Focal Resources (FCJ-A) has increased to 100% its working interest in three exploration properties in Nicaragua, following an agreement with High River Gold Mines (HRG-T).
* The Rio Siquia property is adjacent to Greenstone Resources’ La Libertad property, where proven and probable reserves stand at 1.5 million oz. gold.
Last year, Focal and High River carried out US$2.5 million worth of trenching and diamond drilling at Rio Siquia.
* The Santo Domingo property, also on strike with La Libertad, contains 16 known gold vein systems. Results from the first four systems (based on 98 samples) included five samples grading better than 35 grams gold per tonne, 16 samples topping 10 grams and 42 samples of greater than 2 grams. High River had set out to define a gold resource, minable by open-pit methods, of between 1 million and 2 million oz.
High River retains a 3% net smelter return royalty on Rio Siquia and Santo Domingo, allowing Focal to acquire High River’s 50% interest without issuing shares.
“These transactions place Focal in an excellent position to complete drilling of Santo Domingo and develop drill targets on Rio Siquia,” says the company’s president, Patrick Chance.
qThe third of the acquisitions, known as Waspuk-Wawa, lies in an area where past operations extracted some 4.5 million oz. gold. As of January 1997, four targets had been identified on the concession: Santa Clara, Santa Rosa, Rio Francia and Bolivia. All are past producers.
Geochemical work at Santa Clara has confirmed that a surface gold anomaly extends for more than 750 metres and coincides with outcrop samples assaying up to 0.5 oz. gold.
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