Re: On a side note..Moly and Barton
in response to
by
posted on
Oct 01, 2009 01:20PM
The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
In my usually bored silly way I thought I would look up the original NR's on Barton/Dry Forks since the scuttlebutt from Rio Tinto and the world class Moly possibilities. Want a laugh? look at how they describe ISM in the last paragraphs........Jasper being the claim to fame. How things change in 5 years.
FOR IMMEDIATE RELEASE
September, 23 2004 | TSX - ISM Frankfurt- OI8 |
September 21, 2004 - Inspiration Mining Corporation (the "Corporation") is pleased to announce that it has entered into an arm's length agreement to lease the Barton Syndicate Property, Salt Lake and Tooele Counties, Utah. Pursuant to the lease, the Corporation has been granted a 25 year lease to all of the mining claims situated on the property. In addition, the Corporation is required to pay annual stand-by royalty payments commencing in 2009 with payments escalating from $5,000 US per year to $25,000 US per year by 2029. The lease period may be extended so long as the Corporation makes annual royalty payments of not less than $25,000 US per year. The Corporation was also granted the right to purchase the Barton Syndicate Property at any time during the lease period for a sum of $10 million US less any payments made to the leasors. Closing of this transaction is subject to regulatory approval.
In consideration for the lease, the Corporation has agreed to issue an aggregate of 200,000 common shares to the vendors at a deemed price of $0.25 per common share and has granted a 5% net smelter royalty (less all costs associated with mining, milling, processing, transportation and refining).
Under the lease, the Corporation is required to expend an aggregate of $600,000 in expenditures with $100,000 in the first year and a further $100,000, $150,000 and $250,000 in the second, third and fourth years, respectively.
The Barton Syndicate Property is approximately 35 km southwest of Salt Lake City. The property is located about 6.4 km north-northwest of Kennecott's Bingham Canyon copper-goldmolybdenite mine, the world's largest man-made excavation. The past-producing Melco gold mine also owned by Kennecott is located approximately 600 m northeast of the Barton Syndicate claims. The claims are located in rugged topography at the head of Dry Fork Canyon, on the eastern slope of the Oquirrh Mountains. Elevations on the property range from about 1,980 m in the east to 2,440 m in the west part of the property. The claims are accessed by gravel and unimproved roads north of the Bingham Canyon Mine.
The following information is a summary. For complete details and results of past exploration programs, readers are encouraged to refer to the Qualifying Report on Barton Syndicate Property, Salt Lake and Tooele Counties, Utah, USA For Inspiration Mining Corporation dated July 30, 2004 prepared by G.A. Harron P.Eng., P. Geo., a "qualified person" as set out in National Instrument 43-101. A copy of the geological report is available through the SEDAR website (www.sedar.com).
Permian age Freeman Peak Formation quartzites and quartzitic sandstones underlie the Barton Syndicate Property. The Kirkman-Diamond Creek Formation, also of Permian age stratigraphically overlies the Freeman Peak Formation. It is dominantly calcareous sandstone with occasional beds of limestone, dolomite with chert nodules and orthoquartzite. Dykes of mafic volcanic rocks similar in composition to the Bingham intrusion are located in the northwest part of the property. Southwest trending normal and reverse faults considered as mineralization controls at the adjoining Melco gold mine project onto the property.
The Barton Syndicate Property consists of 31 unpatented, contiguous lode claims covering 608.94 acres (246.44 ha) located Sections 9 and 10, Township 3 S, Range 3 W, Salt Lake Base and Meridian, Utah, USA. The bulk of the lands are in the West Mountain Mining District, Salt Lake County, with a minor land position in adjacent Tooele County, Utah. All discovery monuments have been surveyed and photographed. The Barton Syndicate owns the mineral rights to these claims and Kennecott Utah Copper Corporation (Rio Tinto plc) owns the surface rights.
Historical exploration programs by Kennecott Utah Copper Corporation (and affiliated / successor corporations) identified several gold and arsenic geochemical anomalies on the property. A 1989 induced polarization / resistivity survey conducted to the northeast of the property identified a resistivity "low" anomaly that is spatially coincident with the Melco and Barneys Canyon gold mines. This geophysical feature extends onto the property and has been partially tested with two reverse circulation drill hole, which returned weakly anomalous gold, arsenic and mercury values, consistent with geochemical associations noted at the neighbouring gold mines. Sediment hosted gold mineralization at the Melco and Barneys Canyon mines are best described as "Carlin- type" deposits. Preproduction reserves at Barneys Canyon were calculated at 8.6 million tonnes grading 1.64 g/t gold and 2.8 million tonnes grading 2.4 g/t gold at Melco. In the 1988-2001 period production from the two mines aggregated 43,540 kilograms (1.4 million ounces) of gold.
Exploration for this type of deposit is best accomplished through integrated programs of geologic mapping, soil and rock geochemistry and geophysical surveys. These programs are used to identify surface mineralization, alteration patterns and mineralization control structures prior to drill testing.
Inspiration Mining Corporation is a junior mining company that owns a 100% interest in a group of mineral claims, being Jas 1, Jas 2, Jas 3, Jasmin-1 and Jasmin-2, on Vancouver Island, British Columbia (the "Jasper Property"). To date, four (4) exploration programs have been conducted on the Jasper Property on behalf of the Company. The results of this exploration work are compiled and discussed in a technical report dated October 28, 2003, which is also available from the SEDAR website, and are deemed sufficiently encouraging to warrant additional exploration of the Jasper Property for poly-metallic massive sulphide mineralization.
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For further information, please contact Randy Miller, President of the Company, at tel: 905.853.7400, www.inspirationmining.com
For Investor Relations call:
Gale Capital Corporation
Ph. 604.221.7604
Fax 604.221.7606
galecapital@shaw.ca
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.