Amerigo Resources Ltd. acquires two properties in Sault Ste. Marie area, Ontario
April 17, 2002
Amerigo Resources has signed an option agreement with a Sault Ste. Marie prospector to earn a 100% interest in the Deroche property, located in Deroche Township, near Sault Ste. Marie, Ontario. In order to earn the interest, the company must issue 30,000 shares and spend $30,000 on exploration on the property over two years.
The 208-hectare Deroche property covers a fault-bounded block of Huronian sedimentary rocks intruded by Nipissing diabase within Archean granite. The southernmost fault is an extension of the regional scale Bellevue fault that is known to contain hematite occurrences. Hematite occurs on the Deroche property as veinlets associated with quartz veins and stockworks in the granite.
Amerigo Resources has also staked the Bellevue property (approximately 704 hectares) in Aweres and Vankoughnet Townships near Sault Ste. Marie, Ontario. The property adjoins the Island Copper property, in which Amerigo is earning a 55% interest from Falconbridge Limited, to the east and west. The claims cover the intersection of the Highway fault that separates Archean gneiss from Proterozoic sedimentary and volcanic rocks, and a regional-scale north-northwest trending fault. A copper occurrence is located near this fault intersection, and hematite is reported to be associated with the northnorthwest trending fault.
The claims comprising the Bellevue property have been staked and an application has been submitted to the Mining Recorders office. Claim registration is awaiting a resolution of the Ontario Public Service Employees Union strike.
The target on both of these properties is an iron oxide copper-gold deposit. Field programs are currently being planned for these properties as well as the Island Copper property.
For further information, please contact:
Roger Moss, President, Tel: (416) 516-6050 E-Mail: [email protected]
Ian E. Gallie, Director, Tel: (250) 598-9091 E-Mail: [email protected]
or visit our website at: www.amerigoresources.com
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