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ORIGINAL: International Prospect Ventures Announces Agreement to Acquire 50% Interest in 8 Properties in the Pilbara Craton, Western Australia

2017-11-14 07:58 ET - News Release

International Prospect Ventures Announces Agreement to Acquire 50% Interest in 8 Properties in the Pilbara Craton, Western Australia

VAL-D'OR, QUÉBEC--(Marketwired - Nov. 14, 2017) -International Prospect Ventures Ltd. (TSX VENTURE: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 jointly 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 an 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 focus 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 northwestern 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 Kaapvaal Craton that underlies much of South Africa. When 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 Hamersley Basin. Sometime following deposition (~2.7 billon years ago), the Vaalbara continent broke apart, separating the Kaapvaal 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 sedimentological 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 Late 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 billion 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. Gold-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 discovered 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, gold-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 kilometres 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 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.
Marktkapitalisierungen in Pilbara
Novo Resources: 1,075 MRD
Artemis: 300 Mio
Pilbara: 1,6 MRD
De Grey: 100 Mio

International Prospect Ventures: 7,5 Mio
Insider halten ungefähr 37%

- Golden Valley 16,6 %
- Lexam (Rob McEwen) 16 %
- Glenn Mullan 4,7 %
Int'l Prospect Ventures to acquire Valroc Ventures

2017-12-14 09:25 ET - News Release

Mr. Glenn Mullan reports

INTERNATIONAL PROSPECT VENTURES TO ACQUIRE 100% INTEREST IN PILBARA GOLD PROPERTIES AND APPOINTS ROBERT VALLIANT TO THE BOARD OF DIRECTORS

International Prospect Ventures Ltd. has entered into a binding share exchange agreement to acquire 100-per-cent interest in Valroc Ventures Pty. Ltd., the New South Wales, Australia, company that the company has an agreement with to jointly acquire, each as to an undivided 50-per-cent interest, certain applications for tenements located in Western Australia. Details of the West Australia tenement applications and the gold-bearing Pilbara region in which they are located have been previously announced by the company in its news release of Nov. 14, 2017, and on the company website.

Pursuant to the terms of the Valroc agreement, the owner of Valroc will exchange with the company all of the issued and outstanding shares of Valroc for 1.6 million common shares in the capital of the company on the terms and conditions set forth in the Valroc agreement and Valroc will become a wholly owned subsidiary of the company such that the company will then own a 100-per-cent interest in the tenements upon the applications for such tenements being granted.

Recent discoveries in the Pilbara of Western Australia point to an exciting new gold district that shows great potential. Although much has yet to be learned about the region's geology, the distribution of gold mineralization and its economic potential, the 100-per-cent interest acquired by the company will allow for aggressive exploration and advancement of the tenements (once granted) under the experienced direction of the company's team.

Completion of the transactions contemplated by the Valroc agreement is conditional on the applications for the tenements being granted and acceptance by the TSX Venture Exchange.

The company's board of directors is also pleased to announce that Dr. Robert I. Valliant has been appointed by the board as an additional director of the company. Dr. Valliant holds an honours BSc degree in geology from the University of Waterloo and a PhD in economic geology from the University of Western Ontario. He is president and a director of Tri Origin Exploration Ltd., previous vice-president, exploration, of LAC Minerals Ltd., a director of Midland Exploration Inc., and a director of the Prospectors and Developers Association of Canada. Dr. Valliant has gained extensive mineral exploration and corporate experience working in Australia over the past 30 years.

The company also announces that it has granted incentive stock options to its directors and a consultant entitling the purchase of an aggregate 595,000 common shares of the company at a per share exercise price of 26.5 cents until Dec. 12, 2027.

Through the acquisition of Valroc, the company has an application pending approval for 100-per-cent ownership of eight properties in an area southeast of Karratha, Western Australia, covering a total area of approximately 927 square kilometres (see news release Nov. 14, 2017). The strategic locations of the claims were determined on the basis of a review of known geology and historical exploration results, and a focus 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 a number of companies including Novo Resources Corp., De Grey Mining Ltd., Artemis Resources Ltd. and Calidus Resources Ltd. 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.

Dr. Scott Jobin-Bevans (PhD, PMP, PGeo), a director of the company, is the qualified person (as that term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects) who has reviewed this news release and is responsible for the technical information reported herein


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