Business
Selwyn Resources Receives Regulatory Approval of Vinata Property Acquisition
Selwyn Resources Receives Regulatory Approval of Vinata Property Acquisition
About this update from Blue Moon Metals Inc
[{"type":"text","content":"\nSelwyn Resources Receives Regulatory Approval of Vinata Property Acquisition\n\n\n Aug. 13, 2009 (Baystreet.ca) -- VANCOUVER, BRITISH COLUMBIA -- Selwyn Resources Ltd. (TSX VENTURE: SWN) (\"Selwyn\") is pleased to announce that it has received final regulatory approval of the previously-announced (July 22, 2009) option to acquire an interest in the Vinata zinc-silver property in the state of Chihuahua, Mexico. The acquisition agreement grants Selwyn an option to acquire an initial 50% interest in the Vinata Property from Savant Explorations Ltd. (\"Savant\"), and upon exercising of that option, a second option for Selwyn to increase its interest to 55% by making additional expenditures. The documentation for the transaction has been completed.\n\nSelwyn and Savant are planning a ground geophysical IP survey to refine drill targets, followed by an initial 1,800 metre drilling program budgeted at USD$450,000. Line cutting for the IP survey has commenced and the drilling is scheduled to commence in late September. Drilling will test targets for high grade silver-zinc-lead mineralization. \nVinata Property \nVinata consists of 89 square kilometres of mineral lands in the prolific Santa Eulalia-Naica mineral trend. The Santa Eulalia and Naica mining districts have collectively produced several hundred million ounces of silver. At Vinata, previous artisanal surface mining of silver bearing manganese mineralization in the cover volcanics is thought to have occurred in the upper part of a silver-zinc-lead \"Santa Eulalia-type\" deposit that is postulated at depth. Vinata represents a rare opportunity to acquire a large property position associated with the surface expression of a potential new district-scale discovery. \nThe local geology and interpreted high level alteration at Vinata show many similarities to the Santa Eulalia District, 55 kilometres to the north, which hosts numerous silver-zinc-lead deposits within Upper Cretaceous limestone beneath altered cover volcanics. Mining at Santa Eulalia has occurred in a number of structural trends over a strike length of approximately 3,000 metres and up to 800 metres of vertical extent. Alteration extends into the overlying Tertiary volcanic rocks and is characterized by extensive clay alteration and manganese with geochemically anomalous of silver, zinc and lead. \nHistoric mining on...