VANCOUVER, BC / ACCESSWIRE / April 24, 2017 / Acapulco Gold Corp. (the "Company" or "Acapulco Gold") is pleased to announce that it has entered into a mineral exploration earn-in agreement (the "Option Agreement") with OZ Exploration Pty Ltd. ("OZ Minerals") and Minera Zalamera S.A. de C.V. ("Zalamera"), pursuant to which Zalamera has granted an exclusive option to the Company and OZ Minerals, together as optionees, to acquire the Zaachila, Riqueza Marina, and Zapotitlan projects (collectively, the "Projects") in Oaxaca, southern Mexico.
The sites exhibit positive geological indicators, and the Company believes the Projects have the potential for shallow, high-value-per-tonne volcanic-hosted massive sulphide ("VHMS") deposits. No modern mineral exploration has yet been undertaken on the Projects, all of which are located near developed road and port infrastructure.
Under the terms of the Option Agreement, OZ Minerals has agreed to make first-year in-ground expenditures in the aggregate amount of US$450,000 on the Projects. Under the Option Agreement, OZ Minerals can earn up to a 78 percent stake in the properties by spending US$6.8 million over six years, with the remaining 22 percent owned by the Company. The Company anticipates that exploration activities will begin immediately, and it expects drilling to start in the second half of 2017.
Exploration efforts are being guided by David M. Jones (BA, M.Sc.), a founding director of Acapulco Gold, a geologist and an expert in gold-copper porphyry and skarn systems. Most notably, he discovered the Los Filos deposit, in the Guerrero Gold Belt in southern Mexico, and he has identified several new gold systems in Oaxaca. He has consulted for Teck Corp., BHP Billiton, Gold Resource Corp., Wheaton River, Penoles, Torex Gold and Grupo Mexico. Mr. Jones also serves as a director and senior consulting geologist for Minaurum Gold Inc.
The Projects
The Zaachila project contains outcrops of extensive silica-iron exhalite and pillowed basalt, typical of many VHMS deposits. Historical sampling work indicated highly anomalous geochemical values for copper, gold, silver, barium, and iron.
The Riqueza Marina project comprises a suite of bimodal volcanic rocks, including an interpreted felsic dome that contains outcropping silica-iron exhalite. Limited historical surface geochemistry returned anomalous copper, zinc, gold, barium, manganese, and iron.
The Zapotitlan project is an early-stage exploration target where reconnaissance mapping has outlined a magnetite and copper-bearing alteration zone of approximately 700 metres by 300 metres.
Project Locations
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About OZ Minerals
OZ Minerals is a copper-focused mining company based in South Australia and listed on the Australian Securities Exchange (ASX200). The company owns and operates the copper-gold-silver mine at Prominent Hill, and it is developing one of Australia's largest copper-gold resources at Carrapateena.
Over the past 18 months, OZ Minerals has put in place eight separate exploration earn-in agreements with highly regarded explorers. These provide the company with exploration expertise in specific geologies and locations. Its earn-in partners, in turn, access capital to undertake drilling programs. OZ Minerals typically works to oversee projects with its earn-in partners, who manage on-the-ground activities. Its growth strategy involves building a pipeline of opportunities and rigorously advancing them. In line with its capital discipline strategy, if at any time OZ Minerals determines that a project lacks the potential to generate substantial value, the company will cease expenditure and withdraw from the arrangement.
About Acapulco Gold
Acapulco Gold is a privately owned mineral exploration company headquartered in Vancouver, Canada. It holds four option agreements to purchase precious and base metals exploration projects from Mineral Zalamera, located in the State of Oaxaca, Mexico. Acapulco Gold was founded in 2011 by a group of mining executives with expertise in exploration and finance.
On behalf of the Board of Directors of Acapulco Gold Corp.,
Nick Ferris, President
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "forecasts," "potential," "possible" and similar expressions, or statements that events, conditions, or results "will," "may," "could" or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's belief that the Projects have potential shallow, high-value-per-tonne volcanic-hosted massive sulphide deposits; OZ Minerals' anticipated first-year expenditures on the Projects; the Company's belief that exploration activities will begin immediately; and that drilling will start in the second half of 2017. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements, and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, visit acapulcogoldcorp.com, or call or e-mail:
Acapulco Gold Corp.
Suite 103, 145 15th St.
North Vancouver, BC, Canada V7M 1R9
Tel: +1-778-819-6532
Fax: +1-888-238-1045
E-mail: [email protected]
Media Inquiries
Victor Webb
Marston Webb International
Tel: +1 (212) 684-6601
Fax: +1 (212) 725-4709
E-mail: [email protected]
SOURCE: Acapulco Gold Corp.
Original Article: http://finance.yahoo.com/news/oz-minerals-signs-exploration-agreement-141700012.html
