Business
International Prospect Ventures Acquires Valroc Ventures Pty Ltd. and 100% Interest in Tenements Located in the Pilbara Region of Western Australia
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES VAL-D’OR, Québec, Jan. 31, 2019 (GLOBE NEWSWIRE) -- International Prosp
About this update from International Prospect Ventures Ltd
[{"type":"text","content":" THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES VAL-D’OR, Québec, Jan. 31, 2019 (GLOBE NEWSWIRE) -- International Prospect Ventures Ltd. (TSX-V:IZZ) (the “Company”) is pleased to announce that it has acquired Valroc Ventures Pty Ltd. (“Valroc”), a New South Wales, Australia company, by way of share exchange (the “Valroc Agreement”). In accordance with the terms of the Valroc Agreement and as consideration for the acquisition, the Company has issued 1,600,000 common shares to the principal of Valroc and Valroc is now a wholly-owned subsidiary of the Company. The Company now holds 100% ownership of 8 properties in an area southeast of Karratha, Western Australia, covering a total area of approximately 1026.10 square kilometres. Granting of the exploration licences for the eight properties was completed as of January 9, 2019. The strategic locations of the claims were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity. A summary of the 8 properties is provided below. The Hamersley Basin and Fortescue GroupThe Late Archaean–Palaeoproterozoic Hamersley Basin and related sub-basins formed on an older granite–greenstone basement (Pilbara Craton) during the initial stages of Late Archaean continental rifting. The Fortescue Group, which ranges in age from 2.8 to 2.6 billion years, unconformably overlies the granite–greenstones of the Pilbara Craton and is commonly compared to the Ventersdorp Supergroup of the Witwatersrand Basin in South Africa. Gold-bearing conglomerates have been identified by Novo Resources Corp. at several stratigraphic levels in the Fortescue Group (e.g., within the Nullagine sub-basin). Similarities between palaeoplacer deposits hosted by conglomerates in the Fortescue Group and the gold-bearing reefs mined in South Africa have been recognized for over a century. The Nullagine Sub-basinThe Nullagine sub-basin formed on an older granite–greenstone basement during the initial stages of Late Archaean continental rifting and formation of the more extensive Hamersley Basin. Alluvial gold was first discovered in the Nullagine sub-basin in 1886 and by 1893 the Nullagine region had become a major gold field...