Teck, Miranda tally more gold at El Limon

Vancouver Partners Teck Cominco (TEK-T) and Miranda Mining (MRM-V) are continuing to outline a significant zone of gold mineralization at the El Limon gold prospect on the Morelos Norte claim in Mexico’s Guerrero state.

Late last year, Teck Cominco drilled 29 holes outlining a zone of skarn mineralization covering a 1,000-by-300 metre. Mineralization is associated with magnetite, pyrrhotite, chalcopyrite and pyrite, which occurs at the contact of a granodiorite intrusion and limestone unit.

The northern part of the zone lies near surface, whereas the southern portion occurs at depths exceeding 100 metres. The first 29 holes tested the zone at 100-metre line spacings. The latest bout of drilling infilled the previous holes at 50 metres spacings. Highlights include the following:

• – hole 30 12.95 grams gold over 3 metres from 118 metres downhole;
• – hole 31 9.29 grams gold over 3.1 metres from 39.6 metres down-hole;
• – hole 37 4.29 grams gold over 10.7 metres from 38.1 metres down-hole;
• – hole 38 1.26 grams gold over 39 metres from 192 metres down-hole;
• – hole 39 6.12 grams gold over 3 metres from 42.5 metres downhole;
• – hole 40 12.58 grams gold over 7.5 metres from 99.5 metres down-hole;
• – hole 44 16.78 grams gold over 3 metres from 65.5 metres downhole;
• – hole 46 8.37 grams gold over 4.6 metres from 36.9 metres down-hole;
• – hole 47 10.47 grams gold over 2.3 metres from 113 metres down-hole;
• – hole 51 35.06 grams gold over 2.4 metres from 112.9 metres down-hole and;
• – hole 53 36.82 grams gold over 3 metres from 209.5 metres down-hole.

Based on the results, Teck Cominco is now developing a geologic model to guide any future drill programs.

Kelowna-based International Metallurgical and Environmental has also completed a preliminary metallurgical report on seven composite samples from the 2001 drill program.

The results showed that gold can be recovered from the sulfide-rich portions of the mineralization by a simple flow sheet consisting of a grinding circuit followed by cyanide leaching and then a CIP circuit using activated carbon.

Teck picked up the 260-sq.-km property, 150 km southwest of Mexico City, in 1998, when the Mexican government auctioned off unclaimed parts of the 500-sq.-km Morelos National Mining Reserve. Bidding US$3.1 million, Teck considered the area prospective for skarn-style mineralization similar to its nearby Nukay project, which hosts a resource of 4.4 million tonnes grading 4.47 grams gold in three separate zones, plus an indicated resource of 28.4 million tonnes averaging 1.64 grams gold at the Los Filos zone. A US$1.8-million program is slated for the project this year.

Teck Cominco holds a 78.3% stake in the project with Miranda Mining taking the remaining 21.7% interest, 14% of which is carried.