Vancouver – Looking to gain a foot hold in Mexico’s southern Chihuahua state, mining giant Anglo American (AAUK-Q) has teamed up with Western Copper Holdings (WYC-T) to explore 145 sq. km in the historic Almoloya zinc-lead-silver-gold mining district.
Under the deal, Anglo can earn an 80% stake in the property by spending US$1.75 million and paying US$300,000 over 5-years.
The region has a long mining history dating back to the 1850’s when oxide ore with high base metal values was high-graded primarily for its gold content. Today, the area is home to Industrias Penoles‘ Naica copper-lead-zinc mine, which has been in production since 1895 and Grupo Mexico’s Santa Barbara copper-lead-zinc operations. Mineralization is typically “replacement” style, with most of the ore at Naica derived from the Torino – Tehuacan breccia pipe.
Regionally, the geology is marked by a 14-by-12- km hydrothermal alteration system associated with Cretaceous limestones.
Anglo aims to complete geological and structural mapping combined with geochemical and geophysical surveys to define prospective drill targets.
Western Copper for its part is busy advancing its wholly owned Penasquito silver-gold-lead-zinc property in the Concepcion del Oro district of Mexico’s Zacatecas state. A resource calculation is expected shortly.
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