The two companies report a total of 912 m were drilled in a 14-hole program on the La Cruz option of the Matarachi project, situated in Mexico’s Sonora state.
New Golden Sceptre and New Goliath together hold a 49% interest in the property through Papanton Minas S.A., a Mexican company. That is the maximum foreign ownership allowed for such projects under Mexican law.
Papanton has a 36,000 hectare exploration permit located 210 km southeast of Hermosillo, the capital of the state of Sonora.
Results from the program are:
From-To Width Gold Hole (m) (m) (oz/t) C-2 19-24 5 0.11 includes 22-23 1 0.33
38-39 1 0.20
75-76 1 0.23 C-3 26-28 2 0.28 C-5 30-32 2 1.33 C-7 26-28 2 0.19 C-12 42-44 2 0.39
68-70 2 0.48 C-18 0-02 2 0.27
Previous drilling on the large property has defined a geological reserve of 551,150 tons averaging 0.073 oz. gold per ton in one of two mineralized prospects. Preliminary metallurgical tests show recoveries ranging from 65.5-9 9% in an agitated cyanide leach.
Hughes Lang Corp. (HLC), has agreed to provide management and administrative services to each company, effective this month.
HLC will receive management fees, rights of first refusal with respect to additional financing and dispositions of mineral property interests, and voting rights with respect to shareholdings held by each company in the other.
]]>
Be the first to comment on "New Golden Sceptre active in Mexico"