Sleeper Type NRs today XCL and on 18th RFT ( merely showing the High Grade Potentials in NEVADA ) Grades and Timing may a guru make
LOL ! YES YES YES...Say OXIDE GOLD, my wife has a high grade poiece from the Comstock Lode that a geo have her the day we went down a shaft in Virgina City ( home of the Comstock Lode ) I have the Pixs from inside the shafy not on line yet or even developed. OUNCES PER TON gold and tens of OUNCES of Silver in that rock I think I remember.( not these mines thou, just for what it is worth...will XCL be a UP ONE today folks do I re read the David Mason report on NGT Home page that gave it to me? ( research Report Section )
X-Cal Resources Ltd - News Release
X-Cal arranges $25-million (U.S.) financing for Sleeper
X-Cal Resources Ltd XCL
Shares issued 50,956,083Jul 19 2002 close $ 0.54
Monday July 22 2002News Release
Mr. Shawn Kennedy reports
X-CAL RESOURCES LTD.: US $25MILLION TARGETED FOR SLEEPER
Documents are being prepared to accompany a financing proposal by X-Cal. A structure that limits the number of shares to be issued by including a property interest is being suggested by the company. The objective is to achieve $25-million (U.S.) of new capital for advancing the Sleeper gold project in Nevada.
Proteus Capital Corporation of New York have been employed to evaluate the pending proposal.
The documents which are being prepared to accompany the proposal are listed below.
Information memorandum
An information memorandum on X-Cal Resources is being prepared by Proteus Capital Corporation. Proteus is a corporate advisory and research firm with expertise in the resource sector. Douglas Newby, president of Proteus, has a background as an equity analyst in London and New York from 1981 to 1990, and has operated his own company from 1991 to present. (The memorandum will be a stand alone document, separate from the evaluation.)
The information memorandum is scheduled for completion within 10 days and will be available on X-Cal's Web site at www.x-cal.com in PDF format and in hard copy from the company.
Geologic due diligence report
A prominent securities firm has requested a geologic due diligence report on the Sleeper gold project, located in Humboldt county, Nevada. Senior geologists selected by the investment company have visited the property. X-Cal has delivered data discs and granted uninhibited access to personnel who are knowledgeable about the property. The due diligence report is expected within two weeks.
Above ground resource
X-Cal has let a contract to Sonic Drill Sampling to sample and quantify some of the above ground gold resource at Sleeper. The results of this work should be available in August and will be incorporated into the Sleeper database.
Snowbird gold deposit, Ft. St. James, B.C.
Geologic information system contract
X-Cal has let a contract to SRK Engineering to develop a stackable geologic information database for the Snowbird gold deposit located in British Columbia. Phase I of the work is scheduled for completion in July. A bulk sampling and drilling program is being planned for Snowbird.
Access to data for analysts
The database for both the Sleeper gold project and the Snowbird gold deposit will be accessible to analysts.
Summary
Reports and new data to accompany a financing proposal are being prepared at this time. The purpose of the capital being sought is to bond and launch a two-year $10-million (U.S.) drill program at Sleeper.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
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RFT
Rio Fortuna Exploration Corp - News Release
Rio Fortuna to acquire Highland project
Rio Fortuna Exploration Corp RFT
Shares issued 8,573,095Jul 17 2002 close $ 0.24
Thursday July 18 2002News Release
Mr. Lawrence Page reports
RIO FORTUNA ACQUIRES LOW-SULFIDATION NEVADA GOLD PROPERTY
Rio Fortuna Exploration's third major gold prospect acquisition, the Highland project in Lander county, Nevada, has potential for a Midas- or Sleeper-style epithermal, low-sulphidation, volcanic-hosted gold system. The Highland project continues the continuing mandate of the company to acquire significant gold properties and will provide an opportunity to conduct year-round exploration. The property lies within the Fallon-Manhattan mineral belt, forming the eastern edge of the extensive Walker Lane structural zone, host to such multimillion-ounce gold deposits such as Comstock, Rawhide, Tonopah, Goldfield and Paradise Park.
The property was originally developed during the 1930s and produced approximately 10,000 ounces of gold over a 10-year period ending in the mid-1940s. Recent exploration beginning in the mid-1970s has been limited to trenching, a regional aeromagnetic survey and shallow drilling of high-grade gold veins to a maximum depth of only 160 feet (less than 50 metres) with more significant mineralization believed to exist at greater depths. Spectacular assays from past production include nine ounces per ton (308 grams per tonne (g/t)) gold with 56.4 ounces per ton (1993 g/t) silver across six feet (1.8 metres). A 15-foot (4.6-metre) chip/channel sample across one of the strands of the Highland vein system assayed 0.16 of an ounce per ton (5.58 g/t) gold; with individual quartz veins assaying over 0.3 of an ounce per ton (10.28 g/t) gold.
Rio Fortuna is planning an initial program of $200,000 (U.S.), including 2,200 metres of drilling to test the vein system along two kilometres of strike length. The program is designed to potentially define a multimillion-ounce bulk minable deposit or a high-grade, million ounce plus, multiple vein system.
The company can acquire a 100-per-cent interest in the 69-claim Highland project by making advance minimum royalty payments totalling $155,000 (U.S.) over a five-year period. A net smelter royalty of 3 per cent will be payable on commencement of commercial production, of which 1 per cent can be purchased for $1-million (U.S.).
Rio Fortuna earlier had announced the acquisition of two projects in the Nome region of Alaska and advises that drill testing of the Divide project is expected to commence early in August. Initial exploration at the Full Auto project will be under way before the end of July.
Prior work performed by Cominco at the Divide project during the mid-1990s established that high-grade gold occurs in bedrock beneath glacial debris and tundra, and includes a trench 55 feet long (16.76 metres) averaging 0.473 of an ounce gold per ton (16.21 g/t). The 3,800-acre property features a large more than 100 parts per billion gold-in-soil anomaly, covering an area 8,000 feet (2,438 metres) long and 4,500 feet (1,372 metres) wide with a number of individual samples containing greater than one part per million gold.
In 1995 to 1996, Cominco USA completed 21 trenches totalling 5,822 lineal feet (1,775 metres) and 14 short core holes. Significant gold values were reported to occur in both trenches. The gold-in-soil anomaly was expanded during the 2000 to 2001 exploration seasons, especially an area, averaging one g/t gold that measures 1,000 feet (305 metres) by 1,500 feet (457 metres). One Cominco drill hole on the western edge of this potentially important anomaly intersected 52 feet (15.85 metres) of 0.092 of an ounce gold per ton (3.15 g/t) including 18.5 feet (5.64 metres) of 0.236 of an ounce per ton or 8.08 g/t gold, beginning at surface.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
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