GFM Resources Limited is pleased to announce that it has entered into an exploration and evaluation agreement with Minera Auricup, S. de R.L. for exclusive access to conduct exploration and evaluation of the merits of a mineral concession of Auricups Baviácora concession, located in the state of Sonora, Mexico.
J. Duane Poliquin, Chairman of Almadex commented, We are very excited to report these first assays from the very northern part of the large Villa Rica Zone. We believe that these results are proof of large scale porphyry potential in this part of the project. While we have demonstrated the potential for a significant deposit with our Norte drilling, todays first pass results at Raya Tembrillo clearly show that we are dealing with a large cluster of porphyry systems all of which hold the potential to be important porphyry copper-gold deposits.
The field program currently underway will consist of geochemical rock and soil sampling, geological field mapping, and a 7.4 line-kilometer Induced Polarization geophysical survey. The IP survey will include 2 east-west lines between the existing IP data and the Mulatos mine boundary to the south (2,100 meters each) and one north-south line targeting the center of the felsic dome which has been identified. The primary objective of this field program is to further define drill targets with the anticipation of drilling in the first quarter of 2018.
“In the third quarter the Company dealt with production equipment challenges at both the Rosario Project and Veta Grande Project compounded by lower than expected head grades,” stated Arturo Préstamo, President and Chief Executive Officer of Santacruz. “Importantly, at Veta Grande we successfully reached Level 6 where we are currently developing in situ mineralized material contained in pillars located in the Veta Grande vein. Preliminary assay results from chip samples collected across of this material are indicating higher grades.” Prestamo continued, “At Rosario we reached Level 2 of the Membrillo Prospect where we again are seeing higher grades from preliminary assay results from chip samples collected across the main Membrillo vein. We remain focused on developing these key projects with anticipated improvement.”
N. Eric Fier, CPG, P.Eng, President and CEO, remarked, These results are building on our previous drilling and underground sampling program, which has demonstrated intact semi-continuous high-grade mineralization for the Las Chispas and Giovanni veins. As part of our expanded Phase II Exploration Program, we intend to continue with underground drilling and channel sampling on the Las Chispas and Giovanni veins through Q1 2018. We remain on track to deliver a maiden resource estimate in Q1 2018 which will include the Las Chispas, Giovanni, William Tell and Babicanora veins.
MAG intends to use the net proceeds of the Offering to fund exploration and development of the Juanicipio Project and for working capital and general corporate purposes.
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