Tag: Exploration and Development

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.”

Orex’s President, Gary Cope says, “Drilling continues to yield thick intercepts of disseminated silver mineralization showing strong continuity in the Main Zone of the Boleras Deposit.”

Azure’s Managing Director, Tony Rovira said: “These latest drilling results are very positive and supportive of our belief that Loma Bonita could become a substantial gold deposit, particularly as the grades and thicknesses of the gold zone appear to increase significantly to the south. “Together with the ongoing development studies at Mesa de Plata, Loma Bonita is a very high priority for Azure and we’ll continue to keep the drills turning there. Meanwhile, our grass roots exploration program is continuing with a diamond rig now drilling further to the south of Loma Bonita at Cerro San Simon and Cerro Enmedio testing substantial geochemical and geophysical anomalies.”