Formation Capital has two projects in Mexico: El Milagro and Los Cocos. According to the 2001 Annual Report, both are being farmed out as possible JV projects in order "facilitate their development while conserving corporate resources".
Formation
Capital Corp.
[FCO:TSE]
El Milagro Project, Tamaulipas. Optioned two small properties from private individuals then surrounded them with a 15,200 ha. staking job. Principal target is a 4m wide endoskarn mineralized with Ac, Cu, Pb and Zn of unknown length and depth. Previous operators produced 350 tonnes of direct shipping ore which ran 2,200 gpt Ag, 19.5% Pb and 9.1%Zn. Ore is low in As, Sb and Hg. Discovered while exploring for barite and barite occurs in the upper parts of some mineralized zones in the district. A prior CRNNR stream sediment survey in the area delineated 5 anomalous drainages, possibly related to a caldera margin that have yet to be followed up.
MBD October, 1997
GCN #189 1Oct97Los Cocos Au Property, in the Xichu District, NE Guanajuato State. In November, 1996 company acquired 100% interest in about 12,000 ha. over the around 160 km NW of Mexico D.F. Farmed 55% of this interest out to Jersey Goldfields Corp. Positive Phase I results led to acquisition of additional 7581 ha (75 sq mi) in area. Historic workings date back to 1860. Consejo worked in area and identifies several types of Au mineralization including veins, replacements, stockwork and disseminated zones. Primary target is an OP/HL gold-silver skarn or porphyry system. Bethelehem Steel explored same area in 1979 with 39 large geochem samples spaced at 500m intervals over a 2km by 4km area which averaged 0.032 opt Au. Field crews mobilized in late 1996. Preliminary sampling returned values ranging from 6.6 to 18.0 gpt Au over 0.9 to 1.5m sample widths is sulfide zones . Adjacent country-rock assays 0.61 to 2.24 gpt over 1.8m. This zone is 1400m long and covers a differential elevation of 400m. There may also be >200 gpt Ag throughout this Au-Ag vein zone. Disseminated mineralization at the Las Margaritas Zone has defines a 12m wide zone 480m long with values from around 424 to 920 ppb. Three targets evaluated through soil-geochem grids: Las Margaritas, De Limbo and El Roblar (Au-Mn prospect). Trenches planned on basis of these results.
GCN #110 9Jun97
Press Release 30Apr97
Canada NewsWire 10Feb97
GCN #248 24Dec96
MBD December, 1996
GCN #227 25Nov96
NewsMine 20Aug96El Mercurio Project, Zacatecas. Option to acquire 50% interest from Industrial Luismin in 3,314 ha property in NW Zacatecas. Property lies midway between Fresnillo and San Martin /Sombrerete/ Chalchihuites. Old 80m deep shaft and evidence of limited stoping of 300-600 gpt Ag material is all that remains of previous work. Considered a conceptual play analogous to "upper levels of Fresnillo and other productive Mexican Ag-vein camps".
LAMR May, 1997
GCN #81 28Apr97
Press Release 22Apr97La Joya Project, Guanajuato. Optioned a 4,950 ha property in NE Guanajuato. Property lies 11 km S of Los Cocos Concession (above). Mineralization consists of stockworks and mineralized shears containing arsenopyrite within a granitic intrusive. Mineralization is Au, Ag Pb, Zn. Soil survey returned a +50 ppb Au anomaly 100m wide and 400 m long. Core of this is 40m wide, 250m long and + 100 ppb. A 1991 Consejo IP survey in the area pointed out two anomalous zones. .
Press Release 19Sep97
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