ALAMOS SILVER PROJECT
| Commodity | Primary: Silver Secondary: Gold, Copper, Lead, Zinc |
|---|---|
| Location | Southern Sonora |
| Nearest City | 8 km west of city of Alamos |
| Nearest Major Mining Projects | 45 km northwest of Pan American's Alamo Dorado silver mine 15 km south of Cobre Del Mayo's Piedras Verdes copper mine |
| Drilling | Phase I - 18,810 m, 40 hole drill program complete Phase II - 20,000 m drilling program underway |
| Geology | Epithermal vein system |
| Land Package | 37,928 has |
| Exploration Highlights | Hole AL 17-007 8.25 m of 1,760 g/t Ag, 1.6% Cu, 1.5% Pb, and 2.6% Zn incl. 2.2 m of 5,098 g/t Ag, 2.76% Cu, 0.5% Pb, and 1.18% Zn Hole AL 17-004 20.15 m of 154 g/t Ag, 0.5% Cu, 2.3% Pb, 6.8% Zn Hole AL19-018 0.95 m of 425 g/t Ag, 0.32% Cu, 3.17% Pb, 1.31% Zn Hole AL19-025 3.80 m of 415 g/t Ag, 2.68 g/t Au, 1.37% Cu, 6.20% Pb, 9.19% Zn incl. 0.95 m of 1,566 g/t Ag, 6.72 g/t Au, 4.48% Cu, 9.27% Pb, 10.08% Zn Hole AL 20-042 3.50 m of 404 g/t Ag, 0.54% Cu, 1.30% Pb, 1.81% Zn incl. 1.15 m of 999 g/t Ag, 1.29% Cu, 2.98% Pb, 2.98% Zn Hole AL 20-046 5.10 m of 769 g/t Ag, 0.76% Cu incl. 3.10 m of 1,197 g/t Ag, 1.04% Cu Hole AL 20-047 6.35 m of 356 g/t Ag, 0.39% Cu, 0.42% Pb, 0.57% Zn incl. 0.70 m of 2090 g/t Ag, 1.98% Cu, 2.51% Pb, 2.43% Zn |
| Access & Infrastructure | Paved and gravel roads, mining labour force, power and water |
| Project Interest | Under option to acquire up to 100% interest |
Project
The Alamos silver project contains a wide, high-grade epithermal vein system hosted by Cretaceous limestone, Laramide batholithic intrusive rocks and Tertiary volcanic rocks. The system produced approximately 200 Moz of silver from the time of the first Spanish discovery around 1682 to the 1910-1920 Mexican Revolution three separate mines. Historical reports indicate mine widths of up to 20m grading in excess of 2,000 g/t silver and 3-4% copper. In the latter part of the 19th century, silver production from the district supported a mint in the nearby town of Alamos. Mining activities diminished just before and during the 1910-1920 Mexican Revolution, with the Zambona mine shutting down by 1925. Various operators attempted to revive the mines during the 20th century, but with only minor production, mostly from the re-working of mine dumps.
Minaurum recently acquired historical data including mine maps, sections and assay results of 40 holes (6,099 m) drilled in multiple surface and underground exploration campaigns that occurred from the 1960s through the early 1980s. The exploration programs were focused on the historic Promontorio and Minas Nuevas underground mines that closed in 1898 and 1912, respectively. The majority of these historical holes cut broad widths of high-grade silver, the best include: Hole U-3 that cut 4.6 m grading 2,838 g/t silver and Hole U-5 that cut 11.3 m of 785 g/t silver. The drill results indicate that the historically mined deposits included multiple veins that continue both down plunge and along-strike. At Promontorio, drill holes intersected mineralization over 50 m below the historic mining level and indicate an aggregate 735 m strike length of mineralization. (please see News Release February 6, 2020).
Minaurum commenced the first systematic exploration program over the district. The Phase I programconsisted of consolidation of the district, systematic geological mapping and geochemical sampling of the land package, identification of 26 vein zones over a footprint measuring 10 km by 6 km, and a drill program totaling 18,810 m in 40 holes that has tested 19 of the vein zones. Fourteen of the nineteen vein zones drilled returned high-grade silver intercepts demonstrating that mineralization occurs throughout the vein system.
Phase II drilling commenced in July 2020 and drilled an additional 40 holes totaling 14,099 m, before pausing in December 2020. The holes were drilled in systematic 75-150 m step-outs from Phase I intercepts. The Phase II program resumed in June 2021.
Alamos hosts excellent infrastructure with the central area (Quintera-Promontorio vein zones) permitted from exploration through to production. The project lies 8 km west of the city of Alamos, 45km northwest of Pan American's Alamo Dorado silver mine, and 15 km south of Cobre Del Mayo's Piedras Verdes copper mine. The project is 37,928 hectares.
Project terms include cash and share payments including i) CDN $2,600,0000 in cash ii) 6,000,000 Minaurum shares and iii) minimum CDN $3,000,000 in exploration expenditures.