Meridian options Venturina

Nevada-based Meridian Gold (MNG-T) has entered into a joint-venture option agreement with International Northair Mines (INM-V) on the latter’s early-stage Venturina gold property in the Sierra Madre region of Mexico’s Chihuahua state.

Meridian can earn up to an initial 65% interest in the core group of claims and up to a 60% interest in the surrounding Arcoiris II claims by making cash payments to Northair totalling US$1 million and spending US$2

million in exploration over four years. The Arcoirir II claims are currently under option from Visionary Mining (vin-v).

Thereafter, for every $500,000 spent on exploration, Meridian will earn an additional 1% interest in the Venturina property, up to a maximum of 85%.

The property occupies a portion of the historic Dios de Guia gold-silver district, which has a rich history of high-grade production dating back to the late 1800s. Abundant small mine workings are found on the property.

Northair targeted the property for its bulk-tonnage potential.

Mapping and sampling traced the main Venturina zone over a strike length of nearly 2 km and a width ranging from 15 to 75 metres. Mineralization occurs along a complex, northwesterly striking fault zone that contains several closely spaced, subparallel faults, most of which have been altered

and silicified.

A total of 532 surface and underground chip samples and channel samples collected from this zone averaged 1.56 grams gold and 42 grams silver per tonne. Northair tested a 400-metre strike length of the Venturina prospect with a first-phase 13-hole program of reverse-circulation drilling. Some of the better results included:

• 53.3 metres of 1.3 grams gold and 29.6 grams silver (including 22.9 metres of 2.89 grams gold and 65.1 grams silver);
• 10.7 metres of 1.61 grams gold and 30.3 grams silver;
• 6.1 metres of 4.6 grams gold and 50.2 grams silver; and
• 25.9 metres of 3.4 grams gold and 16.2 grams silver.

In addition, Northair says it has received encouraging results from mapping and sampling on the Salvador, San Jose West, Erika and San Jose East prospects, east of the main Venturina zone. Like Venturina, these areas contain dacite and andesite volcanic rock units intruded by rhyolite dykes in a structurally complex environment, with numerous mineralized fault zones.