A Mexican unit of Britannia Gold (BGP-V) has an option to acquire two concessions in Oaxaca state.
To do so, the company must pay a Mexican national US$200,000 in staged payments. The deal is subject to a 3% net proceeds royalty.
The concessions, known as the Sierra Madre property, cover several large, intrusive bodies. The property is in an historic mining region known for its many small, high-grade vein mines and the contiguous, former-producing Natividad gold-silver mine.
Surface structures carrying anomalous gold and silver values are believed to represent “a leakage system from a buried, disseminated, gold-silver porphyry system.”
In 1984, a Mexican company identified a surface anomaly measuring 1,000 by 600 metres, with surface chip samples yielding values of 12 to 4,140 grams of silver per ton and 0.2-5 grams gold.
The company plans to carry out a geophysical program to define the buried intrusive targets.
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