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T:PGD Pangea continues exploration success in first quarter
Pangea Goldfields Inc PGD
Shares issued 21,572,320 May 29 close $5.50
Mon 29 May 2000 T:PGD News Release
Mr. Jean-Charles Potvin reports
Exploration success continued during the first quarter at the Tulawaka and
Golden Ridge projects in Tanzania.
Tanzania
In February, a tour of Pangea properties was conducted with mining analysts from
Canada, United States and Australia. Properties visited included Tulawaka,
Bulyanhulu South, Kakindu and Kahama where participants were able to review data
and drill core.
Tulawaka: Minieres du Nord joint venture
Diamond drilling increased grade and extended mineralization. Over one million
ounces of gold have been outlined to date.
A continuing diamond drill program at the Tulawaka project has returned
excellent results including several spectacular intercepts up to 258 grams per
tonne gold (g/t) over 2.7 metres and 71 g/t gold over 6.6 metres.
Several holes extended the mineralization at depth as well as an additional 100
metres to the west. The east zone now extends some 1.1 kilometres to section
6+00 west where a new vein was discovered approximately 65 metres south of the
main vein structure. This discovery highlights the potential to find new
mineralized structures in areas previously unexplored.
Diamond drilling within the mineralized zone has shown a substantial increase in
grade compared with the average grade of previously completed reverse
circulation (RC) holes. Diamond holes to date average 32 g/t gold compared with
18 g/t for previous RC holes. Visible gold is frequently seen in the diamond
drill holes.
An initial geological resource calculation has outlined a gold resource of over
one million ounces calculated from surface to an average depth of 135 metres at
the east zone and 30 metres at the west zone. The deposit remains open laterally
and at depth.
The distribution of resources to date at Tulawaka is approximately 8,000 ounces
of gold per vertical metre, comparable to other high-grade deposits in Tanzania
such as the 10.4-million-ounce Bulyanhulu deposit. Pangea is continuing its
aggressive diamond drill program, which is currently testing an area from 150 to
250 metres below surface at the east zone with three rigs.
With an average grade of 19 g/t in the east zone, the Tulawaka deposit promises
to become a significant low-cost gold producer. An important portion of this
mineralization can be extracted by open pit with production by underground
method at the later stages.
East zone
Tonnes Grade Gold
(g/t) Ounces
Measures and indicated
1,381,745 18.93 840,846
Inferred
288,706 19,10 177,302
Total
1,670,451 18.96 1,018,148
West zone
Indicated and inferred
736,678 2.9 68,654
Watts, Griffis and McOuat Ltd. has been retained to produce a block model to be
used for pit optimization as well as for underground planning.
Golden Ridge: Barrick joint venture
There has been a substantial increase in gold resource at the main zone. Grade
has improved by 70 per cent to 3.2 g/t.
A diamond drill program at the main zone completed in the first quarter
confirmed that results from recent diamond drilling at the Golden Ridge project
in Tanzania have increased the size of the gold resource at the main zone by 60
per cent to 1.6 million ounces. As well, the grade of the deposit has improved
by some 70 per cent to 3.2 g/t. This new resource calculation (15.5 million
tonnes at 3.2 g/t) used a 1.5 g/t cutoff grade and was prepared by joint venture
partner Barrick Gold Corporation. The previously announced resource calculation
for the main zone of the property was 16.89 million tonnes grading 1.84 g/t and
1.0 million ounces gold.
The deposit consists of a mineralized banded iron formation where high-grade
quartz veins are found distributed perpendicular to the formation. Previous
drilling had included mainly perpendicular holes but in this program, a number
of holes were drilled at an oblique angle to the formation to intersect the
high-grade, crosscutting quartz veins at a depth of approximately 100 metres.
The new resource calculation has benefited greatly from the inclusion of the
oblique holes from the current drill program. The weighted average grade of the
oblique holes is 3.72 g/t gold as compared with the weighted average of 2.66 g/t
gold for holes drilled at right angles to the banded iron formation. The
inclusion of quartz vein intersections from the oblique holes has provided a
more accurate picture of the gold distribution and improved the average grade of
the deposit by 70 per cent.
Exploration work during the quarter commenced on other satellite targets at
Golden Ridge including targets on the Siga Hills licence west of Golden Ridge
where previous trenching returned values up to 21 g/t over five metres. The
previous resource calculation had included some 600,000 ounces from satellite
areas Hill 4 and Hill 5. When included in the new calculation, the total gold
resource for the property now stands at 2.2 million ounces.
Kakindu
Pangea initiated a new drill program.
Ashanti Goldfields has relinquished its option to earn an interest in the
Rubondo joint venture which consisted of the Kakindu, Sheba and Igando
properties, all located in the Lake Victoria Goldfields region.
A 2,600-metre RC drill program undertaken by Ashanti in December, 1999,
consisted of 15 widely-spaced drill holes distributed in four drill fences
directly over the artisanal field. The best gold grades obtained were one-metre
intercepts with 10.23 g/t and 8.59 g/t associated with quartz stringers. The
widest mineralized intercept was 12 metres grading 0.77 g/t gold.
Pangea believes these results to be inconclusive in explaining the source of the
near surface gold and initiated a 10,000-metre drill program in April. The
program consists of fences of 60-metre deep RAB holes to completely and
systematically cover the full extent of the main geochemical anomaly that
extends over a five-square-kilometre area. It will also include the drilling of
additional untested satellite geochemical anomalies on the property. This
program will be followed by deeper RC holes contingent on encouraging results of
the RAB phase of drilling.
Bulyanhulu South
Ashanti Goldfields joint venture
Drilling on a number of targets on the Bulyanhulu South property by Ashanti
Goldfields intersected gold mineralization which warrants follow up. Results
included intercepts of 12.97 g/t over four metres and 3.22 g/t over six metres.
To earn a 60-per-cet interest in the property, Ashanti Goldfields must spend a
total of $4-million (U.S.), complete a feasibility study and notify Pangea of
its decision to proceed to mine establishment, all by October, 2000. Since
October, 1995, Ashanti has expended approximately $2.2-million (U.S.) on the
project.
Mgusu: Ormond joint venture
Joint venture partner Ormonde Mining PLC was unable to fulfill the terms of the
agreement. As a result, the joint venture agreement was terminated in early 2000
and Pangea Goldfields retains a 100-per-cent interest in the property on which a
resource of 271,000 ounces of gold has been outlined.
Peru
Pukaqaqa: Rio Tinto joint venture
Limited activity took place during the quarter; however, RTZ plans an active
drill program for the second quarter.
Canada
Fenn-Gib
St. Andrew Goldfields Ltd. failed to make the required cash payment and the
joint venture agreement was terminated with Pangea Goldfields retaining a
100-per-cent interest in the property.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended March 31
2000 1999
Salaries $129,478 $149,916
General
exploration
and property
write-offs 10,932 2,907
Office costs 69,884 75,195
Professional
fees 42,235 15,007
Depreciation 11,739 18,147
Shareholders'
information 6,831 7,509
Travel 26,882 19,449
Promotion 9,592 12,701
Stock exchange
fees 9,260 6,780
Capital and
other taxes - -
Foreign exchange
translation (1,152) 41,329
Total expenses 315,681 348,940
Less interest
income and
other income 160,275 30,887
Net loss for
the period $155,406 $318,053
Equity issue
costs - -
Loss per share $0.01 $0.02
Dir's: Bertin Roland, Britt Claude, Coleman James H, Potvin Jean-Charles
(c) Copyright 2000 Canjex Publishing Ltd.
May-30-2000 00:58 GMT
Symbols:
CA;PGD US;PGDF
Source CSN Canada Stockwatch News
Categories:
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