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Silverton Metals to acquire Margaritas gold-silver property

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Global Mining Review,

Silverton Metals Corp. has entered into a share purchase agreement with Zapata Exploration Ltd. and 0924682 B.C. Ltd to acquire the Margaritas Gold-Silver Property by acquiring all of the issued and outstanding shares of Zapata’s Mexican Subsidiary, Impulsora De Proyectos Mineros, S.A. De C.V.

The Margaritas Gold Property consists of two concessions totalling 500 ha. located in the state of Durango, Mexico. Highlights of the property include:

  • Underexplored, high-grade epithermal gold-silver deposit hosted in productive volcanic rocks of the Sierra Madre Occidental.
  • Gold grades include 73.7 g/t in dump samples and 31.6 g/t in rock chip channel samples with silver grades between 1 to 38 g/t.
  • Vein is exposed for 3.5 km along strike and 240 m along the vertical.
  • Artisanal production exists but the vein has never been drilled.

John Theobald, President and CEO, comments:

“We are very excited about the Margaritas acquisition as it contains a high-grade gold vein open in all directions with visible gold and the potential to be a bonanza-grade deposit. Both the environmental permit application and community agreement process have already commenced, which have given the company a head start on the exploration of the project. Favourable topography facilitates drilling and or tunnelling and eventually would also facilitate underground mining. The simple mineralogy suggests that the gold could be easily extracted by gravity and leaching methods. We plan to rehabilitate roads, refine mapping and sampling, and get the project ready for drilling before the end of the year.”

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Mexican mining news North American mining news