El Nino Resumes Drilling for High Grade Copper in Drc
The rainy season is drawing to a close in the Democratic Republic of Congo (DRC), and that means its time to get the drills turning again on El Nino Ventures’ (TSX.V:ELN) 350 square kilometer concession.
According to Jean Luc Roy, CEO of El Nino:, “Based upon the interpretation of our recently completed airborne geophysical survey, we believe we may be on the edge of a mineralized system which extends for over 2.8 kms in strike length. We will drill test the extent of this anomaly starting in April. We have also identified four other geophysical anomalies on our other permits which will be tested in the forthcoming drill program.”
The DRC Copperbelt hosts multiple world class deposits and the exploration potential is considered one of the best in the world.
For example, one June 12, 2007 Anvil Mining Limited (TSX:ABM) based in Montréal Canada announced intersections of 10.9% copper over 21 m, 8.9% copper over 36 m, and 8.6% copper over 31 m.
The Katanga province of the DRC has more than 10% of the world’s copper and many of the world’s best deposits. All of Anvil’s copper projects and operations are based on resources with average grades of more than 4% copper.
As a result of the recent work on the Kinsevere project, Anvil has established the following Proven and Probable Mineral Reserve estimate for the combined Stage I and II pits as at April 30, 2007.
Proven and Probable Mineral Reserve mined in Stage I is estimated at 3,726,000 tonnes, of which 917,000 tonnes will be processed through the Stage I plant (Heavy Media Separation (“HMS”) and Electric-Arc Furnace (“EAF”)), with the remaining ore being stockpiled for later processing through the Stage II plant (SXEW).
The Kinsevere Mineral Resource estimates as at December 31, 2006, which appeared in Anvil’s April 23, 2007 news release, are as shown below:
Tiger resource is an Australian-based mining company, recently announced an intersection of 122 m grading 7% copper.
These companies both trade at substantially higher levels than does El Niño. In fact Anvil Mining recently announced a $201 million bought deal financing.
The DRC Copperbelt hosts multiple world class deposits and the exploration potential is considered one of the best in the world. Major mining companies such as Phelps Dodge and First Quantum Minerals are now in construction on world class ore bodies. Several junior companies are now actively exploring for copper and other minerals in the DRC..
Under the terms of the Agreement El Niño purchased a 70 percent interest in the Joint Venture with an option to acquire up to 90 percent of the project by coming to an agreement with our partners, over time. An initial cash payment of $250,000 USD will be made when all regulatory approvals have been received and upon titles of the properties being transferred to the new SPRL Congolese Company that is now being formed.
Additional cash payments totaling $300,000 USD will be made in three annual installments. 300,000 shares of El Niño will initially be issued to GCP Group upon regulatory approval and 400,000 additional shares will be issued over a three year period to the GCP Group. El Niño will fund all exploration work but will retain the services of the CGP Group in an agreement to be negotiated at a later date to support administrative and logistical aspects of the project.
El Nino recently appointed Allan Lines as Exploration Manager for the company’s DRC operations.
Mr. Lines has worked in the mineral exploration industry for the past 13 years, exploring for VMS base metals in eastern Canada, greenstone gold exploration in West Africa and, for the past several years has been managing exploration programs in the DRC Copperbelt for a TSX/ASX listed copper producer and a NYSE listed major company.
Mr. Lines started working in the Democratic Republic of Congo in early 2005. Since then he designed and supervised geochemical sampling programs, advised on project acquisitions, authored baseline environmental studies and planned and managed RC and diamond drilling programs totaling well over 50,000 meters.
In addition to mineral exploration, Mr. Lines has several years experience in the field of mine permitting, including managing Environmental Impact Assessment Studies and public consultation programs.
Mr. Lines commented: “I am excited to be joining El Nino Ventures Inc. at this time — the vast experience of the management team in doing business in the DRC and the company’s project portfolio puts the company in a great position. I am eager to begin the 2008 drill campaign and maximize the value of the exploration properties.”
Mr. Jean Luc Roy, President of El Nino Ventures states:” I am very pleased to have Mr. Allan Lines join our team in the DRC. We are very fortunate to have on board a geologist with such valuable DRC Copperbelt experience. With Allan’s technical background and management’s very substantial experience in the DRC the company is in a prime position to maximize the value of its highly prospective exploration permits in the DRC. Allan will work closely with his local technical team and he anticipates the start of our 2008 drill program for mid-April. “
About the Author
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