Business
El Nino Ventures Inc. makes new Acquisition in the DRC
TSX.V: ELN Frankfurt: E7Q VANCOUVER, July 21 /CNW/ - El Nino Ventures Inc. ("ELN" and "the Compan...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nTSX.V: ELN\n\n\nFrankfurt: E7Q\n\n\nVANCOUVER, July 21 /CNW/ - El Nino Ventures Inc. ("ELN" and "the\nCompany") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that it has\nsigned a Letter of Intent with Phoenix Mining Corporation (PMC), a Congolese\nmining company, to earn into a 70 percent interest on Research Permit (PR)\n9316 in the DRC Copperbelt.\n\n\nPMC was granted exclusive rights to explore this area under a contract,\nsigned with the Centre de Recherches Geologiques et Minieres (CRGM), a\nCongolese government agency on July 4, 2008. Under the terms of the Letter of\nIntent ELN will be the Operator of the exploration programs to be developed\nfor this Permit.\n\n\nThe Permit which occupies just over 25 square kilometers, is underlain by\nhighly prospective geology which is what attracted ELN into this agreement.\n\n\nTo view Research Permit 9316, please visit\nhttp://www.elninoventures.com/i/maps/map_attachment_072108ELN_sm.jpg\n\n\nThis permit is located just north of Lubumbashi and its southern boundary\nis located just south of the Likasi Road/Airport road junction. The terrain is\ngenerally flat, with a range of low hills in the NW corner (these hills are\noriented N-S, divergent from the regional geological trend of NW-SE) and a\nlone, low hill in the central portion of the permit.\n\n\nThis permit is underlain (approximately 50%) by uppermost Roan (Mwashya\nFormation) sediments (blue color on the attached map) - these same rocks (on\nthe same structure) host the Luiswishi Mine (less than 5 km to the NW of\nPR 9316), the Ruashi Mine owned by Metorex out of South Africa (approx 8 km\nSE) and the Etoile Mine (approx 14 km SE). All these world class deposits are\ncurrently in operation. The other 50% of the underlain geology is Kundelungu\nsediments (green on the attached map) and some Holocene cover. The contact\nbetween the Mwashya and the Kundulungu is mineralised at the three mines\nreferred to above. At least two faults (interpreted from regional maps and\nfiltered satellite imagery) cut the Mwashya (see maps) and these are\nfavourable structures prospective for mineralisation.\n\n\nThe permit has excellent infrastructure including hard-surfaced roads,\nrail and electrical high tension power lines. Access is good and exploration\ncan easily be undertaken year-round. Current artisa...