Competitive Mineral Exploration
Minera Camargo S.A de C.V ("Camargo"), incorporated in 1999, is a private Mexican mineral exploration company with interests in 343,295 Ha of mining claims in 5 states and a well-equipped exploration team with access to the best technology in the business. Operating at the front line, our crews have brought several Projects to market in the last 11 years. Through our network of joint-venture partners, the discovery rate has accelerated in 2009, and some Projects now have defined mineral resources. Some highlights include:
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Oro Gold Resources (OGR: TSX-V) increased the inferred oxide resource at the Trinidad Mine in Sinaloa by 119% from 91,915 ounces of gold at 1.76 g/t Au to 200,930 ounces of gold at 1.39 g/t Au in 2008. Camargo has an NSR on the Trinidad Mine, and all other mines that OGR puts into operation on its ground position of 155 750 Ha held in 27 mining licenses in southern Sinaloa and northern Nayarit. Oro Gold has recently added a third diamond drill rig to the Trinidad Project (OGR News Release, 7 Oct 2009).
Under the terms of an Agreement signed in June of 2008, Camargo has the exclusive right to develop the 52,755 Ha Jalisco VMS Project for Zinco Mining Corporation (ZIM: TSX-V). In 2008, ZINCO intercepted 202.98 meters of 92 g/t Ag, 0.93% Zn and 0.43% Pb in Hole ZIM9 from the San Juan prospect and 16.32 meters of 9.58% zinc, 2.59% lead, 0.39% copper, 21.5 g/t silver and 0.11 g/t gold from Hole ZIM30 in the newly discovered Caracol Horizon under the past producing Jesus Maria open pit. Previous operators of the Jalisco VMS Project include Industrias Penolesm the Metal Mining Agenct of Japan and Teck-Cominco.
Camargo holds the NSR on Seafield Resources' (TSX-V: SFF) and Yamana Gold's (TSX: YRI) 7730 Ha Picachos Property in Durango. Significant drill results include 59.3 meters of 67 g/t Ag, 0.48% Zn and 0.22% Pb in Hole COCH3 as well as higher grade intercepts such as 1.52 meters of 6.21 g/t Au, 348 g/t Ag, 16.6% Zn, 3.4% Pb, 0.2% Cu in Hole COCH8. In March of 2009, Camargo acquired the Operating Permit to complete 10,265 meters of additional drilling on Los Cochis and 3 other epithermal precious metal targets on the Property.
Other mineral interests are described in the Projects section.
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Minera Camargo has completed additional exploration on the Tango Project in 2010. Important developments include:
- Discovery of Pórfido el Cuervo, a significant porphyry molybdenum deposit with average values of 5477 ppm Mo, 15 ppm Ag, and 184 ppm Cu from 74 rock samples in a 44 Ha area. The highest result is 5.6% Mo, 1.3% Pb, 36 g/t Ag and 141 ppb Au across 4 m (sample 20817).
- Discovery of 5 significant porphyry copper prospects. The most signifant of these is Pórfido la Guacamaya, which is currently defined by 87 rock samples in a 93 Ha, northerly trending area with average metal concentrations of 3851 ppm Cu, 34 ppm Mo, and 44 ppm Ag.
- Definition of the El Placer Vein. “El Placer” is a large northwesterly trending quartz vein system 100 to 300 meters wide that has been mapped for 4.5 kilometers along strike. Spectacular exposures from historic mines on La Flauta show that these gold-rich veins host a wide array of unusual minerals, including apatite and stilpnomelane. Apatite is an important host mineral for rare earth elements (REE). Sample 25850, cut across the base of the West Flauta, contains 11.3 g/t Au, 39 g/t Ag, 2% Zn, 0.5% Cu and 0.6% Pb across 1 meter.