CANADIAN gold exploration company North Atlantic Resources has
entered into an option agreement with a Malian private company to
earn 100% interest in the 95 km2 Tinkeleni property in southern
Mali.
President and CEO Dr Jon North says that, in terms of the
agreement, the company can earn 100% interest in the property by
paying $50 000 on signing and an additional $350 000 over two
years. The Malian company will retain a 2% net smelter returns
royalty, which can be bought at any time for $3-million.
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The Tinkeleni property is 25 km south-west of AngloGold
Ashanti’s and Randgold’s 11-million ounce Morila
gold-mine, in southern Mali.
“North Atlantic intends to complete a 2 50crusher waste scientific name0 m to 5 000 m
reverse circulation drilling programme on the Tinkeleni property
either late in Q4 2004 or early in Q1 2005,” says
North.
With the addition of the Tinkeleni gold project, the
cokue ken 48×60 crushermpany’s land holdings comprise 855 km2 of mineral rights in
six gold projects in Mali, namely Kantela and Diokeba in western
Mali, and Foulalaba, Dalakan, Sinzeni and Tinkeleni in south- ern
Mali.
In its report mini impact crusher supplierfor the nine-month period ended September 30, 2004,
the company says it is continuing to review and select areas for
acquisition and expects to make additional acquisitions in Mali in
the coming months.
Depending on results from the testing of targets, additional
drilling will be completed in Q1 2005 at the Kantela project with
the objective of defining a gold resource by the end of Q2
2005.
The first drilling campaign ever to be undertaken at Dalakan will
explore two target areas and the results of this work will be
available in the last quarter of 2004.
Geological sampling began at the Foulalaba project in
October.
About 3 000 soil and termite-mound samples will be collected before
reconnaissance drilling on new targets in the northern part of the
property, which is expected to begin in Q1 2005.
Two diamond drill holes are planned for the main anomaly in the
south part of the property.
A programme of 2 500 m of reverse circulation drilling is planned
for the Diokeba project in Q4 2004.