Alamos Minerals (AAS-V) can acquire the Fortuna property in Mexico’s Durango state from owner San Fernando Mining (SNF-T) for a cash payment of US$50,000 and 2.3 million common shares.
La Fortuna, which is amenable to open-pit mining, hosts a reserve of 2.9 million tonnes grading 2.57 grams gold and 34.8 grams silver per tonne, for a contained resource of 236,000 oz. gold and 3.2 million oz. silver. The stripping ratio is estimated at 4.7-to-1. The total geological resource stands at 5.9 million tonnes grading 2.16 grams gold and 29 grams silver.
Upon regulatory and board approval, Alamos will begin feasibility work, including a minimum 50,000-tonne bulk leach test. Previous column leach testwork on ore crushed to minus 1/4 inch reached recoveries of 62.9% for gold and 18.5% for silver after 111 days.
Based on positive results, Alamos anticipates an initial production rate of 20,000 oz. gold per year.
Elsewhere in Mexico, Alamos recently completed an initial phase of drilling at its fully owned Piedras Verdes copper property in southern Sonora. The drilling concentrated on the Tabelo zone, where drilling last year returned 33 metres of 6.5% copper, including 6 metres grading 25.2% copper. A total of 20 holes were drilled on 40-metre spacings to a depth of 40 metres.
The Tabelo zone is one of seven copper zones identified within a trend measuring 8 km long and 1-2 km wide. The 1,353-hectare property partially surrounds the Piedras Verdes project of Azco Mining (AZC-T) and Phelps Dodge (PD-N), which hosts an open-pit resource of 140 million tonnes grading 0.41% copper.
Alamos also holds a 40% interest in a joint venture with Queenstake Resources (QTR-T) in 23 Mexican properties covering 33,118 hectares. Queenstake, which holds a 60% interest and is operator, has undertaken a 6-hole drilling program at the Jabali gold project in northwestern Sonora. The target is a series of stacked quartz lenses, where surface sampling returned values in the range of 2-8 grams gold over 1.5 km of periodically exposed outcrop.
The partners also plan to drill-test the Baboyahui porphyry copper prospect in the southern part of the state. Mapping and sampling there have defined an oxide target roughly 200 by 700 metres in size.
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