Trading Symbol: RGZ.V
TORONTO, Oct. 18 /CNW/ - Randsburg International Gold Corporation
(TSX-V: RGZ) announced today that three microdiamonds were discovered by the
Ontario Geological Survey at the Company's Lightning Strike Project.
The three microdiamonds, weighing a total of 0.02 milligrams, were
recovered from a lamprophyre dike on the property The Company has an option to
earn a 100% interest on a block of 11 contiguous mining claims covering 1,536
hectares (3840 acres) in Burt, Dunmore and Holmes townships, Ontario, Canada.
The Lightning Strike Project is located 30 kilometres west of the town of
Kirkland Lake in Northern Ontario. The property is accessible year round by
road. The Company recently claimed an additional 246 hectares (640 acres)
contiguous to the property.
The Company believes that there are at least two lamprophyre dikes on the
property, as they are visible at surface after being exposed by stripping a
small portion, approximately one acre of one claim unit. Lamprophyre in other
parts of the world is being mined for diamonds.
"The discovery of diamonds on a property selected for its base and
precious metal potential is very compelling," stated Michael Opara, President
and CEO of Randsburg. "We remain focused on advancing our Titan, Victory
Strike and Elephant projects. In due course, the diamond discovery at
Lightning will trigger an active exploration program."
Details of the discovery are reported in Ontario Geological Survey, Open
File Report 6170, Sampling lamprophyre dikes for diamonds: Discover Abitibi
Initiative authored by G.P.B. Grabowski and A.C. Wilson released on
October 11, 2005.
The report states that the location was chosen to obtain a representative
sample from the exposed lamprophyre. The sample was collected at surface using
a sledge hammer and plugger drill.
The sample was taken from the east side of Watabeag Road in Burt
Township, about 12 kilometres north of the intersection with Highway 66. It is
from a 40 centimetre wide mica and amphibole-bearing lamprophyre dike cutting
intermediate metavolcanic rocks.
The sample was sealed in bags and stored at the Ontario Government's
Kirkland Lake Drill Core Library in Swastika until ready for shipping. 24
kilograms from the sample was sealed in bags, packed in plastic pails and
shipped by bonded courier to SGS Lakefield Research Ltd. in Lakefield,
Ontario. The sample was submitted to SGS Lakefield Research Ltd. for
geochemical analysis and diamond extraction, selection and description using
caustic dissolution. A complete description of the microdiamond extraction and
selection procedure, the results of the analysis, scanning electron images of
the diamonds and a photo of the rock exposure from which the sample was taken
are provided in the report. The complete report can be accessed online at
http://www.mndm.gov.on.ca/MNDM/MINES/data/oct11/ofr6170.zip.
The Company believes that work by the Ontario Geological Survey,
including diamond extraction and analysis, was conducted according to the
highest industry standards. However, the Company assumes no legal liability or
responsibility for the content of the government report.
Geology of the Lightning Strike
-------------------------------
Lightning Strike is underlain by a sequence of volcanic rocks that strike
east-west to northeast-southwest. These rocks are in contact with a syenite
intrusive. An induced polarization survey has defined a zone of silicification
that trends towards the northeast, and is open-ended.
Favourable structures are developed within the property. The regional
Cross Lake Fault, which strikes northwest, and the projection of the east-west
trending Kirkland Lake-Larder Lake Break intersect in the southern part of the
property. An east-west striking shear zone crosses the property immediately to
the north of mineralized rock.
Where stripped and washed, the silicified bedrock contains a rusty zone
mineralized with finely disseminated pyrite.
The Lightning Strike Project is being conducted under the supervision of
Ken Germundson, Ph.D, Professional Geoscientist, the Company's Qualified
Person under the meaning of National Instrument 43-101. Dr. Germundson has
reviewed and approved the contents of this news release.
ABOUT RANDSBURG INTERNATIONAL GOLD CORPORATION
----------------------------------------------
Randsburg International Gold Corporation is a Canadian exploration
company listed on the TSX Venture Exchange (Symbol TSX-V:RGZ). The Company is
engaged in exploring for diamonds, titanium, iron, precious and base metals,
and platinum group metals (PGMs) in Brazil, Canada and Nevada. The Company has
three active exploration projects:
1. Victory Strike diamond project in Brazil - 85% owned
2. Titan Project (iron-titanium-vanadium) in Northern
Ontario - 100% owned
3. Elephant Gold and Silver Joint Venture Project, Nevada - 50% owned
To find out more about Randsburg International Gold Corporation
(TSX-V: RGZ), visit our website at www.randsburgdiamonds.com
Investor Relations:
For all Randsburg investor relations needs, investors are asked to visit
the Randsburg IR Hub at http://www.agoracom.com/IR/Randsburg where they can
post questions and receive answers within the same day, or simply review
questions and answers posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to RGZ(at)agoracom.com where
they can also request addition to the investor e-mail list to receive all
future press releases and updates in real time.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding forecasts, plans and objectives of Randsburg International Gold
Corp. - are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Diamonds Discovered at Lightning Strike Project - Northern Ontario
Randsburg International Gold Corp on 6ix
Story so far
Earlier from Randsburg International Gold
- Titan Drill Results - Continuous Mineralization of Iron-Titanium-Vanadium In 927 Metres of Drill Core from Three New Drill Holes - Mineralization Present to a Depth of 535 Metres
- Randsburg increases interest in Elephant Project to 50%
- Randsburg announces expanded drill program at Elephant
- Randsburg announces non-brokered private placement for $900,000
- Titan Drill Results - Continuous Mineralization of Iron-Titanium-Vanadium In 1,119 Metres of Drill Core from Five New Drill Holes
Later from Randsburg International Gold
- Randsburg completes private placement for gross proceeds of $1,154,325- Placement oversubscribed
- Randsburg Announces Titan Drill Results - 589 Metres of Continuous Mineralization of Iron-Titanium-Vanadium From Four New Drill Holes
- Randsburg announces over 70 aeromagnetic targets discovered on Victory Strike project in Brazil - 15 of 30 tested contain microdiamonds - substantially expands size of Victory Strike claim holdings - deep core drilling to commence January 2006
- Randsburg Announces Titan Drill Results - 22 Metre Drill Intercept of 79.23%
- Randsburg announces deep core drilling for diamonds to begin next week at Victory Strike, Brazil
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