Impact and Energold consolidate
properties in Dominican Republic
Impact Minerals Inc
IPT
Shares issued 15,866,781
1999-04-16 close $0.03
Monday Apr 19 1999
Mr. Richard Mazer reports
The board of directors of Impact and Energold Mining have reached an
agreement for the consolidation of property interests in the Dominican Republic.
Energold will release Impact of all of its obligations and relinquish its back-in rights
under an agreement dated Oct. 15, 1996, and subsequent amendments on the
Los Ranchos project (including the El Brujo concession) for consideration in
shares. Impact will also acquire the Baritina gold property in the Dominican
Republic for consideration in shares. The value of both transactions will be
determined by an independent valuation and is subject to regulatory and board
approvals.
Impact will seek shareholder approval for a consolidation of its share capital on a
one new share for five old shares basis and approval of an overall reorganization.
Energold has committed to a $200,000 private placement into the
postconsolidated company and, with the planned property transactions, will
emerge as the largest holder of the reorganized Impact (Newco). Energold's
commitments to financing and the property transactions into Newco are
conditional upon a further $300,000 financing to be arranged for Newco for a
total financing of $500,000 by July 15, 1999. Impact is currently seeking financing
for exploration of the El Brujo and Baritina gold properties, which will be 100 per
cent controlled by Newco.
Initial exploration of the El Brujo concession, a prominent gold-copper soil
geochemical anomaly measuring 1,000 metres by 1,000 metres, commenced in
March. Geological mapping and rock geochemical analysis indicate a prolific
hydrothermal complex with significant epithermal gold mineralization. Limited
sampling of outcrop, float and highly weathered soil and rock has returned values
of up to 1,650 parts per billion gold, 1.8 ppm silver, 4,800 ppm copper, 5,700
ppm zinc and 4,800 ppm lead with strongly anomalous arsenic, antimony and
mercury.
The Baritina gold property, approximately 10 kilometres south of El Brujo,
exhibits four mineralized zones within a 1,000 by 1,000 metre area. Limited
exploration work has delineated a 150 metre by 300 metre gold-in-soil anomaly
with up to 5.59 grams of gold per tonne over two metres in a trench in North
Caracol Creek. In South Caracol Creek, a trench yielded 1.8 g/t gold, 36.4 g/t
silver and 7,195 ppm zinc over 32 metres. With the acquisition of the Baritina
property, Newco will have a total contiguous land package of 10,484 hectares in
the El Brujo/Baritina area. |
