A first phase of reverse-circulation drilling on the Lobos gold prospect in Mexico’s Sinaloa state has returned encouraging results for Leadville Mining & Milling (LMMI-O) and International Northair Mines (INM-V).
The drilling is part of Leadville’s due-diligence commitment. The company must spend US$150,000 on exploration by mid-June, including at least 3,000 ft. of reverse-circulation drilling. Leadville can earn a 51% interest in the 28-sq.-km property by paying US$160,000 in cash, issuing Northair 120,000 shares and spending US$1.5 million on exploration — all over a three-year period.
Twenty-four reverse-circulation holes (totalling 840 metres) were sunk at three locations along a mineralized corridor stretching for at least 1.2 km. All of the holes encountered gold mineralization. Ten of them cut intervals grading more than 2 grams gold per tonne. Four 1.5-metre sample intervals returned between 7.1 and 9.5 grams gold.
Leadville is planning a second round of reverse-circulation holes to test the project’s potential for hosting several large bulk-tonnage deposits.
The Lobos property lies along the western flanks of the Sierra Madre Occidental, 40 km from the city of Culiacan. Northair holds a 1.4-sq.-km core concession (optioned from a private owner) and has staked a surrounding 5-by-6-km concession. To earn 100% of the internal concession, Northair must pay US$100,000 over three years, followed by a final buyout of US$400,000.
Lobos hosts zones of epithermal, low-sulphidation gold mineralization related to a hot-springs-type system. Mineralization consists of sub-sinter level silica replacement, veining, micro-veinlets and hydrothermal breccias. It occurs in a fine-grained, flow-banded unit paralleling the southwestern flank of a rhyodacite porphyry dome.
The main corridor of mineralization has been mapped over a 1.8-km strike length and remains open to the northwest. An additional 400 metres of mineralization occur in the northwestern target area and run perpendicular to the northwest-striking corridor.
The true width of the alteration and mineralization varies from 25 metres to more than 100 metres. A fairly thin veneer of colluvium and soil obscures 75% of the corridor. Sampling has tested less than 40% of the corridor. It has focused on the Northwest, Central and Southeast zones, which are marked by abundant old mine workings — in the 1950s, previous owners developed small adits and shafts.
Initially, Northair collected 294 surface and underground channel samples from within the corridor for an average grade of 1.2 grams gold. Mechanized trenching was completed last October. Highlights from the Northwest zone include:
- trench 3 — 15 metres grading 1.19 grams gold per tonne;
- trench 5 — 15 metres of 2.95 grams; and
- trench 6 — 8 metres of 2.25 grams.
At the Central zone, trench 11 cut 30 metres of 1.29 grams.
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