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Recent Bullish Gold Market has World Famous Mine Finder Chuck Fipke, turning from Diamonds to Gold.
With gold prices rising once again to new heights, the latest news out of Chuck Fipke's camp has a lot of people excited once again. Could the man that first discovered Canada's Diamonds in the rouged North West Territories be on to a new discovery with the news put out this Friday, September 17th, 2010.
Cheetah Ventures Inc. (CHV.H trading on the TSX.V & CHVFF on the US Pink Sheets) announced Friday that they had signed a Letter of Intent with Chuck Fipke's Cantex Mine Development Corp. in an attempt to develop the companies potential gold mine in the country of Yemen.
Yemen is a country of 23 million people bordering Saudi Arabia, and located approximately 500 miles south west of Dubai. Dubai is one of the fastest growing cities in the world today and offers a major business center to all it's neighbors.
Below is the official release.
Cheetah unit signs LOI for 70% Al Hariqah interest
2010-09-17 19:24 ET - News Release
Mr. Brian Gracey reports
ACQUISITION OF YEMEN GOLD PROSPECTS
Cheetah Ventures Ltd.'s wholly owned subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of intent with Cantex Mine Development Corp., whereby the company will be granted an option to acquire up to a 70-per-cent interest in certain mineral claims located in Yemen and known as the Al Hariqah project. The company's interest will be earned in stages, but, to earn the full 70-per-cent interest, the company is required to finance exploration expenditures totalling $5-million plus 70 per cent of the costs required to put the project into commercial production. The company is obligated to finance a minimum of $2-million as a firm commitment and will earn a 40-per-cent interest upon expending a total of $4-million and completing a prefeasibility study by March, 2012. It can then earn an additional 10-per-cent interest by expending an additional $1-million toward exploration work and completing a feasibility study by September, 2013, and can earn a final additional 20-per-cent interest by financing 100 per cent of the costs of placing the claims into commercial production. In the event that a mine is developed, Cantex will reimburse the company for 30 per cent of the costs associated with commercial development of the mine from 80 per cent of Cantex's share of mine profits.
The letter of intent and transactions contemplated therein are subject to a number of material conditions, including, inter alia, the negotiation of a definitive agreement, delivery and approval by the company of a compliant National Instrument 43-101 report, and TSX Venture Exchange approval. A finder's fee is payable in connection with the transaction upon final closing.
About the Al Hariaah project
The Al Hariqah project is a large body of gold mineralization discovered by Cantex. To date, Cantex has spent over $10-million mapping, sampling and drilling the Al Hariqah project and has identified two parallel zones of gold mineralization 30 metres to 50 metres wide with a strike length of over four kilometres. Mineralization has been intersected from surface to a depth of 200 metres and remains open at depth.
Within the 30-metre-to-50-metre-wide zones are frequent small pods of high-grade mineralization (up to 200 grams per tonne gold). In many cases, this high-grade mineralization contains visible gold.
To date, 162 drill holes have been drilled on the project, with 45 of these yet to be deepened with core drilling. Examples of notable intersections are presented in the attached table.
DRILLING HIGHLIGHTS
Drill hole Intersection From To Gold grade
(m) (m) (m) (g/t)
PDH 18 57 0 57 1.84
PDH 22 7.5 3 10.5 12.15
19.5 28.5 48 2.18
PDH 44 30 7.5 37.5 2.65
7.5 54 61.5 5.78
PDH 47A 6 6 12 1.22
18 24 42 3.67
12 57 69 1.26
PDH 9A 33 3 36 2.53
Including 6 3 9 4.40
And 15 21 36 3.46
RDH 23 1.5 4.5 6 0.30
73.5 9 82.5 2.09
Including 3 9 12 6.95
And 1.5 30 31.5 3.04
And 1.5 43.5 45 4.81
And 1.5 54 55.5 2.41
And 1.5 58.5 60 2.33
And 3 61.5 64.5 4.86
And 6 75 81 9.63
1.5 82.5 84 0.61
4.57 85.53 90.1 1.12
24.38 97.72 122.1 1.10
1.53 134.29 135.82 1.09
7.44 143.44 150.88 1.05
RDH 34 39 24 63 3.01
Including 4.5 28.5 33 3.90
And 4.5 39 43.5 14.51
And 1.5 45 46.5 5.54
1.5 96 97.5 0.30
RDH 43 3 0 3 0.32
3 4.5 7.5 1.14
Including 1.5 4.5 6 1.86
16.5 10.5 27 1.17
Including 3 12 15 1.66
And 3 18 21 2.50
And 1.5 25.5 27 2.66
31.5 34.5 66 1.76
Including 1.5 52.5 54 8.64
And 6 58.5 64.5 4.30
YDH 02 46.5 28.5 75 3.13
YDH 03 81 10.5 91.5 1.11
YDH 10 4.5 3 7.5 1.91
61.5 18 79.5 2.17
4.5 87 91.5 2.5
7.5 106.5 114 1.69
7.5 174 181.5 2.01
4.5 196.5 201 1.35
The reliability of Cantex's historical data is unknown but is considered relevant by the company. The data are non-NI 43-101-compliant and should not be relied upon. It is Camex's intention to complete an NI 43-10l report on the project; however, final results may produce results that differ substantially from the results stated in this news release.
Once drilling on the remaining 45 holes is complete, a prefeasibility study will be undertaken. All of the data presented in this news release have been previously released by Cantex. An NI 43-101 report on the Al Hariqah project is presently being prepared.
Technical portions of this release have been prepared and reviewed by Chad Ulansky, PGeol, a qualified person under NI 43-101. Mr. Ulansky is the president and director of Cantex.
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