International Prospect Ventures Provides an Update on Its Gold Prospects in Western Australia
International Prospect Ventures Provides an
Update on Its Gold Prospects in Western
Australia
Val-d'Or, Québec--(Newsfile Corp. - June 19, 2023) -
International Prospect Ventures Ltd.
(TSXV:
IZZ) (the "Company" or "IZZ"), is pleased to provide an update on its gold prospects in the Eastern
Pilbara of Western Australia.
The Company, through its wholly owned subsidiary Valroc Ventures Pty
Ltd. ("Valroc"), currently holds 12 tenements (6 Exploration and 6 Prospecting licences) totalling
approximately 14,890 hectares in the Eastern Pilbara Craton (the "Properties"), of which 11 overlie
prospective areas of the Mosquito Creek Basin, referred to as the "Mosquito Creek Properties".
The Mosquito Creek Properties are located between approximately 22 km and 55 km northeast of Novo
Resources' Nullagine Gold Project and cover regional gold-bearing structural trends (
e.g.
, the Middle
Creek Fault & Blue Spec Fault zones, and the Eastern Creek & Woods Creek areas) with historically
reported gold-bearing quartz veins and shear zones (DMIRS, WA). The Mosquito Creek Properties are
proximal to Novo Resources' exploration projects, including the Parnell-Venture Trend (near Valroc
tenements P46/2101 and
E46/1390) which, on 21 January 2022, reported Reverse Circulation (RC)
drilling results of 7 m at 7.75 g/t Au, 4 m at 10.19 g/t Au, and 8 m at 10.02 g/t Au. The Parnell-Venture
Trend is part of Novo Resources' Nullagine Gold Project which is targeting brownfields exploration
opportunities northeast of its Golden Eagle processing facility.
Tenement Exploration
(2019-2023)
Exploration activities during 2022 were limited due to the continuing effects of the COVID-19 pandemic.
However, the Company used a network of independent local prospectors ("fossickers") to complete
metal-detecting to identify prospective areas and to gather information about gold-bearing and
potentially gold-bearing structures on its tenements. This is a low-cost, but effective way to target specific
areas and conventional exploration programs are being planned as circumstances and financings
permit.
Gold Nuggets and Visible Gold in Quartz Veins
Since 2019, the Company has engaged third-party prospectors to explore and report on results found on
tenements within the Mosquito Creek Formation. To date, third party prospecting has reported more
than 1,766 gold nuggets ranging from 0.1 g to >250 g (including one 7+ oz gold nugget) and totalling
about 1,789 g (approx. 1.8 kg or 58 oz) of gold. In addition to gold nuggets, prospectors have located
several quartz veins (leaders) containing visible gold.
Further prospecting work is being conducted in
these areas. A selection of photos provided by the third-party prospecting parties are shown in Figure 1.
Figure 1
. Selection of photos from third party prospectors working Valroc's Mosquito Creek Properties.
(A) Two gold nuggets at 9 g and 15 g. (B) Visible gold (yellow circle) in quartz vein leader. (C) >113 g
(>3.6 oz) gold nugget. (D) >34 g (>1 oz) gold nugget. (E) >7 oz gold nugget, largest to date. (F) Gold
nugget found from panning soils.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7051/170475_4e472775d4c779a4_002full.jpg
Mosquito Creek Formation
The Mosquito Creek Formation ("MCF") is a succession of Archaean siliciclastic rocks (sedimentary
sequences) that occupies much of the central part of the Mosquito Creek Basin ("MCB") in the northern
part of the eastern Archaean Pilbara Craton of Western Australia. The MCF is multiply deformed, has
been metamorphosed under low-grade conditions, and the exposed part of the MCB is about 60 km
long and 30 km wide (Bagas et al., 2004).
The MCB correlates with the sedimentary De Grey Supergroup and is interpreted to extend at least 20
km eastward and 100s of km westward beneath cover rocks of the Hamersley Basin, and Eriksson et al.
(1994) interpreted the MCB as a forearc basin and accretionary complex situated to the north of a
subduction complex. The MCF is host to numerous small-to moderate-sized disseminated, vein- and
shear-hosted mesothermal gold deposits, interpreted to have formed at ca. 2.90 Ga.
In August 2020, Novo Resources completed the takeover of Millennium Minerals Limited and its land
holdings and operations (gold production and exploration) in the Mosquito Creek Basin, augmenting its
already advanced Beatons Creek Gold Project at the western end of the MCB, which is exploiting
conglomerate-hosted gold.
Future Plans
The Company aims to add value to its Western Australia Eastern Pilbara tenements with the completion
of early-stage exploration programs and continued work in cooperation with local third-party local
prospectors and fossickers. In addition, the Company is actively seeking industry partners to further
advance its current properties, while retaining Net Smelter Return royalties, and is constantly reviewing
new opportunities in Western Australia within and outside of the Pilbara.
As described in the Company's December 2
nd
, 2022 news release, the Company entered into a
strategic partnership agreement with Gold Royalty Corp. (NYSE: GROY), the Company's largest
shareholder, owning approximately 11% of the issued shares.
The parties have agreed that, for so long
as Gold Royalty Corp. and/or its affiliates, hold more than 10% of the outstanding shares of the
Company, the parties will cooperate with respect to opportunities for royalty, streaming or similar
opportunities in Australia based on certain criteria, in consideration for which the Company will retain an
interest in the underlying royalty on a carried-basis. In addition, the Company will provide Gold Royalty
Corp. with a right of first refusal in respect of any royalty or similar interest in any mineral property in
Australia in which the Company or any of its subsidiaries has an interest, that the Company seeks to sell,
transfer or otherwise dispose of.
Qualified Person
Dr. Scott Jobin-Bevans, (P.Geo., PhD, PMP), a Director and Vice-President Exploration for the
Company, is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved
the technical content of this news release as it relates to the Properties.
For additional information, please contact:
Glenn Mullan
President/CEO
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808
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,
identified 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 that 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/170475