Mexus Gold US announced that it has entered into a joint venture agreement with MarMar Holdings of Mexico at its Julio/Santa Elena property.
Under the 50/50 joint venture agreement, MarMar will operate the mine and carry all costs. In addition, the company is announcing that the Julio/Santa Elena property will now be known as the Santa Elena mine.
MarMar Holdings is owned by Marco Martinez of Monterrey, Mexico. Mr. Martinez has over 40 years of experience in mining including work done at Penoles’ La Herradura open pit mine. MarMar has an extensive staff including lawyers, certified geologists, engineers, equipment operators and general labor to work the Santa Elena mine. In addition, MarMar owns equipment capable of moving up to 100,000 tons of ore a day.
Certified Geologists from MarMar are already working the property and have identified additional ore bodies. The company is bringing in a blast hole drill and will do the initial shoot when ready. Initially, Mexus had planned to do a test 10,000 ton heap leach pad. This agreement changes the plan and will allow the heap leach pads and ponds to be built much larger.
Added Mexus CEO Paul Thompson, "The scale and scope that MarMar brings to this project will allow the mine to be built out much larger and much faster than we had planned. This is a great fit for Mexus and a win for our shareholders.
Marco’s knowledge and experience with large mines will prove invaluable as we move forward. Between our geologist, Cesar Lemas, and MarMars’ certified geologist we’ve identified over 1,000,000 tons of mineralized material with an average value of 1.5 gram AU per ton.
"This material sits at the surface with an initial mining depth of 3 meters and no overburden. We know that this properties value goes much deeper than that. In addition, the certified geologists will begin a drill program that will be the basis of creating an NI 43-101. Our goal is to mirror what Penoles did just 30km south of our property and create a world class mine that will produce gold for years to come."
MEXUS GOLD US is an American-based exploration company with holdings in Mexico. Mexus’ fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. The property sits in an area which is currently being mined by some of the largest mining companies in the world.
Mexus has drill results which show a high grade, multi vein system throughout the property. Mexus also owns the rights to the Ocho Hermanos property, which is located 80km NE of Hermosillo, Mexico.
This property will be drilled to show a proven reserve once our flagship property is in full production. Preliminary drilling on this property has been extremely promising. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates.