Drilling is planned by Placer Dome (TSE) to test a previously defined gold resource and further explore the Mulatos property in the Sierra Madre mountains of Mexico’s Sonora state.
The volcanic-hosted deposit is estimated to contain a resource of 800,000 oz. gold. The program will substantiate the estimate and explore the property’s overall potential.
Placer Dome has paid US$5 million to acquire the Mulatos properties which were previously controlled by Minera Real de Angeles S.A. de C.V. (MRA). Placer once held a 49% interest in MRA but sold its stake for US$4.5 million to Empresas Frisco of Mexico.
MRA owns a silver mine in Zacatecas, Mexico, which shut down in April because of low prices for silver, zinc and lead and high smelter charges.
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