Nar, Falco expand VMS targets in Zimbabwe

Toronto-based Nar Resources (NRL-M), which has been funding a polymetallic exploration program operated by Falconbridge (FL-T) in Zimbabwe, has announced an expanded work program for the Maramba project.

Situated 125 km northeast of Harare in the Shamva greenstone belt, the property was recently subjected to 22 drill holes. The drilling, results from which are pending, tested a strike length of 4.5 km with widely spaced holes, and defined a sulphide-bearing horizon that consists of an alteration zone ranging in true thickness from 20 to 80 metres. This horizon occurs in a package of volcanic rocks that Nar says are much thicker than regional government mapping suggests.

The junior goes on to report that preliminary assays confirm the presence of high-grade copper-zinc-silver massive sulphide mineraliation over the drilled strike length.

“This is an unusual occurrence in that high-grade polymetallic mineralization demonstrates good variability by ranging up to 3 metres in true thickness,” says President Leonard Taylor.

Drilling to date has confirmed that the massive sulphide mineralization does not terminate at shallow depths. Also, downhole geophysical surveys indicate several off-hole anomalies that suggest continuity of the sulphide-bearing zone to depth. Extensive drilling, guided by downhole geophysics, will test these anomalies.

The expanded program will test the mineralized zone downdip and laterally along strike. Drilling is also planned for new conductor anomalies established by the airborne and downhole geophysical surveys. The 13-hole program will span 4,500 metres, with a provision to expand for an additional 3,300 metres.

Maramba is the first venture between Nara and Falconbridge. The project began in September 1996 with Falco’s optioning of six claim groups totalling 450 ha. Encouraged by its initial results, the company applied to expand its presence in the area to 60,127 ha (T.N.M., Jan. 26/98). Within the larger area are three other showings: Zveya Creek, Good Gold and a tungsten skarn at the Kakonde mine.

The agreement between Falco and Nar in Zimbabwe calls for the latter to fund a regional-scale exploration program in the areas of interest and earn a stake in any property acquisition based on the regional work.

For this program, Nar will provide a total of US$2 million spread over three years, with a minimum of US$750,000 to be spent in each of the first two years. At the end of the third year, the regional component of the agreement can be extended. Nar can choose the target area in which it can acquire an interest by spending a further US$2 million exploring each area.

If, during the earn-in period, the area’s primary economic value is recognized as determined by copper, zinc or metals other than nickel or gold, Nar will earn a 40% interest in the property. For nickel or gold projects, Nar will earn a 20% or 80% interest, respectively.

Once an interest has been earned in a designated area, a joint venture will be formed, with both companies having the option to fund further work programs to maintain their interests or be diluted. As well, each company will have a right-of-first-refusal should a stake in the property be sold.

Nar will have five years in which to spend its US$2 million for each area.

Failing this, ownership in the property will revert to Falconbridge.

In the special case of Maramba, Nar can earn a 40% interest by spending US$2 million, of which US$1.4 million must be spent exploring for copper and zinc. Nar must spend at least US$1.25 million during the first year, and the remainder during the second.

Falco will remain the program’s operator until a joint venture is formed, at which time the operator will be determined by a majority stake in the designated area.

Nar is 33%-owned by sister company Tandem Resources (TDM-M).