Business
Gammon Gold Announces the Strategic Option of the Venus Property Located in the Prolific Ocampo-Pinos Altos Gold and Silver Belt and Provides Update on Exploration
Gammon Gold Announces the Strategic Option of the Venus Property Located in the Prolific Ocampo-P...
About this update from Auq Gold Mining Inc.
[{"type":"text","content":"\n\n\n\n May 6, 2010 (Canada NewsWire Group) -- TSX: GAM / NYSE: GRS / BSX: GL7\n\n Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): Gammon is pleased to announce that the Company has entered into an option agreement for a 4,491 hectare block of claims north of the Ocampo Mine known as the Venus property, from Mexicana de Cobre, S.A. de C.V. (an operating subsidiary of Grupo México, S.A. de C.V. ). This option agreement not only increases Gammon land position by 40% in the prolific Ocampo and Pinos Altos belts, but could also host extensions of the Pinos Altos trend. Field mapping and sampling identified several targets for immediate follow up. A field program is underway, and a drilling program will be launched in the fourth quarter. Selected chip samples from individual structures sampled from surface and underground during Gammon's initial evaluation are as follows:\n\n\n >\n\n\nIn addition to continued advances of building an expanded exploration pipeline, Gammon is pleased to provide an update on its exploration activities in Mexico. At Ocampo, work in the past month has discovered high-grade extensions to the San Amado Vein at depth, intersected high-grade mineralization in the Santa Juliana Vein, discovered high-grade mineralization at a new target area known as Molinas SW, and delineated high-grade mineralization in the Picacho and Conico open pits. Drilling at the El Cubo mine has discovered gold-silver mineralization on the South Villalpando target area, 800 metres south of any past mining or drilling and continues to identify encouraging vein widths and grades at the new discovery, the Puertocito target. Work on the new Mezquite project is progressing on schedule. The Company has completed a ground magnetic survey and expects to complete an IP program during the month of May.\n"The addition of the Venus property into our growing project portfolio is a testament to the Company's ability to continually seek business opportunities that could further augment our long-term growth strategy in North America. Additionally, we are very pleased to have a new business relationship with Mexico's largest mining company, Grupo Mexico in addition to continuing our strong partnership with Penoles at El Cubo." stated Peter Drobeck, Senior Vice President of Exploration and Business Development. He continued,...