Glencairn to gain stake in Santa Maria property

Junior Glencairn Explorations (GLJ-A) will acquire a private company’s interest in the Santa Maria gold property in Mexico’s Chihuahua state.

The private company, Six Gill Minerals, currently holds a 25% stake in the 6.7-sq.-km property. The remainder is split, respectively, on a 2-To-1 ratio, between Lucero Resource (LCR-V) and Mexican-based El Paso Partners, another private company.

The agreement requires Glencairn to issue, over a 2-year period, 200,000 shares to Six Gill, as well as assume that company’s financial obligations to El Paso. These requirements include an up-front payment of US$12,500, as well as a further payment of $250,000 within two years. Upon closure of the deal, Glencairn will also grant Six Gill the option to acquire 200,000 shares of its affiliated company, Wheaton River Minerals (WRM-T), at 60 cents per share.

As part of the original joint-Venture agreement, Lucero is required to spend US$2 million on exploration of the property by the year 2000. Initial activities will include road-building, trenching and geochemical sampling in an effort to define drill targets. So far, Lucero has targeted three areas for follow-up work.

The first is a northeast-Trending shear zone measuring 7 km long by 2 km wide. Grab samples taken in the northern portion of this zone returned anomalous gold values and silver values.

The second area is a northwest-Trending zone running the length of the property and characterized by skarn mineralization. The zone has yet to be mapped and has returned, in grab samples, up to 8.8 grams

per tonne.

The third area is characterized by two 800-Metre-long quartz veins, which have returned, in grab samples, between 2 and 6 grams gold, and up to 90 grams silver.

Also, a sample of heavily mineralized material from an artisanal miner’s stockpile returned 6.6% zinc, 2.1% lead, 0.33% copper, 201 grams silver and 0.9 gram gold.