Kalahari and Goldwater joint venture update
Kalahari Resources Inc KLA
Shares issued 36,876,005 Mar 19 close $0.32
Mon 22 Mar 99 News Release
Also Goldwater Resources Ltd (GWR)
Mr. Albert Applegath reports
Kalahari Resources Inc. and Goldwater Resources Ltd. have released the
following updates.
Project manager Kevin McAndrews resigned March 4, 1999 to return to the
United States after eight years. His assistant, Dr. Craig Gibson, based in
Guadalajara, Mexico, has been appointed project manager. This is Dr.
Gibson's fifth year as an explorationist in Mexico.
Geomex-4
The Mexican Mines Department issued title number 209189 for Geomex-4 on
Feb. 26, 1999, for a surface area of 603,079 hectares (1,490,209 acres).
Geomex-4 is the largest concession in the Kalahari block, and it is the
largest concession ever titled by the Mexican qoverrment. The concession
covers a large part of the favourable Paja de Plata mineral belt between
the San Nicolas VMS discovery and the well mineralized Leon-Guanajuato
district.
During 1998, exploration efforts were focused on assembling a geological
database of the region and developing areas for further exploration. This
was accomplished by acquiring a regional gravity database with over 55,000
stations, probably the best available, as well as obtaining the latest
geological information from government sources, visiting windows of
Mesozoic rocks and mines in the region, visiting the San Nicolas deposit,
and compiling information from government sources on depth to basement from
water well data and geophysical exploration for acquirers. Data acquisition
and compilation is a continuing process with additional information
constantly being added to the database.
Greenstone that hosts the San Nicolas massive sulphide deposit formed in a
Mesozoic volcanic arc extending from north of Zacatecas to south of
Guanajuato in central Mexico. The Geomex-4 concession of Kalahari covers
most of the Mesozoic greenstone belt between the city of Aguascalientes and
Lagos de Moreno and is about 83 miles east-west by 25 miles north-south.
Although the concession is largely covered by tertiary and quaternary
volcanic and sedimentary rocks, regional geology and the regional gravity
database indicate the presence of relatively shallow mesozoic basement.
Gravity highs occur over shallow fault blocks of mesozoic basement
separated by gravity lows over down dropped basins filled with thick
sequences of tertiary and quaternary cover. Most exposures of mesozoic
rocks and virtually all significant mining districts in the region
correspond to the gravity highs.
Twenty five gravity highs, each representing an exploration target area,
occur on Geomex-4.
Several windows of mesozoic rocks occur within and near Geomex-4. Of
particular importance is the window at La Tomatina on Geomex-8 just north
of the boundary with Geomex-4. At La Tomatina, grrenstone composed of mafic
volcanic rocks with intercalated graywacke and local fine-grained mafic
intrusives occurs as an erosional window in tertiary volcanic rocks on the
west side of the Aguascalientes graben. The rocks exposed in the window are
very similar to the hangingwall rocks at the San Nicolas deposit and show
weak to moderate chloritic and sericitic alteration, syngenetic manganese
mineralization, and local copper oxide and anomalous base and precious
metal values. The window is also coincident with a gravity high. The
greenstone extends to the south onto Geomex-4.
Of the 25 gravity highs present on Geomex-4, 10 priority target areas have
been selected for followup exploration based on structural trends and known
greenstone occurrences. These 10 target areas extend south-east along a
regional structural trend from the La Tomatina window to the
Leon-Guanajuato greenstone, a distance of 75 kilometers (47 miles). Surface
examination and water well information have confirmed that five of the
targets are underlain by greenstone at shallow depths, ranging from zero to
165 metres (zero to 540 feet). Pyrite is reported from three water wells.
No subsurface information is available for the other targets, but
structural relationships imply the presence of shallow greenstone.
Individual target areas are six to 20 square miles in size and can be
effectively evaluated for drilling by geophysics. Regional and detailed
geophysical and geochemical exploration methods are being evaluated.
Exploration is also continuing to develop other target areas.
Reducing the land position to cover the known 25 target areas is currently
under way.
Kalahari Resources Inc./Goldwater Resources Ltd. joint venture
Goldwater Resources, subject to approval and financing, has the right to
earn a 50 per cent interest in Geomex-4 by spending $1.6-million (U.S.), or
four phases of $400,000 (U.S.) over a 24 month period.
The Faja de Plata mineral belt is the richest silver belt in the world over
the last 500 years.
This belt is now the host for the world-class multibillion dollar San
Nicolas VMS discovery of Teck Corp. and Western Copper.
Western Copper will shortly be active on Geomex-6 (a 220,000 acre
concession) a joint venture partner with Kalahari.
Ground geophysics, refining gravity highs and geological windows, is the
last phase to be completed before drilling.
Kalahari is waiting for title on seven remaining blocks representing
approximately one million additional acres on this belt.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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