Jan 13 2011
Aspire International, Inc. (Pink Sheets:APIT) announced today that it has entered into a letter of intent to acquire the Guilin Gold GuangXi Gold deposit located in the northern part of GuangXi Province in southern China, an inferred resource of 1.29 million tonnes, with additional potential to further expand the resource, up to an estimated 1 million ounces.
The Guilin Gold Deposit Located 100 km SE of Guilin City in GuangXi Province Has an Inferred Resource of 465,616 oz of Gold With Average Grades of 0.3563 Ounces or 10.18 Grams Per Ton Contained in 1.29 Million Tonnes of Ore, According to Government Geologists and Recent Geological Survey Work
The Guilin Gold deposit is located in an area containing numerous gold mineralized zones, originally hosted by sandstone beds deposited in a shallow quiescent platformal marine environment of Cambrian age. Orogenesis during Silurian-Devonian time has strongly folded those sediments and produced a series of parallel regional and secondary shear zones into which gold, silver and base metals were remobilized and concentrated. Historical information shows that the concession covers 5 zones of gold mineralization with potential to increase the size of the resource substantially. A detailed mapping and drilling program is planned in a first and second stage pre-production exploration program as a follow up to the recent exploration program that yielded assay results from samples taken from the Guilin Gold concession ranging from 0.024 to 43.1 grams per tonne of gold.
The South China Craton and its associated orogenic belts contain the most important metallogenic provinces in China that include world-class industrial, base and precious metal deposits. Aspire (Guangxi) Inc., a subsidiary of Aspire International, has chosen to take advantage of this opportunity by acquiring a majority interest in a 3.95 sq kilometer concession known to contain a minimum of five zones of Au gold mineralization, of which two are in production and considered economically viable.
CEO Bok Wong commented, "This is the first of several planned acquisitions in the precious metals arena that we have been working on for some time that will complement our Manganese mine production, providing an additional source of revenue. We are delighted to be able to announce this letter of intent to acquire this interest on behalf of Aspire and expect to expand this resource in due course as we further develop its full mining potential, that we believe will contribute strongly to future growth."
Source:
Aspire International, Inc.