Pan American`s La Virginia (early stage) propertyAs mentioned previously, this could be 1 of the 4 properties to be offered to Kootenay to select from.
It is early stage, but looks very promising also. It is quite large - located in Sonora, Mexico, as well.
``The land package encompasses more than 34,000 hectares within a geologic environment similar to that of the Dolores gold and silver deposit.``
La Virginia is not nearly as advanced as La Bolsa (Sonora, Mexico - La Bolsa is right next to the Arizona, US border). La Bolsa looks like it is ready for mine build (with potentially Evironmental Assessment Study completed and approved by Semarnat, Mexican government division, in 2010/2011, and mining permit potentially granted in 2011). I think Minefinders were planning on gold production starting at La Bolsa in 2012 then they were acquired by Pan American Silver (in 2012). La Bolsa is too small for Pan Amercian to action.
It looks like there was no historical drilling done at La Virginia prior to Minefinders drilling it in 2010.
``Silver and gold mineralization is present as epithermal stockworks, veins, and hydrothermal breccias.`` Minefinders drilled it in 2010 and 2011 with very positive results.
Drill highlights for the 2011 program:
Las Huatas Zone:
- LV11-47C: 23.5 metres of 13.69 gpt AuEq including 9.0 metres of 34.51 gpt AuEq and 4.0 metres of 71.31 gpt AuEq
- LV11-48C: 7.8 metres of 2.04 gpt AuEq including 1.0 metre of 9.45 gpt AuEq
- LV11-49C: 2.0 metres of 8.16 gpt AuEq
- LV11-50C: 15.0 metres of 6.14 gpt AuEq including 4.5 metres of 18.09 gpt AuEq and 1.5 metres of 41.13 gpt AuEq
``To date, the Las Huatas zone has been systematically tested over an area of approximately 250 metres laterally and 250 metres vertically. Drill sites are currently in place to test an additional 450 metres of strike length as well as target mineralization at depth.`` ``Geologic mapping and sampling is currently being conducted on the south end of the project where the Las Huatas mineralized zone is known to extend for at least two to three kilometres to the south of current drilling. This expands the total strike length along mineralized structures to more than 10 kilometers of length. Once this work is completed, an application to expand the existing environmental permit to include this area for drilling will be filed.`` ``Two test drill holes within the El Campo Santo Zone, located in the northern half of the project, were also completed. These drill holes were designed to test down-dip of previously drilled shallow intercepts. Results include 4.62 gpt AuEq over 2.0 metres in hole LV11-38C and 6.53 gpt AuEq over 2.0 metres in hole LV11-44C indicating that grades are increasing with depth.``
``In the Con Virginia Zone (the central portion of the property), the focus has been the development of additional infrastructure such as access roads and new drill pads, the construction of which are both complete. The new drill pads will allow for additional targeting of the zone where mineralization remains open along strike and up dip.``
Highlights of the initial drill test in 2010:
``Assay results from the first nine drill holes include intervals of 2.0 metres assaying 12.17 grams per tonne (gpt) gold ("Au") with 51.5 gpt silver ("Ag") in LV 10-4C, and 1.1 metres of 5.75 gpt Au with 434.3 gpt Ag in LV 10-8C. More widespread intercepts include 27.0 metres containing 1.01 gpt Au with 89.9 gpt Ag in LV 10-7C with internal higher grade intervals. "We are encouraged by this new discovery, particularly as it is in the initial stages of the first drill program ever conducted at La Virginia. As our understanding of this large mineralized system evolves, we will expand our drilling program" commented Tench Page, Vice President, Exploration.`` ``Mineralization occurs in epithermal quartz-chalcedony stockworks, veins and hydrothermal breccias with widths that can vary from one metre to greater than 30 metres.`` Clearly, the La Virginia gold-silver property has significant potential.
I would select both La Bolsa and La Virginia, if Pan American Silver were to offer them as part of the 4 choices. If Pan American`s website (and current Corporate Presentation) is up to date then it looks like they only have 5 early stage properties to offer up. As mentioned, 1 of the 5 properties (in Argentina) cannot be currently be mined (due to current ban on cyanide). It`s not clear if Pan american has other early stage properties that are not listed on website and Corp Presentation. It is unlikely, as the Corp Presentation is recent (dated March 2016) and no other early stage properties show up.
I think we have a good chance of being offered either La Bolsa and La Virginia, and still a good chance of being offered both properties.
La Virginia`s NR for the 2011 drill results:
https://www.marketwired.com/press-release/minefinders-reports-1369-gpt-gold-equivalent-over-235-metres-las-huatas-zone-its-la-tsx-mfl-1573744.htm La Virginia`s NR for the 2010 drill results:
https://www.marketwired.com/press-release/minefinders-announces-discovery-of-gold-and-silver-system-at-its-la-virginia-project-tsx-mfl-1321492.htm