Junior Formation Capital (FCO-T) has acquired the 12,000-ha Los Cocos gold property in central Mexico.
The property, Formation’s first in that country, is in Guanajuato state, 160 km northwest of Mexico City.
The junior will explore what appears to be a gold-silver skarn or porphyry system, which it hopes to develop into an open-pit, heap-leach operation. The deposit is estimated to contain 1 million oz. gold.
In 1964, the Mexican government identified four main types of mineralization, including: veins and replacements averaging 13.4 grams gold and 290 grams silver per ton; veinlets and stockworks in metasediments averaging 4.9 grams gold and 110 grams silver; disseminated material averaging 1.03 grams gold and 73 grams silver; and low-grade veinlets and stockworks in igneous rock, where one sample returned 1 gram gold and 34 grams silver.
In 1979, Bethelhem Steel carried out a large-scale reconnaissance program, collecting and assaying 39 lithogeochemical samples of 44 kg each. The samples, which were spaced at 500-metre intervals over a 2-by-4-metre area, averaged 1.1 grams gold. Eight samples graded less than 0.5 gram gold.
Formation will carry out re-sampling to confirm Bethlehem’s 1979 results.
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