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% P2
over 1.00 metre and 29.1% P2
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% P2
and averaged 16.96% P2
. 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. The Company will resume its geologic mapping and sampling work followed by a drilling program to define possible phosphate mineral resources as soon as the situation permits. 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. As the initial area of 320 Kmē was extended to 589 Kmē, the protocol agreement with the local owner was amended by payment of an additional C$60,000 over 2 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.