Category: Exploration and Development

Bruce Winfield, President & CEO of Defiance, stated, “We are very excited by the prospect of bringing the project to the next stage of advanced drilling with the goal of continually expanding the current resource to depth and along strike. With over 5.6km of strike length that is still well under-explored with similar geology, there still remains the potential for further discoveries at the San Acacio Project.”

Dunham Craig, P.Geo., Interim CEO commented, “While we suspected the William Tell Vein would extend to the south, we are very pleased to see this discovery in an area where we did not know what the vein mineralization, location or geometry would be. The high grade continuity in four of the drill holes within the potentially mineralized corridor is very encouraging and we are eager to begin a Phase 2 drilling program as soon as possible to further delineate the strike extension and depth. In addition, the discovery of two new vein intercepts grading above 700 gpt AgEq*, combined with all of the results received to date from drilling and underground channel sampling, reiterate a possible discovery of a district-wide area play. The crew in Mexico continues to gain further access within the estimated 11.5 kilometres of historic underground workings in both the Las Chispas area and Babicanora area for mapping, sampling and future drilling program design. We expect to report on further drill results and underground activities over the coming weeks.”

Source Exploration Corp. is pleased to announce that it has entered into a non-binding letter of intent which sets forth the basic terms upon which an extension to the option agreement to acquire the Pepe, Pepe Tres and San Jose concessions located at its Las Minas property may be granted. These concessions are part of the six concessions held under option or wholly owned by Source at Las Minas, Veracruz State, Mexico.

“The Property is located in very close proximity to the Rosario Mine and the Company has successfully milled mineralized material from the Property at the Rosario Mine milling facility in prior years,” said Arturo Préstamo, President and CEO of Santacruz. “Entering the Agreement was a logical strategic step for the Company to take as the initial capital expenditures required to produce mineralized material from the Property are anticipated to be modest, while simultaneously making use of excess capacity at the Rosario Mine milling facility.”

Millrock Resources Inc. announces that it has initiated a drilling program at its Los Chinos gold project in Sonora State, Mexico. The project is the subject of apreviously-announced option to joint venture agreement with Centerra Gold Inc. Under the option agreement, Centerra can earn a 70% interest by funding US$5.0 million in exploration expenditures over a five year period. Millrock manages the exploration work in close consultation with Centerra.

Southern Silver also reported that crews have mobilized and that soil sampling is underway as part of the next phase of work on the Cerro Las Minitas project, located in Durango, Mexico. The work will target new discoveries on the largely gravel-covered property. The sampling program will further evaluate targets developed during the Company’s detailed re-evaluation of airborne and ground geophysics, property-wide biogeochemical surveys, and soil and float sampling completed by Southern Silver over the last several years. Initial work has started with step-out soil lines to determine the potential strike-length of a 500 metre-long gold-in-soil anomaly in Target Area 1 (Figure 2), located about 4 km to the southwest of the Blind, El Sol and Santo Nino deposits. Follow-up drilling is anticipated as new targets are developed and refined.

Mexus Gold US today gave an update on the progress at its Santa Elena mine. The recent rains resulted in a small delay at the mine but the crew onsite did an excellent job of keeping the impact to a minimum. The crushing of the heap leach pad filter material continues and should be completed shortly. Mexus President, Paul Thompson, remains confident that nothing will stop our partner from bringing the property into production. Mr. Thompson closed, “I appreciate the continued patience and trust of our shareholders. I now believe that we will be in full production during the month of October.”

Alset Energy Corp. is pleased to announce the receipt of a new translation revealing results of an official study undertaken in 1992 by the Mexico’s former Mineral Resource Council, (now the Geologic Society of Mexico) on the San Jose de Caliguey salar located within one of Alset’s concessions in San Luis Potosi, Mexico.

The partial results from our first round of drilling at Rodeo show a gold and silver bearing epithermal vein and breccia system with encouraging gold and silver values over an approximate 50 to 70 meter true width. The system is exposed at the top of a northwesterly striking ridge and dips steeply to the northeast. This could provide the possibility of open pit mining if we discover a deposit with sufficient tonnage of an appropriate grade and other characteristics to justify mining.

“We are excited to be preparing for the project’s first ever drilling program,” stated Dr. Brian Penney, Chairman of Silver Spruce Resources Inc. “The areas where high silver values were sampled at surface are the primary focus of the program and indicate that very significant mineralized intervals may be encountered.”