First I would like to extend my greetings to you all. Then I would like to
share the following news obtained from AOL. With this, I need to ask
someone with good knowledge in mining. My question came out of the following
information:
>>"On the Eritrean properties, targets include copper-gold skarn,
copper-gold porphyry, poly-metallic volcanogenic massive sulphide, gold
bearing quartz-carbonate vein systems, auriferous shear-hosted alteration
zones and gold in individual and stockwork quartz vein systems. ">>
Please, somebody explain what these properties are?
Thanks
Kibreab
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TORONTO--(BUSINESS WIRE)--Sept. 3, 1997--Rift Resources Ltd.(VSE RIF )
- Extensive new gold and base metal zones identified in Eritrea, including
trenching results of 12.57 g/t gold over 6.0 metres.
- Targets prepared for drilling at: Ketina and Nefasit, Eritrea Silobela,
Zimbabwe
- JV Agreement with Anglo-American Corporation on new Eritrean project
Significant gold and copper mineralization has been discovered on the
Company's Ketina and Nefasit properties in Eritrea and extensive gold
geochemical and I.P. anomalies defined on the Silobela joint venture
property in Zimbabwe. Results of preliminary evaluations have previously
been announced and ongoing, follow-up programs have resulted in additional
discoveries of mineralization over a wide area. These programs were
designed to prepare a number of targets for initial drill testing which is
scheduled for the final quarter of the year.
ERITREA
On the Eritrean properties, targets include copper-gold skarn, copper-gold
porphyry, poly-metallic volcanogenic massive sulphide, gold bearing
quartz-carbonate vein systems, auriferous shear-hosted alteration zones and
gold in individual and stockwork quartz vein systems.
The most interesting prospect on the Ketina Exploration Licence occurs in
the Adi Meshela- Adi Kenatib area where gold and copper mineralization
extends over a minimum strike extent of 4,000 m. It is believed that this
mineral-rich area is part of a skarn and copper-gold porphyry system with
which several occurrences of similar style mineralization have been located
over a 5 x 12 km area. Values up to 47.9 g/t gold and 4.5% copper have been
obtained from trenching. Systematic sampling from 19 trenches across a
strike length of 140 m indicated an average grade of 4.4 g/t gold (high
values cut) over varying widths up to 6.0 m. The highest gold value
obtained was 12.57 g/t gold over a width of 6.0 m. Sulphide-magnetite
gossans have also been identified on the eastern flank of Adi Meshela
village (2,500 m east of Adi Kenatib) and at Adi Atey (1,800 m north of Adi
Meshela). Chip sampling indicates values up to 27.8 g/t gold across 0.65 m
with an average grade of 6.52 g/t gold over 21.0 m strike. These bodies
occur as sheets within extensively altered schistose tonalite. Ground
magnetic surveys are being planned to follow-up on these targets.
At Enda Gaber, 3,000 m to the north, mineralized quartz veins appear to be a
distal manifestation of the same mineralizing system. Composite grab samples
from the main vein system have returned values up to 61.2 g/t gold.
On August 29, 1997, the Company entered into a new contractual agreement
with the government of Eritrea in respect of the Nefasit-Mt.Sabub
Exploration Licence. In addition to previously announced gold discoveries
on the property, a new discovery, the Lesse prospect, has been made near the
village of Nefasit. Significant gold values have been encountered in
quartz-carbonate veins throughout a 300 m wide and laterally extensive (>2.5
km) shear zone. The thickness of individual veins at surface varies from 0.3
to 1.3 m with values ranging from 1.36 g/t gold to 94.9 g/t gold.
Other exploration targets that will be the focus for further follow up
include Mount Saccar where results of previous work by a Yugoslavian company
suggested a significant copper resource; Adi Rosso (VMS potential);
Agametta, where extensive iron, copper and minor gold mineralization may
relate to the Mount Saccar style of occurrence; and Gahtelay, where
rift-related shearing hosts elevated gold and copper values.
Also in Eritrea, the Company has recently entered into an agreement with
Anglo American Corporation of South Africa to jointly apply for the Augaro
Concession under the second round of competitive licensing, bidding for which
closed on July 31, 1997.
ZIMBABWE
At Silobela, joint venture partner Reunion Mining PLC has defined and/or
refined a number of targets by detailed geochemical sampling, ground
magnetic and I.P. surveys. The project area lies on either side of the
Jena gold mine and the new gold discovery made by Reunion Mining at
Maligreen. The most promising targets have been outlined at Northallerton
and Leith Hills where combined geochemical and I.P. anomalies have been
defined over strike lengths in excess of 7,000 m. Previous drilling on the
eastern part of the Northallerton anomaly intersected an intensely altered
and sheared diorite with auriferous quartz stringers which included an
intersection of 3.58 g/t Au over 14.65 metres. A major program comprising
trenching, percussion and diamond drilling is planned to evaluate these and
other targets.
The Company's major project areas have recently been examined by an
independent geological consultant from Toronto-based Southampton Associates
Inc. ("Southampton") who has undertaken check sampling. Southampton has
reviewed and concurs with the Company's sampling and analytical procedures.
The Company is evaluating offers to farm-in on one or more of its projects
from interested parties.
Rift Resources Ltd. is a Toronto based mineral exploration and development
company with exploration, administrative and/or representative offices in
Asmara, Eritrea, Addis Ababa, Ethiopia and Kampala, Uganda. The Company is
pursuing the acquisition and development of quality gold and gold-rich base
metal projects in Ethiopia, Eritrea, Uganda, Zimbabwe and elsewhere in
Africa and currently holds directly, through joint venture, or has under
application, interests in 17 gold projects in 5 countries of eastern,
southern and western Africa amounting to approximately 2.6 million hectares.
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The Vancouver Stock Exchange has neither approved nor disapproved the
contents of this Release.
CONTACT:
Rift Resources Ltd.
Terence N. McKillen, 416/368-5685
BW1211 SEP 03,1997