International Prospect Ventures Announces Agreement to Acquire 50% Interest in 8 Properties in the Pilbara Craton, Western Australia
International Prospect Ventures Ltd.
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
International Prospect Ventures Announces Agreement to Acquire 50% Interest in 8
Properties in the Pilbara Craton, Western Australia
Val-d’Or, Québec – November 14 , 2017 – International Prospect Ventures Ltd. (TSX-
V:IZZ) (the “Company”) is pleased to announce that it has entered into an agreement with a New
South Wales, Australia company (the “Joint Owner”), pursuant to which the Company and the
Joint Owner will joint ly acquire certain mining claims located in Western Australia (the
“Claims”), each with an undivided 50% interest . The Joint Owner will be responsible for
arranging to have had the Claims acquired, registered and held in good standing . The Company
will pay all of the costs of acquiring the Claims , and other related costs including the costs of
initial technical compilations and program reviews . The parties will arrange for a n initial
technical compilation and program review on the Claims in order to allow the parties to establish
a joint venture arrangement on or around December 31, 2017, if warranted.
The Company and the Joint Owner have staked 8 properties to date, in an area Southeast of
Karratha, Western Australia, covering a total area of approximately 927 sq-km. The acquisition
strategy involved a review of known geology and historical exploration results, and a fo cus on
coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented
geological unconformity.
Several early -stage gold discoveries in the area southeast of Karratha , have been reported by
Novo Resources Corp. (NVO) from several properties ( “Comet Well ” and “Purdy’s Reward”;
and near Marble Bar and Nullagine at “Beaton’s Creek”) and separately by two Australian listed
companies, De Grey Mining (“Louden’s Patch ”) and Artemis Resources Ltd. (JV with Novo
Resources and other 100% owned properties ). Collectively, these gold discoveries appear to
indicate a potentially gold-rich district, analogous in broad geological terms to the Witwatersrand
Basin and its related clastic sedimentary-hosted gold deposits.
The Pilbara Craton
The Early to Late Archaean Pilbara Craton , a 600 kilometre -wide portion of ancient crust,
underlies the north western region of Western Australia. Comprising igneous and metamorphic
basement rocks that formed over 3.1 billion years ago, the Pilbara Craton is thought to have been
previously connected with the Ka apvaal Craton that underlies much of South Africa. Whe n
connected, these two cratons formed the Vaalbara supercontinent and between 3.1 and 2.7 billion
years ago, layers of terrestrial sedimentary and volcanic rocks were deposited across the
Vaalbara. In South Africa, these sedimentary and volcanic rock units make up the Witwatersrand
and Pongola basins and in Australia similar sedimentary and volcanic rocks make up the
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Hamersley Basin. Sometime following deposition (~2.7 billon years ago), the Vaalbara continent
broke apart, separating the K aapvaal Craton (South Africa) from the Pilbara Craton (Australia).
While not identical, there are strong geological similarities between the South African Kaapvaal
Craton/Witwatersrand Basin and the Australian Pilbara Craton/Hamersley Basin.
The Witwatersrand Basin
The primary gold-bearing clastic sedimentary rocks that make up the gold deposits of the Late
Archaean Witwatersrand Basin, referred to as conglomerate, were deposited in ancient rivers,
streams and oceans. Subsequent physical and chemical processes over time, introduced gold into
the “reefs” that are mined in South Africa. Although there is still no consensus on how and when
the Witwatersrand gold deposits formed, most geologists who have studied the Witwatersrand
Basin are persuaded by the strong sedimentologi cal controls on gold distribution and so favour
palaeoplacer models for gold deposition. More than 1.6 billion ounces of gold have been mined
from the conglomerate beds (gold reefs) of the Witwatersrand Basin.
The Hamersley Basin and Fortescue Group
The La te Archaean –Palaeoproterozoic Hamersley Basin and related sub -basins formed on an
older granite –greenstone basement (Pilbara Craton) during the initial stages of Late Archaean
continental rifting. The Fortescue Group , which ranges in age from 2 .8 to 2.6 bi llion years ,
unconformably overlies the granite –greenstones of the Pilbara Craton and is commonly
compared to the Ventersdorp Supergroup of the Witwatersrand Basin in South Africa . G old-
bearing conglomerates have been identified by Novo Resources Corp. at several stratigraphic
levels in the Fortescue Group ( e.g., within the Nullagine sub -basin). Similarities between
palaeoplacer deposits hosted by conglomerates in the Fortescue Group and the gold-bearing reefs
mined in South Africa have been recognized for over a century.
The Nullagine Sub-basin
The Nullagine sub -basin formed on an older granite –greenstone basement during the initial
stages of Late Archaean continental rifting and formation of the more extensive Hamersley
Basin. Alluvial gold was first disc overed in the Nullagine sub-basin in 1886 and by 1893 the
Nullagine region had become a major gold field. A hard-rock source for alluvial gold deposits at
Nullagine was identified in 1895 . In recent years, g old-bearing conglomerates have been
identified at several stratigraphic levels in the Fortescue Group within the Nullagine sub -basin,
including the recent work by Novo Resources.
In 2016, approximately 45 kilometr es south of the town of Karratha, metal detectorists
(“fossickers”) discovered several areas that were particularly rich in gold nuggets. Metal
detectorists have been active along an 8 -km long corridor underlain by conglomerate horizons
that are part of a 50 -100 metre thick sequence of sedimentary rocks at the base of the Fortescue
Group. It’s interesting to note that this sequence of sedimentary rocks does not appear on most
geological maps. Recently, prospectors discovered gold nuggets in -situ, within outcrops of
conglomerate, verifying an origin for gold nuggets.
Dr. Scott Jobin -Bevans (Ph.D., PMP, P.Geo. ), a Director of the Company, is the Qualified
Person (as that term is defined in National Instrument 43 -101 – Standards of Disclosure for
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Mineral Projects) who has reviewed this news release and is responsible for the technical
information reported herein.
The Company also announces that Dimitri Maniatis has resigned as a director of the Company.
The Company thanks Mr. Maniatis for his services and wishes him the best in his future
endeavours.
For additional information, please contact:
Glenn J. Mullan
President
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: [email protected]
Website: www.iprospectventures.ca
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward -looking statements.
Forward looking statements are statements that are not historical facts and are generally, but not
always, i dentified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”,
“would”, “may”, “could” or “should” occur. Although the Company believes the expectations
expressed in such forward -looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or realities may differ
materially from those in forward looking statements. Forward looking statements are based on
the beliefs, estimates and opinions of the Company’s management on the date the statements are
made. Except as required by law, the Company undertakes no obligation to update these
forward-looking statements in the event th at management’s beliefs, estimates or opinions, or
other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.