Thursday, January 08, 2004 10:07:11 AM
Amazing bs like this will come up with a quote on IVN... these guys are good.
Magnum Acquires New Porphyry-Copper/Gold Property in South-Eastern Mongolia
Tuesday January 6, 9:30 am ET
TORONTO--(BUSINESS WIRE)--Jan. 6, 2004--Mr. Reno CALABRIGO, President - Magnum d'Or Resources Inc.(OTCBB:MAGR - News) a junior resource exploration Company is pleased to announce that Magnum has acquired an option to earn a 100% interest in the Khol Morit porphyry-copper gold property located west of Ivanhoe Mine's (TSX:IVN - News; Nasdaq:HUGO - News) Turquoise Hill Project in south-eastern Mongolia. Under the terms of the option agreement, Magnum has an exclusive right to earn a 100% interest in the property within a 9-month period through share issuance, a small cash consideration, and an exploratory work program to take place within 9 months.
The Khol Morit property hosts a porphyry copper system with alteration covering 2 square kilometers. In a recent report on the property, it was suggested that due to the effects of surface oxidation and leaching, copper mineralization may be more extensive at depth than at the surface.
GEOLOGY:
On the Khul Morit, a broad zone of quartz-tourmaline breccias roughly 1.4 kilometers long and 500 meters wide overlaps the granodiorite-volcanic intrusive contact. Individual breccia bodies measure up to 500 meters long and 100 meters wide. The breccias contain strongly silicified and sericitized angular clasts of volcanic and plutonic rocks set in a vein matrix of quartz, tourmaline, iron oxides (dominantly hematite), and occasional chrysocolla. A few areas of quartz-FeOx-chrysocolla/malachite veins and stockworks with strong phyllic alteration have been observed near the breccia bodies.
Linear zones of silification with pyrite (oxidized), and quartz veins with and without iron oxides occur south of most quartz-tourmaline breccias and visible surface copper minerals. This alteration is in turn surrounded by a broad 2-km long and 1-km-wide envelope of sericitic and/or argillic alteration. Iron oxide staining, predominantly hematite, is widespread throughout the altered area.
Other areas of copper mineralization and colour anomalies (iron oxides) have been observed in the region surrounding Khol Morit and are to be investigated in the spring.
RESULTS -- ROCK SAMPLES:
Thirty out of 45 grab samples taken at Khol Morit were submitted for analysis to Chemex Labs in Vancouver. Many of the trace elements normally associated with porphyry copper deposits proved to be highly anomalous in the Khol Morit rocks. Out of the 19 samples analyzed for trace elements, copper concentrations ranged up to 1790 ppm (0.18 %), arsenic up to 1990 ppm, and molybdenum up to 48 ppm. Antimony, lead, and zinc were also anomalous, with values of up to 74, 34, and 62 ppm respectively. Gold values were in the 5 to 10 ppb range, or less, one sample analyzed by Dunn yielded 80 ppb.
Copper and arsenic values were highest within quartz-tourmaline breccias: 9 such samples averaged 325 ppm Cu and 425 ppm As. The relatively high As/Cu ratio may be a product of oxidation and leaching during weathering. Little carbonate would be available in the altered rhyolitic host rocks to fix copper in carbonate minerals at the surface (most of the surface copper was in chrysocolla). A sulfide enrichment zone of copper could be expected below the surface.
In addition to the work being carried out on the North Zone and East Zone properties, the Company has been actively pursuing other potential acquisitions in Mongolia. The purchase of the Khol Morit license is the fourth mineral license acquisition for Magnum in the last 10 months, and represents the Company's commitment to enhancing shareholder value through the acquisition of properties that exhibit the potential to hold economic mineralization. The Company will be conducting aggressive work programs on both the north zone/east zone, and Khul Morit properties in the New Year.
A number of statements contained in this press release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties including but not limited to: competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results that Magnum may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
Magnum Acquires New Porphyry-Copper/Gold Property in South-Eastern Mongolia
Tuesday January 6, 9:30 am ET
TORONTO--(BUSINESS WIRE)--Jan. 6, 2004--Mr. Reno CALABRIGO, President - Magnum d'Or Resources Inc.(OTCBB:MAGR - News) a junior resource exploration Company is pleased to announce that Magnum has acquired an option to earn a 100% interest in the Khol Morit porphyry-copper gold property located west of Ivanhoe Mine's (TSX:IVN - News; Nasdaq:HUGO - News) Turquoise Hill Project in south-eastern Mongolia. Under the terms of the option agreement, Magnum has an exclusive right to earn a 100% interest in the property within a 9-month period through share issuance, a small cash consideration, and an exploratory work program to take place within 9 months.
The Khol Morit property hosts a porphyry copper system with alteration covering 2 square kilometers. In a recent report on the property, it was suggested that due to the effects of surface oxidation and leaching, copper mineralization may be more extensive at depth than at the surface.
GEOLOGY:
On the Khul Morit, a broad zone of quartz-tourmaline breccias roughly 1.4 kilometers long and 500 meters wide overlaps the granodiorite-volcanic intrusive contact. Individual breccia bodies measure up to 500 meters long and 100 meters wide. The breccias contain strongly silicified and sericitized angular clasts of volcanic and plutonic rocks set in a vein matrix of quartz, tourmaline, iron oxides (dominantly hematite), and occasional chrysocolla. A few areas of quartz-FeOx-chrysocolla/malachite veins and stockworks with strong phyllic alteration have been observed near the breccia bodies.
Linear zones of silification with pyrite (oxidized), and quartz veins with and without iron oxides occur south of most quartz-tourmaline breccias and visible surface copper minerals. This alteration is in turn surrounded by a broad 2-km long and 1-km-wide envelope of sericitic and/or argillic alteration. Iron oxide staining, predominantly hematite, is widespread throughout the altered area.
Other areas of copper mineralization and colour anomalies (iron oxides) have been observed in the region surrounding Khol Morit and are to be investigated in the spring.
RESULTS -- ROCK SAMPLES:
Thirty out of 45 grab samples taken at Khol Morit were submitted for analysis to Chemex Labs in Vancouver. Many of the trace elements normally associated with porphyry copper deposits proved to be highly anomalous in the Khol Morit rocks. Out of the 19 samples analyzed for trace elements, copper concentrations ranged up to 1790 ppm (0.18 %), arsenic up to 1990 ppm, and molybdenum up to 48 ppm. Antimony, lead, and zinc were also anomalous, with values of up to 74, 34, and 62 ppm respectively. Gold values were in the 5 to 10 ppb range, or less, one sample analyzed by Dunn yielded 80 ppb.
Copper and arsenic values were highest within quartz-tourmaline breccias: 9 such samples averaged 325 ppm Cu and 425 ppm As. The relatively high As/Cu ratio may be a product of oxidation and leaching during weathering. Little carbonate would be available in the altered rhyolitic host rocks to fix copper in carbonate minerals at the surface (most of the surface copper was in chrysocolla). A sulfide enrichment zone of copper could be expected below the surface.
In addition to the work being carried out on the North Zone and East Zone properties, the Company has been actively pursuing other potential acquisitions in Mongolia. The purchase of the Khol Morit license is the fourth mineral license acquisition for Magnum in the last 10 months, and represents the Company's commitment to enhancing shareholder value through the acquisition of properties that exhibit the potential to hold economic mineralization. The Company will be conducting aggressive work programs on both the north zone/east zone, and Khul Morit properties in the New Year.
A number of statements contained in this press release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties including but not limited to: competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results that Magnum may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
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