Excalibur Resources: 250tpd plant with commercial production in 2014
2014 Gold Producer (dividend planned) in Pinos Bonanza Gold District, Zacatecas, Mexico
Message: April 01,2012: Excalibur samples up to 18gpt Au and 1412 gpt Ag at Catanava
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April 01, 2012 |
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Excalibur Resources Ltd. ("Excalibur" or the "Company") is very pleased to announce that it has confirmed four newly identified bonanza grade Gold and Silver veins at it´s Catanava Project in the Pinos District, Zacatecas, Mexico. The exact locations of the four high-grade veins can be found on the company´s website (www.excaliburresources.ca).
The new vein systems have been identified during the company´s extensive and structural exploration work of the existing historic mine workings on the property. Especially the area around the known high-grade vein Cinco Estrellas turns out to be very prospective for new vein systems at depth. Three of the four identified new bonanza grade veins are located in the vicinity of Cinco Estrellas and have been discovered during the company´s recent preparation of a ramp system 30m below the old shaft.
Grab samples returned grades as high as 18 gpt Gold and 1412 gpt Silver. For a complete overview of the sample results see the table below.
HISTORY
The Old Pinos Gold District is about 2 km southwest of the 5 x 6 km oval Herradura Dorado Caldera and the veins are in both pre-existing sedimentary rocks and rhyolitic material. Mineralization is directly related to the final stages of the caldera formation of probable late Olicocene time. Herradura Dorado Caldera is one of a very large number of calderas within or near the northwest trending Sierra Madre Occidental Mountain Range of northern and central Mexico.
An enormous amount of data was generated from 1975 until 1983 by Bethlehem Steel Corp. and later by Hecla Mining Company. Bethlehem's results determine that there were over 5 million metric tons of veins to only the drilling depth of 250 m below the surface. This drilling depth was used because it was about 150m below the average depth of most of the old mine workings. Most mining stopped at around 100 m depth which was the water table. The grades of this ore ranges between 8 - 12 and 12 - 20 gpt Gold and 100 to 1500 gpt Silver. Based on $5 million of recent modern exploration work completed by Bethlehem Steel Corp., All North Resources, Hecla Mining Company, Romarco and the current JV partner, several areas in the Old Gold District have been delineated which are ready or near ready for production- including the Catanava project. Bethlehem Steel Corp. confirmed that less than one third of the vein ore known in the Old Pinos Gold District has been mined. Excalibur's Chairman, Mr. Fantomas, commented, "2011 was a very busy year for Excalibur which is nearing completion of a 250 tpd Gold and Silver plant with its joint-venture partner in Mexico. Besides our plant construction work, we are carrying out extensive preparation of the known historic mine workings for extraction of high-grade material. Because the Pinos District is well known as probably one of four Mexican districts for bonanza grade Gold and Silver, it came not much of a surprise to us, that we discovered additional high-grade veins below the shallow historic shafts and adits. We are looking forward with much anticipation to the first results of our mining operation and are very confident to make further promising discoveries on our Catanava claims.” |
Table of sample assays:
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New Vein System |
Sample |
Gold gpt |
Silver gpt |
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El Oro Grande |
GS 2012-01 |
11 |
481 |
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El Oro Grande |
GS 2012-02 |
18 |
398 |
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El Oro Grande |
GS 2012-03 |
13 |
504 |
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El Rincon |
GS 2012-04 |
7 |
1228 |
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El Rincon |
GS 2012-05 |
8 |
997 |
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El Rincon |
GS 2012-06 |
7 |
1412 |
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El Tigre |
GS 2012-07 |
9 |
281 |
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El Tigre |
GS 2012-08 |
7 |
333 |
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El Tigre |
GS 2012-09 |
7 |
297 |
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Guadalupe |
GS 2012-10 |
12 |
778 |
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Guadalupe |
GS 2012-11 |
13 |
881 |
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Guadalupe |
GS 2012-12 |
13 |
712 |
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