Business
Vela Minerals Acquires 100% Interest in Mavis Bank and Port Antonio Properties Jamaica
(via Thenewswire.ca) Vancouver, B.C., Canada, June 6 2013 - Vela Minerals Ltd. (TSX-V: VLA)...
About this update from Arbor Metals Corp.
[{"type":"text","content":"Vela Minerals Acquires 100% Interest in Mavis Bank and Port Antonio Properties Jamaica(via Thenewswire.ca)\n\n \nVancouver, B.C., Canada, June 6 2013 - Vela Minerals Ltd. (TSX-V: VLA) (the \"Company\") is pleased to announce it has acquired a 100% interest in Mavis Bank and Port Antonio Special Exclusive Prospecting Licenses (\"SEPL\") in Jamaica, which total 126 square kilometres.\n\n \n \nThe Port Antonio and Mavis Bank Properties (the \"Property\" or \"Properties\") are subject to a 2% net smelter royalty (\"NSR\"). The major terms of the Agreement are: the Agreement supersedes the option agreement dated March 1, 2013 to acquire a 90% interest in the Mavis Bank property; the Company will have paid a total of $140,000US to the Vendor to acquire a 100% undivided interest in the Property; The NSR can be purchased at a rate of $1,000,000US per percent per Property.\n\n \n \nThe Port Antonio Property covers several known prospects including the Bellevue (Au-Ag-Cu). The concession area lies within the foothills of the Blue Mountains and covers parts of the catchments of Rio Grande and Back Rio Grande Rivers. \n\n \n \nA total of 4 historical geophysical IP lines, each approx. 1,500 meters in length resulted in the definition of a high chargeability and low resistivity anomaly with dimensions of about 1,500 meters width in the south-central portion of the Bellevue gossan. The area is hosted in Bellevue volcanics that are cut by granodiorite-diorite and Trowell Gate intrusive breccia. Argillic alteration is characterized by strong bleaching of country rock accompanied by 3 - 8% limonite (goethite & jarosite), and hematite as a result of supergene meteoric water, oxidation, and chemical weathering. This argillic altered gossan contains infilling and disseminated sericite, chlorite, and zeolite. The bleached limonitic zone covers a 1,500 meter diameter, roughly circular shaped area. Anomalous gold in bedrock samples occur peripheral to the limonite cap.\n\n \n \nHigh chargeability occurs approximately 100-200 meters below the low resistivity anomaly. Historically, this geophysical response has been interpreted to represent a buried porphyry target with the overlying low resistivity blanket thought to represent a leached cap. Historical airborne geophysics consisting of total field magnetometer surveys over the Bellevue occurrence s...