North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Calgary-based exploration company Goldmark Minerals Ltd. said it has completed the acquisition of Geocom Resources Inc.'s ownership interest in the Iliamna project in southwest Alaska.

Goldmark CEO, Peter Barker told Mining News that the transfer to the company's wholly owned subsidiary, Goldmark Alaska, will be complete by early January.

A 49 percent interest in Geocom's Santa Rosa and Marcelita properties in central Chile was also included in the $200,000 purchase.

Iliamna property

The Iliamna property, a porphyry-copper property consisting of 237 claims covering 318 square kilometers, or about 197 square miles, is 80 kilometers, or 50 miles, southwest of the Pebble project.

The property is divided into two claim blocks, the D claims and H claims. Goldmark purchased Geocom's 38.5 percent interest in the 88 State of Alaska mining claims in the D block and 52.5 percent interest in the H block which consists of mostly state claims but does contain a small number of federal claims.

Geocom acquired its interest in Iliamna under terms of an option agreement with TNR Gold. Goldmark will be the operator of the exploration venture.

The Calgary junior said nearly $3.5 million has been spent on exploration on the Iliamna property.

Initial magnetic, IP and geological surveys were done on the property by Rio Algom Exploration in 2000 and were taken over by BHP Billiton. The results of the surveys show a similar geomagnetic signature to the Pebble deposit and suggest to Goldmark that it could host a similar porphyry gold-base metal deposit, its officials say.

Geocom drilled four holes on the H claims and six holes in the D claims. Copper-gold mineralization was found during Geocom's exploration work, but no economically significant mineral deposits have yet been discovered.

Exploration to begin in 2008

Goldmark CEO Peter Barker told Mining News that more than $2 million will be spent on exploration at Iliamna in 2008. The work will begin with a geophysical and geochemical survey that will encompass the entire target area. Based on the results of this broad-scale survey, the company plans to complete 10,000 meters of drilling in 2008.

Barker said 10,000 to 20,000 meters of drilling per year also are planned for 2009 and 2010.

Geocom President John Hiner will be project manager and consultant for both the Iliamna and Chile projects. Hiner has been involved with the properties since they were staked, and Goldmark believes that it will benefit from his experience and familiarity with the properties, the company said.

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Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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