Global-Pacific gains ground in Mongolia

Global-Pacific Minerals (GPJ-V) will acquire the Ou-Bar copper-gold property in Inner Mongolia.

The announcement follows the signing of an agreement between the company’s Chinese subsidiary, Anhui Global-Pacific Minerals and the Chinese firm Barmen Huadi Technology.

Under the agreement, Barmen must transfer its exploration and mining permits to Anhui. In return, Anhui must spend no less than $3.3 million on exploration or infrastructure over four years in order to earn a 55% interest in a well-drilled, 0.15-sq.-km area and an 80% interest in a less-explored 200-sq.-km area.

Global-Pacific is also required to complete 1,500 metres of drilling and 100 metres of tunneling, as well as re-mapping and metallurgical testing.

The company must also sumbit a reserve estimate to a government committee before the end of the year.

Ou-Bar’s copper-gold mineralization is related to Jurassic volcanic and subvolcanic rocks, including a quartz porphyry. The mineralized zone is 35 metres thick and extends over 250 metres along strike and 100 metres downdip.

Work at Ou-Bar to date includes 26 holes totalling 8,340 metres, a 123-metre exploration shaft and 200 metres of tunneling.

Highlights from that work include:

* 16.7 metres (from 107 to 123.7 metres) grading 0.61% copper and 12.54 grams gold per tonne in the shaft;

* 79.5 metres (from 86.5 to 166 metres) of 0.45% copper and 0.53 gram gold in hole 22;

* 51.5 metres (from 131.9 to 183.4 metres) of 0.35% copper and 1.01 grams gold in hole 13;

* 98.9 metres of channel sampling grading 0.89% copper and 1.75 grams gold on a drift between lines 9 and 13; and

* another 67.8 metres of channel sampling grading 0.92% copper and 4.83 grams gold on a crosscut along line 9.