Croesus eyes more ground

Vancouver — International Croesus Ventures (ICU-V) has inked a letter-of-intent with Golden Temple Mining (GTM-V) to buy seven massive sulphide properties in Mexico.

The deal covers all of Golden Temples’ projects in Mexico, including the prospective El Gordo claim group, which was held under option to Noranda (NRD-T) until late in 2000. The major withdrew from the project after spending some $2.5 million. Situated in Guanajuato and Jalisco states, the project covers two massive sulphide targets that were partially tested by Noranda. The mineralization, described as “typically stratiform,” consists of massive pyrite with lesser chalcopyrite, galena and sphalerite, hosted by felsic volcaniclastic rocks of the Esperanza formation. Drill intercepts have returned up to 4.3% copper over 9.3 metres and 2.3% copper over 12.9 metres.

Croesus also gains the Madunfo and El Varal projects. Recent prospecting by Golden Temple at the Carmen-El Varal property, in Aguascalientes state, focused on an iron-rich gossan that returned “highly anomalous” values in lead, zinc, copper, silver and gold. At the Madunfo project, two layers of stratiform sphalerite averaging 3 metres in thickness have been traced on surface for 275 metres. Grab samples of this material returned up to 12.7% zinc, 8.1% lead and 90 grams silver per tonne. Limited drilling by Noranda cut a large section of stockwork mineralization.

The price tag for the properties is 300,000 shares.