|Delayed - 09/23 03:59:59 pm|
Minera Alamos : Completes Definitive Agreements To Acquire The Cerro De Oro Gold Project Zacatecas Mexico
|08/05/2020 | 10:31am|
The acquisition of the two core claims in the district that contain a significant gold project with 76 holes and 8200 m of historic drilling bolsters the Company's total claim holdings in the Concepcion del Oro district to approximately 6,500 ha in size. The two concessions are bounded by existing
'The Cerro de Oro gold project has many characteristics that mimic the El Castillo gold mine our team developed under the
Highlights of the Acquisition
Historical exploration data consisting of 8200m of drilling and 6000m of trench sampling.
Gold mineralization delineated over an area of approximately 500m x 1000m (to oxidized depths in excess of 70-80m) which appears to remain open in multiple directions.
Majority of the mineralization is exposed at surface and readily accessible for potential open pit mining operations.
Location/infrastructure - excellent established mining region - good road access and accessible grid power.
Augments the Company's local existing claim holdings to now include the core mineralized area.
Historical metallurgical work that indicates amenability to conventional heap-leaching methods.
The agreement conveys 100% ownership to Minera with no underlying royalties subject to meeting the schedule of payments outlined below.
The project is located less than 3km from the town of
The disseminated gold and skarn related mineralisation at Cerro de Oro is represented by a gold porphyry system characterized by A, B, and magnetite veins with associated potassic alteration that is overprinted by phyllic alteration, with the gold mostly hosted by a porphyritic intrusive centre. The deposit is divided into two zones (North and South) by an east-west fault. Initial drilling was conducted in the 1990's by Noranda and was comprised of 20 widely spaced holes on approximately 100m to 200m spacings. The drill holes in this initial program were limited to an average depth of approximately 75m with most holes ending within oxide gold mineralization that would indicate potential for additional gold mineralization beyond the limit of the drilling. Subsequent groups have completed approximately 4,000m of additional drilling that served to infill the Noranda program and extend the known mineralization to depths up to 100-150m. All drill data for the project is currently being evaluated by the Company and its consultants as they work towards the completion of a NI 43-101 compliant resource estimate for the project.
The property contains numerous historical pits, trenches and various underground workings. Although some of the site activity appears to be from a period of more than 75 years ago, the most significant period of recorded activity occurred in the 1950's and included the completion of a series of exploration pits, shafts, declines and adits around the side of the Cerro de Oro hill in the center of the concession area. Two areas of high-grade underground structures were mined via adits and declines from surface using a series of internal raises and cross-cuts completed to a vertical depth of approximately 150 metres.
'The team at Minera is extremely excited to have added the Cerro de Oro project to our pipeline of gold development projects for less than 1% dilution of our existing issued share capital. We will continue to pursue complementary asset level acquisitions that serve the best interests of our shareholders.' stated
Payment Shares are subject to any and all restrictions on resale under applicable securities laws and
The Transaction remains subject to acceptance and approval by the
As part of the negotiation, the Vendor have completed the elimination of a pre-existing underlying 30% NPI that was capped at
Partial Sale of Non-Core Investments
The Company also announces that through two separate transactions involving non-core equity holdings it has received gross proceeds of
The Company's strategy is to develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.
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