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Minaurum Announces Acquisition of El Porfido Gold Project
Minaurum Announces Acquisition of El Porfido Gold Project
About this update from Minaurum Silver Inc.
[{"type":"text","content":"\nMinaurum Announces Acquisition of El Porfido Gold Project\n\n\n Sep. 29, 2010 (TheNewswire.ca) -- Minaurum Gold Inc. (the \"Company\" or \"Minaurum\") announces that it has entered into an agreement with Minera Mariposa S.A. to acquire 100% of the El Porfido Gold project in Puebla State, Mexico. The project is located 95 km east-northeast of the center of the Guerrero Gold Belt and covers 4,666 hectares. The Guerrero Gold Belt contains in excess of 15 million ounces of gold as resources of various categories including Goldcorp's (TSX:G''G) (NYSE:GG) (TSX:G) 11 million ounces Los Filos Gold Mine.David M. Jones, principal of Minera Mariposa and the geologist credited with the discovery of the Los Filos deposit, recognized the Project's potential due to its geological similarities to deposits of the Guerrero Gold Belt including gold-bearing skarns similar to the Los Filos and El Limon iron oxide gold deposits of the Guerrero Gold Belt, and porphyry-style gold-copper mineralization similar to that of other southern Mexican deposits, including the La Verde copper deposit in Michoacan state, and the Cobre Grande deposit in Oaxaca state.For 2010, the Company plans a program of reconnaissance geological mapping and geochemical sampling and an airborne geophysical survey at El Porfido, followed by sampling in prospective areas. These efforts will be carried out with the intention of developing targets for drilling in 2011.Two principal alteration and mineralization styles occur in the El Porfido project area: iron oxide exoskarn; and intrusion-hosted, porphyry-style quartz-sulfide veins and breccias. Iron-oxide exoskarn alteration is widely distributed along stock contacts, and copper, gold, silver and zinc mineralization occurs within the exoskarn. A single five-metre chip from one oxide zone assayed 1.48 ppm gold, and a select sample of chalcopyrite-bearing exoskarn from a prospect pit assayed 13.9% copper. A sample of intrusion-hosted quartz-tourmaline veins and breccias assayed 1.8 ppm gold and a sample of sulfide breccia assayed 1.53% copper. In addition, well developed, sulfide-rich magmatic-hydrothermal breccias exposed at El Porfido may constitute a pyritic cap to a substantial porphyry system.Minaurum can acquire 100% of the El Porfido project by making staged payments totaling $350,000 and 850,000 common shares over three yea...