To all tyhe MKM followers:
Here itis the latest MKM news release. Extremely possitive. 750.000 oz of gold with exztremely low processing cost. Take a look
Mink International Resources Corp -
First Niaouleni drill indicated reserves delineated
Mink International Resources Corp
MKM
Shares issued 15197877
1997-11-04 close $0.42
Wednesday Nov 5 1997
Mr O.L. de la Cuesta reports,
Mink International is pleased to announce the first drill indicated reserves have
been delineated in its Niaouleni gold project in Mali, West Africa.
These initial reserves are in two sections that are separated by a major east-west
trending dyke in the South Niaouleni zone. The first section (to the north) consists
of eight quartz breccias associated with stockworks, while the, second (to the
south) consists of three steeply dipping quartz vein systems. The structures in the
first section, with traceable strike lengths of 1,300m, extend northeastwards into
the Libre Plateau zone. Those in the second section extend for 2km southwesterly
into the Kankou Moussa zone.
Drill Indicated Reserves, South Niaouleni Zone, Lode Deposit
The initial reserves were calculated based on two or more proximate drill holes
intersecting identical gold bearing structures. Open ended laterally and at depth,
the drill indicated reserves from the surface to 65m below include:
No. Width Length Depth Tonnes Grade
of (m) (m) (m) (g/t)
veins
North of dyke
8 1.0 to 5 50 to 150 65 150,000 5.76
South of dyke
3 1.6 to 5 60 65 164,000 1.12
Potential Reserves, Lode Deposit
The potential reserves are based on drill hole sample results of which some could
not be justifiably used at this time for determining drill indicated reserves due to
their being distant from other test results. The reserves were calculated from
average widths and grades of drill hole intersections in the Libre Plateau zone and
the South Niaouleni zone - north of the dyke. Open ended at depth and to the
north, the potential reserves are:
No. Width Length Depth Tonnes Grade
of (m) (m) (m) (g/t)
veins
Between Libre
6 3.16 800 65 2,465,000 1.54
PI and South Nia. Libre Plateau
6 3.16 400 63 1,232,000 1.28
The estimated average grades were determined mainly from recent drill core
samples tested by fire assaying at the Intertek Testing Services (Bondar Clegg)
Laboratory in Guinea. Earlier test pit and reverse circulation drill hole samples fire
assayed in the Acme Analytical Laboratories of Vancouver were also used in the
grade calculations.
Potential Reserves, South Niaouleni Stockwork
In between the various breccias and vein structures are swarms of quartz veins
and veinlets forming stockworks in South Niaouleni zone's northern section. Assay
results of bulk samples taken from test pits excavated to depths of 5 to 21 metres
below the surface are indicated hereunder. In addition to South Niaouleni's drill
indicated and potential reserves (viz: quartz breccias and veins), the stockwork
potential reserve is:
Width Length Depth Tonnes Grade
(m) (m) (m) (g/t)
40 250 20 500,000 1.84
Significant assay results of South Niaoigeni bulk samples include:
Test Pit Thickness Grade
(m) (g/t)
SNMH 1 5 3.31
SNMH 2 6 0.72
SNMH 2 5 0.71
SNMH 3 13 4.16
SNMH 4 4 0.89
SNMH 8 6 1.34
SNMH 11 4 0.80
SNMH 11 9 0.42
SNMH 11 2 1.10
SNMH 13 2 7.05
The South Niaouleni and Libre Plateau zones are two of the four principal
traditional mining areas in the concession that are being evaluated by the company.
Potential Reserves, Alluvial Deposits
Five rivers in Mink's Niaouleni concession have been mined for alluvial placer gold
by local inhabitants using rudimentary methods and tools. A survey by company
geologists indicated that only 30% of these gold bearing areas have been
traditionally mined. Gold concentrations in some sections are reported to be
between 8 and 120 grams of gold per cubic metre of material. The following
alluvial deposits have estimated grades of 350 mg per cubic metre:
Niaouleni - Torotomou 14,160,000
Noumousoulonkou 6,000,000
Furanokou 9,240,000
Furanokou Extension 4,200,000
Kalabako 10,800,000
Total 44,400,000
Estimated alluvial
placer gold 15,540 kg
(or 499,660 oz)
The foregoing drill indicated and potential reserves are preliminary. The company
expects to increase these reserves through bulk sampling and drilling during the
coming months. In-fill drilling at the South Niaouleni and Libre Plateau zones is
planned to convert the preliminary reserves into the proven category in
preparation for production.
Mink has long recognized that the traditional mining and gold washing practiced in
Mali today can be mechanized effectively by employing hydraulic mining in
combination with gravity concentration. This simple and cost effective gold
recovery system (ie US$1.50 to $2.50 per cubic metre, about $1.00 per tonne, of
material mined) has been used for many years in Malaysian placer mining
operations. Two of Mink's three mining engineers were engaged extensively in
hydraulic mining in the past. Their expertise will be valuable when the planned
hydraulic mining operation in the Niaouleni concession is implemented. The
company has already purchased majority of the required support heavy equipment
and constructed substantial infrastructure and ancillary facilities on site.
The company's assay and research laboratory and pilot plant in Mali are now fully
operational. In addition to samples now being collected on site, the lab is testing
over 2,000 diamond drill, percussion drill, trench and test pit samples, collected
during the previous season. Mink's laboratory now allows it to test more samples
and in bigger volumes, thus realizing more accurate and timely results. The
company routinely takes 10% random duplicate samples for testing and counter
checking by independent laboratories.
With its initial reserves amounting to 735,000 ounces of gold, Mink is poised to
move aggressively towards bringing its Mali gold mining property into production.
For further information contact investor relations at:
Telephone:
(604) 687-3636
Toll free:
(888) 233-5344
Fax:
(604) 687-3330
email:
mink@mink.com
Website:
www.mink.com
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
I figure that 750.000 oz of golg with the mentioned processiong cost and at today price of gold make the stock worth it at least $ 5.00 a share as follow:
750.000 X $ 100 per oz in the ground equals $75,000,000 divide by 15,000,000 shares equal $ 5.00. estimated valu. Add the gold reserves not yet estimated and the diamond potential.... wow.
Good Investment |
