Reconnaissance drilling at the Imwero property in the Lake Victoria district of Tanzania has uncovered gold for
A series of widely spaced, shallow, rotary-air-blast holes returned between 1.66 and 46.98 grams per tonne over 1 to 6 metres. The highest grade occurred in a 4-metre interval starting at a down-hole depth of 5 metres, while the widest interval began 9 metres down-hole and averaged 4.64 grams.
The holes were drilled to a vertical depth of 30 metres and collared over geochemical anomalies outlined earlier. Pangea says the results indicate a potential strike length to mineralization exceeding 2 km, parallel to the strike of the host volcanic sequences.
Drilling will renew in the new year.
Meanwhile, drilling continues at the Tulawaka and Golden Ridge projects and is about to begin at the Bulyanhulu South project. All are in the Lake Victoria Gold district and are being explored jointly with other companies (T.N.M., Nov. 29/99).
For the quarter ended Sept. 30, Pangea lost $234,831 (1 per share), compared with a loss of $51,722 a year earlier. Losses in the first nine months of the year totalled $925,424 (4 per share), compared with $341,829 (2 per share) a year ago.
Pangea plans to raise $11.5 million by issuing special warrants. The offer, scheduled to close Dec. 15, will be overseen by First Associates of Toronto and is subject to regulatory approval.
Proceeds are earmarked for a feasibility study at Tulawaka and future programs at other projects in Tanzania, as well as in Peru.
At the end of the quarter, Pangea had $7 million in working capital.
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