Goldcrest (GCL.V) acquires Souhouera concession in Burkina Faso
2005-10-12 14:37 ET - News Release
Mr. Kevin Bullock reports
GOLDCREST ACQUIRES 250KM2 SOUHOUERA CONCESSION SOUTH OF ITS MALBA COPPER-GOLD PROJECT IN BURKINA FASO
Goldcrest Resources Ltd. has purchased a 100-per-cent undivided interest in the Souhouera concession and obtained a right of first refusal (ROFR) to purchase the Dangoro concession, through its wholly owned subsidiary, Wentworth Resources Pty. Ltd., from a private Burkinabe individual. The 250-square-kilometre Souhouera concession is situated immediately to the south of, and contiguous to, the company's Malba concession. The 250-square-kilometre Dangoro concession lies immediately south of the Souhouera concession.
The purchase price for the Souhouera concession was $75,000 (U.S.). The ROFR for the Dangoro concession allows Goldcrest the right to purchase the concession for the same terms as offered by a third party to the owner for a period of 12 months commencing from the finalization of the transfer of the Souhouera concession into the name of Wentworth Resources Pty. Ltd.
The Souhouera property hosts the southern extension of the copper-gold-mineralized district recognized by historic exploration. Goldcrest's previous work programs at Malba have identified a strong north-south corridor trending from Malba into the Souhouera concession, thought to represent the main structural control on mineralization.
Historic exploration in the 1970s/1980s within the Souhouera concession has included geological mapping, stream, soil, induced polarization/magnetic surveys and limited diamond drilling, which have identified multiple porphyry-copper-gold and gold targets. The company has access to the results of this work through the database it acquired over the Malba concession and has identified the Gongondy prospect as one of several high-priority targets with similar geological characteristics to the Dienemera deposit on the Malba concession.
At Gongondy, work by the United Nations Development Program, (UNDP) in the 1970s defined a plus-two-kilometre-long, 500-2,000 parts per million copper-in-soil anomaly with a slightly offset induced-polarization anomaly, in predominantly soil-covered terrain. Two small pits were developed in this area for copper oxides in the 1930s and produced some 5,000 tonnes grading 8.5 per cent copper.
Kevin Bullock, Goldcrest's president and chief executive officer, stated: "With the addition of the Souhouera property, and a ROFR on the Dangoro property, we have literally tied up the entire Gaoua district copper-gold belt in southern Burkina Faso. Goldcrest now has control over more than 15 kilometres of strike length of copper-in-soil anomalies along with various coincidental induced-polarization anomalies."
In light of this recent development, Goldcrest has terminated its discussions with IMAR-B (a private Burkinabe company) regarding an earn-in agreement on the Gaoua property as reported in Stockwatch on March 8, 2005. IMAR-B was unsuccessful in extending its existing title to the Gaoua concession, which was one of the conditions of the previous earn-in agreement. The Souhouera and Dangoro concessions occupy what used to be the 500-square-kilometre Gaoua concession previously held by IMAR-B.
Under the guidelines of National Instrument 43-101, the qualified person for the Malba copper-gold project is Michael Higgins, who is a fellow of the AusIMM. Mr. Higgins has reviewed and approved the contents of this news release
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