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Tuesday, 24th July 2007 (2796 views)

Mineral exploration company Cangold has acquired an option to acquire the interest in the Los Venados property along strike from the Mulatos gold mine in the Sierra Madre gold belt of Sonora, Northern Mexico.

Los Venados lies within a 15-20 kilometre long northwest trending belt of strong hydrothermal alteration and gold mineralisation in Tertiary volcanic rocks within the Sierra Madre Mountains.

"The target at Los Venados is a multimillion-ounce high-sulphidation epithermal gold deposit amenable to open pit mining and heap leaching, similar to Alamos Gold's Mulatos gold deposit, which contains a global resource of 3.71 million ounces at a 0.5 grammes per tonne (g/t)," a statement from the company noted.

The nearby Estella pit has proven and probable reserves of 31,900,000 tonnes at a grade of 1.64 g/t of gold for a total of 1,683,000 ounces of gold.

Cangold's first phase of exploration is scheduled to commence in early August. It will include geological mapping and prospecting, detailed sampling and trenching of three zones.

 

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