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Cloncurry Metals acquired the El-Rodeo project in south west Mexico in early
2010, joining a host of foreign investors in the prosperous and mineral-rich
area. The project comprises four primary and a number of secondary targets
all with the potential for major gold, copper, and silver deposits.
The El-Rodeo project is ideally situated on the Lower Tertiary copper belt, a highly
prospective mineralised belt and home to Mexico’s largest copper deposits. The
Lower Tertiary copper belt is located on the lower part of a volcanic regime known
as the Caldera Complex extending from north to southern Mexico. The area is
home to Mexico’s two largest copper deposits, Cananea which produces 160,000 tonnes
of copper annually, and La Caridad which claims over $US30 billon in-ground value.
Mexico has a well-established mining industry with a long history and was the
world’s second-largest silver producer in 2008.
The acquisition of El-Rodeo included the addition of a highly experienced
team of geologists and professionals with extensive knowledge of the
Mexican mining industry.
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Cacanicuas is a Copper-Molybdenum (Cu-Mo) mineralised porphyry. The prospect encompasses the core of an intensely altered porphyry copper system in the Tertiary Copper Belt located in southern Mexico.
Drilling and geochemical results to date have demonstrated the potential for a
significant porphyry Cu-Mo discovery. Expert geological advice confirms
potential for a 500 million tonne Cu-Mo deposit.
Cloncurry Metals will use Induced Polarization (IP) geophysical survey equipment
aiming to locate the position of the best developed disseminated sulphides at
depth below the surface mineralisation and broad geochemical anomalies.
Deep vertical drilling will then test that target. Drilling operations are
expected to commence mid- 2010.
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The project area is particularly attractive as preliminary drilling has shown
La Calera to be a mineralised zone with gossan hosted gold and silver.
Preliminary drilling and geochemical results have delineated a large area of
metasediments adjacent granodiorite-andesite intrusions. The sediments are
dominated by silica-carbonate-sulphide alteration, with extensive veining and
brecciation of varying intensity. Good intersections of gold/silver mineralisation
were achieved by the preliminary drilling. This mineralisation is hosted by
gossans and sulphide-rich replacements associated with limestones and skarns.
Cloncurry Metals is targeting a large gold discovery suitable for open pit mining.
In addition to the drilling program, a wider magnetic survey in combination
with an IP program is planned for 2010.
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La Ferrosa is indicated by a large (approximately 1km2) magnetic anomaly and local gold-copper gossans. This anomaly remains untested by drilling but given the excellent trench sampling results, it is an obvious target for a large gold, copper, and silver deposit.
The size of the anomaly indicates a potential of more than 20 million tonnes, which, if the grade in the trenches is reproduced, would represent a very high value deposit.
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The former silver mine site of Espiritu Santo holds exciting prospects for further exploration and mining. The site has a history of intermittent mining since the 16th century, and most recently ceased production just over 100 years ago.
Based on exploration field work and historical information, the company has recognised the obvious potential for high grade silver in multiple narrow veins which has been supported by recent vein sampling results. There is also the potential or a bulk mineable open pit resource.
A thorough IP survey is planned in the near future which will be followed by an initial drilling program later in the year.
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The El-Rodeo prospect also holds several other areas of interest for further exploration after previous sampling programs discovered anomalous levels of gold in the soils, most notable at El Gato. Further mapping and sampling is planned at the sites to determine their potential. Cloncurry Metals believes the addition of the El-Rodeo project significantly enhances shareholder value.
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La Calera gossan in silicif host
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| Creek outcrops near La Calera |
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| Espiritu Santo building remnant
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![Click to enlarge](javascript:imagePopup("images/mexico_map.gif","mexico_mapgif",1216,861) "Click to enlarge")
