woo hoo " Blina Option Agreement to acquire Madacu Resources Pty...

woo hoo
" Blina Option Agreement to acquire Madacu Resources Pty Ltd
and the right to Farm-In to the Maintirano Copper Exploration
Project in Madagascar
• Blina Minerals NL (“Blina” to commence exploration on the
Maintirano Copper Project on a strategic landholding of 20 exploration
licences covering an area of 1,658km2 in western Madagascar under a
Binding Option Agreement with Madacu Resources Pty Ltd (“Madacu”.
• Over 30 copper occurrences, some mined on artisanal-scale are
known and distributed throughout Cretaceous basalts as secondary
copper carbonates and native copper in vesicles and porous zones such
as flow top breccias and steeply dipping veins which contain secondary
copper carbonates, chalcocite and cuprite.
• High grade copper mineralisation was evident in many of the 54
rock chip samples collected by Blina and Madacu with one value >11%
Cu.
• Observed copper mineralisation is thought to have formed
during rifting associated with the break-up of the supercontinent
Gondwanaland in the upper Cretaceous and bears similar structural
setting and style of mineralisation as the Keweenaw Copper Province in
Michigan, USA where 11 billion pounds of refined copper from ores
grading between 1.5% and 3.0% copper was produced over a period of
100 years*.
• Blina has undertaken due diligence in the field and will continue
exploration in the next month with the mobilisation of a geophysical
crew to undertake surveys over the known copper occurrences to
determine the dimensions of the mineralisation and whether primary
zones exist at depth.
*Bornhorst, T.J. and Barron, R.J. (2011). Copper deposits of the western
Upper Peninsula of Michigan. In, The Geological Society of America, Field
Guide 24.
**Not including the issue of the 180 million shares pursuant to the
Agreement.