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Gold/Mining/Energy : Boulder Mining - New Additions -- Ignore unavailable to you. Want to Upgrade?

To: charred who wrote (24)	4/2/2002 10:16:22 PM
From: marcos	Read Replies (1) \| Respond to of 34

Namibia?! - ' Boulder to acquire Namibian mineral property Boulder Mining Corp YBR Shares issued 12,544,491 Apr 1 2002 close $.180 Tuesday Apr 2 2002 News Release Mr. John McAdam reports BOULDER ACQUIRES OUTSTANDING IRON OXIDE-COPPER-GOLD (IOCG) PR ... Boulder Mining has entered into an option agreement with Bafex Exploration Pty, a wholly owned subsidiary of Bafex Holdings Ltd., to explore for iron oxide-copper-gold (IOCG) mineralization on the 19,000-hectare Tevrede property, located in Namibia, one of Africa's most politically and economically stable countries. The deal Boulder can earn a 100-per-cent interest in the Tevrede property, (excluding a 3-per-cent net smelter return (NSR) royalty), by making a cash payment of $25,000 to Bafex, spending $3-million on exploration over four years with a minimum first year expenditure of $300,000, and issuing a total of 500,000 common shares to Bafex over three years, with 100,000 common shares to be issued upon regulatory approval. Furthermore, Boulder must issue Bafex an additional 50,000 common shares at the end of each year beginning on the fifth anniversary of the agreement for a period of five years, or until the property is in production, whichever is sooner. The 3-per-cent NSR royalty can be reduced to 2-per-cent by paying Bafex $1-million (U.S.) prior to commencement of commercial production. Boulder has first right of refusal to the remaining 2-per-cent NSR royalty. The agreement is subject to regulatory approval. The property The Tevrede property is underlain by Proterozoic age rocks, which are known to host many of the world's most significant mineral deposits. This property has the potential to host a large IOCG deposit similar to the Olympic Dam deposit in South Australia, which contains an enormous resource of 2.3 billion tonnes grading 1.3 per cent Cu, 0.5 gram per tonne (g/t) Au and 0.4 kilogram per tonne U308. Historical exploration on the Tevrede property focused on the base and precious metal potential within a northeast trending volcano-sedimentary package with anomalous gold values over an 11-km strike length in quartzite (up to 121 g/t Au over three m), anomalous gold-copper values over a one-km strike length in tuffaceous quartzites (up to 11 g/t Au and 32 per cent Cu) and anomalous gold-copper values over a three-km distance in andesites. Evidence of an IOCG system is the presence of quartz-hematite-magnetite + fluorite + chalcocite + chalcopyrite + pyrite in veinlets related to north and northwest trending fractures that emanate from an adjacent granitic complex located immediately to the south. Boulder and Bafex believe that the copper-gold mineralization in the sediments is peripheral to a much larger mineralized system in the granite complex in the southern portion of the Tevrede property. Recent (1995) airborne magnetic and radiometric surveys indicate that the granitic complex is intruded by a high heat production (HHP) granite, enriched in uranium, thorium and potassium. The HHP granite is a five-km diameter plug mantled on the north, east and south sides (over a distance of approximately 15 km) by coincident potassium-thorium and magnetic anomalies. Reconnaissance mapping/prospecting on the west margin of the HHP granite has led to the discovery of widespread hydrothermal breccias containing strongly altered granitic clasts in a magnetite-destructive hematitic matrix with traces of copper. Recent prospecting by Bafex over the coincident magnetic-radiometric anomaly on the east side of the HHP granite led to the discovery of copper-gold mineralization associated with hydrothermal, fracture controlled and disseminated magnetite within Rapakivi-textured granite. The direct association between the copper-gold mineralization and the magnetite indicates that the entire area peripheral to the HHP granite is prospective for copper-gold mineralization, an area in excess of 50 square km. Exploration plans Boulder plans to conduct a high-density stream sediment sampling program, ground gravity and magnetic surveys and detailed geological mapping, prospecting and sampling to delineate targets for drill testing. Drilling is anticipated for the fall of 2002. (c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com ' ... i bought this thing for El Fuerte and El Fuiste, lol ... ah well it was a whole lot cheaper then, too