Setting a minimum target size does not improve the odds of
finding something of that size
Saddlerock Resources Inc. SDK (VSE)
Has decided to abandon the natural resource sector and change business to a medical technologies company. As a result of this change the company is to be renamed Nexus technologies Inc. and will focus on the development and commercialization of medical device technologies and related systems.
Press Release 3Dec99
Saddlerock Resources had formed a Mexican S.A. de C.V. jointly owned (50/50) with Kobex Resources Ltd. (a private Vancouver-based company. This Mexican 50/50 JV is named Reina del Oro Minerals S.A. de C.V. and it controlled the following assets:
San Jose del Cobre, Chacala District, Sinaloa/Durango border region. Eleven concessions totaling 42,582 ha last explored by Kinross Gold Corp. and Mt. Isa Mines and located near Sinaloa/Durango border about 65 km NW of Culiacan up in Mpio. Tamazula, Durango. Beginning in March, 1997 Saddlerock will focus on the exploration targets: 1) La Candelaria concession -a historical high-grade Au-Ag producer; 2) Winge concession - a low-grade bulk-tonnage target, 3) Cobre Viejo concession - another low-grade bulk-tonnage target and 4) Andrea Breccia - a Cu-Au bulk-tonnage target. Road access was completed at end of rainy season and detailed geologic mapping, sampling and trenching was initiated. Average of 156 samples in Cobre Viejo Breccia Zone was 0.57 grams Au/tonne. Another property under exploration since last summer is "Juan de Salas". 1998-1999 also lists "El Cobre".
GCN #222 19Nov97
GCN #91 12May97
GCN #38 24Feb97
Santa Catalina Mining Corp. SLM (VSE)
Name changed from Southern Copper Corporation as of Nov. 1, 1994. As Southern Copper they explored Toliman Cu-Mo porphyry target in Chiapas State near the Guatemalan border and the El Fraile limestone-hosted Cu-Au skarn deposit near La Paz in SLP.
Lola Project, Sinaloa. Project still active as of March, 1998.
Press Release 3Mar98
Sara Au Project, Sonora. Acquired 2,740 ha through staking. Located 130 km N of El Pilar Project. A 17 sample recon returned two samples of 19.43 and 14.61 grams Au. Other samples gave 0.327 and 8.498 grams.
GCN #160 20Aug97
Los Compadres Au Project, Nayarit. Acquired 2,300 ha through staking. Located 2 km E of Acoponeta in northern Nayarit. The Au/Ag district known as El Tigre is 6 km to the NE. Locally a rhyolite porphyry contains stockwork and shows strong oxidation. Samples have returned values from 0.5 to 2.8 gpt Au.
GCN #160 20Aug97
El Pilar, Sonora. Based on results from previous exploration programs the company has decided not to continue and has terminated it's option as of March, 1998. El Pilar is a 5,030 acre Au-Ag property located 177 km SE of Hermosillo near the town of Suaqui Grande. Drill results from 3000 m RC near La Guadalupana and La Telephono mines show Au-Ag values in several parallel; shears and silicified stockwork zone. Hosts are Cretaceous andesites of the Tarahumara Formation and Triassic-Jurassic Barrancas Fm. siltstones and sandstones. Phase I drilling (41 holes) complete. Best intercepts reported are 16.5m at 1.56 opt Au, 13.5m at 0.281 opt Au and 15m at 0.031 opt Au. Phase II drilling preparation included 750m new trenches and 400m new drill roads. Phase II drilling (at least 10 holes proposed for 3200m) completed and intersected from 3 to 9 m of 0.031 to 0.297 opt Au in shear zones and up to 43.5 ft of lower grade material grading about 0.02 opt in adjacent stockworks. Primary target dimensions are 1200m long and 625m wide as defined by drilling, trenching, rock-chip sampling and mapping. Three additional areas on property, Catalina, Harina and Zacatecas Zones yet to be drill tested, but rock chips returned values from 0.04 to 0.3 opt. Phase III drilling planned for 1Q97 involves 1700m to deal with these areas. The best results from this latest phase of drilling are intersections of 1.5 to 24 m grading 0.016 to 0.251 opt Au. Bailed out March, 1998. (NOTE: dropped property back to underlying owner.)
Press Release 4Mar98
MBD September, 1997
GCN #160 20Aug97 (Phase III Tabulated drill results)
GCN #111 10Jun97
LAMR January, 1997
NMN v82#48 01/27/97
GCN #11 16Jan97
CSW 15Nov 96
MBD Aug, Nov, 1996
NMN v82#24 08/12/96
GCN #154 9Aug96
GSN #148 31Jul96
Santa Cruz Gold Inc. SCG (TSE)
Queenstake Resources Ltd. and Santa Cruz Gold Inc. completed the final step to effect
the amalgamation of the two companies in the Yukon on July 19, 1999. The amalgamated Company is named Queenstake Resources Ltd. and trades on the Toronto Stock Exchange as QRL. Existing
Queenstake shareholders will be issued approximately 19,510,000 common shares of the new
Company, representing 65% of the issued shares of the Company and an exchange ratio of
0.4993. Santa Cruz shareholders will be issued 10,510,000 common shares of the new
Company, representing 35% of the issued shares of the Company and an exchange ratio of
0.1035. Instructions for shareholders to effect the exchange of shares is contained in
documentation forwarded with the Companies' joint circular that was mailed on May 20, 1999.
The Directors and Officers of the amalgamated Company are as follows:
James Mancuso: non-executive Chairman and Director
Christopher Davie: President, Chief Executive Officer and Director
Dorian (Dusty) Nicol: Vice President Exploration and Director
Gordon Gutrath: Director
Hugh Mogensen: Director
Chris Serin: Director
Grant Edey: Director
Doris Meyer: Chief Financial Officer and Corporate Secretary
The amalgamated Company has the following assets:
- The Magistral Project in Mexico, a thoroughly drill tested, potentially low cost gold deposit
that is currently the subject of a resource study that will form part of a feasibility study
- Exploration properties in Mexico, Peru, Chile, Belize and Southern Africa
- Joint venture agreements with major companies on exploration properties in Peru and
BRIEF HISTORY of SANTA CRUZ GOLD INC: Great Lakes Minerals Inc. reorganized to isolate Mexican assets from ill-starred Grouse Creek Ag-Au Mine in the U.S. Plans folded Mexican assets into a new company: Newmex Mining, a wholly-owned subsidiary of Great Lakes. Re-organization subject to shareholder and TSE approval was accepted. On 24Feb97 TSE gave approval to this restructuring. This worked and Newmex amalgamated with Santa Cruz Gold Inc. on September 8, 1997. Santa Cruz acquired Castle Explorations on 9Dec98 subject to closure on 29Jan99. This amounts to a reverse takeover where after the acquisition is complete Castle will retain 20% interest in Santa Cruz. Castle brought to the table a substantial asset - an 80% interest in BHP's the 50 sq km Ceibo Project in Belize. Castle's Chris Davie and Dorian Nicol became the President and Executive Vice President, respectively, of Santa Cruz. On March 29, 1999 Santa Cruz announced its intention to merge with Queenstake Resources Ltd. This was completed and the amalgamated company will be called Queenstake Resources Ltd.
Press Release 19Jul99
MBD January, 1999
NMN V84#4? 28Dec98
Press Release 9Dec98
MBD March, 1997
NMN v82#52 02/24/97
NMN v82#45 01/06/97
Merger with Queenstake Resources: Queenstake announced March 29 it's intent to merge with Santa Cruz Gold Corp. Details are being worked out as both companies are in the process of their respective due diligence. Queenstake and Santa Cruz's shareholders will be asked to vote, among other things, on the amalgamation at their respective annual general meetings to be held on June 24th, 1999. The amalgamation also remains subject to court and regulatory approvals, including the approval of the Toronto Stock Exchange. As stated in our March 29, 1999 joint press release, we both believe the merged company will be significantly stronger than either Queenstake or Santa Cruz alone. It will be a well-capitalized company positioned to become a gold producer in the near term, with a portfolio of exploration properties for significant long-term growth and a professional and experienced management team. James Mancuso and Christopher Davie are pleased to announce the May 20th, 1999 signing of a definitive arrangement agreement between Queenstake and Santa Cruz. The combination brings together into a single public company the strength and assets of Queenstake and Santa Cruz to form a stronger merged company with a portfolio of exploration properties for long-term growth and possible near-term cash flow from the Magistral gold project located in Mexico.
Press Release 25May99
Press Release 11May99
Press Release 29Mar99
Santoy Resources Ltd. SAN (CDNX)
Yago District, Nayarit. Optioned 51% of this district from Almaden Resources in June, 1998. Almaden assembled claims from several owners over large high-level epithermal district. Total land package optioned now over 15,367 ha Almost 70,000 acres have been staked directly. 70m wide stockwork is reported from the Tejona Mine. Surface and underground mapping to begin shortly. Tejona is slated for $800,000 to $850,000 exploration in 1997. Huge zone of alteration centers in NW-trending structure. Two phases of geochemical line cutting and soil sampling have been completed. The grid now covers an area roughly 1.5 by 2 km over an area of widespread banded quartz-adularia veining. Samples were taken on 50 meter centers in the initial survey while in the second phase of sampling, samples were taken in intermediate positions for greater detail and to serve as a check. Several large coincident Au-Sb-Ag geochemical anomalies have been defined. The 100 ppb gold contour encloses an area roughly 800 by 500 m over the largest anomaly. Geologic mapping was conducted at the time of geochemical sampling and several areas of intense banded veining, stockwork veining and hydrothermal brecciation have been defined which coincide with geochemically anomalous areas. Hydrothermal alteration mapping and fluid inclusion studies support the conclusion that the present erosion surface represents shallow depths beneath the paleo-water table of the hydrothermal system. The potential for high-grade gold-silver mineralization is expected to extend from surface to great depths beneath the present surface. A trenching program is planned on receipt of permits, before a planned diamond drill program.
Numerous small scale old workings are present on the property. Seven widely-spaced reverse circulation drill holes tested approximately 100 metres below surface under some of the known veins. The drilling tested the Creek Zone over a distance of 500 metres as well as the Guadalupe/Vein X systems over 700 metres. The drilling tested several potentially high grade gold-silver bearing banded quartz-adularia veins that are located within a highly altered zone measuring 1.5 by 2.0 kilometres. Unfortunately only widespread anomalous Au, Ag and base-metal values were obtained from the drilling.
GCN #15 22Jan99 (with tabulated drill highlights)
News Release 10Dec98 (vein assays given)
Press Release June 12, 1998
GCN #76 21Apr97
Tropico Project, Sinaloa. The property was optioned from Fairfield Minerals in June, 1999.. Company committed to spending $150,000 on exploration and paying 100,000 shares of stock to Fairfield during year one of the option period. In a report for Santoy, H.L. King, P.Eng. states the relatively high copper values associated with significant combined gold-platinum-palladium values ranging up to over 1 gram per tonne indicate that the mafic igneous complex is an attractive exploration target size in the order of 100 million tonnes of 0.5% copper and 0.5 to 1g/t combined gold, platinum and palladium is considered possible given the wide distribution of significant metal values.
WWWinfo Fairfield Minerals site
Sasha Ventures Ltd. SHA (VSE)
Acquired two sets of mineral concessions approximately 150 km NW of Durango. Total land package covers 3800 ha and main interest is the Trinidad Mine. Site includes a man camp and partial installation of a 70-100 tpd floatation mill
Savanna Resources Ltd. SV (ASE)
Primary properties are now in Surinam.
Savannah Ventures Ltd. SAV (VSE)
Name changed 18Sep97 from Bus Holdings Corp.
GCN #189 01Oct97
Acquiring a 40,000 ha. land package and developed project in Durango and Sinaloa States (Sounds like its in the western Sierra Madre on the SIN/DGO border). A 36 month option for 100% - contains three Au zones of interest. Financed for Mexican property acquisitions.
Scorpio Mining Corporation SPM (CDNX)
Works in Mexico through Minera Escorpion S.A. de C.V. which has opened an office in Cosala, Sinaloa.
Vianey Silver Mine, Guerrero. Signed a memorandum of understanding to pick up this asset from Robex Resources, Inc. Reserves of 650,000 in "proven category".
Press Release 5June01
La Verde Grande, Sonora. A 4200 ha property located 35 miles NW of Hermosillo. A Cu-Mo project encompassing 9 known Cu-Zn skarn related deposits. To date, three major mining companies, Freeport Exploration, Minera Teck and Minera Noranda, have all performed due diligence on the La Verde claim block. (Exall was promoting this same property in early 1990's). Scoprio now controls 100% and optioned 51% out to Freeport-MacMoran in a 5 year plan with staged payments and work commitments. Freeport mapped and sampled throughout 1999 and first half of 2000 but plans to kick it into high gear mid 2000.
Press Release 29May00
Nuestra Senora Project, Sinaloa. Consists of 4 past producing mines Nuestra Senora, Candelaria, Santo Domingo and Santa Teresa all previously owned and operated by ASARCO from 1956-1966. Infrastructure and development is still in place from ASARCO which would cost millions of dollars today. ASARCO left documented reserve/resources within the mines when they closed Nuestra Senora in the 1960's and from the mid 1960's the property has never been further explored using today's new modern exploration techniques plus the development in new ore model theories. To date Scorpio Mining Corporation has undergone an aggressive exploration and due diligence program over the core of the Nuestra Senora Property. Included in this program were airborne magnetics, electromagnetics, radiometrics survey, satellite imagery, ground geophysics, underground sampling, bulk sampling, three phases of metallurgical testing plus up grading a contracted 450 ton per day mill facility 6 miles from the mine site. Minera Escorpion operates a fully modern office with computer equipment, e-mail, fax, plotting, digitizing, geophysics equipment and has purchased all mining equipment required to obtain a large scale bulk sample to run at its contracted mill facility. All the work to date and equipment purchases were obtained by private funds which shows the support and the money management of the company. The company's long term mandate is to efficiently use the latest tools of exploration and development to confirm and delineate reserves and resources, and to develop all existing mines for future production. The company's first priority is to focus on the Candelaria Mine, which contains the highest grades of the four mines and appears to have great reserve potential.
May 9, 2001 A drill contractor is being mobilized to the Nuestra Senora Property, Mexico to begin the first phase of a multi-phase exploration and development program at Candelaria..
In the past ASARCO extracted approximately 120,000 tons at 22 oz/t Ag, 6.5% Zn, 2.8% Cu and 3.5% Pb (insitu value of over US$200 per ton) from the main (zero) level of the Candelaria Mine. No development or mining has taken place below the main level. During the 2000 exploration program Scorpio completed over 3,000 meters of delineation diamond drilling resulting in the extension of the Candelaria Mine mineralization to 186 vertical meters below the previous mine workings, and confirmed the presence of polymetallic bonanza grade mineralization. The first phase of the upcoming work program will comprise underground fan array drilling from the existing main level workings. Spaced underground drill stations will be established to delineate the ore body. The drill results will enable the Company to define the dimensions, tonnages and grades of the zone(s) encountered. The results of this drill program will be used to design the second phase that will involve the extraction of a sizeable bulk sample from between the main (zero) and 50 meter levels. Scorpio already has all necessary mining equipment on site for this program. The third phase of the program will consist of the milling of the extracted bulk sample at a 450 tonne per day mill located only 6 miles from the mine site. Several phases of metallurgical tests completed to date suggest excellent recoveries can be obtained.
Press Release 9May01
Seville Mineral Developments S.A. de C.V.
Closely held Mexican exploration and mining company active in northern Baja California.
Lomo del Oro, a 3,099 ha ocean side concession south of Ensenada with widespread surface gold values occurring in quartz vein stockworks; (Now the listing property of a new company: Minera Cortez Resources Ltd. who drilled it and dropped it back to vendor)
San Antonio, a 3,000 ha concession south of Loma de Oro with widespread surface copper values; (Claims LApsed)
La Turquesa, a 257 ha concession east of Rosario which has been subjected to limited surface geological investigation to establish the potential for a porphyry copper below an exposed leach cap, and which has attracted the attention of several majors (Sold to Xemac Resources)
El Volcan, a 4,000 ha gold exploitation concession on the east side of the Baja peninsula, east of La Turquesa. (Claims Lapsed)
Yubay, a 646 ha concession surrounding a past producing high grade gold deposit west of Bahia de los Angeles. (Claims Lapsed)
© Canadian Corporate News - Jan. 9, 1998
Sheffield Resources Inc. SFL (VSE)
Changed name from Solidor Resources Inc. on 12Mar97 along with a 5 to 1 share consolidation. Solidor Resources had appointed Mario Ayub as acquisition consultant in Mexico back in '96 and he looked for properties of merit on their behalf.
Los Olivos Claims, Chihuahua. Acquired 3 claims from Minera Rio Tinto S.A. de C.V.
GCN #162 22Aug97
La Dura Property, Morelos District, Chihuahua. Entered letter of intent with Real de las Virgines S.A. de C.V. Hired Reliance Geological Services. Completed $25 K due diligence, but decided not to proceed due to weak commodity prices.
GCN #24 4Feb94
GCN #146 30Jul97
Shoreham Resources Ltd. SMH (VSE)
Back in 1993-1994 held exploration rights to two concessions in Zacatecas, Mexico. Presently heavily involved in Peru. Due to renewed interest in Zacatecas region, company began to review its Mexican holdings in 1997.
Sinaloa Gold Corp. (Was SLOG on OTC -BB - changed name and business focus)
In the best interests of the company and its shareholders, management shifted focus to technology sector. (And another one bites the dust!) Changed name 5/5/99 to Online Innovation and now trades under ONIN on OTC BB.
Announced on January 27, 1999 that due to the current natural resource market conditions, the company has been unable to secure suitable financing to develop their gold/silver and copper prospects located in Sinaloa State, Mexico.
Worked in Mexico through an association with Minera Fuerte Mayo S.A. de C.V. a Mexican company holding title to over 60 mining properties. Sinaloa Gold Corp. had optioned a 60% interest in four of these properties. They all probably flipped back to Fuerte Mayo.
Los Azules, Sinaloa. Located in southern Sinaloa near El Tablon. A 1500 Ha concession with veins, breccias and stockworks.
Kamichin, Sinaloa. A 700 Ha concession located in southern Sinaloa in Mpio. Concordia covering some Au-Ag veins and stockworks.
San Estebsan, Sinaloa. A 231 Ha concession located in southern Sinaloa in Mpio. of Mazatlan covering some Au-Ag veins, breccias and stockworks
El Realito, Sinaloa. A 4938 Ha concession located in southern Sinaloa in Mpio. of Mazatlan covering some Au-Ag veins and stocvkworks
WWW Info 2Nov98
MBD August, 1998
Siene River SRO (VSE)
A junior petroleum oil and gas resource company working in Guatemala just south of the border of Mexico. Their primary interests lie in the South Peten Basin, a continuation of the productive Campeche-Reforma trend which has proven reserves of over 70 billion barrels in the Mexican portion alone.
Sierra Nevada Gold Ltd. SDD (VSE)
Works in Mexico via 95% owned Sierra Dorada S.A. de C.V. Company owns 1/10 interest in a 100 tpd floatation mill in Ocampo.
Promontorio Property, near Tomochic, Chihuahua. Property previously held by CanMex (Placer Dome) who drilled 34 RC holes in 1993/1994. Sierra Nevada picked up property in 1995 and by mid '97 had drilled over 24,000 feet of NQ core in 58 holes including underground and surface. They concentrated in a 150m by 150m zone located on the Hidalgo claim where limited Cu mining had occurred during the early1900's. Mine Development Associates of Reno independently initially calculated indicated and inferred resource in late 1997 at a 0.5% Cu cutoff as: 1.023 MM tonnes at 2.45 gpt Au, 63.21 gpt Ag and 3.97% Cu. This includes both indicated and inferred categories.
Press Release 12Oct99
Press Release 6Jan99 (with drill highlights and reserve estimates at various Cu cutoff grades)
MBD October, 1997
Prior estimate of 3 million tonnes with 350,000 oz Au, good Ag and 200 million lb Cu. This property was drilled by Can Mex (Placer Dome) during 93/94. when a reserve of 800,000 tonnes at 0.16 opt was outlined. The La Cascada Zone is located 350m NW of Veta Grande/Samaniego. Main Zone estimated to hold 524,000 tonnes at 2.5% Cu, 0.06 opt Au and 1.61 opt Ag. On Nov. 11 Sierra Nevada Gold Ltd. filed 61 applications on a variety of claimblocks covering the 2,680 ha surrounding property which had gone caduco. Peñoles files 230 applications. A sorteo will be held. Sierra Nevada's chances are as follows: 50/248 for 50 ha parcel, 11/42 for 500 ha parcel and 1/30 for 1000 ha parcel. Dr. Laurance P. James of James GeoAssociates, Lakewood, CO is working the project as of December, 1996. Over the past year 15,000 ft of core in 39 holes has been drilled. Dewatering the internal shaft on the Veta Grande is complete. The 2m by 5m shaft is 142 ft deep and located at the junction of the Veta Grande and Santiago structures. Underground mapping and sampling is currently underway where an adit in the Santiago area returned 0.28 opt Au, 3.5 opt Ag and 5.37% Cu over 36 ft with an average width of 5 ft.
GCN #114 13Jun97 (recent tabulated drill results)
GCN #42 28Feb97
GCN #12 17Jan97
GCN #6 9Jan97
GCN #165 26Aug96
GCN #148 31Jul96
GCN #136 15Jul96
La Republica Project, Chihuahua. high-grade Ag-vein target located near SON/CHIH border due west of Moris Mine and SW of Promontorio. Former production at this mine estimated at 4 M oz Ag averaging almost 100oz/tonne. Sampling and drilling program to begin in February. looking for funding to support at least 2000m of drilling. May, 1998 drilling underway.
GCN 31 13 Feb98
Press Release 2Feb98
Guadalupe Project: located in Morelos, Chihuahua approximately 40 km S of El Sauzal. High-grade Au-Ag vein property which includes the Fernando Mine. A report says 10 veins are found on the property including the Benito, Fernando and Mardonio veins. Road construction complete and drilling planned for fall, 1996. Seeking a joint venture partner to assist in exploration in early 1997. Fernando mine is 50m wide altered zone in andesites near intrusive.
MBD April, 1997
GCN #108 4Jun96
Silver Eagle Resources Ltd. SER (VSE)
Following the acquisition of the Liximin Group based in Tucson, AZ (David B. Hackman et al.) Silver Eagle controls seven mineral properties in Mexico through Liximin S.A. de C.V. Plans were to bring six properties into production prior to May 31, 1998. That was before market went south. Evaluated a big parcel of Minera Serrana properties: 22 concessions totaling 34,632 acres including San Felipe, El Gachi, Moctezuma, Tres Piedras and El Carmen. Flipped some of this to Boliden.
La Perla, Mpio. Suaqui Grande, Sonora. Took out two year exploration option on property (consisting of a group of claims) from the Olivarria- Romero brothers. Located 150 km SE of a Hermosillo this group of claims totals 3157 ha. Teck explored area previously, including 27 RC holes. Dave Hackman acquired this prior data for a 51% back-in option post positive feasibility study. Optioned 90% interest in the property to private Nevada company: Nevada Colca Gold Inc. subject to certain expenditures and a 10% npi
GCN #234 7Dec98
GCN #205 24Oct97
GCN #178 16Sep97
Sara Alicia: Au-Co property Located near Alamos, Sonora and very near to San Felipe property, Sara Alicia is planned as first of 3 start-ups in 1997 for Silver Eagle. Planned as a 100 tpd mine with a 39 month life. Estimated capital required to initiate production (including construction of mill) is $1.4 million.
Buenavista concession, Sonora. : A 750 ha claim acquired by staking covers a Au-Co prospect thought to be similar to Sara Alicia which is located 9 km to the NE
GCN #106 3Jun97
PIMSA tailings reprocessing project at San Felipe given green light by National Institute of Ecology. Process to simultaneously recover Au, Ag, Zn and Cu from 250,000 tons of polymetallic tailings. Silver Eagle dropped project and terminated agreement, not because it isn't feasible, but because they thought it was kind of small and they found better things to do. Had it permitted and everything.
GCN #106 3June97
San Felipe Zn-Ag-Pb-Cu Project: near San Felipe de Jesus, Sonora. Optioned a 7133 acre package from Cia. Minera Serrana S.A. de C.V. and now optioned 51% to Boliden Mexico S.A. de C.V on a 4-year exploration option. (NOTE: This has passed on to Mercator Minerals as of 2Q01) Reportedly has 300,000 tons of tailings at 0.007 opt Au, 1.45 opt Ag, 1.17% Pb, 2.3% Zn and 0.05% Cu, enough for a 3-yr mine life. San Felipe oxide project plans to work oxidized Ag-Pb ores. Phase I drill program concluded in 1998. Average grades of ore intercepts reported as 7.5m of 0.41% Cu, 3.66% Pb, 6.21%Zn, 53.1 gpt Ag and trace Au. and 20.9m of 0.1% Cu, 0.61% Pb, 7.48%Zn, 44.4 gpt Ag and trace Au. Phase II drill program completed in Spring of 1999 continued to extend good grade mineralization west along strike and down dip to the south. Phase II drilled up through SF99-15.
Press Release 18Jun99 (with tabulated drill results for 10 best holes)
GCN #3 6Jan99 (with map and drill highlights)
El Gachi: Underground massive sulfide located 60 mi N of San Felipe. Boliden option also includes El Gachi and Moctezuma below. A total of 23,144 ha in 3 districts fall into deal.
El Carmen: located 6 miles S of El Gachi.
Moctezuma Au-Te veins near Moctezuma, Sonora which was the site of an Anaconda-Penoles JV in the 1950's.
Tres Hermanos: a Cu-Mo porphyry prospect near Yecora, Sonora. .
LAMR April, 1997
GCN #216 7Nov96
WWW info 27Aug96
Silver Standard Resources Inc. SSO (TSX)
Also trades on NASDAQ under symbol SSRIF. Four major projects in Mexico as of November, 1996. As of May 30, 1997 company was flush with over $15 million in treasury. (CSW 30May97).
San Marcial Property, Sinaloa. Option 100% interest in property from Gold-Ore Resources Ltd. who had the property under option from Minera Holmex S.A. de C.V. The 1250 ha property is located 90 km due E of Mazatlan. It is a bulk-mineable target that could possibly be mined by open-pit methods. Recent core drilling tested mineralization to 100m depths and returned significant widths of 6 to 18 opt Ag in several holes.
Press Release 25Feb02
La Currita Mine, Chihuahua. Option agreement in place with IBANCE Division Minas S.A. de C.V. to acquire 100% interest in mine, plant and related concessions located in SW Chihuahua. Presently operating as a 100 tpd operation. Drill inferred resources are reported as conservatively being 780,000 tones at 220 gpt Ag and 2.0 gpt Au. Drilling planned as part of due diligence.
LAMR April, 1998
La Morelense Property: as Las Tuxtlas. An 84 ha parcel was Lies 150 ESE of Veracruz in region known optioned and additional ground staked. Veins 1-2m wide in volcanics with reported grades of upwards of 709 gpt Ag. Significant barite also on property. 1Q97 saw a 3 hole diamond drill program totaling 472 m. Intersected tabular quartz-barite body with high-grade Ag mineralization. Was informed by Mexican authorities that area can not be mined due to region's environmental sensitivity. Silver standard is seeking discussions with Coordinator General de Minas regarding this decision.
LAMR April, 1998
Dios Padre Property, Sonora drilling underway. located 157 km E of Guaymas, Brecciated granite intrusive holds high-grade sulfide mineralization. Objective is bulk mineable Ag resource.
San Miguel Ag Property, Chihuahua. A 800 ha. property located 120 km W of Chihuahua containing veins and bulk-tonnage Ag target where preliminary resource estimates are 1.4 M tonnes at 145 grams Ag. Optioned to earn 50% interest from Pacific Islands Gold NL (?) by spending $1M by year 2000.
Randol at Vancouver '96 exhibitor
News Release 96-B 29Jul96
GCN #150 2Aug96
LAMR, v3, #8 Aug 96
Sino-Pacific Development Ltd. SPV (TSX)
East Durango Gold property, Durango. Was involved in JV with Laminco Resources Ltd. on southern flank of eastern end of Sierra Palotes Range. Sino-Pacific can earn 60%. Property started out as 6000 ha. w/jasperoids in Mesozoic carbonates. A 20 hole drill program to be carried out under direction of Dr. A.S. Radtke. Six of planned 20 holes were drilled and 2000 ft of core was completed in December, 1996. The widely spaced holes ranged from 154 to 650 ft. and encountered alteration, silicification and mineralization. High As, Sb and Hg values were also obtained and 3 holes encountered Au values up to about 1.0 gpt. Core drilling has resumed and an RC rig will be used to complete the remaining 8000 ft of Phase I in March-April. An additional mining claim Carlin No.3 (title 19484) was acquired adjacent to above property. This new concession expands land holdings an additional 20,356 ha to the E. Don't list any activity in Mexico on their website as of January, 1999.
GCN #9 14Jan97
GCN #142 23Jul96
Soho Resources Corp. SOH (TSX)
Wholly owned Mexican subsidiary is Samarkand de Mexico S.A. de C.V. Initially shareholders had voted to change the name of the company from Consolidated Samarkand Resources Inc. (SKC-VSE) to Del Oro Exploration & Development Inc. commensurate with a 3.5 to 1 share consolidation. But wait just a minute, they apparently changed their mind and at the 26Aug99 annual meeting overwhelmingly went for a 6 to1 rollback and a change of the name to Soho Resources Corp. This appears to reflect a change of direction more towards the Oil & Gas sector. This may be something to do in the meantime while the legal monkey-business going on with the Tahuahuato Mine acquisition sorts itself out.
Press Release 12Oct99
Press Release 3Sep99
Tahuehueto Mine, Durango. (Same property looked at by Brandon Gold) Samarkand's Mexican subsidiary has purchased 85% of the outstanding shares in Sacremento de Plata S.A. de C.V. a private Mexican company which controls a 100% undivided interest in Tahuehueto. VSE approved deal 9Jul97. An amendment for an additional 5% was also ratified. A Finder's Fee of $27,000 and 74,117 shares was awarded to Hector Felton for bring in this property. (Congratulations Hector - how about you buy me a beer!). Samarkand was pushing towards development. Evidently completion of the acquisition of 90% of the outstanding shares of Sacramento de Plata S.A. de C.V., the underlying title-holders of Tahuahuato, has hit some snags and it is presently in litigation or forced arbitration. Mr. Ben Holbrook, former director of Samarkand, is acting as spokesperson or advocate for the underlying Mexican vendors and meaningful discussions were terminated by the vendors in April, 1999.
Press Release 23Apr99
Sampling in the El Creston Zone, a 30m wide 600m long area of quartz stockwork which has been excavated by 2084m of underground tunnels over the last 30 years. Prior work by Penoles calculated an ore reserve down to the 12th level at a depth of 390m as being 1,736,041 tonnes at 7.57 gpt Au, 68 gpt Ag, 2.12% Pb, 3.37% Zn and 6.16% Cu. This comes to 456,566 oz Au and 3,796,000 oz Ag. Creston's work to date has focused on a sampling 300m horizontal by 200m vertical section of the Creston Zone in order to verify the data reported by Penoles. Preliminary probable reserves for the El Creston Zone based on this work and calculated for an average mining width of 4.5 meters are 238,126 tonnes at 9.66 gpt Au, 76.68 gpt Ag, 2.61% Pb, and 3.96% Zn. Possible reserves from the El Creston and Cinco de Mayo Zones as well as the gap between them are 4,417,000 tonnes. Underground sampling effectively completed by October, 1997 work now turning to metallurgical testing and underground drilling of El Creston and Cinco de Mayo Zones to upgrade these possible reserves into proven category. A probable reserve based on 4.5m mining widths at El Creston based on underground sampling stands at 238,126 tonnes at 0.282 opt Au, 2.24 opt Ag, 2.61% Pb and 3.96% Zn. Channel samples are generally in the 1.1 to 1.7m width. Possible reserves are 4,417,000 tonnes.
Plans for 1Q99 after $10,000 Cdn fundraising effort include more geophysics and continued evaluation and sampling of 2.5 km El Creston Zone and Cinco de Mayo Structure. Underground sampling planned for Cinco de Mayo. Detailed geologic mapping in progress.
GCN #44 4Mar99
GCN #173 9Decp98
GCN #145 25Jul98
GCN #4 7Jan98
MBD November, 1997 (Longitudinal Section w/level assay results)
GCN #195 9Oct97 (includes section)
GCN #184 24Sep97 (tabulated assay results for Au, Ag, Pb, Cu, Zn)
GCN #119 20Jun97 (tabulated assay results for Au, Ag, Pb, Cu, Zn)
GCN #131 9Jul97
MBD June, 1997 (map view with channel sample results)
Canada NewsWire 27May97
La Dejada, Sinaloa. Completed a 3-year staged option agreement with Redstone de Mexico S.A. (Hector Armando Felton Fuentevilla and Jose Abraham Urias Romero) for 100% of 78.6343 Ha property located in Municipio of Culiacan. Qualifying geological reports are still pending.
GCN #194 8Oct97
Caribichi Project, Batopilas District, Chihuahua. Consists of the 196 ha Centauro concession located at Satrevo, 6 km S of Batopilas. Surrounded by PD/Francisco Gold JV on Corrallitos. Claim contains part of large gossanous area some 5 to 6 sq km in size. Surface geochem shows 200m by 400m Au, Ag, As anomaly surrounded by larger Ag, Hg anomaly. Granodioritic intrusion emplaced in package of Tertiary intrusives which is intensely altered. Vendor retains 3% nsr.
San Pablo vein, part of San Jose de Gracia District, Sinaloa. Exploration took place in 1994. Production slated to begin in 1996 with costs less that $200/oz. Initial option obtained from Cia. Minera Finnistere S.A. Cons Samarkand holds a 25% interest in this property.
Guadalupe de Cerros Blancos Property, Durango. Located 150 km NW of city of Durango. Option to acquire 100% of property which contains several old mines including La Escondida which hosts a 6.94m wide quartz breccia vein with 5.6 gpt Au and 270 gpt Ag. Objective is a Peñoles "La Cienega-type" target.
MBD February, 1997
GCN #3 6Jan97
Southern Pacific Development Corp. SHP (TSX)
Along with GMD Resource Corp have both optioned 24.5% interest in Catarina Au concession in Baja California. Acquired 49% interest in El Desengano Au concession from Seville Mineral Developments S.A. de C.V.
GCN #109 08Jun93
GCN #36 22Feb93
Spire Ventures Ltd. SVG (VSE)
La Perla, Chihuahua. Optioned along with Seguro Projects Inc. and Hunter Exploration Group this 2175 ha. property located in old high-grade Au-Ag vein camp of Guazapares District of SW Chihuahua. Property is in the Sierra Madres 75 km NW of El Sauzal and also NW of Glamis Gold's Cieneguita. It is around 125 km S of Mulatos and also S of the Moris Mine.
GCN #217 12Nov97
Spokane Resources Ltd. SKN (TSX)
Formed a 50/50 JV along with Sand River Resources Ltd. to explore on a number of Mexican mining opportunities. The focus is on evaluation 4 polymetallic skarn and replacement systems and one Au-Ag project including those numbered 1-5 listed above under Sand River Resources Ltd. As of January, 1999 formal agreements are now in place with respect to these 5 properties. Since Oct. 1997 the JV company had only been operating under letter of intent agreements to explore 53 concessions in 12 properties jointly with Sand River Resources Ltd.
GCN #14 21Jan99
St. Elias Mines Ltd. SLI (TSX)
Los Diablos, Zacatecas. Acquired 100% interest from Arizco Ventures Inc. in 46,000 ha claim located in NE Zacatecas in the Concepcion del Oro District.
Standard Mining Corporation SDM (TSX)
Quest International merged with Standard Mining Inc. Name changed May 3, 1999 from Quest International Resource Corporation along with a 5 to 1 rollback of outstanding shares. Name was originally changed from Consolidated Ramrod Gold Corporation April 9, 1996 to Quest. Also traded on TSE as QIX and NASDAQ under symbol QIXXF and CRC in Frankfurt. Ramrod's wholly owned Mexican subsidiary is Cia. Minera Ramrod S.A. de C.V. who was involved in southern Sinaloa and over into western Durango with the Ysita Group, owners of historic productive underground Bacis Ag-Au vein district. They also explored Espiritu Santo, Jalisco Au-Ag veins located E of Puerta Vallarta in 1992. (Primary focus for 1999 was Zopilote Au OP/HL Project in Honduras).
Press Release 7Apr99
Press Release 11Feb99
GCN #19 28Jan99
GCN #13 20Jan99
MBD February, 1994
MBD September, 1992
El Chanate Property, Altar District, Sonora. (Dropped it) Management reports that it has completed its due diligence on AngloGold North America Inc.'s subsidiary Minera Chanate S.A. de C.V., which includes the El Chanate property that is located in Sonora State, Mexico. Standard Mining has concluded that the company and the property do not meet Standard's criteria for short-term gold production and has decided not to pursue the acquisition of the company or the property.
Press Release August 4, 2000
Standard signed a deal to purchase 100% of Minera Chanate S.A. de C.V. from AngloGold. This wholly-owned subsidiary controls the 26 square mile El Chanate Property of Cia. Minera Independencia who began work in the area in 1992 (after Kennecott kicked the tires for a few years prior to that time). The property consists of 15 concessions, 2 of which have been elevated to exploitation. In addition 100% control of the surface is established. This deposit is both geologically similar and adjacent to Newmont/Peñoles' La Herradura Gold Mine. A mineable reserve of 9 M tonnes grading 1.5 gpt has been defined by 324 RC holes and 9 core holes. The total resource for the two deposits found to date is reportedly around 900,000 oz; however the second deposit tops out at 150m beneath the surface and may not be economic at this time. Standard believes it can become a gold producer within 24 months and that there is still significant room for the deposit to grow. Initial studies carried out during the last month by Mintec of Tucson for Standard as part of their due diligence showed a global resource of 34,800,000 tonnes grading 1.05 gpt at a 0.5 gpt cutoff. (or around 1.175 million ounces). Metallurgy is being tested by two 7-tonne bulk samples shipped to Kappes, Cassiday & Assoc. in Reno. Two 24-inch run-of-mine column tests are also underway. Upon completion of a positive feasibility study, management would plan to place the deposit into production by the fall of 2001.
Press Release 9May00
SEG October, 1995
SEG January, 1995
MBD November, 1993
Zuloaga Ag Property, Melchor Ocampo District, Zacatecas. Quest considered an option-to-purchase a 100% interest in Echo Bay's Zuloaga Silver Project for $1 million in payments over a two year period. The Zuloaga project, consists of mineral land holdings totaling 38,300 acres located in the second largest silver producing region in Mexico. Echo Bay previously defined a silver resource of 11,517,000 oz of silver at a grade of 44.6 gpt Ag including combined Pb+Zn values of 1.75% based on results from 36 drill holes. In addition, 332 samples collected from the adjacent concession's underground workings, which defined new and untested drill targets, averaged 284 gpt Ag, 7.1%Pb and 8.8% Zn with elevated Au and Cu values. After a due diligence examination Quest decided that the Zuloaga property was not a prudent acquisition.
Press Release January 8, 1998
LAMR January, 1998
Stellar Metals Inc. (delisted see below)
Name changed from Stellar Gold Corp. Name changed to Geostar Metals Inc. GOS-CDNX on 10/7/99 along with a 1 new share for 9 old shares rollback. Geostar involved with properties in Philippines and not any more in Mexico
Was sued by Taurus Exploration Ltd. (who are now called Trans Asia Resources Ltd.) and Core Engineering & Associates (a private company) concerning Nayarit properties. Stellar planed to defend actions. Operations in Mexico have been suspended until legal action is resolved. Evidently according to direct e-mail this whole property package has reverted to World Investments of Mexico
wwwinfo December, 2001
Aguila de Oro Au-Ag District, Nayarit. Optioned from World Investments of Mexico a 1173 ha. concession with Au-Ag values in 3 siliceous breccias in volcanic rocks. Grades on surface are 3-5 grams Au and up to 65 grams Ag. This option from Core Engineering and Associates (which retains a 20% npi) acquired 4 properties named: Dolorosa, La Laguna I and II, Montery and Aguilla de Oro in Western Mexico (Nayarit State). Surface sampling and geochem complete and report expected shortly. A total of 1290 samples (461 soils, 522 trench and 307 rocks). A $160,000 program of trenching, geophysics and drilling is planned for early 1997.
GCN #33 17Feb97
GCN #19 28Jan97
GCN #154 9Aug96
NMN v87#27 09/02/96
Stralak Resources Inc. SRK (VSE)
Holds 49% interest on 5000 acre Datil group Au property in Sonora to Aug. 31, 1995 A total of $191,91 had been spent on exploration as of Nov. 1991. No additional data available
Stratabound Minerals Corp. SB (VSE)
Wholly-owned Mexican subsidiary is Cia. Minera Stratamex S.A. de C.V.
Sierra Azul Zn-Pb-Ag-Au Mine, Monclova-Cuatrocienegas Region, Coahuila. Includes the Santa Genoveva deposit. Optioned 100% (subject to 1% nsr) 63 Ha historic producer of high-grade oxide direct-to-smelter ore located near Monclova. Staked additional 1,819 Ha. Total property position at Sierra Azul is reportedly 2,132 ha. Mineralization occurs as high-grade argentiferous Pb-Zn replacements which have been traced underground for more than 625 ft.. Showings on surface for more than 3.2 km of strike in an area with 6.8 km of favorable stratigraphy exposed. Major Canadian company evaluated area in the past. Main mineralized body appears to be a 5 to 20m thick manto developed at arkose/dolomite contact. Favorable ore-hosting breccia mapped for 3.5 km on surface with widths between 50 to 100m. Underground mapping by at a scale of 1:250 concurrent with channel sampling. IP geophysics program was scheduled for October, 1997. Underground sampling at the San Genoveva deposit in 1998 led to initial resource definition of 700,000 tonnes of 9.7% Zn and 3.7% Pb along a strike of 475 m which is still open in high grade mineralization in one direction along strike and downdip. This resource calculation includes 315,500 tonnes of oxide mineralization at 5.74% Zn and 1.96% Pb; 125,000 additional tonnes of oxide mineralization at 10.22% Zn and 5.17% Pb; as well as 262,500 tonnes of sulfide mineralization at 14.21% Zn and 5.04% Pb. Silver values not reported. Completed financing and plans to commence exploration at its Monarca property in Mexico shortly and will focus on the Muralla breach, an area that contains many old workings.
Press Release 06Apr00
GCN #180 18Sep98
GCN #106 3Jun98
GCN #234 5Dec97
GCN #187 29Sep97
GCN #144 28Jul97
NMN v82#52 2/24/97
GCN #39 25Feb97
Don Indio Project, Monclova-Cuatrocienegas Region, Coahuila. Regional exploration led to identification of this property located 95 km NW of Sierra Azul. Concession covers 2,947 Ha along a 19 km strike length of carbonate and redbeds. It contains three historic mines: Pilar Grande, Escalmada and San Marcos. The initial program comprises extensive channel and panel sampling as well as detailed mapping. An eight man crew conducted detailed mapping and systemmatic underground channel and panel sampling to determine ore grades and thicknesses in the San Marcos West, Pilar Grande, La Encalmada and El Rincon Zones. Ore grade mineralization with economic valuse of Ag, Cu, Pb and Zn remains open along strike and down dip.
GCN #49 11Mar99 (includes maps and tabulated results of sampling)
Press Release 27Jan99
MBD October, 1998
GCN #180 18Sep98
La Monarcha Property, Monclova-Cuatrocienegas Region, Coahuila. Signed a letter of intent on 21Jan99 on this property which is located in between the Sierra Azul and Don Indio properties. Property is 70 km long and contains two windows in the Monarcha Anticline exposing the Cretaceous carbonates and Jurassic redbeds. The Murella window is 25 km long and contains 80 pre-1950 Zn-Ag-Pb mines and prospects. In the reforma area workings along 5 km of strike include La reforma, La Fortuna and Ocampo. Consejo data reports 2M tonnes of production between 1896 and 1958. Historical production records recovered in March, 1999 for 12 mines which were worked to shallow depths for high grade oxide ores shipped directly to smelters..
GCN #57 23Mar99 (with several maps and past production tables)
GCN #28 10Feb99 (with several maps showing claims and prospects)
Press Release 27Jan99
Stroud Resources Ltd. SDR (TSE)
Santo Domingo II Ag-Au Property, Jalisco. Agreed to purchase 100% of Cia. Minera San Diego y La Espanola S.A. de C.V. (a private Mexican company) which owns two contiguous concessions in the State of Jalisco, Mexico for U.S.$1,190,000, payable over a three and a half year period. The two concessions are covered by exploitation licenses and are located 90 km north of Guadalajara. The infrastructure of the area is excellent. A number of significant epithermal gold-silver and silver-gold deposits are located in a similar geological environment in Mexico. There are six adits on the property. "These adits were hand dug by the Spanish 200 years ago when they selectively mined part of the epithermal veins for silver. Two of the sub-parallel veins which range in size from five m to 20 m in width appear to be approximately 750 m in length. Six grab samples taken from the veins by Mr. George E. Coburn, President of Stroud, assayed from 0.01 oz. gold per ton to 0.898 oz. gold per ton and silver assays ranged from 1.68 oz. silver per ton to 30.03 oz. silver per ton. The average ''silver equivalent" assay, was 21.19 oz. per ton. The samples were assayed in an Ontario based laboratory. TNK Resources Inc. purchased 4M units at 10 cents each to flush $400K into Stroud's treasury so they can explore and drill Santo Domingo II property in Jalisco.. Taurus Capital Markets of Toronto assisted in the transaction.
TNK WWWinfo 20Feb99
GCN #23 3Feb99
Canada NewsWire 9Jan98
Sultan Minerals Inc. SUL (VSE)
El Salvador Au-Ag Project, Sinaloa. Entered into option to acquire a 100% interest in the 69,787 ha concession situated on the SE side of the historic Spanish Colonial Copala Au camp. Surface sampling and mapping underway 3Q97. Acquisition of a 500 ha inlier concession is presently under negotiation. property is to be considered as advanced stage of exploration by Sultan.
GCN #171 5Sep97
CGN #162 22Aug97
Silva Property and Silva II Claim, Guerraro. Located 20 km NW of Taxco Ag District. Received VSE approval in late October for 100% acquisition of 370 ha Silva II. Part of Lang Mining Group that controls 100% of Silva I, II Mineral Claims, with a massive sulfide adjacent to Matmala Mineral Concession of Valerie Gold. Dighem flew airborne survey in January, 1997 in conjunction with Valerie over adjacent lands. Techniques include 5 frequency EM, mag and radiometrics. Silva II contract finalized in May '97. Results received 3Q97 and show 4 short EM conductors on property. These were to be investigated on the surface in October, but it looks like it took until 1Q98 to get there. Good initial Au Ag values from surface sampling. prospecting, mapping and sampling that took place in 2Q98. Soil survey in the Pitayas Ares (N=678) completed. Follow up rock chip program and steam sediments initiated over Au-Ag-Zn-Pb anomaly.
LAMR July, 1998
GCN #133 13Jul98 (with map data of anomalies)
GCN #120 23Jun98
LAMR May, 1998
GCN #23 3Feb98
LAMR February, 1998
GCN #210 31Oct97
GCN #89 7May96
PROSP Jul/Aug 1996
Sumitomo Minerals Corporation
Tropico Cu-Au-PGE Project, Sinaloa. Optioned a 70% earn-in interest in this 14,000 ha 19 km by 4 km mafic intrusive complex from Santoy Minerals and Fairfield Minerals. Gets initial 51% and control by spending $3M bin 3 years. Best target to date is Marciela with 0.94% Cu, 0.35 gpt Au, 0.27 gpt Pt and 0.45 gpt Pt over 54m in trenching program. Driling planned ASAP.
Press Release 2Oct01
Junior partner along with Peñoles and Dowa Mining on the Tizapa massive sulfide deposit in Guerrero.
E&MJ November, 1996
Summex Mines Ltd. SXM (VSE -delisted)
Company de-listed 17Mar98 at request of company. Took it's website down in early 1998.
Campo Morado Area, Guerrero. The suits and counter suits concerning concerning various claims in the are finally over in Canada as far as the Honourable Madam Justice Kirkpatrick of the BC Supreme Court is concerned. She stated "in the result, both actions are dismissed". She stated that Summex could have and should have done more to prove their case.
GCN #146 30Jul98
John Torok, past president of Summex Mines Ltd., dropped all claims against Farallon as of 17Feb99. The only claim against Farallon that is still outstanding is in Hermosillo and from the only two remaining plaintiffs: David Hermiston and his mom. (NOTE: David Hermiston was banned from trading by the Alberta Securities Commission for misrepresentation and theft involving a public company.)
Press Release 17Feb99
Guachinango Concession, Jalisco. A 9,350 ha property located 140 km W of Guadalajara. within the Trans-Mexico volcanic belt. Includes several old mines such as La Catarina Zone, Corpus Christi, El Rayo and El Ocote veins and the Rafael Cu prospect..
Summo Minerals Corporation SMA (TSE)
Terrazas Cu-Zn Oxide Deposit, Chihuahua. Signed a letter of intent to option to purchase the Terrazas copper-zinc oxide skarn deposit located 40 km N of Chihuahua City. Terms call for a seven year option period with a buyout of 100% of the property upon commencement of production, or anytime prior to expiry of the option period, for a price of US$3 million. Summo is required to carry out at least US$2 million in work on the property during the option term. The underlying owner will retain a 1.5-2% net sales royalty, indexed to copper prices.
The Terrazas deposit is located about 40 km. northwest of Chihuahua City in north-central Mexico in an area with atypically well developed infrastructure. The deposit lies along a northwest trending zone that separates the Laramide-aged Mexican Thrust Belt to the east from the Tertiary volcanic plateau of the Sierra Madre Occidental to the west. The Terrazas deposit has some similarities to larger deposits in the vicinity such as Naica and Santa Eulalia. A sequence of Cretaceous limestones in the deposit area was subjected to low angle faulting, erosion and development of karst features. The erosion led to the local deposition of basin-filling, Tertiary-aged conglomerate. Contemporaneous with the deposition of the conglomerate was the onset of predominantly rhyolitic volcanic activity in the area manifested by flows, dikes, sills other subvolcanic intrusions.
Significant alteration in the area affected both the limestone and the overlying conglomerate and resulted in the development of several areas of extensive skarn, two of which host copper and zinc mineralization. Skarn development is most closely related in time and space to the area of the rhyolitic volcanics, but a non-outcropping intrusive is inferred. The mineralized skarn forms two half-mooned shaped areas separated by the north-trending Verde Fault and with both areas of skarn truncated at depth by a low angle fault from an underlying intrusive. Mineralogy of the skarn is mostly green, andradite garnet with lesser quartz, and with some retrograde(?) calcite.
Copper and zinc mineralization is generally confined to the skarn, with higher grades, and most past mining, often in close association with the marble front. The skarn is generally completely oxidized, with only minor remnants of the sulfides pyrite, chalcopyrite and sphalerite. Oxidation has led to only minor remobilization of copper and zinc and the generation of malachite, chrysocolla, hemimorphite, willemite and Cu- and Zn-bearing iron oxides. Areas of higher copper and zinc grades are not generally coincident. The deposit has been subject to several periods of drilling, with the latest conducted by Summo in 2000. Based on the drilling results, a geologic resource exceeding 110 million tonnes has been estimated, grading 0.26% Cu and 0.36% Zn, and which is open to expansion.
Economic related criteria, including the extraction of copper and zinc from numerous column leach tests, were developed and used to generate a potentially mineable resource estimated at 58.3 million tonnes grading 0.35% Cu and 0.57% Zn with a strip ratio of 0.62/1.0. A hydrometallurgical flowsheet was also developed utilizing heap leach extraction with recovery of copper via conventional SX-EW and zinc via solution reduction and direct EW. A recently completed pre-feasibility study proposes an operation with an 11 year life with average co-product basis cash operating costs of $0.35 per pound copper and $0.21 per pound zinc.
March 11, 2002: The Terrazas SX-EW Cu-Zn Project passes an economic evaluation in a detailed feasibility study. The oxide Cu-Zn orebody would be mined at a daily rate of 15,000 to 20,000 tonnes as an open pit. The resource figure of 58.3 million tonnes at 0.35% Cu and ).57% Zn would cover an 11 year mine life. The pit design has a stripping ratio of 0.62:1. The expected annual production would be 18,000 tones of cathode Cu and 27,000 tonnes of Zn ingot.
NMN V88#3, Mar. 11-17, 2002
January 29, 2001: Summo Minerals Corporation has completed its in-house evaluation of the results of Phase 1 drilling completed in 2000 on the Terrazas copper-zinc oxide deposit, located in Chihuahua, Mexico. The in-house evaluation includes a new global resource calculation, review of anticipated copper and zinc recovery via heap leach based upon acid soluble analytical data, review of the anticipated acid consumption based upon laboratory tests on drill cuttings and bulk samples, a new mineable resource contained within a fully engineered pit with ramp access, and a new cash flow model for development of the project as an open pit heap leach SX-EW operation with a minimum 10-year mine life. The in-house study is precedent to commissioning a third-party pre-feasibility study, for which Requests for Proposals have been solicited, Proposals received, and selected engineering firms short-listed. The successful candidates for ore reserve/mine planning and engineering will be selected and announced later.
Incorporation of the data from investigations completed in 2000 reveal the global resource has expanded to 99 million tonnes grading 0.33% Cu(T) and 0.40%Zn(T). Median/mean acid soluble total ratios for copper and zinc above cut-off values of 0.15% Cu and 0.20% Zn are 87%/77% and 77%/74%, respectively. Actual extractions under heap leach conditions are expected to be similar or higher than the above, based on preliminary bottle roll test results. Acid consumption tests on drill cuttings and bulk ore samples at different crush sizes suggest the average acid consumption under heap leach conditions at a crush size of -1.5 inches will be less than originally anticipated, and average nominally 40 kgs/tonne.
Preliminary mineable resource calculations, based upon 3D IDS independent grade block modeling of copper and zinc, indicates the presence of an un-optimized minimum minable resource of 61 million tonnes grading 0.355% Cu(T) and 0.579% Zn(T), at a cut-off grade of 0.15% Cu(T) and with an overall strip ratio of 0.69:1 within a fully engineered pit with ramp access at 8% grade. Average pit slopes of 50 degrees were used, although steeper slopes will be considered during independent engineering to access additional ore grade material outside of the preliminary pit limits.
The current conceptual plan calls for development of an open pit mine, acid heap leach, and SX-EW recovery of both copper and zinc to produce nominally 40 million pounds of copper and 60 million pounds of zinc annually at an average cash operating cost of US$0.43/lb. Cu and US$0.40/lb. Zn on a co-product basis. Crediting the forecasted revenue from the sale of zinc to the cost of copper production generates a forecasted total cash operating cost of US$0.29/lb. Cu, and a total cost, including capital, of $0.53/lb. Cu, using an average zinc price of US$0.50/lb. The project has a forecasted NPV@10% of US$32.4 million and a pre-tax IRR of 35% at a copper price of US$0.85/lb.
Summo will proceed with assembly and packaging of the data for delivery to the independent engineers for preparation of a third-party pre-feasibility study during the first and second quarter of 2001. Summo anticipates commencement of Phase 2 RC drilling to complete resource/reserve definition on 75 meter spacing, and large diameter core drilling for metallurgical sampling purposes, in the second quarter of 2001. Column leach tests on prepared drill core are scheduled to commence the third quarter of 2001, for completion in early 2002. All of the data gathered in 2001 will be incorporated into the project data base for preparation of a full Feasibility Study in 2002.
The project data base currently consists of a total of 89 drill holes totaling 12,796 meters and 1,320 meters of underground channel samples, and contains 4,091 copper assays, 2,970 zinc assays, 2,459 acid soluble copper assays, 1,288 acid soluble zinc assays, and 1,772 acid consumption determinations. Summo has spent over US$750,000 on the project to date, anticipates spending US$250,000 to complete the pre-feasibility study by mid-2001, and plans an expenditure of US$1.25 million to complete a full Feasibility Study in 2002.
The Terrazas copper-zinc oxide skarn deposit is located approximately 40 kilometers north of the City of Chihuahua, Chihuahua, 5 kilometers east of the 4-lane highway to El Paso, Texas. A total of 7700 meters of drilling in 55 holes (core and RC) and channel sampling along 2500 meters of accessible underground workings outline a drill-indicated resource of 68 million tonnes grading 0.44% Cu(T) and 0.41% Zn(T) within a fully engineered pit with ramp access at a strip ratio of 0.5:1. The resource calculation was performed by Summo's President Gregory A. Hahn, C.P.G. #7122. This resource is roughly one third measured, one third indicated, and one third inferred. The resource remains open in three directions to possible expansion. Acid soluble analyses average (plus) 85% of total for both copper and zinc throughout the deposit, with higher acid soluble/total ratios in the upper two-thirds of the deposit. Summo is incorporating Minera Terrazas S.A. de C.V. in Mexico to hold the option. A drilling program totaling roughly 20,000 meters to define the above resource on 50-meter centers is being planned for 2000 and will be permitted with the appropriate Mexican agency responsible for mine project permitting. Drilling is anticipated to commence in the second quarter of 2000.
The Terrazas property represents the third-largest known undeveloped copper oxide deposit in Mexico, and has excellent logistics and infrastructure. Aside from being located within one hour of Chihuahua, the property has a 115 kv power line and substation located 4 kilometers to the west, a 220 kv powerline across the east end of the property, a railroad and siding two kilometers to the west of the property, and abundant groundwater in the valley 2 kilometers to the west. Also, initial discussions are underway with a local producer of sulfuric acid. Summo will commence preliminary engineering and metallurgical studies simultaneous with drilling to be able to complete a pre-feasibility study on development of the project by early 2001.
Initial indications are the property should be able to produce 30-40 million pounds of cathode copper annually, and an equivalent amount of zinc metal either as a precipitate or as cathode, at very competitive costs. Together with the Lisbon Valley (Utah) Project, the two deposits can propel Summo towards its goal of producing (plus) 100 million pounds of cathode copper annually at cash costs of less than $0.50/lb.
Press Release 29Dec99
Sunshine Mining & Refining Company SSCF (OTCBB)
BOISE, IDAHO, July 19, 1999 – Sunshine Mining and Refining Company announced today that it was implementing a 1 for 8 reverse stock split, effective August 6, 1999. The reverse split was approved by the company’s stockholders at the annual meeting on June 10, 1997. After the split, the company’s total shares outstanding will be 34.6 million, or 1 share for each 4.5 ounces of proven and probable silver reserves. Asked to be delisted from NYSE and listed on OTCBB on July 14, 2000. Sunshine Mining & Refining Company is a holding company whose principal subsidiaries explore for, mine, refine and market silver and certain by-product metals to commercial customers. Exploration in Mexico comes under the direction of the wholly owned subsidiary Sunshine Precious Metals Inc.
Juanicipio Property, Zacatecas. Acquired a 28,000 ha property adjacent to and on strike with the historic Fresnillo Mine owned by Penoles. The property actually lies SW of the city of Fresnillo and Penoles has recently been actively drilling very near the property boundary. The conceptual model of exploration interest assumes that similar veins as those at Fresnillo or actual extensions of the Fresnillo veins themselves strike onto the Juanicipio concession. These targets will be the focus of exploration drilling in the near future. Note that Sunshine dropped their interest in this property and it has subsequently come under control by another Canadian junior company as of 4Q02.
Press Release 5Aug99
Sunstate Resources Ltd. SUT (VSE)
Caldera I and II concessions, Pinos District, Zacatecas. Located just N and NE of town of Pinos. Letter of intent to earn 50% interest along with Kalajari Resources in this 8000 hectare (31 sq mi) concession group. Kalahari opted out of it's joint venture with Sunstate in Dec. 1998 and both terminated option in early 1999. Sunstate is presently examining other Mexican opportunities. Area underlain by various volcanic rock types with multiple caldera eruption and collapse features. Option obtained from private company Caldera Gold Ltd. (insider: Terry Heard, the optioner).
GCN #1 4Jan99
GCN #24 4Feb98
GCN #21 30Jan98
GCN #19 28Jan98
Superior Graphite Company
Completed amorphous graphite plant in Torres Mexico with 27,500 stpd capacity. Operated by subsidiary Superior S.A. de C.V. of Hermosillo, Sonora.
ME August, 1993
Optioned La Neri property in Nuevo Ideal, Durango from to ESM Resources Ltd. (now EAV Ventures) who planed drilling by Sep. 1996. Retain 10% back-in option. Synergy Mines is controlled by Michael Pym of West Vancouver.