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| Share Name | Share Symbol | Market | Stock Type |
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| Eurogold | EUG | London | Ordinary Share |
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| 0.00 | 0.00% | 1.00 | 01:00:00 |
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Posted at 25/4/2006 22:45 by sagem 3rd paragraph worth reading....must be EUROGOLD. Carpathian Gold Puts Foot An Accelerator in Romania As Christmas Approaches Dino Titaro, chief executive of Canadian listed Carpathian Gold, is a great enthusiast and he pops in and out of London on his way to the companyâs assets in Romania and Hungary to give investors regular updates as European and UK funds hold 30 per cent of the equity. Back in June he was going to sell the companyâs two wholly owned Hungarian subsidiaries to a private company headquartered in London called Magyar Minerals. These subsidiaries owned three exploration licenses and one mineral concession in the Tokaj Mountains of northeastern Hungary and one exploration licence in the Matra Mountains in north central Hungary. From previous exploration efforts, gold mineralization had been defined on all of them and a price of US$1 million was agreed. Carpathian agreed two extensions to Magyar, but it has still not completed and this little anecdote is included as Magyar Minerals is threatening to list on AIM. Mr Titaro takes a tolerant view of such behaviour as he is concentrating on Romania and has hopes of early cash flow there. In fact his objectives in that country are two fold. First he wants to explore and delineate a number of gold and gold-copper deposits primarily on Carpathianâs properties in the south and west of the country. Two large gold and gold-copper systems have been outlined on its southern property and some porphyry gold-copper systems over in the west. At the same time he is assessing the possibility of smaller scale gold production within the northern Romanian properties where his company has a strategic 75 per cent interest in, and operatorship of a joint venture with REMIN (the Romanian state mining company) covering 30 linear km of the Baia Mare mining district where Gabriel Resources has reported a 13 million ounce deposit. The deal with REMIN gives the company exclusive access to 60 years of mining/exploration data from this district and several small epithermal gold mineralised areas have already been identified which could be brought into production at minimal capital cost. By minimal Dino Titaro means minimal and has no plans to build a mill and recovery plant. What he wants is an existing plant to which he could truck fairly low grade ore to take advantage of the current price of gold. He has one in mind, and talks are in progress It would not require a brain surgeon to surmise which AIM listed company is operating up there and is looking around for deals since being jilted at the altar by another AIM listed gold producer. Dino Titaro makes the point that neither company will make a fortune out of such an operation, but it should generate positive cash flow. In this context it is worth noting that a small follow-up drill program was completed a couple of months ago on the Baiut gold project in the Baia Mare Mining District where a 43-101 compliant inferred resource of 341,200 tonnes of 4.75 g Au/t has already been defined from underground sampling of three Romanian State exploration underground levels. The objective of the drilling was partly metallurgical and partly to determine the potential to significantly increase the resource base by core drilling into the footwall and hanging wall of the defined zone to see if it could be extended along its width and strike. The answer was that Baiut does, indeed, have the potential to be significantly expanded in size and is a possible high-grade, open pit target. In addition, the high grade mineralisation encountered on the Jereapan project, indicates that the entire area can be considered to have the potential to host a number of smaller size deposits. At the beginning of October the company started an exploration drilling programme on gold and copper-gold targets in the northern portion of the Oravita licence which is in southwestern Romania. Drilling targets had been outlined in the summer, specifically along the 3.5 km long Talva-Trend' copper-gold soil anomaly. This field work defined 3 distinct mineralized zones along this trend all within close proximity of one another. These are a 1 km gold-copper- bearing magnetite skarn zone, a 600 metre zone of copper-bearing hornfels and a 500 metre zone of disseminated copper + gold hosted in altered granodiorite porphyry. These are encouraging findings and they were followed up by news from Carpathianâs Rovina licence in central Romania. Here some additional surface chip-channel sampling has expanded the gold mineralised area of the Colnic gold-copper porphyry over an area of at least 300 metres by 200 metres. The licence was only obtained in September so this is quick work and the pace will continue as Dino Titaro intends to drill a hole before the end of the year to confirm the continuity of the mineralization to depth and provide data in order to plan and develop a follow up program in 2006. And if he moves really fast he might also get a hole before Christmas into the Rovina copper-gold porphyry 2.5 kms to the north where copper and gold mineralization have been outlined from surface sampling. He will then be some way to deciding whether there are additional mineralized zones between these two deposit areas. Quite a way to end the year. |
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