Ceedee, A little D.D. goes a long way! Try it some time! Try it now!
You said "If Shirley is talking about that Queenstake property 6 kms away from Francisco,its not worth much.Francisco had a look at it before they staked El Sauzal.Its always good business to have claims besides champions its good PR.Same with the one they had besides Pierina (BarricK).If my memory is good i got burned good on that one..."
Note the distance and the staking dates for the Yecorato 51(Now the Guinoloza)Also note that, "This new mineral system straddles the El Sauzal/Yecorato 51 property boundary."
######################################################################
You were saying "Same with the one they had besides Pierina (BarricK).If my memory is good i got burned good on that one..."
If you take the time to look at the info below, you'll find that Barrick seems to think it's worth something!
######################################################################
Mon Jun 1, 1998
NR 98-3 Barrick Continues Option for Second Year to Include Drilling at Queenstake's North Ancash Peru Property Package
Queenstake Resources Ltd. (TSE-QTR) is pleased to announce that pursuant to the North Ancash joint venture, Barrick Gold Corporation has completed its Phase I exploration program and has targeted 24,000 hectares for Phase II work. Phase II is planned to include drilling and other geologic studies during the next twelve months. Pursuant to the Barrick-Queenstake joint venture alliance, including the recently
announced joint venture on Uchcumachay and South Ancash (QTR NR 98-2), Barrick is currently prospecting 49,600 hectares in the Calipuy volcanics in Peru, host to Barrick's 7 million ounce gold Pierina deposit.
Earn-In Expenditures: (U.S.$000's)Joint Ventures with Queenstake.
Period 1 Period 2 Period 3 Period 4 Total
End May End May End May End May Earn-In
31, 1998 31, 1999 31, 2000 31, 2001 51%
North Ancash 24,000 $300 $1,000 $1,400 $1,800 $4,500
Uchcumachay 6,100 N/A 500 1,000 1,000 2,500
South Ancash 19,500 N/A 500 1,000 1,000 2,500
Totals 49,600 $300 $2,000 $3,400 $3,800 $9,500
"During Phase I exploration of the North Ancash Joint Venture properties, from mid-November 1997 until mid May 1998, Barrick personnel carried out a professional and thorough exploration program on each of Queenstake's 53,800 hectares of mineral concessions it held under option. During this period a number of exploration techniques
were used to define prospective areas for Phase II work, to include drilling.
Barrick is electing to continue to work on 24,000 hectares of the original 53,800 hectares optioned. The concessions being kept in the joint venture include those that cover the Calipuy volcanic unit along the Pierina trend to the north and south of the Pierina deposit.
Barrick's plans for Phase II include follow-up detailed geologic and geochemical mapping and drilling at least two target areas defined in Phase I. It is anticipated that drill programs will take place in 1998."
######################################################################
May I remind you that the great Hemlo mine was originally bought by Corona from two prospectors, and then Golden Sceptre and Goliath staked next door to them, and Lac Minerals staked land adjacent as well...so they all followed Corona, and all staked there because of Corona's discovery. Three huge discoveries, all eventually incorporated into the Hemlo Gold Mine.(Corona ultimately defeated Lac in a lawsuit,for using the confidential info that Corona had given them and got those claims as well, ), I could tell you many more stories of mines contiguous or in proximity to other mines, so I suggest you do a little research before making such broad statements. No one knows whether they will be successful or not, and that includes you. That's why they call them speculative stocks.
######################################################################
This is an excerpt from Alamos Minerals the 40% partner April 1,1997:
The Sauzal discovery of Francisco Gold is reported to contain over three million ounces of gold. Alamos' Yecorato 51 claim adjoins Sauzal on the west.
The Yecorato 51(now known as the Guinoloza) was staked several years ago by Vulcan Gold Exploration Inc., predecessor company of Alamos. Queenstake Resources Ltd. now owns 60 percent and Alamos the remaining 40 percent of this and the other properties that were acquired by Vulcan, using satellite imaging technology to identify promising mineralizations in Mexico and Peru. The Yecorato image clearly identifies the Sauzal discovery and the mineralized zones on both properties.
Another excerpt from Alamos of Feb.3,1997:
Queenstake has done a limited amount of work on these claims however their geologists have noted that the mineralization on the El Sauzal property lies adjacent to the Queenstake-Alamos claim boundary, and in close proximity to the remote sensing anomalies on the Yecorato 51 claims.
Queenstake Resources Ltd:Feb 4 1997
Further exploration planned for Yecorato 51 property
Mr James Mancuso reports
Queenstake's Yecorato 51 property is completely surrounded by Francisco Gold's El Sauzal project in Chihuahua, Mexico reported to have the potential to contain 3 to 5 million ounces of gold. El Sauzal appears to be similar in geology and size to Barrick's Pierina project in Peru. Using advanced satellite imagery techniques the Yecorato 51 claim block of 1,850 hectares, was staked on behalf of Vulcan Gold, a Mexican company owned 60% by Queenstake and 40% by Alamos Minerals. Queenstake is operator of Vulcan Gold. The Yecorato 51 claim is surrounded by Francisco Gold's El Sauzal project of approximately 200,000 hectares. On January 30 1997, Francisco Gold reported that
phase I drilling has outlined a bulk tonnage, high-grade gold resource exceeding two million ounces. The resource is both structurally and lithologically controlled, dipping moderately west at 20 to 40 degrees, and striking NNE-SSW with indications of further extensions to the mineralization.
######################################################################
You said "If Shirley is talking about that Queenstake property 6 kms away from Francisco,its not worth much.Francisco had a look at it before they staked El Sauzal." I suggest you read the last sentence in this paragraph.
######################################################################
The El Sauzal mineralization is well defined on Queenstake's proprietary satellite images and is highlighted as discrete masses of hematite and alunite alteration associated with small circular structures (interpreted as breccia pipes) which are localized along a strongly altered NNE-SSW structure. This mineralized structure continues onto Yecorato 51 and hosts several similarly altered circular structures on Yecorato 51. Francisco Gold is currently drilling within 1km from the claim boundary of Yecorato 51. Queenstake has also defined a second parallel mineralized system northwest and down dip from the current El Sauzal drilling program. This new mineral system straddles the El Sauzal/Yecorato 51 property boundary.
######################################################################
Does all this mean they will have a guaranteed discovery? No,it doesn't, but it sure helps to have the properties they do,the locations they have, and Barrick to add their expertise. Time enough to be negative if they come up with nothing, on any of the properties.
Shirley |
