Minera Alamos Inc (CVE:MAI) (OTCMKTS:MAIFF), the Mexico-focused gold mine developer, unveiled exciting news on Thursday from its Santana project where it has found a new zone of mineralization called 'Gold Ridge'.
The firm has identified significant new Nicho-style gold-silver surface anomalies to the east of the Nicho deposit, it said in a statement, as it also reported permitting progress for the property.
Minera said it will test the new discovery zone, which notably can be traced for almost 1,000 meters (m) at surface, as part of the previously announced second phase drill program at the property in Sonora state.
Highlight finds from the new discovery include that 147 rock samples have been assayed with around one-third exhibiting grades suitable for simple heap leaching.
Also, the mineralization appears to be contained along a topographic high allowing for reasonable open-pit access. The surface exposure covers an area of around 1,000m by 200m.
Gold Ridge also lies around 2km to 3km from the currently planned Santana commercial heap leach facilities.
For the Santana project, Minera also told investors it had now received formally the ETJ (Estudio Tecnico Justificativo), which along with the MIA (Manifestacion de Impacto Ambiental), provide it "with all the necessary rights" to initiate the construction of commercial-scale gold operations at the site.
"This includes the mine preparations and all gold recovery facilities and related infrastructure," it said.
"In addition, the possession of the MIA-ETJ documentation is the critical prerequisite for the company to initiate applications for other permits including those for explosives use and storage that will be necessary for the initiation of project operations following the completion of construction activities."
Minera Alamos's assets are the La Fortuna open-pit gold project in Durango (positive PEA completed and permits granted) and the Santana open-pit heap-leach development project in Sonora (permits received).
The aim is to develop low capex, high margin assets with expansion opportunities while continuing to make strategic acquisitions.
Shares slipped around 5% in Toronto to stand at C$0.18.
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