During 2001, AngloGold Ltd. once again focused its exploration in countries where operations are already in place, namely Argentina, Australia, Brazil, Tanzania, Mali, South Africa and the USA. The exceptions were the highly prospective areas of Alaska, Canada and Peru. AngloGold sold the El Chanate Mine in Sonora to Leadville Mining & Milling Corp. in March 1999.
AngloGold Limited [AU:NYSE] [AULGF:OTCBB]
Exposure in Mexico is indirect, but existent nonetheless. AngloGold North America Inc. (ex-Minorco USA) which owned Independence Mining Company (aka Jerritt Canyon). They in turn controlled a Mexican subsidiary that actively explored for gold opportunities there in the mid '90's and found and delineated the El Chanate deposit near Caborca.
Independence Mining Company
A wholly-owned subsidiary of Minorco (U.S.A.) Inc. which is 100% owned by parent company Minorco (Luxembourg) which has combined Anglo American to form Anglo American plc. Independence conducted exploration in Mexico, U.S. and elsewhere in Latin America under direction of Francisco Crespo in Mexico D.F.. Independence operates in Mexico as Exploracion y Minera Independencia S.A. de C.V. (EMISA)
Mexican Properties included:
El Chanate bulk-tonnage Au, located near Altar, Sonora. A mineable reserve of 9 M tonnes grading 1.5 gpt has been defined. The total resource for the two deposits found to date is around 900,000 oz; however the second deposit tops out at 150m beneath the surface and may not be economic at this time. This asset was vended to Leadville Mining & Milling Corp. (See below)
SEG October, 1995
SEG January, 1995
MBD November, 1993
Leadville and the El Chanate deposit since 1999. At the end of a successful 90 day due diligence period the Leadville M&M Co. reached a definitive agreement with AngloGold North America Inc., and its subsidiary AngloGold (Jerritt Canyon) Corp. on the acquisition of their wholly owned Mexican subsidiary Minera Chanate S.A. de C.V. Minera Chanate's assets consist of 12 Mexican mineral concessions in the states of Sonora and Chihuahua. The 12 claims in the states of Sonora and Chihuahua total over 230,000 acres (370 square miles). One of these groups is La Gloria mentioned above.
The most advanced concession is the El Chanate gold property, located approximately 25km northeast of Caborca, in Sonora, Mexico. Previous exploration results, consisting of a total of 199 drill holes, suggest the presence of a deposit of nearly 35 million metric tons or about one million ounces at a gold grade of 0.90 gm/tonne, or about one million ounces with a stripping ratio of 1.4 to 1.
Three other concessions, El Antimonio, Banco de Oro and Aries all show high potential. The Company is proceeding with modeling, mapping and field examination on these properties. The eight remaining concessions will continue to be evaluated over the next several months.
Press Release 15Feb01
Press Release 18Dec00
Minera Chanate S.A. de C.V. is a 100% owned subsidiary of AngloGold that controls the 26 square mile El Chanate Property of Cia. Minera Independencia who began work in the area in 1992 (after Kennecott kicked the tires for a few years prior to that time). The property consists of 15 concessions, 2 of which have been elevated to exploitation. In addition 100% control of the surface is established. This deposit is both geologically similar and adjacent to Newmont/Peņoles' La Herradura Gold Mine. A mineable reserve of 9 M tonnes grading 1.5 gpt has been defined by 324 RC holes and 9 core holes. The total resource for the two deposits found to date is reportedly around 900,000 oz; however the second deposit tops out at 150m beneath the surface and may not be economic at this time.
(Note: Standard Mining Company kicked the tires out here between May and August, 2000 and decided to take a pass. Standard believed it could have become a gold producer within 24 months and that there was still significant room for the deposit to grow. Initial studies carried out during April, 2000 by Mintec of Tucson for Standard as part of their due diligence showed a global resource of 34,800,000 tonnes grading 1.05 gpt at a 0.5 gpt cutoff. (or around 1.175 million ounces). Metallurgy was tested by two 7-tonne bulk samples shipped to Kappes, Cassiday & Assoc. in Reno. Two 24-inch run-of-mine column tests were also run. Upon completion of a positive feasibility study, Standard Mining's management had planned to place the deposit into production by the fall of 2001.)
Has begun talks to try to raise $10-$15M dollars to put El Chanate into production as a run-of-mine heap leach operation that would handle about 2.5M tonnes of ore per year and last for 4 to 6 years. They figure they would get an OK rate or return at a gold price around
Tejamen Ag Property, Durango. Explored this property between Dec. '92 and Mar. '94 by mapping geochemical sampling, underground mapping IP surveys, magnetometer surveys and finally drilling 12 RC holes totaling 2030m. along with 24 DDH holes totaling 5065m. EMSIA calculated a geologic resource of 3,277,227 tonnes of 120 gpt Ag , 0.17 gpt Ag, 0.2% Pb and 0.11% Zn. Property and data now in possession of Kobex Resources.
GCN #52 16Mar99