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Minaurum Announces Acquisition of Santa Marta Copper Gold Silver VMS Project
Minaurum Announces Acquisition of Santa Marta Copper Gold Silver VMS Project
About this update from Minaurum Silver Inc.
[{"type":"text","content":"\nMinaurum Announces Acquisition of Santa Marta Copper Gold Silver VMS Project\n\n\n Oct. 13, 2010 (TheNewswire.ca) -- Minaurum Gold Inc. (the \"Company\" or \"Minaurum\") announces that the Company has entered into an agreement with Minera Zalamera, S.A to acquire a 100% interest in the Santa Marta copper-gold project in Oaxaca state, Mexico. The Project concession block covers 7,100 ha and lies approximately 2 hours driving time from the port of Salina Cruz. A paved highway and electric lines come within a 20 minute drive of the property.Santa Marta occurs in a belt of upper Jurassic to lower Cretaceous metavolcanic rocks and appears to represent a volcanogenic massive-sulfide (VMS) deposit with potential for significant gold-silver-copper-lead-zinc mineralization.A small open pit on the property (the Santa Marta mine) was active during the late 1960s and produced an estimated 50,000-70,000 tons. According to a mining engineer's report from the time, the Santa Marta mine produced mineralization averaging 1.7% copper over 33 meters of sampling, with up to 2.0 g/t gold and 37 g/t silver. A sample of hand-sorted mineralization reportedly contained 8.1% copper, 5.0 g/t Au, and 645 g/t Ag. Recent sampling by Minera Zalamera confirms this data.A silica-rich horizon, interpreted as a volcanic-exhalative lens, assayed 0.8 to 1.0 g/t gold across sample widths of up to 4 meters. The old mine lies near the southern end of a 600-meter-long north-northeast-trending ridgeline of gossanous metavolcanic rocks, which may indicate continuity of mineralization seen in the open pit. Deeply weathered gossan exposures range from 800 to 3,000 ppm Cu where sampled by Minera Zalamera.\"Minaurum is very pleased to acquire this underexplored VMS property\" stated Darrell Rader, Minaurum Gold's President and CEO. \"Santa Marta's reported grades, its favorable geologic setting, and its position relative to well-developed infrastructure, make it an excellent district-scale exploration target\".For 2010, the Company plans a program of reconnaissance geologic mapping and geochemical sampling, and an airborne magnetic and electromagnetic geophysical survey at Santa Marta, followed by detailed mapping and sampling in prospective areas. These efforts will be carried out with the intention of developing targets for drilling in 2011.To exercise the Option, Minaur...