With the San Francisco mine pouring gold in Sonora state, Geomaque Explorations (TSE) has added to its Mexican holdings by optioning a gold-silver property in the Pachuca district of Hidalgo state, 100 km north of Mexico City.
To earn a 60% interest from Prior Resources (VSE), Geomaque must spend $6 million on the property over four years.
The property is 20 km northwest of the mining cities of Pachuca and Real del Monte, in a district that has produced more than 1.5 billion oz. silver and 7 million oz. gold over 500 years of mining.
“This acquisition represents a significant step forward in our strategy to expand our Mexican holdings,” states John Paterson, president of Geomaque. “Pachuca offers a good environment for low-cost gold production with an established infrastructure and proximity to a stable and well-trained workforce.”
The property is 7 km long, more than 1 km wide, and incorporates numerous past-producing mines. Five of these sites have significant workings: San Pedro, La Preciosa, San Eugenia, La Trinidad and Santa Rosa.
All mining to date has been underground and focused on the dominant Arevalo-Capula dyke, a vein structure. However, Geomaque notes that recent sampling results indicate low-grade, open-pit potential as well.
Limited surface sampling of breccia quartz-outcropping at the San Eugenia site has returned values of 1.14 grams gold and 237.8 grams silver per tonne over a total continuous sampling width of 14.7 metres.
Similar sampling at the San Pedro site returned 2.35 grams gold and 314.2 grams silver over 5.4 metres and 0.445 gram gold and 138 grams silver over 21 metres.
In addition to its Mexican assets, Geomaque is exploring for gold in West Africa and Canada.
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