Joint-venture partners Exall Resources (TSE) and American Barrick Resources (TSE) have acquired El Triunfo, a gold project on the southern tip of the Baja Peninsula.
The project, which is contiguous with the property being developed by Echo Bay Mines (TSE) and Baja Gold (TSE), was recently tendered by the Mexican government as part of its privatization of national reserves. The 4,850-hectare property contains a series of intrusive rocks with gold-bearing veins, porphyries, tailings dumps and placers. High-grade veins reportedly contain values of up to 6 grams gold per tonne and 328 grams silver in oxides, plus 3.5 grams gold, 213 grams silver, 2.4% lead and 1.2% zinc in sulphide material. Reserves are estimated at 11.3 million tonnes grading 2 to 4 grams gold.
Both companies will assess the property prior to recommending a work program. The Exall-Barrick agreement, signed in December, 1992, has not been renewed by Barrick for 1994. Any new properties accepted by Barrick will be handled as joint-venture projects, with terms to be negotiated on a stand-alone basis. If Barrick proceeds with El Triunfo, the terms of the 1992 agreement will apply.
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