Metalline is a one-property company, the Sierra Mojada Property. Sierra Mojada contains two resources, each a different mineral system separated by the east west trending Sierra Mojada Fault. North of the fault the mineralization is chemical sedimentary disseminated to massive silver, copper, zinc and lead sulfide. South of the fault the mineralization consists of oxide zinc and lead manto deposits.
Metalline
Mining Company
MMGG (NASDAQ
OTCBB)
Sierra Mojada Project, Coahuila. Signed an earn-in type joint-venture exploration agreement with Penoles in Dec. 2001 whereby the Mexican mining giant can earn 60% by delivering a feasibility study within 5 years, spending $1M on exploration within the first year and purchasing a bunch of Metalline stock over the course of 3 years at a fixed price of $2.00 US.
Press Release 13Dec01
HISTORY: Signed a JV with USMX (now Dakota Mining) to explore two large concessions Sierra Mojada and Sierra Mojada III totaling 7,970 Ha in the heart of the historic district. Metalline could earn 65% interest by spending $2M over 7 years. (On 7Oct99 Metalline announced that they have entered into a 5 year earn-in type JV with North Mining Ltd. of Melbourne Australia that has North getting 60% by continuing with further exploration all the way through a bankable feasibility study delivered in no more than 5 years. A big US$3.27 million property payment due on August 30, 2000 was covered by Metalline. This gives ownership of the Unificacion Mineros Nortenos Consession to Metalline (7,988 ha). Over 600 drill samples and 700 channel samples were analyzed with Gemcom mining software in 4Q99-1Q2000. The result was a total of 2.1 million tonnes averaging 13.86% zinc -- with some samples grading as high as 30% -- and over 290,000 tonnes of contained zinc. Metallines net tangible assets now qualify it for a NASDAQ listing.
Press Release 7Sep00
Press Release 19Jan00
Press Release 7Oct99Metalline also purchased the Esmarelda, Esmarelda I concession and signed agreement to purchase the La Fortuna Mine. Area under control some 17km by 3 to 10 km wide comprising almost the entire Sierra Mojada range. District is famous for producing high-grade direct shipping Pb-Ag, Cu-Ag and Ag ores. USMX geochemical and geophysical studies were included in package. Announced in September that it has completed further acquisitions in the district and now controls approximately 75% of area. Prior Consejo studies put resources at 2 million tonnes at 19% Zn. JV'ed this option with Grand Central Silver Mines in 1Q98. Traded Metalline stock for old Penoles data including folio of 2171 drill holes outlining Zn oxide ore reserves in the San Salvador, Fronteriza and Encantada Mines. Penoles active in area from 1879 until the 1950's. Plans are for JV to conduct a $1M mapping, sampling and drilling program focused on developing silver reserves. Goal is to get at least 2M tonnes into a mineable reserve category and to engineer a 5-year mine to get things operating on it's own cash flow.
A 10,000m drilling program started at Sierra Mojada during 1Q99 and results are being made available as they come out. Four out of the first 6 RC holes intersected ore-grade mineralization. According to Metalline the mineral system being tested is a carbonate hosted, chemical sedimentary, disseminated to massive Ag, Cu, Zn and Pb sulfides. Germanium and cobalt are also present and could be significant economic credits to the ore. Underground channel sampling being conducted simultaneously in old workings. As of June 24, 1999 results of first 16 holes were available.
Press Release 14Jun99 (with tabulated drill results for Ag, Cu, Pb and Zn in holes R9912-R9916)
Press Release 17Feb99 (with tabulated drill results for Ag, Cu, Pb and Zn)
PDAC Brochure January, 1999
LAMR March, 1998
MBD October, 1997
LAMR January, 1997
MBD January, 1996
Daily Prospector 6Dec96
