Owner
Post by Franko10 ™ on Sept 11, 2004 12:41:03 GMT -5
News Release
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VANCOUVER, B.C. ... Shane Resources Ltd. and JNR Resources Inc. announce that they have entered into an agreement to option a gold property in northern Saskatchewan.
Masuparia Gold Corporation has agreed to acquire the Greywacke Property from Shane Resources Ltd. (50%) and JNR Resources Inc. (50%). The Property contains the Greywacke North zone where a possible reserve of 328,000 tons @ 0.27 oz/ton Au have been outlined (Cameco - 1991 winter report). This reserve calculation does not conform to current CIM reserve reporting standards. The mineralization is still open along strike and down plunge. The zone was outlined between 1989 and 1992 when Cameco Corporation tested a 6 kilometer section of the Wacke trend with 40 diamond drill holes. The highest grade surface sample was 0.934 oz/ton Au/7.5 m, the deepest intercept was in hole #30 which returned 0.209 oz/ton Au at a vertical depth of 225 m and the widest drill intercept was in hole #13 which returned 0.151 oz/ton Au over 21 m. Cameco stopped work on the property in 1992 when its focus changed to the international scene.
The Property is located approximately 90 km northeast of La Ronge, Saskatchewan; within the Proterozoic McLean Lake Belt. This group of rocks includes arkoses of the McLennan Group, the McLean Lake quartzo-feldspathic gneisses, amphibolitic calc-silicates and locally pegmatitic granite. The deposit and other related gold occurrences occur in a sillimanite bearing quartzo-feldspathic sedimentary package referred to as the Wacke trend/horizon.
The gold mineralization at the Greywacke Zone is unique in the La Ronge - Lynn Lake Domain and one which has not historically been actively pursued. This mineralization falls into the broad category of disseminated sulphidic gold deposits. H. Poulson and F. Robert of the Geological Survey of Canada feel that the Greywacke gold occurrences share a number of geological attributes with deposits elsewhere in Canada such as Hemlo, Bousquet, Madsen Red Lake, Montauban and Chetwynd.
The terms of purchase provide for Masuparia earning a 51% interest in the project in consideration of cash payments and shares to be issued by Masuparia and work commitments on the Property. Masuparia can increase its interest to 70% in the project by a further work commitment in the year 2008. Details of the terms of purchase are as follows:
Cash payment: $10,000 on or before May 25, 2001
Work Commitment:
$100,000 on or before May 25, 2002,
$250,000 on or before May 25, 2003,
$250,000 on or before May 25, 2004,
$250,000 on or before May 25, 2005.
Shares:
100,000 shares on signing,
100,000 shares on or before May 25, 2002,
100,000 shares on or before May 25, 2003,
100,000 shares on or before May 25, 2004,
100,000 shares on or before May 25, 2005.
To increase its working interest to 70%, Masuparia must spend an additional $2,000,000 before May 25, 2008.
The terms of purchase are subject to the respective Boards' formal approval and acceptance by the Canadian Venture Exchange.
Land use permits are presently being applied for so that exploration work leading up to diamond drilling can commence. The Property's location within 8 km of a highway will enhance the economics of any work on the property.
ON BEHALF OF THE BOARD:
SHANE RESOURCES LTD.
"Richard Walker"
President & Director
JNR RESOURCES INC.
"Richard Kusmirski"
President & Director
For further information, call:
Richard Kusmirski
(306) 249-3562
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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VANCOUVER, B.C. ... Shane Resources Ltd. and JNR Resources Inc. announce that they have entered into an agreement to option a gold property in northern Saskatchewan.
Masuparia Gold Corporation has agreed to acquire the Greywacke Property from Shane Resources Ltd. (50%) and JNR Resources Inc. (50%). The Property contains the Greywacke North zone where a possible reserve of 328,000 tons @ 0.27 oz/ton Au have been outlined (Cameco - 1991 winter report). This reserve calculation does not conform to current CIM reserve reporting standards. The mineralization is still open along strike and down plunge. The zone was outlined between 1989 and 1992 when Cameco Corporation tested a 6 kilometer section of the Wacke trend with 40 diamond drill holes. The highest grade surface sample was 0.934 oz/ton Au/7.5 m, the deepest intercept was in hole #30 which returned 0.209 oz/ton Au at a vertical depth of 225 m and the widest drill intercept was in hole #13 which returned 0.151 oz/ton Au over 21 m. Cameco stopped work on the property in 1992 when its focus changed to the international scene.
The Property is located approximately 90 km northeast of La Ronge, Saskatchewan; within the Proterozoic McLean Lake Belt. This group of rocks includes arkoses of the McLennan Group, the McLean Lake quartzo-feldspathic gneisses, amphibolitic calc-silicates and locally pegmatitic granite. The deposit and other related gold occurrences occur in a sillimanite bearing quartzo-feldspathic sedimentary package referred to as the Wacke trend/horizon.
The gold mineralization at the Greywacke Zone is unique in the La Ronge - Lynn Lake Domain and one which has not historically been actively pursued. This mineralization falls into the broad category of disseminated sulphidic gold deposits. H. Poulson and F. Robert of the Geological Survey of Canada feel that the Greywacke gold occurrences share a number of geological attributes with deposits elsewhere in Canada such as Hemlo, Bousquet, Madsen Red Lake, Montauban and Chetwynd.
The terms of purchase provide for Masuparia earning a 51% interest in the project in consideration of cash payments and shares to be issued by Masuparia and work commitments on the Property. Masuparia can increase its interest to 70% in the project by a further work commitment in the year 2008. Details of the terms of purchase are as follows:
Cash payment: $10,000 on or before May 25, 2001
Work Commitment:
$100,000 on or before May 25, 2002,
$250,000 on or before May 25, 2003,
$250,000 on or before May 25, 2004,
$250,000 on or before May 25, 2005.
Shares:
100,000 shares on signing,
100,000 shares on or before May 25, 2002,
100,000 shares on or before May 25, 2003,
100,000 shares on or before May 25, 2004,
100,000 shares on or before May 25, 2005.
To increase its working interest to 70%, Masuparia must spend an additional $2,000,000 before May 25, 2008.
The terms of purchase are subject to the respective Boards' formal approval and acceptance by the Canadian Venture Exchange.
Land use permits are presently being applied for so that exploration work leading up to diamond drilling can commence. The Property's location within 8 km of a highway will enhance the economics of any work on the property.
ON BEHALF OF THE BOARD:
SHANE RESOURCES LTD.
"Richard Walker"
President & Director
JNR RESOURCES INC.
"Richard Kusmirski"
President & Director
For further information, call:
Richard Kusmirski
(306) 249-3562
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
