Prospecting by Permitted Third Parties Report 15.4 Ounces of Gold Nuggets From International Prospect Ventures’ Wits End Gold Property, Australia
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VAL-D’OR, Qubec, Sept. 24, 2019 (GLOBE NEWSWIRE) -- International Prospect Ventures Ltd. (TSX-V:IZZ) (“International Prospect” or the “Company”) is pleased to provide an update on its Wits End Gold Property, centred about 400 km southeast of the port city of Karratha in the eastern Pilbara of Western Australia, and within 140 km of the historic gold rush town of Nullagine.
Wits End Gold Property, Western Australia
The Wits End Gold Property comprises eight separate properties that together cover an area of approximately 1026.10 square kilometres. With the granting of the final licences on January 9, 2019, International Prospect now holds 100% of the Wits End Gold Property. The strategic locations of the claims were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity.
Between March and August 2019, the Company received 11 Prospecting Permit notices (Section 40E Permits) and executed seven Prospecting Agreements with local prospectors interested in exploring the properties. The prospectors use metal detecting methods to search for gold nuggets at or near the surface. Several mandatory prospecting reports are pending, but official reports submitted to date to the Department of Mines and Petroleum offer some interesting and encouraging results.
Initial results include Licence E46/1197 with 108 gold nuggets (total weight 22.1 grams) and 2 gold nuggets (0.8 and 1.2 grams) and Licence E46/1198 with gold nuggets totaling 3 grams from one location and 220 grams of gold nuggets (ranging from 0.1 to 5.2 grams) from five other areas. In addition, a single approximately 7.5 ounce gold nugget was reported from Licence E46/1198. An updated corporate presentation, inclusive of a map showing the location of the gold nuggets and a photo of the reported 7.5 ounce gold nugget, is provided on the Company website.
Site visits, planned for early November, will include visiting some of the sites from which the nuggets were reportedly collected and other reconnaissance field activity. Over the next 12 months, the Company plans to implement a $1M exploration program consisting of data review and compilation (ongoing), remote sensing, and interpretation and targeting, followed by the implementation of prospecting, geological mapping, soil and stream sediment sample surveys, surface geophysics, trenching (bulk sampling), and diamond drilling. The Company continues to review additional opportunities in the Pilbara and in Western Australia, in general.