Toronto-listed Manson Creek Resources can buy all the shares of Bolivariana de Mineria, a Venezuelan company, in return for issuing 250,000 shares and paying $143,880 cash.
Bolivariana has a 75% interest in another Venezuelan company, Desarrollo Guaitoc C.A., which has acquired the Black 3 concession from the Corporacion Venezolana de Guayana (CVG), a state-owned entity.
Bolivariana can buy the remaining 25% interest in Guaitoc by paying US$100,000 in January, 1995, and US$1 million one year later. Upon completion of this purchase, Manson Creek would effectively own all of the Black 3 concession.
The property comprises 1,000 hectares of the old Guaitoc gold mine site, situated in the mining district known as El Dorado in Bolivar state. The concession is underlain by foliated and tectonized andesitic lavas of the early Proterozoic-aged Carichapo group. These rocks host most of the known gold mineralization in the area, and gold-bearing veins and shears are present near the concession boundary on adjacent properties. No systematic exploration has ever been carried out on the property.
Manson Creek reports that although there are no official production records, significant amounts of gold have been produced by garempeiros (regional miners) in recent years.
In a geochemical soil survey, about 1,600 soil samples were collected from 800 km of grid lines. The samples are being analyzed and results are expected shortly. Should results warrant, Manson Creek plans to carry out either followup trenching or auger drilling.
In other news, exploration programs are now under way on the Perruco II and Perruco V concessions, in the Chicanan and Kilometre 88 gold camps. The ground, which comprises 8,106 hectares, is held in a joint venture involving Manson, Athlone Resources (VSE) and Ballatar Explorations (VSE). The program consists of airborne geophysical surveys, air photograph studies and soil sampling and mapping on 400-metre-spaced lines. Manson expects to have the entire program completed in August.
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