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Centenera Signs Option Agreement to Acquire El Penon Gold Project, San Juan Province, Argentina. Commences Mapping and Sampling
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / November 9, 2016...
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[{"type":"text","content":"Centenera Signs Option Agreement to Acquire El Penon Gold Project, San Juan Province, Argentina. Commences Mapping and Sampling(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TheNewswire / November 9, 2016 - Centenera Mining Corporation (the \"Company\") - (TSXV: CT, OTCQB: CTMIF), announces that, subject to TSX Venture approval, it has signed a property option agreement, whereby it has been granted the exclusive option (the (\"El Option\") to acquire a 100% interest in the El Penon Gold Project (\"El Penon\" or the \"Project\"). The Project is located in San Juan Province within a geological terrane called the Precordillera, which hosts several known gold deposits including the Gualcamayo gold mine operated by Yamana, located approximately 80km to the north. Initial work will comprise mapping, prospecting and stream sediment sampling.\n\n\n \nProject Background\n\n\n \nThe Project was first explored in 2004, when the Project was acquired by Committee Bay Resources (\"CBR\") and work continued sporadically through to 2006. The exploration program was based on a Nevada (Carlin-type) exploration analog. The prospective Precordillera is in a typical basin-and-range setting similar to Nevada and is underlain by a sequence of predominantly \"dirty limestone\" or calcareous argillite, arenite and debris flow which are thrust over more massive, micritic limestone. \n\n\n \nThe CBR work comprised initial stream sediment sampling and follow-up. A total of 85 stream sediment samples were taken, returning gold values from below detection to 2.5 g/t gold. The majority of samples are low-level stream sediment anomalies with 36% >20ppb and 9% >200ppb. Elevated multi-element gold pathfinder elements include silver, arsenic, antimony, thallium, mercury, tellurium and tungsten. This signature is similar to Nevada and reinforced the Carlin-model for CBR. In total, the historical sampling defined anomalous geochemistry over 9km strike length. Rock sampling that accompanied the stream sediment sampling did not identify the source of the gold mineralization, which is assumed to be reasonably proximal to the stream anomalies and within the El Penon project area. \n\n\n \nThe area was later identified as an exploration target by regional targeting work commissioned by Cardero Resource Corp. (\"Cardero\") in 2007. Cardero commissioned s...