International Prospect Ventures Acquires Valroc Ventures Pty Ltd. and 100% Interest in Tenements Located in the Pilbara Region of Western Australia
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VAL-D’OR, Québec, Jan. 31, 2019 (GLOBE NEWSWIRE) — International Prospect Ventures Ltd. (TSX-V:IZZ) (the “Company”) is pleased to announce that it has acquired Valroc Ventures Pty Ltd. (“Valroc”), a New South Wales, Australia company, by way of share exchange (the “Valroc Agreement”). In accordance with the terms of the Valroc Agreement and as consideration for the acquisition, the Company has issued 1,600,000 common shares to the principal of Valroc and Valroc is now a wholly-owned subsidiary of the Company.
The Company now holds 100% ownership of 8 properties in an area southeast of Karratha, Western Australia, covering a total area of approximately 1026.10 square kilometres. Granting of the exploration licences for the eight properties was completed as of January 9, 2019. 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. A summary of the 8 properties is provided below.
The Hamersley Basin and Fortescue Group
The Late Archaean–Palaeoproterozoic Hamersley Basin and related sub-basins formed on an older granite–greenstone basement (Pilbara Craton) during the initial stages of Late Archaean continental rifting. The Fortescue Group, which ranges in age from 2.8 to 2.6 billion years, unconformably overlies the granite–greenstones of the Pilbara Craton and is commonly compared to the Ventersdorp Supergroup of the Witwatersrand Basin in South Africa. Gold-bearing conglomerates have been identified by Novo Resources Corp. at several stratigraphic levels in the Fortescue Group (e.g., within the Nullagine sub-basin). Similarities between palaeoplacer deposits hosted by conglomerates in the Fortescue Group and the gold-bearing reefs mined in South Africa have been recognized for over a century.
The Nullagine Sub-basin
The Nullagine sub-basin formed on an older granite–greenstone basement during the initial stages of Late Archaean continental rifting and formation of the more extensive Hamersley Basin. Alluvial gold was first discovered in the Nullagine sub-basin in 1886 and by 1893 the Nullagine region had become a major gold field. A hard-rock source for alluvial gold deposits at Nullagine was identified in 1895. In recent years, gold-bearing conglomerates have been identified at several stratigraphic levels in the Fortescue Group within the Nullagine sub-basin, including the recent work by Novo Resources.
In 2016, approximately 45 kilometres south of the town of Karratha, metal detectorists (“fossickers”) discovered several areas that were particularly rich in gold nuggets. Metal detectorists have been active along an 8-km long corridor underlain by conglomerate horizons that are part of a 50-100 metre thick sequence of sedimentary rocks at the base of the Fortescue Group. It’s interesting to note that this sequence of sedimentary rocks does not appear on most geological maps. Recently, prospectors discovered gold nuggets in-situ, within outcrops of conglomerate, verifying an origin for gold nuggets.
Further details of the Western Australia tenements and the gold-bearing Pilbara region in which the tenements are located, was previously announced by the Company in its news releases of November 14, 2017 and December 14, 2017. Additional information is available on the Company website.
Summary of International Prospect Ventures’ Properties in the Pilbara, Western Australia.
|Habs||E45/5024||4650||Domnated by Fortescue Group including interpreted Mt. Roe Basalt and Hardey Formation at depth. Proximal to Novo Resources and Pacton Gold.|
|Hawks||E46/1197||2170||Covers Nullagine Group including Mosquito Creek Formation which hosts multiple gold prospects and mines along strike to the west. Four prospects on the Property: (1) Little Linden West (Au), (2) Little Linden South 1 (Au), (3) Little Linden South 2 (Au), (4) Little Linden South 3 (Au). Proximal to Novo Resources.|
|Rangers||E46/1198||4030||Covers Nullagine Group including Mosquito Creek Formation which hosts multiple gold prospects and mines along strike to the west. Proximal to Novo Resources.|
|Penguins||E46/1202||930||Covers Nullagine Group including Mosquito Creek Formation which hosts multiple gold prospects and mines along strike to the west. Proximal to Novo Resources.|
|Wings||E46/1201||1240||Covers Nullagine Group including Mosquito Creek Formation which hosts multiple gold prospects and mines along strike to the west. Proximal to Novo Resources.|
|Bruins||E46/1199||7440||East half dominated by Fortescue Group. Two prospects on the Property: (1) Coondamar Creek CEC (Cu-Pb-Zn) and (2) Coondamar Creek Mogul (Cu-Pb-Zn-Ag).|
|Leafs||E45/5023||62000||Covers Fortescue Group that include prospective conglomerates. Two prospects on the Property: (1) Fletchers Find (Au) hosted by Fortescue Group and (2) Pearana 1 (Cu-Pb-Zn) hosted by Hardey Formation.|
|Jets||E46/1200||20150||Dominated by Fortescue Group with Mt. Roe Basalts and Hardey Formation in the area.|
Dr. Scott Jobin-Bevans (PhD, PMP, P.Geo.), a director and Vice President Exploration of the Company, is the Qualified Person (as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) who has reviewed this news release and is responsible for the technical information reported herein.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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