Minaurum Consolidates Land Package at Aurifero Gold Project

Rhea-AI Summary

Minaurum Gold has strengthened its position at the Aurifero gold project in Sonora, Mexico by acquiring a 100% interest in five royalty-free claims covering the core portion and extending its option agreement for remaining claims by three years. The project, located near Minaurum's flagship Alamos silver project, has demonstrated significant historical drilling results, including intersections of 58m of 3.65 g/t Au and 7.60m of 7.97 g/t Au. The consolidated land package now totals 1,348 hectares, with Minaurum controlling over 95% of this high-grade gold district.

Positive

• Acquisition of 100% interest in five royalty-free core claims
• Historical drilling shows high-grade gold intersections up to 18.37 g/t Au
• Control of over 95% of the high-grade gold district
• Extension of option agreement provides additional time for development

Negative

• Significant remaining payments required ($2,175,000 due at 96 months)
• Historical drilling to shallow depths (max 135m)

Vancouver, British Columbia--(Newsfile Corp. - November 6, 2024) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) ("Minaurum") is pleased to announce that it has acquired a 100% interest in five royalty-free claims covering the core portion of the Aurifero high-grade gold project in Sonora, Mexico. Minaurum has also extended its option agreement to acquire the remaining claims by another three years. Located near Minaurum's flagship 100% owned and production permitted Alamos silver project, Aurifero has seen more than 8,000 meters in 4 drilling campaigns (reverse-circulation and core) since the 1980s (see Minaurum news release dated January 29, 2020).

Highlights of historical drilling include:

• 58 m of 3.65 g/t Au (Hole CI-09)
• 24.5 m of 3.12 g/t Au (Hole 07-MN-10)
• 7.60 m of 7.97 g/t Au including 3.10 m of 18.37 g/t Au (Hole DMDDH-01)
• 42 m of 1.70 g/t Au (Hole CI-22)
• 24 m of 2.42 g/t Au (Hole CI-34)
• 48 m of 1.47 g/t Au (Hole CI-35)
• 11.80 m of 2.9 g/t Au (Hole 07-MN-02)

"With these acquisitions, we now control over 95% of this high-grade gold district," stated Darrell Rader, President & CEO of Minaurum Gold. "We are excited by the robust gold grades returned by shallow historical drilling that averaged depths of less than 100 m with the deepest reaching a vertical depth of only 135 m. We believe these highly exposed gold veins have the potential to coalesce into a single substantial gold system at depth."

The Aurifero project lies 35 km northwest of Minaurum's flagship Alamos silver project and 26 km northwest of Mexico's third largest copper mine, Cobre Del Mayo's Piedras Verdes mine (Figure 1). Minaurum first acquired concessions at Aurifero when the Company entered into an option agreement to acquire 23 concessions covering 1,198 hectares (see Minaurum news release dated January 29, 2020). The option contract was amended in 2024 to extend payments to January 2028 (Table 1). Minaurum acquired 5 new royalty-free concessions totaling 150 hectares, bringing the total land package to 1,348 hectares and consolidating the district.

Aurifero contains a swarm of gold- and silver-bearing epithermal veins in a zone more than 400-m wide over a strike length of 3 km. Although a significant amount of historical drilling has taken place at Aurifero, none of the historical drilling reached depths of more than 135 m from the surface. Some of the deepest holes ended in mineralization. Subsequent core re-logging and geological modelling by Minaurum geologists indicate that past exploration cut the highest levels of a gold-silver-bearing epithermal vein system.

Figure 1. Plan view map of the Aurifero gold project concessions. Click image to enlarge.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3455/228892_39b82b1fa4118b65_003full.jpg

 

Table 1. Amended option schedule to earn 100% interest on the original 1,198-hectare package in the Aurifero project (all amounts in US$).

MILESTONE	CASH	NOTES
Signing	$84,120	Paid. Back taxes were subtracted from principal amount $144,000
6 months	$35,000	Paid
12 months	$25,000	Paid
18 months	$25,000	Paid
24 months	$25,000	Paid
30 months	$25,000	Paid
36 months	$25,000	Paid
42 months	$25,000	Paid
48 months	$25,000	Paid
54 months	$25,000	Paid
60 months	$22,000
66 months	$22,000
72 months	$22,000
78 months	$22,000
84 months	$22,000
90 months	$22,000
96 months	$2,175,000
Total:	$2,686,000

 

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Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora, Mexico and the Lone Mountain CRD Project in Nevada, USA. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders' legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects.

ON BEHALF OF THE BOARD

"Darrell A. Rader"

Darrell A. Rader
President and CEO

For more information, please contact:
Sunny Pannu - Investor Relations and Corporate Development 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.
___________________________________________________________________________

1570- 200 Burrard Street
Vancouver, BC V6C 3L6
Phone: 778 330-0994
www.minaurum.com
info@minaurum.com

Data review and verification: Stephen R. Maynard, Vice President of Exploration of Minaurum and a Qualified Person (QP) as defined by National Instrument 43-101, reviewed and verified the assay data, and has approved the disclosure in this News Release. Verification was done by visual inspection of core samples and comparison to assay results. Assay results have not been checked by re-analysis. No factors were identified that could materially affect the accuracy or reliability of the data presented in this news release. Historical data reported in this news release has not been verified.

Cautionary Note Regarding Forward Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

In making the forward-looking information 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 information 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 information.

Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228892

FAQ

What are the key drilling results from Minaurum Gold's (MMRGF) Aurifero project?

Historical drilling highlights include 58m of 3.65 g/t Au, 24.5m of 3.12 g/t Au, and 7.60m of 7.97 g/t Au including 3.10m of 18.37 g/t Au.

How many hectares does Minaurum's (MMRGF) Aurifero project now cover?

The total land package now covers 1,348 hectares, including the newly acquired 150 hectares from 5 royalty-free concessions.

What is the total option payment required for Minaurum (MMRGF) to acquire 100% of Aurifero?

The total option payment schedule amounts to US$2,686,000, with a final payment of US$2,175,000 due at 96 months.