NEWS
Mandorin Goldfields Inc
MGD
Shares issued 42,541,228
Mar 14 2002 close $.040
Friday Mar 15 2002
News Release
Mr. Malcolm Stevens reports
Mandorin's Zimbabwe subsidiary, Barrock Mine Pvt. Ltd., has finalized a
shareholders agreement with a local Zimbabwean exploration company, Krumlin
Mining (Pvt.) Ltd., and an investor, Picard Limited (the shareholders).
Under the shareholders agreement both Barrock Mine and Krumlin Mining have
each contributed two exclusive prospecting orders (EPO) covering large areas of
the greenstone belt prospective for gold and volcanogenic-hosted massive
sulphide (VMS)-style mineralization. Picard shall initially contribute $1.2-million
(Zimbabwe) to finance the first stage of exploration within the newly acquired
properties.
The shareholders will hold approximately a one-third interest in Barrock and shall
be entitled to maintain their respective interests by contributing to the continuing
exploration program.
The companies EPOs cover a strike of 53 kilometres of the greenstone belt
extending from 10 kilometres northeast of Bindura to the eastern extremity of the
belt.
Three of the properties (EPOs 1073, 1494, 1492) are located within the north to
northeastern portion of the Harare-Shamva greenstone belt approximately 75 to
100 kilometres to the northeast of Harare. The belt is a large, arcuate, Archean
volcanic/sediment package situated within the northern portion of the Zimbabwe
craton. It is one of the largest Archean volcanic belts in Zimbabwe (140
kilometres by 80 kilometres), and is cored by a large (50-kilometre by
35-kilometre) intrusive complex known as the Chinamora igneous complex. This
multiphase batholith comprises gneissic tonalites, granodiorites, granite and
porphyritic granite.
Of particular relevance to VMS-style mineralization is the presence of
cordierite-anthophyllite schists, biotite-anthophyllite schist with visible coarse
magnetite crystals and quartz-cummingtonite schists.
The majority of this EPO is located over tonalite, adamellite and granodiorite
intrusives of the Madziwa Granitic terrain within which are a number of separate
bodies of metamorphosed igneous rock forming part of the Madziwa igneous
complex. Portions of this complex are host to nickel mineralization, and the former
Madziwa nickel/copper mine, approximately 10 kilometres to the west of the
EPO. Much of the granitic terrain is located within a major west-northwest
trending cataclastic zone that is host to numerous auriferous-rich quartz veins
which are worked by small miners.
EPO 1073 (Mufurudzi) lies adjacent to the former NAR Resources and
Falconbridge Exploration (Zimbabwe) Maramba/Zveya Creek projects. This area
was identified by Falconbridge, from a broad based study of Archean greenstone
belts throughout Zimbabwe, as one of the most favourable lithogeochemical
environments for VMS-style mineralization within the country. (The evaluation was
based upon the Lesher methods of analysis and classification with follow-up
ground surveys, and referencing the results to the chemistry of rhyolites from VMS
mines across the Superior province and the Kidd Creek volcanic complex
database.) Another environment pinpointed was the area surrounding the former
Empress nickel mine. This area is also held by Barrock under EPO 1486.
In November, 2001, Barrock acquired, under EPO 1494 (Maramba), what it
considers to be the most promising portion of the former Falconbridge ground
(formerly EPO 1205) adjacent to EPO 1073. The company's geologists are of the
opinion that the areas drilled under the NAR/Falconbridge joint venture are in a
highly folded, faulted and boudinaged portion of the sequence which has been
intruded by a large number of granitic pegmatites.
Accordingly, within the area drilled the mineralized zones which were
encountered, although evidence of VMS-style mineralization, are considered to be
remnant discontinuous bodies unlikely to be of economic interest.
By comparison, the vast area of the greenstone belt now held by the company,
which covers a more comprehensive and less structurally disturbed greenstone
sequence, including the ground acquired from within the former Falconbridge EPO
which has not been drill tested, is considered highly promising for VMS-style
mineralization.
The company now holds ground covering a 53-kilometre continuous horizon of
felsic volcanics throughout (with anomalous geochemistry and EM anomalies over
the limited 3.5-kilometre section partially investigated so far), and approximately
14 kilometres of highly favourable banded ironstone and sepentinites.
EPO 1486 (Empress) covers ground over the Midlands greenstone belt including
ground surrounding the former Rio Tinto nickel mine.
To the northwest of Empress, the Blue Gum and Commonwealth gold mines
contain quartz veins associated with minor malachite, galena, sphalerite and
tetrahedrite which appears to be a common association within the area.
In close proximity a felsic volcanic centre has been identified, with rhyolites and
volcanic andesitic breccias and agglomerates, which Falconbridge considered a
potential target for VMS-style mineralization.
Due to the proximity to the former nickel mine a large amount of exploration has
been conducted within this EPO specifically to locate additional nickel/copper
resources within mafic intrusives. However, it is thought that the felsic volcanic
rocks, which are the potential sites for VMS-style mineralization, and copper only
anomalies (without nickel as it was primarily nickel which was sought) have been
largely overlooked and not followed up.
It is the company's intention to embark upon a program specifically designed
toward identifying potential sources of VMS-style mineralization, and where
appropriate gold mineralization, within each of the EPOs.
This transaction is subject to Canadian regulatory approval.
(c) Copyright 2002 Canjex Publishing Ltd. https://www.canada-stockwatch.com
old url (better for printing)
Detailed Quote MANDORIN GOLDFIELDS INC