VANCOUVER, May 31 /CNW/ - Global Minerals Ltd. (CTG:TSXV, B1H:Frankfurt), subject to TSX Venture Exchange approval, has signed a Letter of Intent to earn 50% interest in the Alto Sobrido Gold/Antimony property located in Portugal. The property is currently held by Kernow Resources & Developments Ltd. (KRD:TSX.V).
This acquisition fits Global Minerals strategy of acquiring advance stage mineral projects. Portugual is a member of the European Union and as such meets the company's corporate criteria regarding country risk. With current metal prices of $650/oz gold and $2.65/lb for Antimony, management believes that the Alto Sobrido project could provide an attractive return on investment.
To earn a 50% interest global must do the following:
- Issue 50,000 shares and make a cash payment of $25,000
- Year One work commitment (pnds stlg)100,000
- First Year Anniversary Global is to issue 100,000 shares and
pay $50,000
- Year Two Work Commitment (pnds stlg)150,000
- Second Year Anniversary Global is to issue 150,000 shares and
pay $75,000
A finders fee is payable in accordance with exchange policy upon signing a formal agreement.
A 3% royalty is payable to the State upon the commencement of commercial production.
Description of the Property
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The exploration contract covers an area of approximately 16.4 square kilometers and encompasses several small but high grade mines that produced Antimony at the end of the 19th century and at the beginning of the 20th century. Gold is known to have been recovered from the Antinomy veins toward the end of the life of the Antimony mines. Drifting along the veins at the Alto Sobrido prospect by the service de Fomento Mineiro (the then Portuguese State mining authority) in the 1960's also revealed exceptional pockets of high grade gold mineralization associated with the Antimony veins.
There is a large volume of historical data available on Alto Sobrido. Four known prospects have been identified along a 4 kilometer mineralized structure. Each prospect area contains multiple veins. Prior work includes detailed mapping, diamond drilling, percussion drilling, trenching & channel sampling.
The diamond drilling has shown a set of three major steeply dipping parallel veins striking east west. There are in addition multiple smaller mineralized veinlets mapped at surface.
Vein A:
Has been intersected in 3 places and returned values as: 3.2% Sb across 2.0 meters (percussion) 3.92% Sb over 4.75 meters (diamond drill) and 1.17% Sb over 1.0 meters (diamond drill). These intercepts occur from near surface up to 50 meters below surface.
Vein B:
Has 4 intercepts - three from percussion holes and one from diamond drill (2.0% Sb across two metres).
Vein C:
Has two intercepts, one from percussion drilling and one from diamond drilling (2.1% Sb across 1.65 metres).
All of the intercepts have variable gold mineralization associated with them noted as 3.74 g/t Au across 3.0 metres, and 9.8 g/t Au across 1.0 meter. In addition a diamond drill hole assayed 1.16 g/t Au across 1.65 meters from this vein. Most other gold values are in the 0.5 g/t to 1.0 g/t Au across 1.0 meter range.
Channel sampling across the vein structure in an adit returned strong antimony values along with exceptional gold grades :
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Location Width of
Within sample
adit Sample across the Antimony
-25m No. vein meters % Sb Gold g/t Au Silver g/t Ag
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56W 3 0.90 1.9 165.6 29.5
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56W 2 0.50 1.3 139.0 21.4
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56W 1 1.00 7.2 120.3 31.7
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Elevated values for Antimony are found in the majority of the holes (both
diamond and percussive) across the area examined.
Gold grades in trenching are as follows:
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Antimony Sb%
in the same
Distance Width trench but not
between (meters) Gold grade g/t necessarily
Trench trenches of trench Au the same intercept
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SJS1 0 north 8.0 meters 1.4 g/t Au 8.0 meters at
0.30% Sb
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SJS2 66 m north 4.0 meters 1.5 g/t Au 10 meters of
of 1 0.10% Sb
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SJS5 150 m north 16.9 meters 1.24 g/t Au 11.6 meters at
of 2 0.36% Sb
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SJS6 25 m north 16.6 meters 0.50 g/t Au 16.6 meters at
east of 5 0.25% Sb
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Percussion drilling gave the following results:
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Intercept Width
Hole Location relative (meters) Gold
number to trenches grade g/t Au Sb%
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PDAS 18 10 m south 8.0 m at 0.71 g/t 10m at 0.07% Sb
of SJS2 Au
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PDAS 20 26 m north 8.0 m at 1.01 g/t No significant
of SJS2 Au values
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PDAS 22 At SJS5 21.0 m at 0.40 g/t 5.4 m at 0.28% Sb
Au
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PDAS 08 110 m east north 15.0 m at 0.80 g/t 15 m at 0.19% Sb
east of SJS6 Au
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All of the results presented above are historical and have not yet been verified by an independent qualified person as specified in National Instrument 43-101. Independent verification will be completed by September 2007.
This press release was prepared by George Heard, B.Sc., MBA, P.Eng, a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Global Minerals Ltd. is a Canadian-based company with a focus on the acquisition, exploration and development of mineral property interests.
ON BEHALF OF THE BOARD
George W. Heard
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.