TORONTO, ONTARIO, Sep 17, 2015 (Marketwired via COMTEX) — Minera Alamos Inc. (the "Company" or "Minera Alamos") (MAI) reported today that it has commenced drilling on the North Deposit of its 100% owned Los Verdes project in Sonora Mexico. The Company purchased the North Deposit (formerly Potreritos) in late 2011 from the General Mines Direction of Mexico in order to extend the mine life of the Los Verdes project.
"The North Deposit contains a sizable historic estimate as well as significant room for expansion which fits perfectly with the Company's goal of creating a long-life regional processing facility, capable of processing mineralization from multiple deposits," said Darren Koningen, President, Minera Alamos Inc. "At this time we intend to complete approximately 1,400 metres of drilling in order to update the historic resource to NI 43-101 compliant standards and allow for consideration of its inclusion in the upcoming PEA planned for late this year."
Following the evaluation of the current phase of drilling, the Company intends to prepare a second phase aimed at expanding the North Deposit resource potential. Maps of the project as well as the SGM report (Preliminary Evaluation of Potreritos Project) can be found on the company's web site.
Los Verdes North Deposit
The North Deposit at Los Verdes is located approximately 8 km northeast of the South Deposit within the Municipality of Yecora, a region with a mining history that dates back to the Mexican Revolution. The local communities of Santa Ana and Santa Rosa have long mined tungsten, molybdenum and copper throughout the area.
The 1,070-hectare Los Verdes North property contains two historic mines (Buenavista and La Providencia) which were in operation from 1960 through to the late 1970's. Although there are no records available as to the amount of production during that time, the remnants of the flotation mill, with its tailings remain on site. During this operating period, supplemental feed material from the Los Verdes South Deposit was transported north to be processed at the same facility.
In 2008, the Servicio Geologico Mexicano (SGM) completed an exploration program tasked with estimating the resources at the North Deposit and evaluating the property's additional potential. That work resulted in historical indicated mineral resources of 1,384,000 tonnes at a copper grade of 0.47% and a molybdenum grade of 0.12% as well as historical inferred mineral resources of 822,000 tonnes at a grade of 0.22% copper and 0.033% molybdenum.
In addition to the historic mining areas, the Minera Alamos' North Deposit property contains a number of additional largely unexplored prospects identified by SGM with significant geophysical and geochemical anomalies characteristic of local copper/molybdenum deposits. The Company plans to perform further evaluations of these areas following the completion of the North Deposit drilling programs.
About Minera Alamos
Minera Alamos is a junior exploration and development company. Its flagship project is the Los Verdes open pit copper-molybdenum project in Sonora, Mexico that is currently in development.
Note: Historical estimates were prepared in 2008 by the SGM. A qualified person has not done sufficient work to classify them as current mineral resources or mineral reserves and they should not be relied upon.
Mr. Darren Koningen, P. Eng., Minera Alamos Inc.'s President, is the Qualified Person responsible for technical content of this release. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures utilized in this news release.
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Contacts:
Minera Alamos Inc.
Chris Frostad
(416) 306-0990
www.mineraalamos.comSOURCE: Minera Alamos Inc.
Original Article: http://www.marketwatch.com/story/minera-alamos-inc-initiates-drilling-on-historic-north-deposit-2015-09-17-8173254
