An option agreement with Geodyne Technologies will provide Impact Minerals (IPT-V) with funds to continue exploring its Eagle Mountain gold property in Guyana.
The agreement allows the Calgary firm to earn a half interest in the project from Impact by spending $250,000 on exploration. Impact plans to drill targets identified by recent auger drilling, prospecting and trenching.
Last year, the company outlined a gold-in-soil anomaly that extends for a strike length exceeding 1 km along a granite-felsic volcanic contract. Two new gold zones were discovered during the 1996 program, which also confirmed high-grade gold in the Bishop vein.
Impact and partner Energold Mining (EGD-V) have started exploration work at their Majagual porphyry gold-copper concession in the Dominican Republic.
Previous work at the concession had delineated a gold-copper soil anomlay that will be further evaluated by surface exploration to define drill targets.
Impact can earn a 60% interest in the concession from Energold by spending $1.25 million over four years. The first-year program will cost at least $150,000 and include mapping, geophysical and geochemical surveys, and trenching, in preparation for drilling.
Impact and Energold have several other exploration prospects in the Dominican Republic.
On its own, Energold has been carrying out drilling at the Centario epithermal gold deposit. Selected results released earlier this year include; 37 metres of 3.39 grams gold per tonne, 9 metres of 1.34 grams, 13 metres of 2.01 grams, 32 metres of 8.17 grams and 54 metres of 2.59 grams.
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