Subscribe

News Releases

Show printable version of 'Minaurum Options La Quintera Silver Project in the...' in a New Window
 September 13, 2016
Minaurum Options La Quintera Silver Project in the Sierra Madre Silver Belt

 

Minaurum Gold Inc. (“Minaurum”) is pleased to announce that it has entered into an option agreement to earn a 100% interest in the La Quintera Silver Project (“Quintera”) in the historic Alamos District in Sonora, Mexico from a private Mexican vendor.  Quintera encompasses a number of wide, high-grade epithermal veins with significant historical production.  The project has seen little modern exploration and has never been drilled.

Quintera covers 4,698 hectares and is located 8km west of Alamos, 45km northwest of Pan American’s Alamo Dorado silver mine, and 15km south of Cobre Del Mayo’s Piedras Verdes copper mine.  Quintera hosts excellent infrastructure and is fully permitted from exploration through to production.

The Quintera Project, which includes the Promontorio, La Quintera, La Aduana, and Minas Nuevas mines, is estimated to have produced more than 120 Moz of silver from about 1680 to the early 1900s.     Vein widths average 4m but locally range up to 20m.   The primary target vein has a strike length of 3.5km and the entire vein system measures more than 7 km long.   Historical records of selective mining indicate grades of over 2,000 g/t Ag were recovered using a cut-off grade of 1,000 g/t Ag.

Director of Minaurum, Dr. Peter Megaw, stated “The Quintera vein swarm produced the majority of the silver mined in the historic Alamos Silver Camp and has somehow eluded systematic exploration for over 100 years.  We look forward to having the first crack at applying modern epithermal vein exploration concepts to this system.”

The last known production in the district occurred between 1948-1957 in which an American Company processed historical dumps at a rate of 300tpd.   In 2012, the Servicio Geológico Mexicano (“SGM”) took a total of 105 samples over 3 waste piles and 4 tailings ponds at the La Quintera and the Promontorio mines.  Based on the results, the SGM estimated that the Promontorio Waste Dump hosted 157,728 tonnes grading 169g/t Ag, 0.69g/t Au, 1.61% Pb, 0.77% Cu and 3.12% Zn.  SGM also estimated that the Quintera dump hosted 66,712 tonnes grading 173g/t Ag, 0.57% Pb and 0.84% Zn. Neither of these estimates is NI43-101 compliant.

At Quintera, low-sulphidation epithermal quartz veins are exposed in several surface cuts, pits, and underground workings.  Veins occupy north-northeast-striking, steeply dipping, structurally controlled mineralized zones.  Exploration work done since 2010 included the identification of 44 historic mine workings and the collection of 334 rock samples of which 97 assayed 100-1,380 g/t Ag and 106 returned values 30 – 100 g/t Ag. Thirteen samples assayed more than 1 g/t gold, the highest gold grade returned was 4.1 g/t Au.  

Option Schedule to Earn a 100% interest in the Quintera District (all amounts in CDN$)

MILESTONE

CASH

SHARES

WORK EXPENDITURES

NOTES

Upon Signing

 

1,500,000

 

 

1st Anniversary

$25,000

750,000

$500,000

 

2nd Anniversary

$25,000

750,000

$500,000

 

3rd Anniversary

$50,000

1,000,000

$500,000

 

4th Anniversary

$50,000

1,000,000

$500,000

 

5th Anniversary

$50,000

1,000,000

$500,000

 

6th Anniversary

$400,000

 

$500,000

Cash Payment Payable in cash or shares at Discretion of MGG

Total:

$600,000

6,000,000

$3,000,000

 

In addition to the above schedule, there is a $2,000,000 payment due upon commercial production and the property vendor retains a 2% NSR (0.5% of which can be purchased for $1,000,000).

The acquisition of the Quintera Silver District adds another highly-prospective project to Minaurum’s property portfolio. Over the last year, Minaurum has pursued the addition of high-quality projects that offer significant optionality in three key operating areas in Mexico. These regions include; the Guerrero Gold Belt, the Oaxaca-Chiapas Region and Southern Sonora State. Minaurum continues to pursue advanced stage assets in these regions while continuing exploration work in the Guerrero Gold Belt and drill permitting at Santa Marta.

Stephen R. Maynard, Vice President Exploration of Minaurum and a Qualified Person as defined by National Instrument 43-101, has reviewed the technical data in this release. However, the technical data has not been verified due to its historical nature.

Minaurum Gold is a regional explorer focusing on the exploration and development of high-grade gold and silver projects in Mexico. For more information, please visit our website at www.minaurum.com and our YouTube Minaurum Video Channel.

ON BEHALF OF THE BOARD

"Darrell A. Rader"

Darrell A. Rader President and CEO

For more information, please contact:

Sunny Pannu --Investor Relations Manager (778) 330 0994 or via email at

 
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

2300 - 1177 West Hastings St.
Vancouver, BC V6E 2K3
Telephone 778 330 0994
www.minaurum.com

Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the intended use of proceeds, constitute forward-looking information. In making the forward-looking statements in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’ s current beliefs as well as assumptions made by and information currently available to Minaurum, including that the Minaurum is able to obtain any required government or other regulatory approvals, equipment and personell for its planned operations and that actual results of exploration activities will be consistent with management’s expectations. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including actual results of Minaurum’s operations being different than those expected by management and delays in obtaining or failure to obtain required government or other regulatory approvals, equipment, personnel or financing. Readers are cautioned not to place undue reliance on forward-looking statements. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

 
 

You can view the Next News Releases item: Tue Sep 27, 2016, Minaurum Announces High Grade Sampling Results at La Quintera; Commences Exploration Program

You can view the Previous News Releases item: Mon Apr 25, 2016, Biricu Project Update

You can return to the main News Releases page, or press the Back button on your browser.