SEG 45 Final_qx4 - Society of Economic Geologists

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EXPLORATION REVIEWS 34 SEG NEWSLETTER No 63 • OCTOBER 2005 ... from 33 Exploration Reviews (Continued) Seafield Resources, a De Beers subsidiary, in joint venture with Placer Solutions, has commenced exploring for placer Au on the seabed offshore the west coast of the South Island from Karamea to Jackson Bay. Geophysical surveys and sampling are planned to evaluate a model of placer formation during glacial periods when sea levels were much lower than at present. Reviews of these and other exploration and mining activities will be presented at the New Zealand Minerals Conference in November: . EUROPE Regional Correspondent: Mac Canby (SEG 2003) Phelps Dodge Exploration Corp. Cobham, Surrey KT11 3HY Tel: +44 1932 868 108 Fax +44 1483 479 930 E-mail: mcanby@phelpsd.com Contributions from Pasi Eilu (SEG 2002) – Finland Geological Survey of Finland Bosse Gustavson – Sweden Cecilia Szentesy (SEG 2004) – Romania S.C. Rosia Montana Gold Corporation S.A. Dundee reported some spectacular intercepts at its Chelopech high-sulfidation Cu-Au deposit in Bulgaria, while also, in Bulgaria, Euromax reports interesting trench results at Rakitovo. Uranium once again appears as a target of interest in Fennoscandia, and new diamond pipes emerge in Finland. European Nickel made real progress toward Ni production in Turkey and posted a significant increase in their resource at Caldag. The first South East European Exploration Conference MINERALS EXPLORATION & ENVIRONMENTAL GEOCHEMISTRY Advanced survey, analytical and interpretational methods for exploration through exotic overburden. Plant Soil Gas Rock Standards Specialty Sample Preparation P.O. Box 18325, Reno, Nevada 89511 Tel: 775-849-2235 Fax: 775-849-2335 SheaClarkSmith@compuserve.com PAID ADVERTISEMENT and Field Trip in Sofia, Bulgaria, from May 7 to 10 was superbly attended by both juniors and majors. Our thanks to the excellent efforts of organizers Menzies, Dimitrov, Davena, Strashimirov and Bogdanov. Readers will note improvements in our Swedish contributions thanks to new correspondent Bosse Gustavson. BULGARIA Dundee Precious Metals posted notable intercepts at the “Block 149” ore shoot located at the north margin of the Chelopech high-sulfidation Cu-Au deposit, where holes offsetting isolated historic intercepts cut up to 12 m of 5.2% Cu and 30.8g Au contain visible gold in addition to the typical Cu-As-Fe assemblage. Euromax reports encouraging trench results from the Srebrna (Rakitovo) Au-Ag-(Pb) quartz stockwork zone in a Cretaceous granite porphyry stock, including 26 m of 3.68 g Au and 144 g Ag within a 1,500-m segment tested by 4 trenches; the zone has been traced with geophysics by the Bulgarian state for an additional 3 km south. At Srebren South coincident with the IP anomaly is a poorly exposed zone of quartz stockwork 600 × 150 m in quartz-muscovite-carbonate altered granite porphyry, with up to 30 m of 2.60 g Au, 25 g Ag in limited rock chip sampling. TURKEY Anatolian Minerals completed 165 holes/28,418 m in 2005 at the intrusion-centered, sediment-hosted Copler Au (44 Mt of 2.9 g/t Au) in infill and condemnation drilling; intervals Recursos included up to 117 m of 4.8 g Au. Eurasian Minerals, in strategic alliance with Barrick, announced mineralized intercepts in all eight holes from a 965-m diamond core program, including up to 30.4 m of 3.8 g Au, at its Sisorta high-sulfidation Au target, northern Turkey; a second 3,000-m drill phase was started. Anatolian/Rio Tinto alliance announced results from further drilling of 18 RVC holes/2,543 m at Kizilviran Cu-Au porphyry in eastern Turkey, including an intersection of 43 m of 1.2% Cu, 0.18 g Au, and 0.01% Mo in the Main Ridge zone, which now extends up to 500 × 1,500 m. Low-grade (0.2–0.5% Cu) hypogene mineralization underlies an enrichment blanket 8- to 80-m thick, averaging 0.7 to 1.1% Cu. Anatolian’s drill holes at its Ikiztepe Cu-Mo prospect in European Turkey returned up to 206 m of 0.29% Cu with ~0.01% Mo in mixed skarn and intrusion-hosted mineralization. Ariana Resources emerged as an ambitious new junior in Turkey, purchasing Newmont’s Sindirgi Au-Ag low-sulfidation epithermal vein prospect in western Turkey, as well as discovering its own Kinik Au by following ASTER and GIS targets; preliminary chip sampling returned up to 10 m of 3.21 g Au within a wider mineralized zone. European Nickel (ENickel) reached several key milestones at its Caldag Ni laterite deposit by increasing the resource by 30% from approximately 38 Mt 1.14% Ni and .05% Co to 45 Mt 1.3% Ni, and 0.07% Co, demonstrating heap leach recoveries which now exceed 50%, and getting a further vote of confidence as BHP Billiton increased its stake via exercise of stock purchase. del Caribe, S. A. Contract Mineral Exploration in Central America and the Caribbean Basin Tel: Carl E. Nelson, President 303-939-9517 • www. CBMap. net PAID ADVERTISEMENT
OCTOBER 2005 • No 63 SEG NEWSLETTER 35 ROMANIA European Goldfields Limited completed in-house prefeasibility study on its 80%-owned Certej project; measured and indicated resources total 31.4 Mt at 2.1 g gold and 11 g silver for a total of 2.2 Moz Au and 11 Moz Ag. Pit optimization shows 22.6 Mt grading 2.0 g gold and 11.7 g silver with an average strip ratio of 2:1, with a projected 2.5 Mt per annum over approximately nine years. European seeks additional peripheral higher-grade mineralization at its nearby Cainel license where surface and underground sampling shows 1 to 14 m of 1–5.6 g Au in north-south veins and breccias. Carpathian Gold Inc. (CG) announced metallurgical results from SGS-Lakefield Research from two samples from Baiut Au in Baia Mare (0.341 Mt of 4.75 g Au) which returned 95.3% and 93.0% Au recovery utilizing biooxidation and cyanide leaching; CG will consider similar recovery tests on ore previously considered refractory from Baia Sprie. Recoveries by State Mining Company REMIN, via conventional sulfide floatation, showed results of 95.5% and 97.4%. CG’s programs on Oravita Cu-Au, southwest Romania, defined drill targets along the 3.5-km-long “Talva Trend” Cu-Au soil anomaly, including a 1,500m length at Talva Mica, where 26 of 52 grab samples showed from 0.4% to 4.2% Cu and 0.11 to 4.41g Au. Mineralization is hosted by interbedded hornfels and calc-silicate skarn, and altered quartzdiorite porphyry and hornfels. The underground historic Talva Mica zone is 50 to 70 m wide, 300 m in length and open along strike; previous intersections include 12 m of 2.76% Cu to 10 m of 5.10% Cu and 2 m of 7.87% Cu, 0.20% Mo. None of the underground samples were assayed for Au. At CG’s Carbunari-Stinapari prospect, 25 km south of Oravita, trenching and mapping define a 3.5km-long belt of jasperoid containing 1 to 15.1 g Au and an associated gold-insoil anomaly within limestone and calcareous siliciclastic sediments; a 2,000to 3,000-m drilling is planned to test for Carlin-style Au mineralization. Gabriel Resources Ltd received terms of reference for the Rosia Montana EIA; the EIA is now being compiled to meet the terms of reference and is planned to be submitted in early 2006. At Bucium/Rodu-Frasin, a February 2005 resource estimate at 0.6 g Au cutoff contains indicated resources of 7.95 Mt at 1.91 g Au and 5g Ag, and an inferred resource of 9.29 Mt of 1.70 g Au and 5 g Ag at Frasin, and an inferred resource of 26.08 Mt at 0.97 g Au and 2 g Ag at Rodu, totaling 1 Moz Au at Frasin area and 813,000 oz Au at Rodu. New exploration licenses were granted in Apuseni Mountains to Valhalla Resources and Carpathian Gold. SERBIA-MONTENEGRO Eurasian Minerals announced an Aupolymetallic intercept from Brestovac target, south of the historic Bor district, where their 296.8-m core hole followed up on results from 1970-era drilling. An interval of 22.40 m of 4.51g Au included 2.95 m of 25.83 g Au; two lower intervals each contained 7 to 8 m of 0.4–0.5 g Au. Cu-Zn mineralization was intersected as well, notably 4.30 m of 2.07% Zn, 0.11% Cu and 0.40 g Au. A range of companies participated in the Serbian government’s tenders on Cu-Au exploration targets in the West Timok district, covering the western margin of the prolific Timok Magmatic Complex which hosts Bor. MACEDONIA Sirius Exploration Plc completed AIM listing based on its agreement with Phelps Dodge on the Kadiica and Osogovo porphyry Cu-Mo targets, and currently funds drill programs on both. Sirius aims to expand a chalcocite blanket identified at Kadiica as well as test for underlying hypogene mineralization; at Osogovo, further exploration will test an extensive stockwork Cu-Mo system which forms the center of the large Sasa-Toranitza Pb-Zn-Ag skarnmanto deposit. IBERIA Rio Narcea, on its Salave Au project, announced 1.5 Moz Au at a grade of 3.0 g. Salave is a disseminated, intrusion-related deposit hosted in a granodiorite; gold occurs in subhorizontal to gently west dipping irregular lenses in an area of 350 × 300 m. IRELAND Tournigan Gold followed up on previous expansions of the No. 1 vein at Curraghinalt Au (1.32 m of 66.95 g Au at 390 m, announced previously). SLOVAKIA Tournigan Gold drilled its Brehov VMS target, and their shallow holes in a 600m-wide mineralized zone previously identified and drilled by the Slovak geologic survey, returned up to 15 m of 2.6% Pb, 0.3% Zn, 0.5 g Au, and 40 g Ag in reported Kuroko-type VMS mineralization. Tournigan continues exploration at the Kremenica low-sulfidation Au-Ag target. FINLAND Dragon Mining NL will open two gold mines at Vammala in southwestern Finland. About 300,000 t ore will be mined per year at about 8 to 11 g Au. Production will start in late 2005 from the underground at Orivesi mine and from two small open cuts at the new Jokisivu mine. Stage 2 will develop an underground mine at Jokisivu. Prior to going underground at Jokisivu, a sixmonth drilling program will allow detailed underground design and financial study. Stage 3 will develop deeper ore zones at Jokisivu at and below 400 m level. Agnico-Eagle Mines Ltd has offered to buy all the outstanding shares of Riddarhyttan Resources AB not currently owned by Agnico-Eagle. Riddarhyttan is the 100% owner of Suurikuusikko Au, northern Finland, where the resource is now 2.5 Mt @ 6.2 g Au measured, 9.3 Mt @ 5.1 g Au indicated, and 12.5 Mt @ 4.2 g Au inferred ore, totaling 3.73 Moz gold. Northern Lion Gold reports a new gold-rich lode from the old mine site of Haveri in southwestern Finland, with drill intercepts from 2 m @ 116.9 g to 44.5 m @ 1.3 g Au. Taranis Resources Inc reports a new lode at its Kettukuusikko prospect in Lapland, with intercepts at 1.8 m @ 27.7.g and 0.4 m @ 111g gold. North American Gold Inc has been granted 12 exploration leases in northwest Finland, now nearly completely holding the iron oxide-copper-gold Kolari belt; the company also holds ground in nearby Sweden, in obvious continuation of the Kolari belt. In PGM, Gold Fields Ltd announced downgrade of its Arctic platinum project, and will assess the viability of a high-grade PGM, smaller-scale operation rather than large-scale mine. In the base-metals sector, Vulcan Resources Ltd more than doubled the resource of the to page Outokumpu-style 36 ... EXPLORATION REVIEWS
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