ABOT Mining Co. (PINK: ABOT), a U.S.-based mining company engaged in the discovery, acquisition, development, production and marketing of precious and semi-precious metal properties, on Friday announced that it formulated an agreement with Rising Star S.A. de C.V., a Mexico-based company, under which it will acquire a 50% equity interest in Rising Stars Mexican mineral property, the Aztlan 8B Project.
The property is situated in the State of Nayarit in the Tecuala Mining District on the west coast of Mexico. The property is spread over an area of 300 plus acres and is located a few kilometers of the pueblo Paulo Blanco. The Tecuala Mining District is well known for its mineral resources, with deposit of gold and other minerals.
The property is situated in the State of Nayarit in the Tecuala Mining District on the west coast of Mexico. The property is spread over an area of 300 plus acres and is located a few kilometers of the pueblo Paulo Blanco. The Tecuala Mining District is well known for its mineral resources, with deposit of gold and other minerals.
ABOT said that the area around the Aztlan 8B Project has been extensively explored and is currently being mined by a number of well-known junior mining companies and geological institutions.
Past surface trench testing showed deposits of place and epithermal gold deposits, where overall bulk sample feed grade has ranged from 0.20 gm/t to 39 gm/t. The tests have been conducted across outcroppings of silicified volcanic breccias.
Morris Rafi, President of ABOT Mining, said on Friday that ABOT looks forward to partnering with Rising Star and starting the preliminary phase of its trench testing program of the Aztlan 8B Project. Rafi said that ABOT strongly believes that results from its preliminary results shall provide an objective view on viability of the gold and silver deposits and subsequent to these results, ABOT shall use its financing capabilities and Rising Stars mining expertise to develop the property and to further explore and acquire additional mineral properties.
ABOT Mining shares saw a huge rally on Friday after the company announced the details of the agreement with Rising Star. ABOT shares rose 220% on Friday, ending the day at $0.0480 on above average volume of 161.02 million.
ABOT Mining, which is based in Sherman Oaks, California, is planning to create long-term shareholder value by implementing an aggressive exploration program, making new precious metals discoveries and developing mining properties.
