The Argentine subsidiary of Northern Orion Explorations (NNO-T) has formed a joint venture with Mexican silver giant Penoles on the Tres Hermanas property in Santa Cruz province.
To earn a half interest in the 26,000-ha project, Penoles must either spend US$8 million over four years or complete a bankable feasibility study of the 26,000-ha property.
Penoles can earn an additional 10% interest by arranging financing to bring the property into production.
Mapping and sampling have identified a zone of fluorite-rich veins in marbleized limestone. Veining adjacent to the fluorite returned 289 parts per billion (ppb) gold.
In the northern portion of the property, quartz veins cover an area measuring 1,200 by 500 metres. Chip samples across the zone returned 16, 2,019, 1,419, 569 and 236 ppb gold. In the southern portion, a silicified breccia is exposed over a 40-by-10-Metre area.
Geophysical work is under way, to be followed by sampling and trenching.
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