stage, but is one of EGD's top priorities after Longyear and San Antonio 1.
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