LATIN AMERICAN BEAT — Holmer options Cuban properties

At a ceremony in Havana, Holmer Gold Mines (ASE) signed a joint venture agreement with the Cuban state mining company Geomineras, S.A..

Holmer, which initiated Canadian exploration activity in Cuba, can earn a half interest in two properties: San Fernando in the centre of the island and Candida Francisco in the west.

In 1927, copper was discovered on the 50-sq.-km San Fernando ground, where production was intermittent from 1927 until the Cuban Revolution in early 1960s. Between 1985 and 1991, the property was explored systematically, including the drilling of 46 holes totaling 8,000 metres. A reserve of 1.8 million tonnes averaging 2% copper and 3.5% zinc was defined at depths fewer than 150 metres below surface.

Also explored was the 100-sq.-km. Candida Francisco property which, Homer says, covers favorable geology for epithermal gold, stratabound oxide copper and high-grade silver-copper deposits.