Business
Exploration to Commence in South Bolivar, Colombia
TSX-V: MGC VANCOUVER, Aug. 29, 2011 /CNW/ - The Company ( MIDASCO CAPITAL CORP. - TSX-V S...
About this update from Spartan Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: MGC\n\n\nVANCOUVER, Aug. 29, 2011 /CNW/ - The Company (MIDASCO CAPITAL CORP. - TSX-V Symbol MGC) has received from its legal counsel, Alianza W.J. S.A. in Medellin, a\n copy of the formal payment agreement signed with the Secretary of Mines\n and Energy for the Government of Bolivar State to bring current the\n Surface Canon arrears for the seven (7) mineral licenses obtained by\n Midasco (see April 20, 2011 news release). These 7 licenses cover\n approximately 10,000 hectares in the southern portion of the State of\n Bolivar, Colombia. To transfer 100% interest in the 7 licenses Midasco\n will pay Colombian Peso's $1,013,901,317 (approx. USD $550,000) as to\n 25% within the first month of signing, 25% 6 months later and 50% 3\n months after the second payment. Upon receipt of payment each license\n will then be transferred to Midasco.\n\n\nMidasco's 7 licenses are located in two of the four distinct gold mining\n areas in Southern Bolivar. (see attached map). Four licenses (269, 270, 271 272) covering 4,893 hectares are\n located in the Monte Cristo Tiquisio area, and three licenses (582, 583 585) covering 5,183 hectares are\n in the Santa Rosa Canelos area.\n\n\nSouthern Bolivar is located on the Serrania de San Lucas, northern\n foothills of the Cordillera Central of Colombia and is the geological\n continuity of the mining districts of north-eastern Antioquia. From\n published information from Mines and Energy in Bolivar State, the main\n mineralogical composition in these areas is massive sulphide veins\n (80% pyrite) with quartz as a kind of matrix.\n\n\nThe Monte Cristo Tiquisio area, according to the latest census conducted, this area may contain about\n 500 to 600 \"mines\" and around 3,000 people working. Gold vein\n mineralization are presented with thicknesses ranging from 0.24 m to\n 4.0 m. With structural trend N50 ° -70 ° E and dips to 75 ° towards the\n SE. The veins may have lengths in the course of several kilometers and\n averages tenors ranging from 0.2 to 65.0 g / t gold.\n\n\nThe Santa Rosa Canelos area, this area contains some 300 \"mines\" and about 1,500 people working.\n Although no systematic exploration work has been done on any of these\n licenses, several gold mineralized structures are currently being mined\n by local miners at Mina Penon and Mina Walter which have...