Rio Fortuna's initial project acquisitions are currently focused on three prolific gold producing geologic provinces, Nevada, Alaska and Ontario. Mexico in not in their crosshairs.
Rio Fortuna Exploration Corp. RFT (TSXV)
Changed name from Sand River Resources Ltd. on 11/29/99 along with a seven old for one new rollback of its outstanding shares. Sand River delisted post consolidation from VSE on 12/1/99.
Press Release 11/29/99
Formed a 50/50 JV along with Spokane Resources Ltd. to explore on a number of Mexican mining opportunaties. The focus is on evaluation 4 polymetallic skarn and replacement systems and one Au-Ag project including those numbered 1-5 below. As of January, 1999 formal agreements are now in place with respect to these 5 properties. Since Oct. 1997 the company had only been operating under letter of intent agreements to explore 53 concessions in 12 properties jointly with Spokane Resources.
MBD October, 1998
(1) Piedras Verdes Project, Chihuahua. Located 15 km west of El Sauzal property of San Fracisco Gold and just 5 km SE of Cienaguita. A 900 ha property psoition which recently was in production at 50 tpd at 6% Cu, 2-3% Zn and 300 gpt Ag. A 15 sq km area being systematically evaluated with mapping and geophysics. Drilling of 1500-2000 m to began in March, 1998 to test for high grade Ag and polymetallic (Cu, Zn) veins.
News Release 18Mar98
LAMR December, 1997
(2) Descubridora Project, Chihuahua. located on the eaastern edgfe of the city it is a prospect area of 12 sq km with a number of Ag, Au, Pb, Zn, Cu showing. This is the same property Kennecott drilled 12 holes into back in 1992 whebn they found 130 ft of 1.51 gpt Au in one hole and 40 ft of 2.54% Zn in another and third hole with 15 ft of 10.82 Zn.
(3) Las Minerales Project, Chihuahua. Located in the West Camp of the Santa Eulalia Mining District, a classic Ag-Pb-Zn manto and chimney replacement district. Project covers 924 Ha and includes the Minerales Mine which closed in 1922. Former mine workings are extesive including 500 km of tunnelsl on 22 levels to depths of 800m. Prior to closing two years production had already been blocked out. Recent IP work has identified several anomalies.
(4) Los Chinos Project, Chihuahua. Project covers 345 Ha. located on the north side of the same intrusion which hosts the Peņoles' Bismark Zn Mine (Sand River reports as at 15M tonnes a5 9% combined Zn+Pb) . After being brought to it as an exploration opportunity by IMDEX/Cascabel, BHP optioned the property from MINAMEX and drilled 2,300m on Los Chinos in 1991-1992. They found 8.6m of 7.8% Zn and 3% Pb with minor Ag and Au in their best intercept. A positive working relationship with Peņoles has recently developed in the hopes of expanding the reserve base for their Bismark Mine. The near-term exploration program calls for mapping, sampling, and geophysical surveys with a focus on the northern zone and the area adjacent to the Bismark Mine
GCN #14 21Jan99
GCN #205 24Oct97
(5) Cerro La Fortuna Project, Sonora. Located 30 km S of the Cananea Mine. Option to earn 100% interest granted from Guillermo Espinosa Castillo on property hosting high grade Au-Ag veins..
GCN #248 29Dec97
Minera Macocozac Copper Mine, Concepcion del Oro District, Zacatecas. Purchased a majority interest (51%) in the Arroyo Azules Mine and related concessions and assets of Macacozac S.A.de C.V. This 300 tpd @ 1.4% Cu producer which consists of 1167 Ha located immediately adjacent to the Minera Tayahua property. Drill defined skarn system with 14.6 million tonnes of 1.05 Cu ore as sulfides with an additional 24 million tonnes as oxide ore grading 0.7%. Oxide ore is in several categories including 2 to 3 MT in stockpiles grading 2%, about 8 MT at 0.6% in the waste dumps and drill indicated 12 MT of 0.7%. The due diligence holes drilled and came out fine. Geophysics completed in May, 1998 indicate good potential.
MBD September, 1998
Press Release 25Aug98
News Release 17Mar98
GCN #30 12Feb98
Santa Eulalia Tailings Project, Chihuahua. Spokane estimates a 20 MM tonne resource where BHP calculated 6 MM tonnes at 2.28% Zn and 34 gpt Ag. UG reserves are estimated at 1.9 MM tonnes grading 6% Zn, 3.1% Pb and 118 gpt Ag. Spokane and Sand River are earning a 75% interest.in the property.
GCN #248 29Dec97
Los Lamentos District, Chihuahua. Optioned 100% interest in historic Pb producer from Compania Minera La Union S. A. and VSE accepted terms. District was active in the 1900-1940's and produced around 750,000 tonnes grading 300 grams Ag with 9% Pb and 7% Zn from underground down to depths of about 150m. (The Old Prospector likes the wulfenite crystals). Geophysics planned for 4Q98 and drilling in early 1999. Website doesn't provide info on this property as of 11/29/99 and owner was pushing it's availability on InfoMine's Property Forum.
GCN #200 19Oct98
GCN #184 24Sep98
Press Release 5Aug98