In last 6 months Diadem has become an active explorer in Mexico concentrating on VMS targets in Zacatecas in an exploration JV arrangement with Penoles. Had previously optioned some Minera Portree properties in September 1999.
Diadem Resources Ltd. [DIR:TSX-V]
El Nino Claim Group, Zacatecas. Becomes an active explorer in a JV with Penoles. This 17,872 hectare claim is 15 km west of the San Nicolas deposit and is underlain by the Chilitos Formation. It is basically the next claim west. Daigem is working with the Parrena Mining Company, a 100% owned subsidiary of Penoles to explore the El Nin Claim group. As of 1Q02 Penoles had conducted geophysics (gravity & airborne magnetic survey) and surface geochem (Pb Zn, Cu and Cd soils over 2,288 ha) and drilled one hole to 611 meters.
Press Release 16Jan02
Press Release 09Oct01
Press Release 19July01
Parroquia Claim Group, Zacatecas. It is but one of five projects now controls in the Zacatecas area. Prior studies had reported proven reserves of 104,580 tonnes and probable reserves of 90,048 tonnes grading 1.5 ppm Au, 213 ppm Ag, 2.75% Cu, 5.90% Zn and 0.20% Pb. Six times that figure are in the inferred category.
Press Release 14Mar02
Portree Zacatecas Portfolio, Zacatecas. Previously had optioned a portfolio of 70 claims which cover 57,000 ha and include the Bilbao and El Morrow (35 claims) and Zacatecas properties. Minera Portree is one of the vendors.
Press Release 8Sep99
El Morrow, Zacatecas. The targets of the joint venture with Cyprus Amax consist of VMS (Cu-Zn) potential, high grade Ag, and polymetallic veins. These targets will be explored by Cyprus Amax at no cost to Diadem. They can earn a 75% interest by exploration expenditures of 2.5 million $US and payment of cash 1.4 million $US to the underlying vendor. Once Cyprus Amax has earned its interest, Diadem will be carried at no cost for a further 10 million $US in expenditures.
Bilbao, Zacatecas. Located in the Panfilo Natera Area immediately adjacent to El Morrow. Famous in the district for its rare lead minerals, the Bilbao mine saw its earliest production in the 1600's and more recently between 1920 and 1945 when the 500 000 tons of high grade ore was extracted above the 76 m level. When mining halted on the 76 m level, the deposit was still open for extension along strike and to depth. A number of hoisting shafts and the main head frame are still intact and useable. A pre-feasablity study was conducted in May 1955 (1995?) and updated Aug 1997 by Kilborn Inc. The conclusion was that the oxide ore would be best exploited as an OP-VL / SX-EW operation processing 250 000 tonnes per year for 9.8 years of zinc and copper ore. The capital cost of 20.2 million $US would be paid back over 3.7 years for an operating cash cost 0.38 $US / lb zinc.
Zacatecas District Properties, Zacatecas. This group of claims contains high grade silver veins, such as the Magistral Vein of 194,500 tonnes measured and indicated to a depth of 50 m, grading 7 opt Ag with also 2.75% Cu, 5.90% Zn, and 0.05 opt Au. There are 1,394,000 tonnes at similar grade inferred to a depth of 320 m. The Se Los Dije Vein has an inferred resource of 1,100,000 tonnes at over 100 opt Ag plus 0.05 opt Au, 2.7% Zn, 1.27% Pb.