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Santacruz Silver Acquires Five-Year Exclusive Right to Explore, Develop and Mine the Membrillo Silver-Zinc Vein from Grupo Mexico
Santacruz Silver Acquires Five-Year Exclusive Right to Explore, Develop and Mine the Membr...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Acquires Five-Year Exclusive Right to Explore, Develop and Mine the Membrillo Silver-Zinc Vein from Grupo Mexico\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 29, 2017\n\n\n\nTSX.V: SCZ FSE: 1SZ\n\n\n\nVANCOUVER, May 29, 2017 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (\"Santacruz\") announced today that its wholly-owned subsidiary, Impulsora Minera Santacruz S.A. de C.V. (together with Santacruz the \"Company\"), has entered into an agreement with Grupo Mexico (the \"Agreement\") pursuant to which the Company has acquired the exclusive right for five years (the \"Exclusive Mining Right\") to explore, develop and mine the Membrillo silver-zinc-lead-gold vein structure (the \"Membrillo Vein\") situated approximately four km from the Company's Rosario Project mill facility located near Charcas, San Luis Potosi, Mexico. The Exclusive Mining Right covers an area of approximately 500 hectares situated within the San Rafael concession. This brings the total area of the Company's exploration and exploitation rights to approximately 958 hectares of the 2912 hectares comprising the San Rafael concession. \n\nAs consideration for the Exclusive Mining Right, Grupo Mexico will receive an annual fee of US$60,000 from the Company and has been granted a 3.0% net smelter returns royalty on any mineralized material from the Membrillo Vein that is mined and milled or otherwise treated for the eventual sale of the contained metal. \n\nThe Membrillo Vein is hosted in shales and sandstones of the Triassic Zacatecas Formation. On surface the vein structure trends southeast for a distance of approximately 1.5 kilometres and dips approximately 45-60 degrees to the southwest. Mineralization within the vein structure is comprised of irregular and lenticular bodies containing sphalerite, galena, chalcopyrite and silver-bearing and gold-bearing minerals associated with quartz-carbonate infilling. The thickness of mineralization is variable and ranges from several centimetres to several metres wide. Historical records obtained f...