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Santa Barbara Options San Francisco Project in Marcunga Gold Belt, Region III (Atacama), Chile
Santa Barbara Options San Francisco Project in Marcunga Gold Belt, Region III (Atacama), Chile
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nSanta Barbara Options San Francisco Project in Marcunga Gold Belt, Region III (Atacama), Chile\n\n\n Dec. 7, 2010 (Filing Services Canada) -- Santa Barbara Resources Limited (SBL - TSX Venture), is pleased to announce the signing of an option agreement with Sociedad Legal Minera Pomez VIII Del Campo de Piedra Pomez (\"SML Pomez\") to acquire a 100 % interest in the San Francisco gold exploration property (\"Property\") in Chile. The transaction remains subject to regulatory approval.Santa Barbara's President Christoph Lassl stated: \"Santa Barbara has completed another milestone in its objective to achieve geographic diversification. We are pleased to have initiated operations in Chile, one of the best mining jurisdictions and one of the top mineral producing countries of the world. In addition, with the San Francisco project we have picked up a significant land package in the Maricunga gold belt where many world class gold deposits of significant size have been discovered in recent years\".San Francisco PropertyThe 3,740 hectare San Francisco property is located within the renowned Maricunga gold belt in the Region III (Atacama) of Northern Chile. The belt includes the world class gold and gold-copper deposits of the Casale project (Barrick-Kinross), the Caspiche project (Exeter), the Volcan project (Andina Minerals), the Lobo-Marte project (Kinross) as well as the large producing gold mines Maricunga (Kinross) and La Coipa (Kinross). In total the Maricunga gold belt reportedly hosts in excess of 70 million ounces of gold and 8,800 million pounds of copper, associated with porphyry intrusions and related epithermal systems. The San Francisco property represents a large contiguous land package, exposing hydrothermal alteration 7 km long and up to 2 km wide, considered to be associated with a regional tectonic lineament and the nearby Wheelright caldera. Eleven grab and chip samples were taken on the property, ranging from below detection limit to 3.92 g/t gold. Seven of the samples returned anomalous gold, two of which assayed values of 3.92 g/t gold and 3.86 g/t gold from grab samples of dark gray to black, banded quartz veinlets and breccias. Such banded quartz veinlets are known to host the bulk of the mineralization encountered in the Maricunga gold belt.Reportedly the Property was subject to early stage exploration in the...