Tarkint Est Concession
The Tarkint Est concession covers several phosphate occurrences, including the Chanamaguel, Tagit N'Ouerane and Tin Siriden phosphate zones. Of the three known zones, the Chanamaguel phosphate occurrence has received the most interest. In 1958-59, Dr. A. Allon plane-table mapped the phosphate bed around the Chanamaguel hill as exposed around the perimeter of an approximate 4.2 by 4.6 km hill for the Bureau Miniere de la France d'Outre Mer. The maximum thickness of the phosphate layer is reported to be one metre. Dr. Allon took two samples from the Chanamaguel zone which assayed 25.4% P2O5 over 1.00 metre and 29.1% P2O5 over 0.95 metre.
Four samples were taken from the Tagit N'Ouerane hill, north of the Chanamaguel, in 1979 by B. Alabouvette and M. Pascal for the Bureau des Reserches Geologiques et Minieres (B.R.G.M.), for their report, "Phosphates du Tilemsi". The samples ranged from 10.65% to 20.99% P2O5 and averaged 16.96% P2O5. The thickness of the layer ranged from 0.10 to 0.80 metres. Little is known about the Tin Siriden zone, although a Company geologist did confirm the presence of the phosphate bed there. Subject to the granting of the permits by the Ministry of Mines, the Company will undertake a geologic mapping and sampling program followed by a drilling program to begin to define possible phosphate mineral resources. Much of the information and assays in this announcement comes from Government publications and is not NI 43-101 compliant.
The acquisition agreement requires the Company to pay the equivalent of approximately C$200,000 in Malian currency over a 3 to 4 year period. The initial payment of C$30,000 was made on signing the agreement, the second payment on receipt of the necessary exploration permits and the three remaining payments over the subsequent three years. On completion of the payments the Company will hold a 97% interest subject to a 3% carried net profits interest and the reserve interest of the Government of Mali. The agreement is exempt from filing requirements of the TSX Venture Exchange.
Based on earlier studies, the Company believes these combined concessions offer considerable scope for defining significant phosphate resources. Important existing and planned agricultural and infrastructure investment by foreign entities in Mali indicate a growing interest in the potential for Mali's agricultural sector.
Four samples were taken from the Tagit N'Ouerane hill, north of the Chanamaguel, in 1979 by B. Alabouvette and M. Pascal for the Bureau des Reserches Geologiques et Minieres (B.R.G.M.), for their report, "Phosphates du Tilemsi". The samples ranged from 10.65% to 20.99% P2O5 and averaged 16.96% P2O5. The thickness of the layer ranged from 0.10 to 0.80 metres. Little is known about the Tin Siriden zone, although a Company geologist did confirm the presence of the phosphate bed there. Subject to the granting of the permits by the Ministry of Mines, the Company will undertake a geologic mapping and sampling program followed by a drilling program to begin to define possible phosphate mineral resources. Much of the information and assays in this announcement comes from Government publications and is not NI 43-101 compliant.
The acquisition agreement requires the Company to pay the equivalent of approximately C$200,000 in Malian currency over a 3 to 4 year period. The initial payment of C$30,000 was made on signing the agreement, the second payment on receipt of the necessary exploration permits and the three remaining payments over the subsequent three years. On completion of the payments the Company will hold a 97% interest subject to a 3% carried net profits interest and the reserve interest of the Government of Mali. The agreement is exempt from filing requirements of the TSX Venture Exchange.
Based on earlier studies, the Company believes these combined concessions offer considerable scope for defining significant phosphate resources. Important existing and planned agricultural and infrastructure investment by foreign entities in Mali indicate a growing interest in the potential for Mali's agricultural sector.
