Vancouver-listed Valerie Gold Resources is exploring the Mamatla property near Mexico City for its low-grade, bulk-tonnage potential.
Situated 125 miles southwest of the capital city, the gold-silver prospect borders the states of Guerrero and Mexico. It is held by an 85%-owned subsidiary of Valerie under terms requiring expenditures of US$450,000 over two years and US$2.8 million over the following three years. Preliminary exploration is under way on the 20,800-hectare property, the objective being to investigate at least four hydrothermal alteration zones: El Capire, Manta Nuevo, Hill and South.
The zones have been traced over 2 km and are 50-200 metres wide. They host old mine workings believed to have been operated as early as 1542; in reopening these workings, Valerie intends to carry out bulk sampling and to identify potential drill targets.
At El Capire prospect, previous work by the Mexican government’s Consejo de Recursos Minerales outlined a potential reserve of 5.2 million tonnes grading 0.4 grams gold and 445 grams silver per tonne, plus 5.9% lead and 17.3% zinc. Valerie has 6.7 million shares outstanding and $950,000 in working capital.
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