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Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.
(TheNewswire) Highlights: • The Agreement - Pinnacle Silver ...
About this update from Pinnacle Silver And Gold Corp
[{"type":"text","content":"Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Highlights:\n \n\n\n\n\n\n •\n \n\n The Agreement -\n \n\n Pinnacle Silver and Gold Corp. (“Pinnacle”) has signed a Letter of\nIntent (the “LOI”) with an arm’s length private individual and a\ncompany he controls whereby Pinnacle will have a staged option to\nacquire up to a 100% interest in the 1,074 hectare El Potrero\nhigh-grade gold-silver project in Durango, Mexico.\n \n\n\n\n\n\n •\n \n\n Prolific Area with Major\nOperating Mines Nearby -\n \n\n El Potrero is located\nin the prolific Sierra Madre Occidental of western Mexico and lies\nwithin 35 kilometres of four operating mines, including the 4,000\ntonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd\nTahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato\nSilver).\n \n\n\n\n\n\n •\n \n\n High Grade & District-scale with\nExploration Upside -\n \n\n High-grade gold-silver\nmineralization occurs in a low sulphidation epithermal breccia vein\nsystem hosted within andesites of the Lower Volcanic Series and has at\nleast six historic mines along the four-kilometre strike length.  A\nhistoric resource based upon underground sampling is reported to\nconsist of 45,561 tonnes at 8.0 g/t gold and 186 g/t silver (10.3 g/t\ngold equivalent or 845 g/t silver equivalent).1, 2   The property has\nbeen in private hands for almost 40 years and has never been drilled\nor explored by modern methods, leaving significant exploration\npotential.\n \n\n\n\n\n\n •\n \n\n Near-term Production Possibility\n-\n \n\n A 100 tpd plant on site can be refurbished /\nrebuilt and historic underground mine workings rehabilitated at\nrelatively low cost in order to achieve near-term production once\npermits are in place.\n \n\n\n\n\n\n •\n \n\n Infrastructure Friendly\n \n\n - Property is road accessible with a power line within four\nkilometres.  Surface rights are privately owned (no community issues)\nand the acquisition includes approximately 200 hectares of land where\nthe plant sits.\n \n\n\n\n\n\n •\n \n\n Staged Option and Earn-In Right\n-\n \n\n Pinnacle will earn an initial 50% interest\nimmediately u...