Toronto-listed Great Lakes Minerals can acquire a second gold property near Mocorito in Mexico’s Sinaloa state.
The project, known as Palmarito, covers 832 hectares and hosts a past-producing gold-silver mine that was active near the turn of the century. Historical records show that about 250,000 oz. gold were produced from a large, open cut and from a series of adits driven along 300 metres of strike. Apparently, high-grade mining was confined to a zone of intense brecciation, stockworking and silicification.
To acquire the project, Great Lakes must pay US$1 million cash over four years and spend US$250,000 on exploration over 18 months. In addition, it will issue the vendor 225,000 shares from the treasury.
An independent review suggests Palmarito has the potential to host more than 1 million oz. gold in a 70-metre-wide zone with a strike length exceeding 3,000 metres.
Gold mineralization is associated with a complex structural zone dominated by a major shear and characterized by intense brecciation and stockwork development. Mineralization is accompanied by argillic and propylitic alteration and silicification.
A US$500,000 program of geological mapping, sampling and diamond drilling is in progress.
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