Signed an option agreement with a private Mexican company, Minerales y
Metales California S.A. de C.V. (MMC)
to earn 100% interest in three separate projects in NW Mexico covering a total
of 8,55 hectares by acquiring 100% of the Mexican company presently holding
the titles and options. A program of mapping, sampling and
geophysics to begin in early 2002.
Olympic Dam Project This
acquisition of MMC will increase the area of mineral concessions controlled by
Cardero in northwest Mexico to over 17,500 hectares. A significant proportion of this area protects several very
attractive iron and copper-iron prospects, which have the potential to host
iron oxide style copper-gold deposits of the Olympic Dam type.
Joint-venture with Anglo
American is assessing over 200,000 hectares of highly -- prospective ground
along Alisitos Arc in Baja Norte Mexico. The Alisitos Belt has the potential
to host a number of highly economic IOCG deposits. Aggressive regional
targeting by Anglo in 2003 highlighted 31 target areas for ground
acquisition. The target areas were 'screened' via broadly spaced stream
sediment geochemistry (884 samples), geological prospecting and mapping, a
ground gravity survey (430 stations) and an airborne magnetic and
radiometric survey. The results have identified several large, zoned
hydrothermal systems within the Anglo/Cardero property holdings with
associated iron oxide copper gold mineralization. Under terms of the
agreement Anglo has the right to earn a 70% interest in the properties by
incurring expenditures in aggregate of US$3.7M by Dec. 01, 2006.
Five additional
properties 100% owned by Cardero exceeding 32,000 hectares
Ludavina Gold Discovery, Baja Norte.
The Ludavina gold project, covering 3,500 hectares, is located approximately 7 kilometres east of the town of San Quintin in the State of Baja California,
Mexico. The property is both road
accessible and situated adjacent to infrastructure. To date no modem exploration has been carried out on the
property. A few artisanal
workings have been located on some of the more prominent areas.
The project encompasses an extensive, high level, epithermal, gold-bearing
system hosted by Cretaceous aged mafic to intermediate volcanic rocks.
Preliminary mapping of the alteration and veining associated with the
system defines a broad, north to NE-trending target area that is more than 7
kilometres long and 2 to 2.5 kilometres wide.
The gold-bearing system is located proximal to a 12 kilometre wide
inferred caldera structure. Preliminary
geological mapping and geochemical sampling have been completed on the
property. Mapping to date has
identified epithermal style quartz veins, silica cap alteration zones and
hot-springs related sinter terrace deposits.
Initial chip sampling targeted the epithermal veins, silica cap
alteration and sinter deposits. Analytical
results for gold vary from detection limit up to 31 grams/tonne (g/t).
This initial work has identified five (5) zones of potential gold
mineralization. The South Zone encompasses a 700 by 100
metre zone of pervasive silica alteration.
Initial chip sampling at one location within the South Zone returned
7.3 g/t gold over 35 metres. The
remaining 8 chip samples from this zone ranged from 7 parts per billion (ppb)
up to 3.6 g/t gold. Twenty-eight chip samples, with gold
values in excess of 50 ppb and up to 31 g/t gold, define a 1,000 metre by 300
metre area known as the Discovery Ridge Zone.
This zone is located about 1.5 kilometres northwest of the South Zone.
Alteration and vein structures in the zone are related to the gold
mineralization. An association of
gold with elevated copper, lead, zinc, molybdenum, barium and silver values
has been noted. The Basin Zone is a 700 metre long by
200 metre wide area with hot-spring and sinter deposits located immediately
adjacent to the northwest perimeter of the Discovery Ridge Zone.
Typically, sinters related to gold deposits do not themselves exhibit
gold values, however one sample of finely banded chalcedony returned a value
of 33 ppb gold. The Basin Zone
sinter, topographically lower than the Discovery Ridge Zone, is interpreted to
be a down faulted block and thus potentially a completely preserved extension
of the Discovery Ridge Zone. The Company proposes to
undertake detailed surface exploration of this exciting new property in order
to define targets for subsequent drill evaluation.
Press Release 9Sep02
Press Release 14Dec01
Cardero appears active in NW Mexico. Desired targets are bulk-tonnage large Cu-Au systems.
Cardero
Resource Corp.
[CDU:TSE]
