|April 06, 2010|
Minaurum Announces Acquisition of Vuelcos Del Destino Gold Project
|Minaurum Gold Inc. (the "Company" or "Minaurum") is pleased to announce that it has has entered into an agreement with Minera Zalamera S.A. de C.V. to acquire 100% of the Vuelcos del Destino Gold project in Guerrero state, Mexico. David M. Jones, credited with the discovery of the Los Filos deposit and President of Minera Zalamera, recognized the Project's potential due to its geological similarities to deposits of the Guerrero Gold Belt.|
Vuelcos del Destino lies on the southeastern projection of the 15 million oz Guerrero Gold Belt ("GGB"). The Guerrero Gold Belt deposits are closely spaced along a north-northwest - south-southeast trend about 30 kilometers long. The Vuelcos del Destino ground lies on the continuation of this trend, 19 kilometers from Gold Corp's Los Filos mine (11 million ounces gold). The Project concession block covers 8,800 hectares and is approximately 25 highway kilometers north of the Guerrero state capital of Chilpancingo.
To exercise the Option, Minaurum shall be required to make a total of $335,000 in cash payments, issue a total of 1,000,000 common shares of stock and incur a total of $2,000,000 in exploration expenditures on the Project over a four year time period.
Vuelcos del Destino is centered on a Tertiary granodiorite stock complex emplaced in carbonate rocks of the Cretaceous Morelos Formation. The intrusions are biotite-and quartz-rich porphyries similar to intrusive rocks associated with gold deposits along the GGB. Contact-related calc-silicate (skarn) and magnetite-oxide-jasperoid alteration is locally developed in the carbonates, and intrusive rocks host widespread structurally controlled oxide-clay-calcite alteration, identical in setting and style to that seen at Goldcorp's (NYSE:GG) Los Filos and Bermejal open pit mines.
The exploration target is a 6 kilometer-long stock contact zone showing extensive intrusion-hosted alteration and adjacent iron oxide-magnetite exoskarn. Similar rock types and alteration styles are the host to Goldcorp's Los Filos deposits.
"Minaurum is very pleased to acquire this underexplored gold skarn property from a recognized expert in Mexican gold skarn deposits" stated Darrell Rader, Minaurum Gold's President and CEO. "Vuelcos del Destino's location on the extension of the multi-million ounce Guerrero Gold Belt trend, its favorable geologic setting, and its well developed infrastructure make it an excellent exploration target".
For 2010, the Company plans a program of reconnaissance geologic mapping and geochemical sampling and an airborne geophysical survey at Vuelcos del Destino, followed by detailed mapping and sampling in prospective areas. These efforts will be carried out with the intention of developing targets for drilling in late 2010 or early 2011.
Minaurum Gold is a gold and silver explorer focusing on the acquisition and development of economic precious metals deposits in Mexico. The Company is currently advancing the Adelita, Capilla, and Aurena Projects.
Qualified Person: Mr Stephen R Maynard, M.S., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD
"Darrell A. Rader"
Darrell A. Rader
President and CEO
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement: Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.
You can view the Next News Releases item: Tue Apr 13, 2010, Minaurum Gold Closes Final Tranche of Private Placement
You can view the Previous News Releases item: Mon Mar 8, 2010, Minaurum Announces Acquisition of Adelita Gold Project
You can return to the main News Releases page, or press the Back button on your browser.