Pacific Rim to explore Leticia

Pacific Rim Mining (PFG-V) has formed a joint venture with Miranda Industries (MAD-V) on the Leticia concession in southern Mexico.

Pacific Rim can earn a 51% interest in the 100-ha property by making payments totalling US$182,000, spending US$1.3 million on exploration, and assuming all underlying payments totalling US$1.1 million over two and a half years.

Pacific Rim made the first payment of US$10,000 on the agreement’s signing, and will pay another US$25,000 after 60 days. On the first anniversary of the signing, Miranda will receive another US$82,000.

Pacific Rim will also pay Miranda Industries US$65,000 upon the completion of due diligence, and when Miranda receives its certificate from the government mines ministry.

Situated in Guerrero state, the project is surrounded by the 4,800-ha Xochipala property, controlled by Mexican silver giant Peoles.

In the 1980s, gold was mined at Leticia from small high-grade pockets of quartz and hematite. The deposits exist in an area in which a limestone unit contacts a granodiorite intrusive. The contact has a coincident gold-in-soil anomaly that exceeds 50 parts per billion along the entire length of the property, and 200 parts per billion over half the 1,200-Metre strike length of the contact.

A road cut across the contact averages 4.32 grams gold along 43 metres, including 26 metres of 6.48 grams gold.

Leticia has a high-Amplitude magnetic anomaly that measures 500 metres along strike by 300 metres, in the southwestern quadrant of the project.