| Dominican Republic Properties |
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Overview
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Eastern Properties
In February 2006 Everton announced that it has signed an agreement to acquire 85% interest in the Eastern Properties located in the eastern part of the Dominican Republic.
The 335 km2 project is comprised of four continuous concessions, La Guara, Leal, Las Cayas and El Piquito, located in the Cretaceous belt of rocks of the Eastern Cordillera. These rocks are similar in age and origin to those of the Los Ranchos Formation, that host of the Pueblo Viejo gold-silver deposit situated 110 km to the west. Abundant gold mineralization in alluvial placer deposits has been known and worked by local artisanal gold miners for a long time. Several copper-gold porphyry type occurrences, associated with structural lineaments and defined in airborne magnetic geophysical surveys, have been identified in the area in the past.
A low density (1 sample per 2.5 km2) regional stream sediment program, recently completed by the European Union SYSMIN program in the eastern part of the Dominican Republic, defines a number of anomalous areas of up to 7 km in diameter. High values up to 2.05 g/t in gold (including 18 samples over 250 ppb gold), 142 ppm copper and 151 ppm zinc were returned in the stream sediment samples on this project. A first phase of exploration work is planned to start on the project over the next two weeks. It will consist mainly of reconnaissance mapping and intensive stream sediment, and soil sampling of the anomalous sectors outlined by the European Union SYSMIN survey. The Miches Group of Concessions are accessible by road through the town of Miches, from where a dense network of secondary roads allows access to the core of the project.
Everton has the option to acquire up to 85% interest in the four concessions from two independent Dominican companies by spending a total $1,800,000 US in exploration work and by paying option fees of $175,000 US over a period of 3 years. In the eventuality that the interest of the Dominican companies is reduced to a 10% interest, Everton can elect to change the remaining interest of the Dominican companies into a 2% net smelter return. Everton is the operator for the Miches project.
In May 2006, the company announce that it has executed an agreement with GlobeStar Mining Corp. to acquire 100% interest in La Mireya gold concession covering 118.5 square kilometres within the eastern cordillera of the Dominican Republic. The La Mireya gold concession is continuous to the 335-square kilometre block of four gold-copper concessions already controlled by Everton in this area.
The La Mireya gold concession is covered by rocks of similar age and origin to those of the Los Ranchos Formation that host the Pueblo Viejo gold-silver deposit, controlled by Barrick and Goldcorp, located 90 km to the west. Several copper-gold porphyry-type occurrences and alluvial placer gold mineralization have been identified in the past in this sector. A regional stream sediment survey conducted by the European Union SYSMIN program yielded anomalous gold values of up to 1.44 g/t gold and six other values of over 200 ppb gold on this concession.
A first phase of exploration work consisting of higher density stream sediment and soil sampling over the anomalous areas.
Please review our press releases for updates.
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Other Properties in DR
Everton also holds 100% interest in 8 other polymetallic concessions totalling 63.4 square kilometres within the Maimon Formation. Compilation of historical work on some of the blocks indicates copper-, zinc- and gold-in-soil anomalies coincident with ground geophysical conductors which make those blocks highly prospective for polymetallic discoveries.
Please review our press releases for updates.
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