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Share Name | Share Symbol | Market | Type |
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Appreciated Media Holdings Inc | TSXV:AMH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.05 | 0.005 | 0.055 | 0 | 00:00:00 |
Amanta Resources Ltd. (Amanta) (TSX VENTURE:AMH) is pleased to report results from early reconnaissance activities at the Luang Namtha copper concession, in northern Laos. Initial work by Amanta reconnaissance teams has led to the discovery of abundant striking evidence of copper, silver and molybdenum mineralization in the company's concession area. In particular a boulder field displaying large, man-size, boulders of porphyritic acid volcanic float assaying up to 5% copper and 4 oz/t of silver, was discovered. The boulder field is quite extensive and has not been mapped in detail yet, but the float occurs over an area larger than one square kilometre. The boulder field is located just south of a large porphyritic intrusive dome with a distinct vegetation anomaly. On the southern edge of the intrusive, an outcrop of secondary copper-rich material has been observed. Rock chip samples from this outcrop average 2% copper and 4 oz/t of silver. To the north of the intrusive, a large outcrop of an intermediate volcanic rock can be followed for approximately 100 metres and is up to 15 metres thick. Rock chip samples from this outcrop return assay results of up to 0.8% molybdenum and up to 0.5 g/t gold. The Company has yet to determine the extent and nature of the mineralization discovered to date but, while much work needs to be done in the upcoming prospecting and exploration period, the widespread and high grade nature of the mineralization encountered so far suggests the potential for a very large target. Amanta has now assembled the field crews to commence ongoing reconnaissance and exploration programmes in the concession area. The present project phase will include detailed systematic surface sampling and mapping over a block of eight square kilometres representing the presently known mineralized areas while reconnaissance work will be carried out over the balance of the 200 km2 area. This work will be followed by airborne Magnetic and EM surveys and will take 6 - 9 months to complete. The Luang Namtha copper concession is located some 600 kms north of Vientiane and is, geologically, part of the Yulong - Luang Namtha porphyry copper and polymetallic belt. In addition to Amanta's concession, mineralization in this belt includes the giant Yulong porphyry copper deposit with 630Mt @ 1% Cu and several smaller porphyries as well as a multitude of copper-silver deposits, polymetallic occurrences, massive sulphides and sediment hosted high grade replacement bodies. Of these, the Dapinzhang open pit copper/zinc mine in southwest China, close to the Laos border, has reported JORC compliant global resources of 44 million tons, containing 374,000 tons of copper metal, 260,000 tons of zinc and 12 million ounces of silver. Amanta holds a 100% interest in the Luang Namtha project and is the first Canadian company to be granted a mineral exploration concession in the Lao PDR. Geological Information contained within this report has been verified by Pieter Bakker (Director, Executive VP - Amanta Resources Ltd.). Mr. Bakker satisfies the requirements of a Qualified Person as defined in the National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Amanta is currently undertaking a non-brokered private placement, originally announced May 7, 2008. The placement comprises 6,666,667 units at a price of $0.15 per unit, for gross proceeds of up to $1,000,000. Each unit will consist of one common share plus one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.22 for a period of 18 months from closing. An initial tranche of $300,000 was closed on May 13, 2008. Amanta Resources Ltd. is focused on mineral exploration, development and production in Thailand and the Southeast Asian region. The Company concentrates on the systematic evaluation of known mineral occurrences, rather than "greenfields" exploration, creating early opportunities to finance and develop mines. ON BEHALF OF THE BOARD OF AMANTA RESOURCES LTD. Gerald D. Wright, President
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