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  • Charter Pacific Corporation Granted Key Gold Permits In Mauritania 0 comments
    Jul 3, 2013 1:15 AM

    Investment company, Charter Pacific Corporation (ASX:CHF) has been granted two Exploration Permits prospective for gold in Mauritania to add to its iron ore Exploration Permits.

    The permits cover a combined area of 793km2 and are in close proximity to Charter Pacific's iron ore project Permit 792 Kaoua El Khadra.

    Last month trenching at the Permit produced high grade iron ore results that show potential for a marketable iron concentrate to be produced at relatively low cost.

    Le Ministre du Petrole, de L'Energie et des Mines in Mauritania granted the two Exploration Permits (No 1869 B2 and 1963 B2) to wholly owned subsidiary of Charter Pacific Corporation, West Africa Gold Pty Ltd.

    Key points:

    - Mauritania is host to the Tasiast Gold Mine, with 2012 Proven and Probable Reserves of 7.97 million ounces owned by Kinross Gold.
    - Gryphon Minerals (ASX:GRY) also has a pipeline of gold exploration projects in Mauritania, from its rcently completed takeover of Shield Mining Limited.

    Background

    The Permits have been granted for an initial term of three years with the option to extend for a further two x three year periods.

    Permit 1963 is strategically located at the margin of the Precambrian Reguibat Shield and the Proterozoic Taoudeni Basin in a highly prospective copper-gold region of Akjoujt.

    Akjoujt is 240km from the capital Nouakchott, which has established road and port and airport infrastructure.

    Permit 1869 is located at the margins of the structurally significant Proterozoic Ijibbitene complex and the Treifyat formation of mafic lava flows. Much of this permit is overlain by a thin veneer of desert gravels and dunes.

    Major Mauritanian Gold Projects

    The Precambrian Reguibat Shield and the Mauritanides Belt are the most prospective areas for gold mineralisation in Mauritania.

    Tasiast Gold Mine owned by Kinross

    The Tasiast Gold project, which currently comprises 12 exploration licences in Archaean greenstone belt was first identified by OMRG in the mid 1990's.

    Kinross Gold (NYSE: KGC) acquired its 100% interest in the Tasiast gold discovery on September 17, 2010 upon completing its acquisition of Red Back Mining Inc, which had 2012 Proven and Probable Reserves of 7.97 million ounces.

    The Tasiast mine is an open pit operation located in north-western Mauritania and is approximately 300 kilometres north of the capital Nouakchott. Tasiast began commercial operations in 2008.

    The Tasiast mine lies within an extensive gold system that is largely underexplored. The deposit is open along strike and at depth.

    Gold mineralization occurs in two parallel trends: the Piment Zone, which is continuous over a 4.5 kilometres strike length, and the Greenschist Zone (West Branch), with a strike length of approximately 1.5 kilometres.

    The Tasiast gold equivalent production for 2012 was 185,334 ounces.

    On April 29, 2013, Kinross announced the results of its pre-feasibility study for the Tasiast expansion project.

    Based on these results, it elected to proceed with a feasibility study (FS) on an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill.

    Gryphon Minerals has a pipeline of new projects in Mauritania. Gryphon recently completed its takeover offer for ASX-listed Shield Mining Limited, which held projects in Mauritania, including the highly prospective and under explored Tijirit gold project located adjacent to the Tasiast mine.

    The project is wholly owned by Gryphon and contains continuous exploration licenses covering 1,460km2.

    Gryphon has 100% ownership of the Akjoujt copper/gold project, which covers 750km2 of ground located 30 kilometres west of the Guelb Moghrein gold/copper mine operated by First Quantum Minerals Ltd (TSX:FM).

    It also owns a 60% interest in the Saboussiri gold/copper project permit, which covers 1,000km2 of ground in the southern Mauritanides close to the border with Senegal.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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