Stronghold Metals Inc.
Carat Exploration Inc. signs option to acquire 50% of the Combarbala copper-porphyry exploration property in Chile
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
Carat Exploration Inc. signs option to acquire 50% of the Combarbala
copper-porphyry exploration property in Chile
Vancouver, British Columbia, Canada. July 14, 2006. Carat Exploration Inc.
(the ‘Company’) (Frankfurt: A0J2UW, TSX.V: CRZ) is pleased to announce that
on July 14, 2006, the Company signed an option agreement (the ‘Option’)
with BHP Chile Inc. (‘BHP Billiton’), a fully-owned subsidiary of BHP
Billiton, the largest diversified resources company in the world, to
acquire an undivided 50% interest in the Combarbala property (the
‘Property’), located in the IV Region of Chile, 35 km northeast of the city
of Illapel. The interest will be earned by the Company spending $1,250,000
US funds over a period of 3 years and other terms, more particularly
described below.
Geological, geophysical and geochemical surveys by BHP Billiton
characterize the alteration and mineralization as the upper portions of a
potential porphyry copper mineralization system. Initial exploration work
by BHP Billiton, plus the presence of competitor drilling activity that is
advancing toward the property margins, infer a good exploration potential
on the Combarbala ground.
The area of interest is a zone of hydrothermal alteration extending across
an area of 4 by 4.5 km, characterized by argillic, advanced argillic and
silicification within an outer zone of epidote-chlorite alteration.
Extensive zones of hematite and jarosite are localized along northeast and
north-south trending structures. Mineralization and alteration are mostly
located in fractured and sheared volcanic and sedimentary rocks of the
Quebrada Marquesa Formation.
Three lines of reconnaissance-scale pole-dipole Induced Polarization survey
by BHP Billiton indicate zones of high chargeability, beneath a blanket of
surficial colluvium. Occurrences of copper oxide minerals (Crisocola) are
mainly related to mineralized structures of NE and NW orientation,
especially in the fringes of the alteration zone. Many of these occurrences
appear related to swarms of cross-cutting diorite dykes.
Further geological mapping, sampling and detailed geophysical work is
required on the property, followed by a program of reverse-circulation and
diamond drilling. The Company’s treasury has sufficient funds for the
required expenditures of at least the first year.
At the end of the Option, the Company may elect to vest an undivided 50%
interest in the Property and form a Joint Venture with BHP Billiton for the
continuing exploration and development of the Property. BHP Billiton may
elect to acquire up to 70% of the Joint Venture within 180 days of
formation, by repaying the historical expenditures of the Company and
sole-funding additional expenditures on the Property up to an aggregate of
$12,000,000 or a Pre-Feasibility Study, whichever occurs earlier.
The geological information reported herein is approved by Paul McGuigan, P.
Geo., a qualified person and Director of Carat Explorations Inc.
On behalf of The Board of Directors of Carat Exploration Inc.
‘Paul J. McGuigan.’
Paul J. McGuigan, P. Geo., Director
This document contains certain forward looking statements which involve
known and unknown risks, delays, and uncertainties not under the
corporation’s control which may cause actual results, performance or
achievements of the corporation’s to be materially different from the
results, performance or expectation implied by these forward looking
statements.
This release has been prepared by management – TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
For further information please contact:
Carat Exploration Inc.
C. Harry Katevatis, President
908-595 Howe St.
Vancouver, B.C., V6C 2T5, Canada
Tel. +1 (604) 806-0916
Fax +1 (604) 806-0956
carat@shaw.ca
www.caratexploration.com
AXINO AG
Silberburgstrasse 112
D-70176 Stuttgart
Tel. +49 (711) 25 35 92-30
Fax +49 (711) 25 35 92-33
info@axino.de
www.axino.de
(c)DGAP 16.07.2006
—————————————————————————
Aktuelle News
Aktuelle Berichte
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden