Incorporated in 1997, Millennium Mining Corporation ("MMC") is a privately-held Reno-based exploration and mining company, exploring for bonanza gold and silver and porphyry copper-gold deposits in the Basin and Range Province of North America. This belt, one of the most prolific gold, silver and copper producing regions in the world, extends some 1500 miles from Nevada to central Mexico.
Millennium Mining Corporation (Privately held company)
Las Coloradas, Durango. The 4,900 hectare Las Coloradas Project consists of 17 exploitation concessions located in western Durango, Mexico. Las Coloradas is situated in the Sierra Madre volcanic province, one of the best known epithermal silver provinces in the world. It is located near several famous bonanza mining districts, the richest being Tayoltita, just 70 kilometres to the south of Las Coloradas. Tayoltita has produced over 9 million ounces of gold and 500 million ounces of silver over a 250 year period.
Compaņia Minera Cosalteca, SA de CV, a private Mexican company, currently holds a 100% interest in Las Coloradas. Under the terms of a January 2001 letter agreement with Cosalteca, Millennium may reinstate a previously negotiated option to purchase the mineral rights for $4.0 million any time on or before December 31, 2004.
The La Fe Project, Durango. Covering approximately 16,500 hectares is available to Millennium. Under the terms of a January 2001 letter agreement with Compaņia Minera Cosalteca, S.A de C.V. who own a 100% interest, Millennium may reinstate a previously
agreed option to purchase all of the La Fe Project for $5.0 million at any time on or before December 31, 2004.
La Fe lies within the 1,500 kilometre long extension into Mexico of the Laramide porphyry belt, the world’s second most prolific copper producing region. The La Fe area was initially identified as a porphyry copper target by two large colour anomalies recognized in a known lead-silver and copper-zinc vein district. Highly anomalous copper, molybdenum, silver, lead, zinc and gold geochemical values are present at surface in propylitic, phyllic and potassic alteration, typical hallmarks of copper porphyry systems. Kennecott Exploration started early stage exploration of La Fe in 1996 and 1997. Their work consisted of surface rock geochemical sampling, airborne magnetometer and radiometric surveys and a five hole diamond drill program (totaling 1,100 metres). Results from the drill program included 5.5 metres grading 1,652 ppm copper, 363 ppm molybdenum and 51 ppb gold in drill hole C97-3.