Minaurum Gold Inc. Drill Program Commences at Biricu Project in Guerrero Gold Belt
VANCOUVER, BC / ACCESSWIRE / December 4, 2015 / Minaurum Gold Inc. (TSXV: MGG) ("Minaurum") is pleased to announce that Guerrero Ventures Inc. ("Guerrero") has commenced a 4,500m drill program at its Biricu project located in the Guerrero Gold Belt ("GGB"). The exploration work will be conducted by Minaurum, as a contractor to Guerrero except for drilling services.
Guerrero plans to drill approximately 4,500 meters of core at the Hornfels Hill, Punto Rojo, and La Curva prospects, following up on targets drilled in 2014 in addition to testing several other targets that were identified by geophysics but not drilled in 2014. The current program will test the upper Morelos Formation and is employing 3 man-portable rigs and 1 track rig.
Mineralization at Biricu appears to be related to skarn and hornfels alteration of Mezcala Formation shale and sandstone in proximity to diorite/granodiorite intrusive rocks. It is believed that the 2014 drilling terminated in the stratigraphically lower part of the Mezcala Formation, close to the upper part of the more prospective Morelos Formation limestone.
"We are very excited to have commenced this drill program on behalf of Guerrero Ventures. The exploration program designed by David M. Jones who discovered the neighbouring Los Filos deposit, will test several high priority targets, a number of which have already returned GGB style alteration and gold mineralization at depth." stated President and CEO Darrell Rader.
Guerrero recently received a CDN$770,000 loan from Minaurum to explore Biricu (see Minaurum News Release dated November 4, 2015 (http://www.minaurum.com/s/NewsReleases.asp?ReportID=728963&_Type=News-Releases&_Title=Minaurum-to-Loan-Guerrero-Ventures-770000-to-explore-the-Biricu-Project)). The loan bears interest at 8% and can be repaid at Minaurum's choice in either cash or a direct 55% interest in Biricu. If Minaurum decides to convert its loan into a direct 55% interest in the Biricu project, it will also be granted an option to acquire a further 20% interest in exchange for funding $153,000 in exploration expenditures within 24 months of the conversion date.
The Biricu Project comprises more than 41,000 hectares of highly prospective intrusive rock types identical to those seen in Goldcorp's neighbouring Los Filos Mine and Torex Gold's nearby El Limon deposit.
Steve Maynard, the Vice President Exploration of Minaurum and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved, but has not verified, the technical data in this release due to the technical data having been prepared by Guerrero.
Minaurum Gold is a gold-copper explorer focused on the Guerrero Gold Belt in Mexico. For more information, please visit our website at www.minaurum.com and our YouTube Minaurum Video Channel (http://www.minaurum.com/s/VideoGallery.asp).
ON BEHALF OF THE BOARD
"Darrell A. Rader"
Darrell A. Rader
President and CEO
For more information, please contact:
Sunny Pannu - Investor Relations Manager
(778) 330 0994 or via email at pannu@minaurum.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitute forward-looking information. In making the forward-looking statements in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum' s current beliefs as well as assumptions made by and information currently available to Minaurum. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Minaurum Gold Inc.