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VVC's Chinese Joint Venture acquires 50.1 % interest in new gold discovery in Tong Guan mining district
VVC's Chinese Joint Venture acquires 50.1 % interest in new gold discovery in Tong Guan mining district.
About this update from Vvc Exploration Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, Sept. 7 /CNW Telbec/ - VVC EXPLORATION CORPORATION (\"VVC\" or the\n\"Company\") is pleased to announce that its 70% owned Chinese Joint Venture\n(\"CJV\"), Tong Guan County Glory Mining Corporation, owner of the gold\nproducing Xing Tong mine, has recently acquired a new project in partnership\nwith Shaanxi Hongyuan Industry Co. Ltd (SHICL) for an aggregate cost of\n12.5 million RMB (CAD$ 950,000) to be owned 50.1% by CJV and 49.9% by SHICL.\nEarlier this year, a local private miner located a new vein (tagged\nNQ512), believed to be an extension of the Q512 vein currently being mined\napproximately 1.3 km to the southeast by the CJV, under Permit 512.\nThe vein was mined from a drift approximately 250 meters long at a rate\nof 80 tons per day. The vein can be traced horizontally for 250 meters, on\nthree mining levels. Approximately 4,000 tons of ore were extracted by the\nprevious owner with the ore processed at the Xing Tong plant under a\nprocessing fee contract. The new ore attracted the attention of the Xing Tong\ngeologists, which resulted in commencement of negotiations for the property by\nthe JVC.\nThe vein appears to be continuous along strike and to depth, trends. \nEast-West, and exhibits banding and shearing, with minor variations in width\n(from 0.40 to 0.60 meter). Sulfide content varies from 10 to 50 % and consists\nof pyrite, chalcopyrite and minor galena.\nValues as high as 200 g/t were reported by the previous owner and\nconfirmed by preliminary sampling by Xing Tong CJV personnel. Grade appears to\nbe increasing to the west. Wall rock alteration is sericite and pyrite. The\nNQ512 vein dips 45 degrees to the south, parallel to the Laoyacha anticline\naxis and also parallel to other gold bearing veins (Q507, 518, 552, 504, 503,\n502, 512, 501) to the South.\nGrab samples from the underground stopes of NQ512, taken by Xing Tong\npersonnel are been assayed at the Xing Tong mine laboratory, with results to\nbe released when they are received. Check assays for the samples have been\nsent to the SGS (Tianjin) Geochemical Labatories.\nDean O'Keefe, an independent QP with Micromine Ltd, resampled the veins\nand these samples are also being assayed by SGS (Tianjn) Geochemical\nLabatories. Mr. O'Keefe, a geologist, visited the CJV Properties and examined\nthe geology of the various underground workin...