|October 19, 2010|
Minaurum Announces Acquisition of Corazonada Silver Project
|Minaurum Gold Inc. (the "Company" or "Minaurum") announces that the Company has entered into an agreement with Minera Mariposa, S.A. de C.V. to acquire the Corazonada Silver-Gold project in Morelos state, Mexico. The Corazonada Project covers 5,597 hectares and lies about 50 road kilometres east-southeast of the Morelos state capital of Cuernavaca. David M. Jones, co-owner of Minera Mariposa and the geologist credited with the discovery of the Los Filos Gold Skarn deposit, the flagship deposit of Goldcorp's 9M oz Los Filos Gold Mine, recognized the Project's geological similarities to deposits of the Guerrero Gold Belt and Esperanza Silver's nearby Cerro Jumil gold-silver skarn. Infrastructure is excellent; paved roads and electrical power lines cross the Corazonada claims. |
OZ Minerals (previously Zinifex USA Ltd) held the Corazonada property under option from Mariposa and conducted exploration during 2007 and 2008. OZ's program included a property-wide helicopter-borne, high-resolution magnetic survey, followed by an eight-hole, 2,006- metre core drilling program on two of four identified target areas. OZ Minerals dropped the project during a corporate reorganization in 2008, prior to drilling of the strongest magnetic anomalies revealed by their survey. However, one of their holes (LC08-07) intersected 82 metres averaging 12 ppm Ag, from 115-187 metres in zinc-bearing garnet-pyroxene skarn associated with a moderate level magnetic anomaly.
"Minaurum is pleased to acquire this silver-gold skarn property from the recognized expert in Mexican gold skarn deposits" stated Darrell Rader, Minaurum Gold's President and CEO. "Corazonada's similarity to gold skarns of the Guerrero Gold Belt, and the largely untested high-quality geological and geophysical database, take it well down the road towards being drill-ready".
Corazonada is centered on an intrusive complex emplaced in Cretaceous Morelos Formation carbonate rocks and overlying volcanic rocks. The intrusive complex underlies a north-northwest-trending ridge about 8.5 km long and up to 3.5 km wide. Garnet and pyroxene skarn occurs in the carbonate and intrusive rocks, and is associated with anomalous values of zinc, lead, and silver. Zones of sulphide mineralization have returned historical rock chip assays of 512 g/t Ag, 4% Zn and 1.2% Pb.
For 2010-2011, the Company plans to build on the geological and geophysical data generated by OZ Minerals, to develop drill targets for testing in 2011. Minaurum can acquire a 100% interest in the Project by making staged payments totaling 850,000 common shares and US$350,000 over three years.
Minaurum Gold is a gold and silver explorer focusing on the acquisition and development of precious metals deposits in Mexico. The Company is currently advancing the Adelita, Aurena, Capilla, Vuelcos del Destino, El Pórfido, Santa Marta and Jackie Projects. These projects have been optioned from some of the most successful project generators in Mexico; David M. Jones and Dr. Peter K.M. Megaw with his associates in IMDEX Inc. and Minera Cascabel.
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 Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
1500 - 409 Granville St.
Vancouver, BC V6C 1T2
Telephone 778 330-0994
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.
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