Magna acquires base metal prospect

“Santa Eulalia-type” massive sulphide mineralization will be the target of exploration work by Consolidated Magna Ventures (CMV-V) at a newly acquired base metal prospect in Mexico’s Chihuahua state.

Santa Eulalia, about 100 km from Magna’s new Koala property, has produced more than 20 million tonnes of 15% combined lead-zinc, up to 1% copper and 150 grams silver per tonne. The nearby Naica deposit has produced more than 15 million tonnes grading 5.5% lead, 4.3% zinc and 0.34% copper, plus 177 grams silver and 0.34 gram gold. Both are described as chimney and manto-style replacement massive sulphide deposits. Santa Eulalia lies well below surface, whereas Naica has one small outcrop of mineralization.

Magna says the 990-ha Koala has never been explored by modern methods. The property is underlain by lower Cretaceous limestones within the Sierra de Chaconcha, a regional anticlinal fold belt. The limestones comprise a window of older sedimentary rocks near the boundary between two regional metallogenic provinces; the Sierra Madre Occidental to the west, and the Sierra Madre Oriental to the east.

A northwest-striking fault, parallel to regional structural trends, bisects the property. Magna says several showings of lead-zinc and copper mineralization with anomalous gold and silver values have been found along the trace of the fault.

Magna can earn a 70% interest in the property after two years by paying $75,000 cash, issuing 75,000 shares and spending $200,000 on exploration.


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