The purchase price for the assets comprising the mineral concessions ‘Gran Cabrera’ shall be $2,500,000. The purchase price for the assets comprising the mineral concessions ‘Cinco Minas’ shall be $5,000,000.
The Cinco Minas site covers roughly 10,750 hectares and is located approximately 100km northwest of the City of Guadalajara while the Gran Cabrera site covers roughly 4,300 hectares and is located approximately 35km northwest of Cinco Minas.
Cinco Minas property was mined between 1922 and 1928 and reported 1,083,000 tonnes of ore averaging 3.17g/t gold and 476g/t silver that equates to 97,364oz of gold (2,760kg) and 15,095,915oz of silver (427,954kg).
The Cinco Minas and Gran Cabrera properties both host epithermal systems with adularia-sericite type quartz veins with gold-silver mineralization.
The main zone system at Cinco Minas has an identified strike length of approximately 5km with additional parallel to sub-parallel veins.
The Cinco Minas vein systems are classic epithermal precious metal deposits with brecciated ore hosts flooded with quartz/sulphide pulses. The historical reports indicate that bonanza grades of silver with gold were encountered randomly during the development of both mine sites.
