Recently closing a deal to acquire a 100% interest in the Lluvia del Oro gold project in the Mexican state of Sonora, Great Lakes Minerals (TSE) has now secured $937,500 in financing for a fall exploration program.
The funds were raised through a private placement consisting of 750,000 units at $1.25 per unit. Each unit consists of one Great Lakes share and one warrant which can be exchanged for an additional share for up to 18 months at a price of $1.45.
The company intends to complete a reserve definition drill program, reserve calculations and metallurgical testing in a first-phase program. A followup program will include preliminary mine design and engineering studies leading to the completion of a feasibility study and a production decision. The 479-hectare property hosts a gold mineralized zone which is up to 200 metres wide and strikes for more than 1,000 metres. Oxide gold mineralization is associated with intensely sheared and altered sediments.
Fourteen holes drilled by a major Mexican mining company between 1989 to 1991 intersected mineralization in the range of 1-2.2 grams gold per ton.
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