INTRODUCTION
Gentor has signed agreements on two copper explorations blocks in Oman -- Blocks 5 & Blocks 6. Both areas lie over the prospective basalt stratigraphy of the Semail Ophiolite. The prime target is copper and gold in "Cyprus" or "Besshi" type volcanogenic massive sulphide (VMS) deposits.
On the map beneath extrusive volcanics are coloured in dark green and sheeted dyke gabbros and underlying ultramafic rocks in light green. The red stars represent the larger known copper deposits -- north of Block 5 are the Lasail, Badya and Aarja deposits mined by the Oman government between 1983 and 1994, and to the south of Block 5 the Ghazayn deposits discovered by JICA in the 1990s. The yellow star represents the Oman government's smelter/refinery complex and the attached Mawarid Mining concentrator.
(From Kenex Knowledge Systems -- Block 5 Report, 2009)
BLOCK 5 Agreement
Gentor's first agreement was signed with Al Fairuz Mining LLC on the Block 5 project in December 2009. Al Fairuz Mining LLC is owned by the five brothers of the Al Fairuz family. The agreement allows Gentor to earn a 65% interest in Al Fairuz Mining by completing a bankable feasibility study (BFS) in an unspecified time frame. Gentor and Al Fairuz Mining must submit annual programs and budgets to the Ministry of Commerce and Industry in Oman to keep the tenement in good standing.
Upon completion of the BFS, Gentor may elect to develop any projects found within Block 5 and will provide the capital and expertise to execute this. Based on the standard capital return model, Gentor will recoup all of its exploration, feasibility and development costs preferentially from first cash flow. Subsequent profits for a mining operation will be split along the agreed equity share of 65% Gentor and 35% Al Fairuz brothers.
BLOCK 6 Agreement
The Block 6 agreement was signed with Al Zuhra Mining LLC on March 23, 2010. Al Zuhra Mining LLC is owned by Sheikh Ahmed Farid and his son. The agreement allows Gentor to earn a staged 70% share of Al Zuhra Mining LLC by completing a bankable feasibility study (BFS) in an unspecified time frame. Gentor and Al Zuhra Mining must submit annual programs and budgets to the Ministry of Commerce and Industry in Oman to keep the tenement in good standing.
Upon completion of the BFS, Gentor may elect to develop any projects found within Block 6 and will provide the capital and expertise to execute this. Based on the standard capital return model, Gentor will recoup all of its exploration, feasibility and development costs preferentially from first cash flow. Subsequent profits for a mining operation will be split along the agreed equity share of 70% Gentor and 30% Sheikh Ahmed Farid.
Work Programme
Gentor's initial work program involved the assimulation of all previous exploration data in the Semail Ophiolite Belt over the Block 5 & 6 project areas. This work was considerably assisted by the Kenex Knowledge Systems GIS compilation and prospect modelling report over Block 5, which was completed in 2009. In addition, Gentor was indebted to the Mining Section of the Ministry of Commerce and Industry which opened the historical archives to enable access in particular to the Prospection Ltd exploration data records.
With considerable geological, geochemical and some geophysical data available over both Blocks 5 & 6, Gentor decided to fly an airborne Electro-magnetic (VTEM) survey over prospective stratigraphy in Block 5 & 6. The airborne VTEM survey was executed by Geotech between February 2 and April 24, 2010.
Following ground checking and the prioritization of the VTEM anomalies, drilling commenced in July 2010.
Technical Report for Omani Properties
Additional information with respect to Gentor's Omani properties is contained in the technical report prepared by Venmyn Rand (Pty) Ltd, dated December 31, 2010 and entitled "National Instrument 43-101 Independent Technical Report on Block 5 and Block 6 Copper Projects, Semail Ophiolite Belt, Sultanate of Oman held by Gentor Resources, Inc." A copy of this report can be obtained from the "Technical Corner" section of this web site.
