Vancouver-listed Francisco Gold has added to its portfolio of gold-silver projects in Mexico.
The junior has agreed to acquire 50.1% of privately owned Goldeneye Explorations for $2 million. Goldeneye’s chief asset is Metalurgica Costa, a Mexican company which holds more than 300,000 acres of prospective ground in Coahuila state, including a sediment-hosted, stratiform, copper-silver deposit.
The Main Favorable Horizon, a 10-to-20-metre layer which hosts the copper-silver mineralization, marks the transition between continental sandstone deposition and the overlying marine deposition. It encompasses an area measuring 70 miles long by 25 miles wide. Outcrops are limited (and produced only) by the erosion on northwest-southeast-trending anticlines. Sampling at the Granizo showing returned a strike length of 42 metres averaging 2.11% copper and 37.9 grams silver per tonne over a width of 8.72 metres.
Francisco is seeking a joint-venture partner.
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