Vancouver After spending US$1.14 million on exploration, Ivanhoe Mines (IVN-T) has transferred its joint-venture interest in four Bulgarian gold licenses to Asia Gold (ASG-V).
The Rozino license in southern Bulgaria includes the Tashlaka Hill low-sulphidation epithermal gold system. This low-grade target was tested by government agencies and later Hereward, which discovered high-grade shoots within a broad mineralized zone. Another target is a newly discovered epithermal breccia system that was recently tested by a 5-hole drilling program. Results are expected shortly.
The Dobroselets license in southeastern Bulgaria covers several intrusion-related gold targets. Chaira, the most significant and advanced of these, was drilled by government agencies in the 1980s. A geophysical program is planned, and will be followed by drilling.
The Tashlaka Hill (Rozino) and Chaira (Dobroselets) gold deposits have extensive exploration data and resource estimates that will be brought up to National Instrument 43-101 standards.
The Polski Gradets license includes newly discovered gold-bearing carbonate rocks over a strike length of 1.6 km and a width of up to 30 metres. The Gornoseltsi license in southern Bulgaria hosts several structural controlled, low-sulphidation epithermal gold prospects.
Asia Gold can earn up to an 80% interest in the four licenses by spending US$4 million on exploration in two stages. Partner Hereward Ventures Bulgaria, a wholly owned subsidiary of Cambridge Mineral Resources (CMB-L), would hold the remaining 20% interest.
Asia Gold must complete the balance of Ivanhoe’s first-stage commitments (about US$860,000) to earn its initial 51% interest, and then spend US$2 million to acquire an addition 29% interest.
Asia Gold also agreed to grant Ivanhoe a 5% net profits royalty interest against its share of future mine production, and to reimburse Ivanhoe for about US$334,000 spent on exploration since June, 2005.
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