Toronto-based Altai Resources (TSE) is expanding its search for international projects.
The junior already has prospects in Canada, the U.S., Guyana, Peru and Ghana — and at the recent annual meeting, President Niyazi Kacira told shareholders that he plans a trip to the Philippines “to look at opportunities there.”
He also said Altai has signed a letter of intent with a “multinational” mining company (which he declined to name) for development of the Chimu gold project in Peru. Altai is earning a 60% interest in the project from Chimu Mining of Lima.
Surface sampling at Chimu’s Rio de Oro deposit has yielded mixed results. Sampling in mid-1993 returned assays averaging 0.09 oz. gold per ton; samples collected later that year, and again processed by gravity separation, returned low results.
Altai has increased to eight the number of its exploration projects in Peru. Among the company’s other assets is a 33.6% interest in Menora Resources (ME), which mines diamonds just offshore of the southern African coastline. Another asset, the Lac St. Pierre natural gas project in Quebec, may be spun off into a public company, Kacira said. He will be presenting to the board of directors a plan to merge the gas project with oil properties in the U.S. (owned by another firm) to create an oil and gas company.
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