A letter of intent has been signed between Venturex Resources (VSE), and Manna Minerals, a private Canadian company, concerning two gold exploration permits in Israel. Venturex can earn a 50% interest in the permits by funding $500,000 of exploration over a 3-year period. Venturex was formerly known as RCJ Resources which was reorganized last month.
The permits, which are the first such permits granted by the State of Israel to a foreign company for mineral exploration, cover two large tracts of land in the Negev Desert.
Exploration is focusing on Carlin-type epithermal gold mineralization, the partners say. An initial review of the properties completed by Manna last year confirmed the presence of anomalous concentrations of mercury, barium, arsenic and antimony in surface geochemical samples. These minerals are closely associated with the Carlin- type gold deposits of Nevada.
Both properties also protect sequences of altered intrusive, volcanic and sedimentary rocks which are similar in age and structure to the epithermal environments occurring in Nevada and Turkey. The latter country is enjoying an exploration boom led by several large foreign mining companies which are investigating Turkey’s epithermal gold deposit potential. Field work in progress, under the supervision of Manna geologists, includes stream sediment sampling, prospecting and mapping of known mineralized areas.
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