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News Releases
August 8, 2006
E-Energy Ventures Inc. to acquire Rivard Gold Property, Red Lake
See more on Rivard
Property
E-Energy Ventures Inc. (the "Company") wishes to announce that it has acquired
an option to earn a 100% interest in the Rivard gold property mineral lease at
the west end of the Red Lake gold mining camp in northwest Ontario. To exercise
such option, the Company is required to make cash payment of $500,000 over 4
years and to issue 2,500,000 common shares. The property is subject to a 3% net
smelter return royalty. The property was explored by the late O'Brien Rivard, a
prospector who held the property since 1980, who carried out small-scale
high-grade mining from surface pits.
The 90 hectare Rivard property comprises 6 leased mining claims, 23 kilometres
west of the town of Red lake. Several gold-bearing zones are known on the
property from exploration that has gone on at intervals since the 1930s. The
main gold-bearing zone extends over a length of at least 250 metres and is
hosted by a mixed assemblage of tuffs, intrusive porphyries and serpentinized
ultramafic rocks. Gold occurs as spectacular splashes in quartz and
quartz-carbonate veins and stringers and in association with disseminated
pyrite.
The Rivard property shows several geological similarities to the gold mines in
the main Red Lake mining camp, as exemplified by the Campbell and Goldcorp Red
Lake mines. Stratigraphically, both areas feature an unconformity with
neoarchean sediments resting on mesoarchean volcanic rocks; both have extensive
carbonate alteration; both are situated in areas of greenschist facies
metamorphism close to the amphibolite facies isograd; both feature ultramafic
rocks interbedded with volcanics; and both lie in or adjacent to structural
corridors referred to as deformation zones.
The last exploration on the Rivard property was in 2003, when Rubicon Minerals
Corp. carried out a program of stripping and channel sampling, and put down
twelve diamond drill holes. Most of these holes were targeted below the main
zone at a depth of 200 metres. Two of the holes returned significant gold
values: 1.0 metre of 22.83 g/T and 9.45 metres of 14.32 g/T Au, including 0.30
metre of 411.00 g/T Au. This latter intersection appears to represent a
flat-dipping zone that is not connected to the mineralization exposed on
surface, i.e. a new zone, according to a Rubicon news release.
The company plans an initial exploration campaign involving additional stripping
and channel sampling in areas where mineralization extends beyond the existing
stripped areas, and an aggressive diamond drilling program.
Colin Bowdidge, Ph.D., P.Geo., a qualified person under National Instrument
43-101, has approved the technical content of this news release.
On behalf of the Board of Directors
Simon Tam
Director
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED
OF THE CONTENTS HEREIN.
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