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Gold/Mining/Energy : MacMillan Gold
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To: dan jay who wrote (15)2/10/1997 6:39:00 PM
From: Matthew J. Levesque   of 43
 
Dan;

MMG has several things on the go at the moment. I believe that the highest priority for them atthe moment is the Mishi project. I understand from the last news release tha they have JV'd with another company, will recieve $95,000 this year for an interest in the project. If they don't have to manage the project anymore I suspect that this will free up some time for them to concentrate on some of their other holdings.
Some of the other holdings are tCruz de Oro Gold in Peru. Some of the highlights from that property is that they have 3,900 ha in the Arequipa mining district. The properties contain numerous old mine workings, with some small scale mines in operation. The small scsale mines are hauling 1 - 2 tons out per week with an average grad of 9 - 15 g/tonne. Some preliminary work indicates that the gold comes from quartz veins which can be located on the property and run some 1000m in length.
The Maraycasa property in Peru is also of interest. Therer they have a property just north of the well known copper porphery trend. The trend has proven reserves of 0.5 billion tonnes of between 0.8 - 0.9% copper.
The one property that interests me the most of all their properties is the Wakadanawa gold property in Guyana. The property is 60,000 contiguous acres whic MMG can option into and earn a 50% working interest. The property also has some small scale mines. Work to date has determined that the most likely source for the gold would be the guyana greenstone belt (shield). The shield rocks underlie the entire property and is host to many other large gold deposits in Venezuala and Guyana. Channel samples and manual auger samples were taken at some of the present working sites. Several auger holes encountered quartz horizons and the auger could not penetrated beyond half a meter. These areas will de retested as it is probable that the one meter samples did not penetrate the alluvial cover sufficiently since local miners are mining much deeper. Of the 24 pits dug, five revealed minor colours with 4-5 grains gold/battel (panning technique) The other 19 pits showed gold fragments 0.5 - 1.0 mm in size, medium grains and 30-60 fine grains gold/battel. An extensive exploration program involving geophysical, geochemical and geological surveying is recommended to prepare detailed geological map prior to defining drill targets.

Hope that this has helped enlighten you as to the potential that they have.

Good fortunes

Matt
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