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Gold/Mining/Energy : Kalahari Resources Makes Major Move Upwords -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (226)	11/11/1998 8:14:00 AM
From: Andrew	Read Replies (2) \| Respond to of 349

I thought i'd post this here and try to revive discussion on this thread. Andy Kalahari Resources Inc - Back Lake project progress; Geomex-6 and Geomex-4 optioned; debt settlement Kalahari Resources Inc KLA Shares issued 33,561,823 1998-11-06 close $0.39 Monday Nov 9 1998 Mr. Albert Applegath reports BACK LAKE PROJECT Geologist Howard Bird, manager of exploration of the Back Lake project for SouthernEra Resources, gave the following progress report last week: 1. $5,000,000 (Canadian) spent thus far at Back Lake; $5,000,000 (Canadian) spent thus far at Mackay Lake. 2. Work completed to date: (a) 5,000 miles of airborne geophysics; (b) 600 miles of ground geophysics; (c) 3,500 till samples taken and processed; and (d) 11,000 feet of core drilling completed. 3. The camp at Back Lake was expanded this summer and winterized. There are 17 buildings which will hold 20 to 30 workers. 4. The Lupin winter road is being extended by De Beers-Monopros to facilitate bulk sampling at the Mountain Province project (adjoining south of the Back Lake boundary). This road will pass within one-quarter to one-half of a mile of the Back Lake camp and will lower supply costs dramatically. 5. The 40 per cent G-10 garnet content of the Yuryi indicator mineral train is considered to be one of the highest G-10 count in the Northwest Territories. 6. There is a lake bottom depression 1,000 feet offshore from the Yuryi boulder field (a 1,200 pound bulk sample returned 226 diamonds here) and this will be priority drill tested. 7. A new sonic drill program will fence drill the area opposite the Yuryi indicator mineral train and the boulder field at Munn Lake. This drill will core into a 10 foot sample of lake bottom bedrock at 300 foot centres. 8. Fifteen holes could be completed in a 12-hour shift and these holes will be processed within 48 hours at the camp. 9. This sonic drilling at Munn Lake will quickly establish target areas for conventional diamond drilling. 10. The new program will begin mid-January to mid-February 1999 and this early start will see a concentrated effort for approximately four months. 11. The SouthernEra crew are trying to define the source area of the Yuryi In early 1999. 12. There are three other indicator mineral trains between Munn and Margaret Lake. 13. There are currently 336 till samples being processed to better define the up-ice source of these indicator mineral trains. 14. There are over 20 geophysical lake anomalies not yet drill tested from the program this spring. Early 1999 will see the most aggressive program yet mounted by SouthernEra at Back Lake. This could be the year for the pipe source of the indicator minerals and diamonds to be found. CENTRAL MEXICO - FAJA DE PLATA (12 blocks - 3,300,000 acres) Kalahari has joint ventured Geomex-6 (220,000 acres) to Western Copper Holdings and Geomex-4 (1,500,000 acres) to Goldwater Resources. Kalahari continues to negotiate on the remaining 10 blocks for additional partners. In the meantime, field work, under the direction of geologist Kevin McAndrews, continues to define potential drill target areas. DEBT SETTLEMENT The VSE has accepted for filing the issuance of 814,182 Kalahari shares at 34 cents to settle outstanding debts totalling $276,822. The hold period on 337,288 shares is until Dec. 1, 1998, and the hold period on the remaining 476,894 shares is until Jan. 1, 1999. The president of the company advanced or was owed $166,000 (Canadian) and took the 476,894 share debt settlement. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)