Due to the increasing demand for both precious- and base-metal projects, Minaurum has determined that outside of the aforementioned projects and the Aurena gold-copper project, it will pursue the monetization of its remaining district-scale projects in exchange for a combination of royalties, carried interests, and significant share positions. Having already signed two Option Agreements this year, Minaurum is in active discussions to complete several more.
PROJECT PORTFOLIO UPDATE
Alamos Silver Project
The Alamos silver project is located in southern Sonora state in the historical Alamos Mining District that produced approximately 200 Moz of silver from three separate mines. Alamos hosts a wide, high-grade epithermal vein system where Minaurum has completed a total of 30,000 m of drilling and discovered 26 separate vein zones, demonstrating that Alamos is developing into a significant district-scale silver vein system. Phase II drilling is focused on systematically expanding silver shoots discovered in Phase I as well as continuing with aggressive exploration drilling focusing on new discoveries at unmined veins.
After pausing its drill program in late 2020 due to the impact of COVID in the region, Minaurum is working with its contractors to resume operations. Minaurum plans to resume its Phase II drilling shortly. Minaurum's technical committee has taken advantage of this pause to review the initial Phase II drill results and has approved the continuation of step out drilling on the Europa-Guadalupe and San Jos vein zones, as well as following up on the Alessandra, Ana, Tigre, Plpito-Cotera, and Minas Nuevas vein zones. At Promontorio, the second largest historical mine in the district, Minaurum has begun the process of dewatering the 1,200 m long Promontorio adit and will conduct underground mapping and sampling in order to further define the geologic model and aid in drill targeting.
Alamos Project website page: https://minaurum.com/projects/alamos/
Santa Marta Project
The Santa Marta project hosts a major copper-gold VMS exploration target in the south eastern state of Oaxaca. The area currently being permitted for drilling is a 900 metre-long massive gossan exposure that has been demonstrated by rock-chip and soil sampling to be mineralized in base metals for its entire length. Historical and Minaurum sampling has yielded copper values ranging from 1.0 to 3.7% copper and gold values as high as 2 g/t gold. Minaurum previously consulted with VMS expert Dr. Jim. Franklin, a geologist with over 35 years of experience in the study of mineral deposits and regional metallogeny. In Dr. Franklin's words, "Santa Marta appears to have all of the classic features of highly productive VMS systems, such as the semi-continuous deposit set at Flin Flon comprised of the Main Mine, Calinan, and Triple 7." (see news release dated June 19, 2013).
Recently acquired regional mapping and sampling data indicate the likely presence of additional nearby VMS exploration targets that lie within Minaurum's property holdings. Minaurum has designed an initial drill program and submitted a drill permit for environmental approval.
Santa Marta Project website page: https://minaurum.com/projects/santa-marta/
Aurfero Project
The Aurfero gold project is located 35 km northwest of the Alamos silver project, and contains a swarm of gold- and silver-bearing epithermal veins within a zone measuring 3 km long and more than 400 m wide. A large number of high-grade gold results from shallow historical drilling indicate the potential top of a deeper gold system. Historical results include: 58 m of 3.65 g/t Au in Hole CI-09, 24.5 m of 3.12 g/t Au in Hole 07-MN-10 and 3.1 m of 18.37 g/t Au in Hole DMDDH-01 (see news release dated January 29, 2020). Under the option agreement, local artisanal miners are allowed to continue mining to a depth of 100 m or until such time that the option agreement is exercised.
Minaurum has completed compilation of historical exploration data at Aurfero and has re-logged some of the available drill core from the project. Minaurum will design a drill program and apply for necessary permits in the second half of 2021.
Aurfero Project website page: https://minaurum.com/projects/aurifero
Aurena Project
Aurena is a gold skarn/VMS discovery that Minaurum drilled in 2011 which outlined two principal zones of gold mineralization along a strike length of 1.8 km. Both zones remain partially to wholly open. The largest zone of mineralization discovered by drilling occurs along a steeply north-dipping contact between metavolcanic and metasedimentary rocks. The second zone hosts significant gold mineralization directly on surface. High-grade gold drilling intersections from its Phase I program include: 29.05 m of 1.99 g/t gold (Hole AURC-11-005); 43.50 m of 1.01 g/t gold (Hole AURC-11-006); and 20.50 m of 1.01 g/t gold (Hole AURC-11-001); (see news release May 9 and June 14, 2011).
Aurena has the ability to host a significant gold system directly on surface. Minaurum intends to continue holding and ultimately conducting a Phase II drill program, most efficiently in conjunction with an initial drill program at the nearby Santa Marta project.
Aurena Project website page: https://minaurum.com/projects/aurena
Biric and Vuelcos del Destino Projects
Biric and Vuelcos del Destino are located in the heart of the multimillion-ounce Guerrero Gold Belt ("GGB"). With three separate top tier gold mines operating within 20 km of the projects and surrounded by Equinox Gold, Agnico-Eagle, Torex Gold, and Osisko Development Corp., Biric and Vuelcos del Destino represent the last remaining projects held by a junior in the belt. Biric and Vuelcos exhibit typical GGB host rocks cut by intrusive rocks identical to those seen in the neighbouring Los Filos Mine and nearby Media Luna deposit. Vuelcos del Destino hosts the largest single untested intrusive complex measuring 12 sq km left in the GGB. At Biric, drilling focused on 3 principal target areas, where one hole intercepted 26.98 m grading 1.07 g/t Au (Hole GV2014-011) (see news release dated January 20, 2021). Minaurum is in Joint Venture discussions with interested third parties.
Biric and Vuelcos del Destino Project website pages:
https://minaurum.com/projects/vuelcos-del-destino/
https://minaurum.com/projects/biricu/
Additional Projects
Over the last five months, Minaurum has been cost-effectively reviewing a number of new high-grade gold and silver projects, several of which have been acquired primarily through staking. It is anticipated that the majority of these projects will be monetized in exchange for carried interests and/or royalties.
JOINT VENTURES
Taviche Silver-Gold Project Option Agreement with Fortuna Silver Corp.
Located directly adjacent to Fortuna Silver's San Jose Mine, Taviche hosts an epithermal silver district that saw both considerable historical production and drilling that returned wide zones of silver mineralization. Minaurum recently optioned the project to Fortuna (see news release dated January 7, 2021). Fortuna can acquire an 80% interest by making cash payments totaling $1,450,000 and incurring US$4M in work expenditures over three years. Minaurum's interest is carried until such time that Fortuna completes an initial 43-101 resource, a preliminary economic assessment ("PEA") and has made a positive production decision.
A Fortuna senior project geologist has begun relogging core, conducting surface mapping and sampling, and designing a drill program. Drilling is expected to commence in late 2021 or early 2022. In addition, a surface-access agreement was also recently signed with the primary community at the project.
Taviche Project website page: https://minaurum.com/projects/taviche/
Adelita Copper-Gold Project Option Agreement with Infinitum Copper Corp.
Adelita is a high-grade copper-silver skarn porphyry system that Minaurum optioned to ASR Resources Corp ("ASR") earlier this year (see news release dated March 9, 2021). As part of the option, Minaurum will be issued 16% of the post-IPO shares outstanding in addition to retaining a 20% carried interest through to the completion of a PEA, an initial 43-101 resource and $4.75M in work expenditures.
ASR recently changed its name to Infinitum Copper Corp. ("Infinitum") reflecting its focus on being a pure-play copper company and assembled a strong management team including Douglas Kirwin (former Executive VP of Ivanhoe Mines Limited). Infinitum is currently in the pre-listing process and will be submitting the necessary documents including an independent NI 43-101 Technical Report within the next 2-3 weeks, in order to list on the TSX Venture Exchange within the next 2-3 months. More information for investors can be found at their newly launched website www.infinitumcopper.com.
In addition, further to the News Release dated March 9, 2021, Minaurum has issued 200,000 common shares to Minera Coplau S.A. de C.V. ("Minera Coplau") to eliminate the underlying commercial production payment obligation payable to Mineral Coplau, pursuant to an amendment agreement dated February 27, 2021 (the "Amendment Agreement") between the parties, in connection with a letter agreement dated April 23, 2010, as amended from time to time. All common shares issued pursuant to the Amendment Agreement are subject to a four-month hold period under applicable Canadian securities laws expiring on August 9, 2021.
Adelita Project website page: https://minaurum.com/projects/adelita/