Here was that NR from last week.|
Ameridex Minerals Corp AMD
Shares issued 1,001,157
1999-01-07 close $0.8
Thursday Jan 7 1999
Also Globex Mining Enterprises Inc (GMX)
Mr. Larry Reaugh reports An agreement has been reached to enter into an option on the Mooseland gold project with Globex Mining Enterprises Inc. of Rouyn-Noranda, Quebec. Ameridex will earn a 50 per cent interest in the project by completing a schedule of work over five years totalling $4,500,000, as well as issuing 1,000,000 shares and $250,000 to Globex.
Year Cash Stock Work ($)
0-1.0 20,000 100,000 500,000
1.0-2.25 30,000 150,000 750,000
2.25-3.5 100,000 250,000 1,250,000
3.5-5.0 100,000 500,000 2,000,000
0-5.0 yr. 250,000 1,000,000 4,500,000
The property is 70 kilometres northeast of Halifax, Nova Scotia and it is within the Meguma Formation gold district. To date, $8,000,000 in expenditures has been incurred on the Mooseland property. In 1987, Acadia Mineral Ventures completed 65 NQ diamond drill holes for a total of 43,946 feet. From this drill program, Acadia reported an indicated geological resource of 2,020,000 tons at 0.39 ounces per ton Au (over an average mining width of five feet, to a depth of 1,000 feet). In 1989, Hecla Mining Co. of Canada Ltd., completed 70 NQ diamond drill holes for an additional 60,054 feet of drilling. Hecla defined an uncut drill indicated mineral inventory of 640,070 tons at an average grade of 0.47 ounces per ton Au (300,833 ounces Au). Hecla also completed a 410 foot shaft, with a 60 foot high steel headframe. Due to a lack of financing, a proposed underground bulk sampling program was not carried out and no work has been done since. The property is underlain by the Meguma Group greywacke, siltstone and argillite sequence. Gold mineralization is developed on the crest and flanks of a shallow, east plunging anticline fold axis. Coarse free gold is associated with quartz veining and tends to form east plunging ore shoots. To date, 11 separate quartz vein zones have been identified on both limbs of the gold. The geological setting of the Mooseland property is similar to the Saddle Reef deposits of the Victoria Goldfields in Australia. The Australian deposits have been traced to a depth of 5,000 feet, whereas Mooseland has been only tested at shallower depths to 1,000 feet. Ameridex is presently reviewing a diamond drill program that would increase Hecla's reported drill indicated mineral inventory along strike and at depth. Initial plans include core drilling larger diameter drill holes to test depth extensions of the East zone's DDH EML-41, which intersected 20.04 ounces per ton Au across 6.46 feet.