Transcript South East Armenia Project

South East Armenia Project
Blocks 4, 5 and 6
extending from 40o40’N in the
north
southwards to the Iranian border
Exploration Licence holders
Blackstairs Energy plc, Dublin, Ireland
Gerry Sheehan, Managing Director;
and Bob Hamilton, Financial Director
(Operator for licence)
Vangold Resources Ltd., Vancouver, Canada
Dal Brynelsen, President & Chief Executive
(50% partner with Blackstairs)
Project Summary
• Signed PSA on April 27th 2007
• Exploration Licence No. 53 received October 16th
2007 (actual licence date is 30th September 2007)
• Licence Agreement signed on December 28th 2007
• Remote Sensing 1:100,000 scale mapping contract
with Infoterra, UK plus extension into Nakhichevan
now completed. Follow up Geological Profiles work
with Georisk finished end 2008.
• Gravity Contract with Institute of Geophysics and
Engineering Seismology, Gyumri, completed
• Approximate expenditure by end 2008 of $941,000
ENGLISH LANGUAGE SIGNATURE PAGE FOR THE
PETROLEUM EXPLORATION AND PRODUCTION SHARING AGREEMENT
FOR MINING RIGHTS OF BLOCKS 4, 5 AND 6 IN ARMENIA BETWEEN
THE MINISTRY OF ENERGY,
THE MINISTRY OF ENVIRONMENTAL PROTECTION
AND BLACKSTAIRS ENERGY PLC
SPECIAL EXPLORATION LICENCE (Armenian only) No. 53 for BLOCKS 4, 5 AND 6
Five Year Term, extendable up to a further Two Years
Licence signed 16th October 2007; Term began 30th September 2007
LICENCE AGREEMENT (Armenian only) signed 28th December 2007
(signature page shown only)
WORK PROGRAM agreed in LICENCE AGREEMENT
(Armenian only) signed 28th December 2007
(page one)
WORK PROGRAM agreed in LICENCE AGREEMENT
(Armenian only) signed 28th December 2007
(page two)
WORK PROGRAM: TECHNICAL AND FINANCIAL COMMITMENT
as of end 2008
Block 4 Work Program for First Exploration Period
item
Remote sensing and some surface geological work
Detailed gravity program
Surface geochemical surveying
100 kilometres of seismic, processing and interpretation
Data collection and analysis, office etc. expenses
Total costs for First Exploration Period
amount
$100,000
$22,000
$100,000
$400,000
$300,000
$900,000
$223,000
$245,000
Block 5 Work Program for First Exploration Period
item
Remote sensing and remapping of the surface geology
Surface geochemical surveying
Seismic test program including processing
Detailed gravity program
Data collection and analysis, office etc. expenses
Total costs for First Exploration Period
amount
$150,000
$100,000
$150,000
$200,000
$300,000
$900,000
$107,000
$137,000
$223,000
$467,000
Block 6 Work Program for First Exploration Period
item
Remote sensing and some surface geological work
Surface geochemical surveying
Other studies (to be specified)
Data collection and analysis, office etc. expenses
Total costs for First Exploration Period
TOTAL EXPLORATION PROGRAM COMMITMENT
amount
$150,000
$100,000
$150,000
$200,000
$600,000
$148,000
$229,000
$2,400,000
$941,000
$81,000
REMOTE SENSING 1:100,000 SCALE SHEET ONE
REMOTE SENSING 1:100,000 SCALE SHEET TWO
REMOTE SENSING 1:100,000 SCALE SHEET THREE
Work Program for 2007/8
• Loading of scanned data from the Geological Archives
into the Blackstairs Exploration Database is continuing.
Over 250 items of graphic material, much of it for Block
6, has been acquired, scanned and loaded
• Both old and new gravity data is being digitised, gridded
and contoured, and loaded into our Geodatabase.
• An extension to the Remote Sensing Study mapping at
1:100,000 scale southwards from Block 5 into
Nakhichevan was completed in July 2008
• Geological field work (‘Geoprofiles’) following the
Remote Sensing Study using Institute of Geology has
commenced and should be completed later this year.
• Some geochemical analysis work (Armenian Institute of
Geology, Fugro Robertson) has commenced.
Gravity Project
• Over 5,000 gravity points have now been acquired (as
per the original contract).
• A contract for a further 1,000 data points in the Noradus
to Lcashen, and Masrik Basin areas was signed. This
work completed by the end of 2008
• Two GPS devices with accurate elevation capabilities
are being used for new work. Detailed elevation
surveying is not now required. Satellite DEM (Digital
Elevation Models) being used to compute terrain
corrections
• The Gravity program linking together the Block 5 and
Lake Sevan areas through the Vedi and Argitchi river
areas in the west, over the Selim Pass and through the
Vardenis Range, in the east, is now complete
Gravity in more detail
Old gravity data example: SE Sevan area
Old gravity data example: Block 6 area
Possible Work Program for 2009
• Completion of loading data into the Exploration
Database. Review and analysis to continue.
• Additional gravity data acquisition in the north
(Dzknaget) and north east (Tchambarak) Sevan areas
• Geological field work (‘Geoprofiles’) in Block 6
• Surface geochemical surveying being considered
• Start of seismic acquisition program in blocks 4 and 5.
Test programs in block4, then block 5 initially. Minimum
of 170 kms planned.
• More detailed plans to be presented early 2009