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Megastar to Purchase a 100% Interest in Cerro Minas Property, Mexico
Purchase expands land holdings within the Megastar's Yautepec project VANCOUVER, BC / AC...
About this update from Madoro Metals Corp
[{"type":"text","content":"\nMegastar to Purchase a 100% Interest in Cerro Minas Property, MexicoPurchase expands land holdings within the Megastar's Yautepec projectVANCOUVER, BC / ACCESSWIRE / October 16, 2019 / Megastar Development Corp. (\"Megastar\", or the \"Company\") (TSXV:MDV)(Frankfurt:M5QN) is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Gunpoint Exploration Ltd. (\"Gunpoint\") and Gunpoint's subsidiary, Minera CJ Gold S.A. de C.V. (\"CJ Gold\"), whereas the Megastar, through its wholly-owned subsidiary, Minera Mazateca, S.A. de C.V. (\"Mazateca\"), may acquire a 100% interest in the Cerro Minas mineral concession (title # 234333) having a surface area of 899 hectares, located in the state of Oaxaca, Mexico (the \"Property\").\"Given the extremely exciting results we have announced to date from our Yautepec property, the addition of this land is very compelling for us,\" said David M. Jones, exploration manager and director of Megastar Development. \"Completely surrounded by our current land holdings, Cerro Minas displays similar epithermal characteristics to targets that we have already identified and, given our early-staged success, adding this land is a natural as we look to enlarge our foot-print in, what we believe, is a very prospective area.\"The Cerro Minas Property lies within the Oaxaca epithermal Au-Ag belt, approximately 130 kilometers southeast of Oaxaca City, and 30 kilometers southeast of Gold Resource Corporation's (NYSE American: GORO) operating Arista-Switchback mine (Au-Ag-Cu-Pb-Zn). The Property is an inlier to Megastar's principal Yautepec Project concession, and covers 5 kilometers strike length of highly prospective ground along a northwest trending caldera structural margin as reported in prior Megastar news releases (see July 16th and August 22nd, 2019). In addition, the Property contains polymetallic skarn-style mineralization (Ag-Au-Cu-Pb-Zn) that is the subject of historical reports by the Mexican Consejo de Recursos Minerales which document small-scale artisanal mining. With this agreement, Megastar has consolidated over 7 kilometers strike length of high potential targets for epithermal and skarn mineralization.Terms of AgreementUnder the terms of the Agreement, the Company may earn a 100% interest in the Property by paying Gunpoint US$100,000 and issuing 800,000 common ...