American Bullion acquires Dot

In concert with the recent acquisition of the Dot copper-oxide property, American Bullion Minerals (VSE) has assigned Zappa Resources (VSE) an option to earn a 50% interest in the property.

Zappa can earn the interest by making property payments to the underlying vendor and funding the first $2 million in exploration expenditures. On completion of the earn-in, American Bullion must spend the next $2 million on the property to maintain its interest.

The Dot property is about 10 miles south of the Valley Copper deposits in the Highland Valley of British Columbia and covers a zone of partially drill-defined copper-oxide mineralization.

Trenching and drilling has outlined the zone over a surface area measuring about 1,000×200 ft. and to a depth of about 400 ft.

The mineralization remains open along strike and to depth, while geophysical surveys indicate the zone may extend an additional 1,700 ft. to the southeast. Based on trenching and drilling, preliminary estimates of the geological resource stand at about six million tons grading 0.62% copper. Zappa plans to initiate a drilling program on the southeastern extension target in early December.

Zappa, which has about $30,000 in working capital, is currently arranging additional financing through a private placement of between $50,000-100,000. The initial drilling budget is set at $60,000, for a total footage of about 2,500 ft.