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Los Picachos de Sinaloa

District-scale vein field and Porphyry Cu-Mo

Location: Mexico
Commodities: Copper, Gold, Lead, Molybdenum, Tungsten, Zinc
Available Terms: For Sale
Price: USD 25 million
SOLD

Summary

The 3954.1 Ha Property, owned by Minera Camargo, overlaps a significant porphyry system centered in Southern Sinaloa State, Mexico, near geographic co-ordinates 105º45’W and 23º12’ N (1:50 000 map sheets F13A47 and F13A48). Mining concessions that define the Property (Table 7.1) were acquired by staking between 2003 and 2012 over the former “Viva Zapata” Mineral Reserve, a project that was acquired and explored by the Servicio Geólogico Mexicano (SGM) in the 1980’s (bon Aguilar & Bustamante-Yañez, 1987; Rodríguez-Rodríguez et al., 1984). Geographically, the Property overlaps the western foothills of the Sierra Madre Occidental (SMO). Geochemical work by the SGM at the turn of the millennium highlighted the Reserve as one of the largest contiguous anomalies for gold and base metals in southern Sinaloa and Northern Nayarit. Further, the United States Geological Survey shows that the size and amplitude of the copper anomaly underlying the Property is one of the largest in western Mexico, and compares well to active porphyry copper mining districts, including Piedras Verdes, Buenavista del Cobre and La Caridad in Sonora. LiDAR topographic surveying has allowed for a confident interpretation of mineralized vein outcrop locations based on the historic mining excavations clearly visible from study of the 1 m contours provided. More than fifty gold-bearing polymetallic quartz veins have been mapped and sampled at differing levels of detail. San Agustín is the best studied of the vein deposits. It is located on the faulted boundary (La Cocolmeca fault Zone or CFZ) of a metamorphic terrane that may contain strata as old as Jurassic to the northwest with rhyolitic volcanic rocks to the southeast. Principal minerals are electrum, gold, sphalerite, chalcopyrite and galena. The best overall results are 184.9 g/t gold, 61 g/t silver, 0.2% copper, >1% lead and >1% zinc across 1.2 m (HBM-73175) and 52.45 g/t gold, 139 g/t silver, 0.1% copper, 0.6% lead and 0.8% zinc across 1.4 m (MCA-65084). Historic workings are located along 400 meters of strike length, and drill testing has demonstrated over 200 meters of continuity in the subsurface. La Flauta del Placer is a major northwesterly trending vein system more than 4 kilometers long and 100 to 200 meters wide that includes the northeasterly dipping Tarántula, Tatemales and Macuay Veins. No diamond drilling has tested La Flauta del Placer. Samples are from hand-dug surface trenches and across short underground adits that follow parts of these veins. The best overall result from La Tárantula Vein is 41.1 g/t gold, 41 g/t silver, 0.2% zinc and 0.2% lead across 1 meter (MCA-52258). Mineralization is hosted in welded rhyolitic ignimbrite of Paleocene or younger age that is faulted and invaded by dikes along the same fault planes that are mineralized with sphalerite, galena, bornite and gold. On the surface, the minerals are oxidized to anglesite, zincite and chrysocolla. The geologic column hosting mineralization includes steeply westerly and southerly dipping metasedimentary and metavolcanic rocks of the Guerrero Terrane, northeasterly dipping rocks of the Late Cretaceous Tarahumara Formation and later Paleocene shoshonite intercalated with rhyolitic ignimbrite and flows. Porphyry copper stockwork deposits occur in three distinct plutonic complexes. Quartz monzonite that is probably Early Cretaceous (coeval with Tarahumara Formation) contains chalcopyrite stockworks that may be similar in age, or younger. Granodiorite of Paleocene age (known from U-Pb isotopic dating of contained zircon) hosts molybdenite that is also Paleocene (isotopic dating of Re-Os in molybdenite yields an age of 66.3 Ma). Alkali granite and orbicular monzonite porphyry cross-cut Paleocene ignimbrite and older rocks, and these volumetrically small but very specialized potassic magmas are probably the source of the unusually copper and gold rich deposits at Picachos compared to other camps such as La Rastra in El Rosario, and Panuco in Concordia.
Property Sold

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