An Australian company that optioned a Luismin property from Wheaton River and is pursuing it with agressive drilling.
Kings Minerals N.L. (Listed on Australian Stock Exchange)
San Anton Project, Guanajuato.
Located 270km NW of Mexico City in Guanajuato State • Guanajuato City (capital of Guanajuato State), founded in 1554, has been a prolific silver and gold producer since 1548 with historic production of >22.5 Moz Au Eq • Guanajuato lies within the highly productive silver metallogenic province in Mexico (Mexico is the world's largest silver producer) • San Antón located 20km ENE Guanajuato City and historic mining area • Luismin discovered porphyry style mineralisation at San Antón in 1998 (15 drill holes for 3,550m). Limited modern exploration completed • Major target identified is a gold-rich porphyry system containing silver, copper and possibly molybdenum, zinc and lead credits. Full extent of porphyry system not yet defined • Hypogene alteration and gold-silver copper base metal mineralisation is concentrically zoned around a quartz monzonite stock with the highest gold-silver grades found in the enclosing "hornfels" • Potential gold equivalent grade of ~1.2 - 1.8g/t over an annulus width of >200m around the intrusion • Significant results include: - Core drilling: 200.25m @ 1.20 Au Eq terminated in mineralisation (copper and other base metals not included) - Core drilling: 215.75 @ 1.17 Au Eq terminated in mineralisation (copper and other base metals not included) - Trenching: 160m @ 1.76g/t Au Eq (Mo not included, open both ends) • Mineralisation open in all directions - laterally, along strike and at depth >400m below surface indicating potential for a large system. Exploration is cognizant that other blind deposits may be clustered in this porphyry environment • Limited modern systematic exploration completed • Historic production of 40,000 tonnes of ore grading 5g/t Au and 350g/t Ag (~10g/t Au Eq) from epithermal veins peripheral to porphyry deposit • Potential for additional high grade epithermal deposits, eg follow-up nearby vein intersection of 0.7m @ 23.70g/t Au and 1,507g/t Ag • Year round accessibility, undulating topography, good access, water supply, infrastructure • Simple metallurgy using gravity and flotation for metal recovery • Free gold observed, no refractory gold reported, range of silver minerals identified • Analogous to other world class porphyry deposits, eg Cadia Valley Porphyry System (25Moz gold, 3.2Mt copper). Newcrest's most profitable project • An aggressive, cost-effective exploration planned, including drilling to define resources, high resolution airborne magnetic and radiometric surveys, gradient array and dipole-dipole IP, stream sediment geochemistry and geological mapping