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Metallic Minerals Acquires La Plata Silver-Gold-Copper Property in Southwest Colorado and Initiates Property-Wide Exploration Program
VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals”) is pleased to announce
About this update from Metallic Minerals Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals”) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the La Plata silver-gold-copper property (the “Property”) in southwest Colorado from two private vendors. The road accessible property covers 32.7 square kilometers (km2) approximately 26 kilometers northwest of Durango, Colorado within the historic high-grade La Plata mining district (the “District”) located at the southern end of the prolific Colorado Mineral Belt. The La Plata property hosts a large-scale precious-metals-rich porphyry system with associated high-grade silver and gold epithermal deposits. The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects. From the 1950s to 1970s, major miners Rio Tinto, Exxon and Freeport-McMoRan explored in the District focusing on the significant potential for bulk-tonnage disseminated and stockwork porphyry-hosted copper mineralization1. During this period of exploration, 49 holes were drilled on the Property, totaling 12,700 meters. Drill holes and trenches confirmed the presence of a large-scale, multi-phase, precious-metals-rich alkalic copper porphyry system grading up to 1% copper with significant silver and other precious metals. Covering at least 3 km by 1 km the porphyry system is exposed over 1 km of vertical relief and remains open to expansion. This large-scale system centers on a 10 km2 magnetic anomaly and is highlighted by an intense hydrothermal alteration signature. Surrounding the porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement and breccia structures. Historical production from some of these high-grade structures exceeded 500 grams per tonne (“g/t”) silver and over 30 g/t gold with some of the richest deposits exceeding several hundred ounces per ton gold and over a thousand ounces per ton silver2. Within the porphyry system several higher-grade...