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Monarca Minerals Inc. Signs Letter of Intent to Acquire San Jose Property in Chihuahua, Mexico
Toronto, Ontario--(Newsfile Corp. - November 21, 2017) - Monarca Minerals Inc. (TSXV: MMN) ("M...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"Monarca Minerals Inc. Signs Letter of Intent to Acquire San Jose Property in Chihuahua, MexicoToronto, Ontario--(Newsfile Corp. - November 21, 2017) - Monarca Minerals Inc. (TSXV: MMN) (\"Monarca\" or the \"Company\") is pleased to announce that it has entered into to a Letter of Intent to acquire the San Jose Property, located in northern Chihuahua, Mexico.San Jose PropertyThe 5,580-hectare San Jose Property area has excellent indications of multi-element mineralization associated with skarn, gossan and altered intrusive rocks. An existing geological report (2011) discloses assays of up to 26.84ppm Au, 161 g/tonne (5 opt) Ag, 6.5% Pb, 0.9% Zn, and 4.2% Cu, as summarized in the map below.San Jose Property MapTo view an enhanced version of this graphic, please visit:http://orders.newsfilecorp.com/files/2584/30617_monarca_enhanced.jpgThe area was conventionally mapped by boots on the ground and utilizing a handheld GPS to obtain location (H. Pacheco). The \"strong\" alteration is indicated by pervasive visual occurrence of dissemination, stockwork and veins of skarn, gossan and altered intrusive rocks with disseminated pyrite.The mapped area of the San Jose Property covers about 10% of the concession and indicates a strong area of continuous mineralization of about 1km by several hundred meters. The mapped area is coincident with a strong aeromagnetic anomaly, associated with outcropping mineralized intrusive rocks.Early history is evidenced by about 15 old mining excavations, up to about 10m deep, exposing mineralization in areas of skarn, gossan and altered intrusive rocks. At San Jose, there are large areas of Fe-oxide in garnet skarn outcropping in the areas between and around mining excavations and veins. The historical mining and exploration work, as reported by the owner, was done in the early 1970s.The mineralization at San Jose is very similar to the Bismark Mine, located about 50km to the southeast, which has been in production since 1992. The Bismark Mine had a starting resource of 8,200,000 tonnes at 8% Zn, 0.5 % Pb, 0.2 % Cu and 50 g/t Ag. The Bismarck Mine is a stock-contact skarn, with massive sulfide zones, within altered limestone and adjacent to a mineralized intrusive, like at San Jose. The mine started production in 1992 at 600,000 tons/year and is looking for ore to feed their processing facility.Let...