2004-04-22 12:58 ET - News ReleaseBonaventure prepares for Goldfield West first phase
2004-04-22 12:58 ET - News Release
See News Release (C-BVT) Bonaventure Enterprises Inc
Mr. Douglas Collins of Bonaventure Enterprises reports
GEOPHYSICS SURVEY COMPLETED DRILLING TO START AT GOLDFIELD WEST PROPERTY, GOLDFIELD, NEVADA
Bonaventure Enterprises has a five-square-mile (approximate) claim block in the Goldfield district. Drilling of two of the targets -- the Nevada Eagle and the South target at Goldfield West -- is scheduled to begin in approximately two weeks as the sitework to prepare the two target zones begins. The drilling contractor is Harris Drilling of Califomia. The geophysics survey appears to correlate with the known mineralization in drill holes and may represent the basic alteration and mineralization system. The existing high-grade intercepts will be used as the primary target zones for phase II exploration.
Bonaventure Enterprises has completed the geophysics survey, the start of the sitework to prepare the targets for drilling, the selection of the drilling contractor (Harris Drilling) and the approximate start date of the first phase of drilling for the Goldfield West property, dependent upon weather conditions and completion of sitework preparation.
Dr. Frank Fritz (Fritz Geophysics), the geophysicist who conducted the geophysics survey, said the combined interpreted data sets suggest a breached anticline of older sediments, striking northerly, with significant easterly structures younger that the anticline and offsetting the northerly features.
"The two local IP-resistivity gradient blocks defined in more detail the northerly and easterly structures and added possible north-westerly structures. The IP highs seen in the gradient data appear to correlate with the known mineralization in drill holes and may represent the basic alteration and mineralization system," explained Mr. Fritz.
Mr. Fritz continued to note that the drilling and geophysical interpretation should be integrated to determine if the interpreted induced polarization sources are related to mineralization or if the structural directions are more important.
"The next step for Bonaventure is to survey the target zone, correlate the IP data, the recently completed magnetic survey, the existing drill holes' mineralization and to follow our phased drilling program. We expect to be drilling holes on both targets in just a couple of weeks," said Richard Kern, vice-president of geology for Bonaventure Enterprises.
"At the southern target, GFW12 is the hole of interest which showed a 10-foot intercept of 5.6 parts per million in the conglomerate area. Of particular note is that the gold appears to be increasing in concentration as it approaches the structure. The IP-resistivity survey appears to correlate with the mineralization we found in GFW 12 and other nearby drill holes," added Mr. Kern.
"At the Nevada Eagle Target, the IP-resistivity survey has defined the postulated structures which we will correlate once again with the known mineralization of the existing drill holes. Already, we have confirmed a high-grade intercept of gold in NE-6 near the Nevada Eagle mine on the Goldfield West property," explained Mr. Kern.
"This is a relatively shallow, vertical hole which has a 10-foot intercept at a depth of 60 feet which averaged 0.689 ounce per ton of gold. Assayed cuttings samples from this hole, assayed in 20-foot intervals, showed 40 feet of 0.164 ounce per ton gold starting at a depth of 50 feet. In our current drilling program, we will be focusing on high-grade intercepts and will assay in five-foot intervals."
Drilling by Metallic Ventures on the Gemfield property, just to the north of the Goldfield West claim block, indicates that the high-grade intercepts are close to basement rock.
"The drilling program calls for a total of 20 holes -- 10 holes at the Nevada Eagle and the South target at Goldfield West. In addition to the angle holes around the confirmed high-grade holes at each of our targets, we want to drill holes at both the Nevada Eagle and the South targets at Goldfield West that will be deep ... either 1,500 feet or to the basement rock," adds Mr. Kern. "We want to explore the stratigraphy of both our target zones and determine if there is host rock at depth that may also yield high-grade gold intercepts, similar to the Gemfield model."
"Goldfield West is a property of merit and warrants the recommended phase II exploratory program," said independent geologist Nick Carter, PhD, PEng: "Reverse circulation drilling by previous operators within the area of the current Goldfield West property identified broad areas containing gold values of potential. It may be significant that these are of similar tenor to the gold contents of altered volcanic rocks marginal to the high-grade gold deposits in the main Goldfield district several kilometres east.
About the Goldfield West property
The Goldfield West property is situated in the western Goldfield district, Nevada, in an area that has historically produced over five million ounces of gold. Aside from early prospecting and limited production on and around this property in the 1800s, exploration was limited until the 1980s, when several major mining companies (that is, Placer Dome, Freeport McMoran Copper and Gold, Kennecott Exploration, and North Mining) initiated programs. In total, over 154 drill holes were completed to short depths over an area of five square miles by the various companies. Airborne geophysics, geological mapping and geochemical sampling were also undertaken. High-grade values (up to 14 grams per tonne and 200 grams per tonne silver) occur at structural intersections on surface. The Goldfield West property consists of 105 contiguous, unpatented mining claims located in Esmeralda county in southwestern Nevada. The mining claims cover an area of 878 hectares (2,168 acres) between four and 5.5 kilometres west of the historic Goldfield mining district. An initial 53 mining claims were located between late September and early December of 2002; an additional 52 contiguous claims were located between Nov. 15 and 17, 2003, and have recently been recorded with the Bureau of Land Management and Esmeralda county.
All mining claims comprising the Goldfield West property are owned by MinQuest of Reno, Nev., and are subject to a formal purchase agreement with Bonaventure Enterprises. Bonaventure subsequently (Dec. 2, 2003) entered into a joint venture agreement with Goldnev Resources whereby Goldnev was granted an option to earn a 49-per-cent interest in the Goldfield West property by the issuance of shares and by financing property expenditures in the amount of $475,000 by way of a two-phase exploration program. To fully exercise the option, Goldnev shall incur additional minimum expenditure on the Goldfield West property in the amount of $3,712,000 for underground development and related exploration programs. Goldnev Resources is also obligated to complete a feasibility report on the property within 18 months of the date of execution of the agreement.
About Richard Kern
Vice-president of exploration, Mr. Kern is a professional geologist with over 25 years of experience in base and precious metal exploration in the United States, Central America, South America and Australia. He has been involved in major discoveries in the western U.S. and Australia. He has held executive and management level positions in companies such as North Mining, Homestake Mining Company, Superior Oil and the U.S. Geological Survey. He has a master of science degree in geology from Idaho State University and a bachelor of science degree from Montana State University in geology. Mr. Kern is a seasoned and proven geologist who has found substantial gold deposits in Nevada including Homestake's one-million-plus-ounce Eureka project in the Ruby Hill mining district on Mineral Ridge, Wood Gulch project, Green Springs project and the Toiyabe project (all in Nevada). His exploration team was also involved with Homestake in the drilling of the thick copper/gold intercepts of the five-million-plus-ounce Cadia deposit in New South Wales, Australia.