Just in case you haven't already read it, and to provide a little background on RRHI and Dodge Mine, here is the original PR (RRHI used to be Lantis Laser - LLSR).....
Lantis Laser’s Operating Affiliate TAG Minerals Zimbabwe (Private) Limited Diversifies into Barite, Limestone, Talc and other soon to be announced mineral/metals acquiring 100% of World Class Dodge Mine Blocks 1-6
FREEHOLD, N.J., February 7th, 2012— Lantis Laser Inc. (OTCQB symbol: LLSR), is pleased to announce today that its operating affiliate TAG Minerals Zimbabwe (Private) Limited (TAG-Z) has acquired 100% of World Class Dodge Mine Blocks 1-6 in exchange for $433,000 cash. The property consists of three hydrothermal mountains representing 123 hectares containing multiple deposits of superior grade barite, limestone and talc. The smallest mountain was partially drilled in 1966, consisting of only 5 drilling holes with related ADIT portals. The results of the drilling program indicated that there were proven reserves of 359,000 tons of barite, 1,000,000 tons of limestone and 150,000 tons of talc and inferred reserves of 600,000 tons of barite and 5,000,000 tons of limestone.
With a world-wide shortage of high grade barite, the timing of acquiring Dodge Mine could not be more beneficial to the oil & gas drilling sector with the recent massive discovery of oil off the coast of neighboring Mozambique and new drilling contracts expected in the Middle East, Central/South Africa and Western Australia. Barite is used as a weighting agent for drilling fluids in oil & gas drilling applications. Due to its unusually high specific gravity, milled barite is pumped into drill holes to offset high formation pressures and prevents explosive blowouts of oil and gas. In the Gulf of Mexico, home to the largest concentration of active rigs world-wide, up to 5M tons of bulk barite was shipped in 2010 primarily from China/India to tier-1 barite milling facilities owned/operated by companies like Halliburton, M-I Swaco and Excaliber Minerals. The barite deposits throughout Dodge Mine are hydrothermal veined structures of very high grade crystalline with up to 40% free of trace mineralization meaning that a large portion is 100% Barium Sulfate (BaSO 4 ).
Hydrothermal barite deposits throughout Dodge Mine represent the highest grade of new barite sources to be announced in recent years. Extraction of these minerals is through standard open-pit operations further reducing the mining costs. White barite, the highest grade of the barite deposits on Dodge Mine, expands the business opportunities for the company to include paint and automotive applications that pay a premium for bright white barite. A third party oil & gas drilling sector geologist recently confirmed that the multiple barite deposits are considered 100% recoverable. Management of TAG-Z is encouraged by this rate of recovery compared to certain lower grade sedimentary barite mines in Nevada with which it is familiar classified as only 45% recoverable. Recent testing within the oil & gas drilling sector confirmed the barite quality exceeds the specifications for API grade applications. The company is currently pursuing partnership opportunities within the USA.
Other high quality minerals on the property associated with this hydrothermal mountain range include limestone and talc. Applications for these minerals include cement, cement derivatives/aggregates, paint, automotive and refractories. The company is currently discussing mineral business opportunities with an established Internationally known cement manufacturer that has a cement facility within close proximity of Dodge Mine as well as targeting companies in South Africa that have no in-country access to barite for non API-applications that also utilize limestone and talc to support various industry applications.
Included in the 1966 drilling report were comments documenting the widespread occurrences of gossan deposits. As noted in the Dodge Mine Prospectus provided by the previous mine owner in 2011 during the company’s due diligence period, these massive sulphide deposits most likely point to gold, nickel, copper and lead. The presence of these metabasalts typically indicate gold in the host rock. With the largest gold producer in Zimbabwe nearby, the company intends to initiate a drilling program this year to develop a bedrock gold mining plan, develop a mining plan focused on the gossan mineral/metal deposits as well as document the proven reserves of barite, limestone and talc. We anticipate the proven mineral reserves alone to be in excess of $600 million based on undocumented outcroppings, information provided by the prior mine owner, the 1966 drilling report and visual recommendations by third party geologist but further core drilling is required to establish these proven reserves. The company will initiate a gravity based mapping program this quarter leading to select core drilling to establish the reserves. In addition, expansion plans are on-going by TAG-Z to secure contiguous and adjacent properties as strongly suggested industry experts.
Al Pietrangelo, President & CEO of Lantis stated, “USA bulk barite production in 2010 accounted for only 13% of U.S. demand in the oil & gas drilling sector with bulk barite prices rising dramatically the last 12 months along with indications from the primary providers from China/India of continued price increases related to the world-wide shortage of high grade barite.” Mr. Pietrangelo further commented, “The entrepreneurial opportunities throughout Zimbabwe are tremendous in our opinion with the U.S. Embassy in Zimbabwe recently promoting Zimbabwe’s economic recovery and growth in their recent press releases citing Zimbabwe is open to U.S. business along with the lifting of the international diamond ban last quarter.” He continued, “We believe that we are at the right place at the right time with the right team to expand into other mineral and mining opportunities.”
AI
