Republic Goldfields (VSE) has entered two joint-venture contracts with the Cuban government entity Geominera S.A.
The contracts cover the Gaspar and Purial concessions, which total 2,110 sq. km. It is believed these have the potential for large-tonnage, near-surface gold and copper deposits.
The 100-sq.-km Gaspar concession, in the centre of the island, contains more than 20 targets which have anomalous metal values associated with hydrothermal alteration. The company plans to complete ground geophysics, to be followed by drilling in the second quarter of 1994.
The Purial concession, on the eastern tip of Cuba, totals 2,010 sq. km and contains several areas of known copper mineralization. One of the deposits, the Eleccion, has potential reserves estimated at 5 million tons averaging about 2% copper.
The company plans to confirm these government estimates and complete systematic sampling and assaying to test for gold mineralization. In 1994, Republic plans to complete a regional geochemical survey, to be followed by drilling to test for other copper-gold porphyry, epithermal gold and high-grade copper deposits.
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