Vancouver —
The Cerro Prieto and Los Mantos zones are shown to have a total indicated resource of 10.2 million tonnes grading 118.8 grams silver and 0.07 gram gold per tonne, equivalent to 38.9 million oz. silver and 24,000 oz. gold.
The NI 43-101-compliant report, conducted by N. Tribe & Associates, uses a cutoff grade of US$6 per tonne combined silver and gold, and prices of US$6.80 per oz. silver and US$425 per oz. gold. The study is based on results from drilling 166 reverse-circulation holes (26,500 metres).
The mineralization appears to be associated with a series of flat-lying faults. Major feeder structures at both Cerro Prieto and Los Mantos form the plumbing for a hydrothermal system that mineralized the fault zone as well as pooled, or spread laterally along the Lower Volcanic group andesites and inter-layered pyroclastics. A disseminated halo of lower-grade silver mineralization surrounds the high-grade veins.
Mineralization consists of galena, sphalerite and pyrite, with minor amounts of chalcopyrite, tetrahedrite and argentite. Some native silver and free gold occur in strongly oxidized zones.
Tejamen has been explored since the late 1800s. In the 1970s, mining was carried out on a small scale from underground. In the late 1990s, operators tested the 1.4-metre-wide mineralized vein from six levels and reported average grades of 405 grams silver and 0.1 grams gold per tonne, plus 2.3% lead and 2% zinc.
A proposed open-pit mine could require relocation of residents in the village of Tejamen.
The company is earning a 100% interest in Tejamen, the San Lucas silver property, and four other projects in Durango and Zacatecas states from Minera Montana, a private Mexican-company controlled by Oremex president and CEO Dale Scholz. In return, Oremex is paying US$2 million to the underlying property owner.
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