Otish Energy grab samples up to 14,764 g/t Au at P
OTISH ENERGY RELEASES NI 43-101 TECHNICAL REPORT ON PURUNI GOLD PROJECT, GUYANA
OtishEnergy Inc. has released its National Instrument 43-101-complianttechnical report describing in detail the geology and gold potential ofthe Puruni gold project, Mazaruni mining district, Guyana.
This report is written in compliance with the requirements of NationalInstrument 43-101 and Form 43-101F1, and is in support of documentationto be filed with the British Columbia Securities Commission and the TSXVenture Exchange in support of Otish Energy entering into a purchaseagreement with Trevor Taylor on the Puruni project area (Henry Alphonsoand Salim Kayum's permits).
The report provides the first detailed summary of the geology, historyand exploration of the Puruni property. The report is available onSEDAR and will be added to the company's website.
The NI 43-101 technical report for the Puruni project was completed byDr. Ulrich H. Kretschmar, PhD, PGeo (ON), of Orillia, Ont. Dr.Kretschmar is a qualified person for the purpose of Canadian NI 43-101,standards of disclosure for mineral projects.
The author of the report collected 15 samples of saprolite,alluvium, sluice box tailings, black sand and grab samples of bedrockquartz veins material with visible gold from the property. The quartzvein grab samples returned assays of 40.5 ounces of gold per ton (1,390grams per tonne (g/t)), 61.1 ounces of gold per ton (2,090 g/t), 215.5ounces of gold per ton (7,389 g/t) and 397.2 ounces of gold per ton(13,618 g/t) -- duplicate ran 430.6 ounces of gold per ton (14,764g/t). Sluice box tailings returned 0.81 ounce of gold per ton (27.7g/t) and 0.99 ounce of gold per ton (34.2 g/t).
The Puruni project area (Mr. Alphonso and Mr. Kayum's permits) consistsof five mining permits -- medium scale (MP) -- and one prospectingpermit -- medium scale (PPMS) -- totalling in area approximately 36kilometres squared (approximately 9,000 acres). These mining andprospecting permits were acquired from the Guyana Geology and MinesCommission, the statutory body responsible for exploration and miningin Guyana, by Mr. Alphonso and Mr. Kayum of Georgetown, Guyana, in2003. The permits are traversed by the Puruni River in the middlePuruni River area, Mazaruni mining district No. 3, Guyana (NTS sheetPuruni -- 26 SW).
The northernmost boundary of the Puruni project property liesapproximately 2.5 kilometres south of the Peters mine concession(Guyana Goldfields Inc.), which was subjected to a number of regionalairborne and ground exploration surveys that focused on the Peters mineconcession. The Peters mine was discovered in the 1890s by porknockers(local terminology for placer miners/prospectors), and undergrounddevelopment and mining were in operation between 1904 and 1909. Duringthis period, approximately 1,240 kilograms (40,000 ounces) of gold wererecovered from 63,000 tons of material mined (a recovery grade of 19.7g/t gold). It is reported that the head grade was in excess of 41 g/tgold.
The Puruni project area has a well-documented history of alluvialmining in the active river channel, saprolite mining on land adjacentto the riverbank and lode gold underground mining at the Peters mine.In early 2009, while mining the saprolite and elevated gravel terracesadjacent to the riverbank, two high-grade veins were uncovered thatwere similar in characteristics to the quartz veins mined at Petersmine.
Guyana is the only English-speaking country in South America; it hasdemonstrated itself to be a mining-friendly and stable democraticcountry toward direct foreign investments in the mining sector. TheLand Tenure Act, legal statutes and the legal system are based onRoman-Dutch laws that were modified by British common laws. Guyana haswell-developed and uniformly administered tax laws, mining laws andgeneral business systems, especially geared toward the mining sector,that include duty- and tax-free imports for mining and forestryequipment.
Several major and successful natural resource deposits have beencommissioned by foreign investors, including (Omai Gold Mines) IamgoldInc. (Aurora gold deposit); Guyana Goldfields (Arorima bauxite mine);United Company Rusal of Russia (Guymine bauxite mine); Bosai Mineral ofChina. There are also a number of Canadian junior exploration companiesoperating in Guyana, including Sandspring Resources, ShorehamResources, GMV Minerals, Gold Port Resources and First Bauxite Inc.
The company plans to conduct a systematic exploration program toevaluate and develop the gold potential of the property, including linecutting, soil sampling, geological mapping and chip sampling; channelsampling of the quartz veins and saprolite; trenching; a groundgradient magnetic survey; and diamond drilling.