New Neighbour...MMIRoyal Roads(45% Acadian Gold) on one side and now MMI on the other side...seems everyone is trying to get close to the Bobby's Pond Deposit...
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Messina to acquire Victoria River property from Altius
2007-06-13 09:45 ET - News Release
Mr. Peter Tallman reports
MESSINA MINERALS ("MMI") AGREES TO ACQUIRE VICTORIA RIVER PROPERTY FROM ALTIUS RESOURCES INC.
Messina Minerals Inc. has agreed to acquire the Victoria River zinc-copper massive sulphide property located in central Newfoundland from Altius Resources Inc. of St. John's, Nfld. Altius's Victoria River property comprises two licences encompassing 59 claims totalling 1,475 hectares in area and is adjacent to Messina's wholly owned Victoria Mine property comprising 900 hectares acquired by staking.
The Victoria River property is located 35 kilometres northeast of Messina's Tulks South property in central Newfoundland which hosts the Boomerang zinc-lead-copper-silver-gold deposit currently the subject of an NI 43-101-compliant resource estimation by Snowden Mining Industry Consultants Inc. The Victoria River property is located one kilometre east of the Bobby's Pond zinc-copper massive sulphide deposit with a NI 43-101-compliant mineral resource estimate hosting an indicated resource of 840,000 tonnes grading 6.3 per cent Zn, 0.93 per cent Cu, 0.53 per cent Pb, 20 grams per tonne (g/t) Ag and minor 0.25 g/t Au; and an inferred resource of 480,000 tonnes of 6.36 per cent Zn, 1.07 per cent Cu, 0.38 Pb per cent, 15 g/t Ag and 0.18 g/t Au (Scott Wilson RPA, January, 2007, for Mountain Lake Resources Inc.). The Victoria River property is also located 18 kilometres southeast of and has similar geologic characteristics to the world-class Buchans deposits where ASARCO and Abitibi Price mined a total of 16.2 million tonnes grading 14.5 per cent zinc, 7.6 per cent lead, 1.3 per cent copper, 126 g/t silver and 1.4 g/t gold.
The Victoria River property hosts a mineralized debris flow unit which contains base metal enriched massive sulphide clasts which assay 20.1 per cent zinc, 12.1 per cent lead, 0.6 per cent copper, 67 g/t silver and 0.3 g/t gold. Debris flow units of this type are a favourable indication of nearby massive sulphide deposits including several of the Buchans orebodies. Altius has spent a total of approximately $550,000 on the property to date. Including Messina's wholly owned claims, the property covers a 10-kilometre strike length between Bobby's Pond and the Victoria River debris flow outcrop. Several gravity and electromagnetic geophysical anomalies and soil geochemical anomalies remain untested in the vicinity of Bobby's Pond and in the vicinity of the mineralized debris flow. Messina plans an initial drill test of several of these anomalies following data compilation and ground prospecting and mapping.
To acquire the Victoria River property, Messina must issue 250,000 common shares to Altius. A 3-per-cent net smelter return royalty is payable to Altius or pre-existing rights holders; 1.25 per cent of the 3 per cent can be purchased by Messina at any time by paying a total of $1.25-million. The acquisition agreement is subject to regulatory approval.
Kerry Sparkes, PGeo, vice-president exploration of Messina Minerals Inc., is the qualified person responsible for exploration on the company's properties in central Newfoundland and the person responsible for the technical data contained within this news release.
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C.Gert