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Inomin Signs Agreement to Acquire La Gitana Gold-Silver Project
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Inomin Mines Inc. (TSXV: MI...
About this update from Inomin Mines Inc
[{"type":"text","content":"Inomin Signs Agreement to Acquire La Gitana Gold-Silver ProjectDrilling at La Gitana delineates potential near-surface bulk-tonnage depositVancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Inomin Mines Inc. (TSXV: MINE) (\"Inomin\" or the \"Company\") is pleased to announce the signing of a non-binding letter agreement (the \"Agreement\") with Gunpoint Exploration Ltd. (TSXV: GUN) to acquire a 100% interest in the La Gitana gold-silver property (\"La Gitana\" or \"Property\") located in Oaxaca State, Mexico (the \"Transaction\"). La Gitana comprises a 494 hectare property situated within a major northwest trending regional structure that host several mineral deposits including Gold Resource's (NYSE: GORO) La Aguila open-pit gold-silver mine and Fortuna Silver's (TSX: FVI) San Jose underground gold-silver mine. The terms of the Agreement provide for an exclusivity period to complete due diligence and contemplate entering into a definitive agreement to finalize purchase terms of the Transaction. La Gitana hosts a low-sulphidation gold-silver epithermal system in Tertiary-aged volcanic rocks. Gold and silver mineralization occurs in multistage quartz breccia-veins, quartz stockworks and locally as disseminations. The Property contains two subparallel northwest trending mineralization and alteration corridors extending up to 4 kilometres in strike, with widths ranging between 50 and 300 metres: the Cerro Di Oro corridor to the northeast and the La Gitana corridor to the southwest. The Cerro di Oro structural zone (corridor) is a quartz breccia-vein and stockwork system with electrum (gold and silver) within quartz veinlets. Steeply dipping gold and silver mineralization has been traced on surface over a 1.4 kilometer by 300 meter area. The La Gitana corridor contains narrow gold-silver veins with minor base metals. The source of the technical information provided herein is from a NI 43-101 technical report prepared on behalf of Chesapeake Gold Corp. (TSXV: CKG) by Andris Kikauka, P.Geo., dated November 23, 2006. A 38-hole (8,231 metres) diamond drilling program, completed in 2006 by Chesapeake Gold Corp., tested a 900 metre long portion of the corridors' area confirming the existence and continuity of gold-silver epithermal mineralization. Drilling intersected notable gold mineralized intersections in a zone approximate...