A 20-to-25-hole drill program is being carried out this fall by Hecla Mining (HL-N) at the Pinos gold project in Zacatecas state, Mexico.
The company can earn a 100% interest in the project by spending $3 million on exploration and providing a bankable feasibility study by Nov. 30, 1997.
International All-North Resources (IAN-V) can back-in for a 30% working interest by providing 30% of all costs to date and 30% of all construction and development costs. Alternatively, the junior has the option to maintain a 15% net profits interest.
Hecla’s recent mapping and sampling program has outlined a gold anomaly measuring 100 metres wide and 500 metres long, and preliminary assays show gold grades could average 1 gram per tonne, with values of up to 2 grams.
Existing pits were sampled, returning values of up to 2 grams. The partners believe the target may represent a potential brecciated stockwork which could host a near-surface gold deposit.
Be the first to comment on "MEXICO AND CENTRAL AMERICA — NEWS ROUNDUP — Hecla firms up Pinos project"