SANTA MARTA
| Gold, Copper | Gold, Copper |
|---|---|
| Location | Eastern Oaxaca |
| Nearest City | 10 km from city of Zanatepec 125 km from major port of Salina Cruz |
| Nearest Major Mining Projects | Fortuna Silver’s San Jose Mine Gold Resource’s El Aguila Mine |
| Development Stage | Drill Permitting |
| Geology | VMS |
| Exploration Highlights | Sampling: 1.1% copper over 25 meters in oxidized rock in old pit. 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 |
| Land Package | 6,410 has |
| Access & Infrastructure | Gravel roads, power, water |
| Project Interest | Under option to acquire 100% interest |
Project
Santa Marta is a copper-gold project located in the southeastern part of Oaxaca State, Mexico. The project hosts the potential for a new copper-gold VMS district. The first known mining of copper at Santa Marta occurred during the 1960s when a small open pit operation was worked for about 2 years and produced an estimated 50,000-70,000 tonnes. Mineralization averaged several percent copper along with up to 2 g/t gold, and a sample of hand-sorted mineralization reportedly contained 11.54% copper and 1.96 g/t gold, according to reports from the time. Santa Marta is believed to represent a volcanogenic massive sulfide (VMS) with an underlying leached massive sulfide horizon.
Minaurum consulted with Dr. Jim. Franklin, a consulting geologist with over 35 years of experience in the study of mineral deposits and regional metallogeny. The Santa Marta project in Dr. Jim Franklin's words, "Santa Marta appears to have all of the classic features of highly productive VMS systems, such as the semi-continuous deposit set at Flin Flon comprised of the Main Mine, Calinan and Triple 7. The stringer zone at Santa Marta has undergone slight oxidative weathering, and already has supported a small historic mining operation. The massive oxide zone appears to have been largely not explored; we saw evidence of only two drill holes, and there are no records of what these intersected." (see Minaurum news release June 19, 2013)
Project terms include completing cash and share payments of i) USD $175,000 cash ii) issuing 1,875,000 Minaurum shares and iii) incur USD $2,500,000 in exploration expenditures.