Aloro Mining acquires Quitovac option in Mexico Aloro Mining acquires Quitovac option in Mexico
2023-01-31 07:09 ET - News Release
Mr. Thomas Doyle reports
ALORO TO ACQUIRE THE HISTORIC QUITOVAC MINE PROJECT
Aloro Mining Corp. has signed an option agreement to acquire 100-per-cent of the Quitovac gold mine project in Sonora, Mexico. Quitovac is located in the prolific Mojave-Sonora megashear, where a large part of Mexico's recent gold production is derived. Aloro has entered into the agreement with Cuesta Del Cobre S De RL De CV of Hermosillo, Sonora, Mexico. The Quitovac gold mine project consists of 14 mineral concessions that cover 2,643.82 hectares of highly prospective geological units for gold mineralization. The Quitovac area is located approximately 220 kilometres northwest of Hermosillo, Sonora, the state capital, and 45 km south of the United States international border at Sonoyta, Sonora, Mexico.
The Quitovac mineralized area is classified with the other orogenic shear zone gold deposits of the region, including the gold mines of Mesquite, La Choya (eight km south), La Herradura (35 km south, produced over 425,288 ounces (oz) gold (Au) in 2020), San Francisco and El Chanate. All these gold deposits are similar in character and are stated to be part of the Mojave-Sonora megashear.
Please see the Quitovac location map at the company's website.
Both hardrock gold mining and gold placer activity were described as being active south of Quitovac village around 1833 to 1840, with more extensive work being initiated around 1880 through 1910. Total production of the Quitovac mines from these historic times was estimated at 150,000 ounces (oz) gold (Au).
Please see the Quitovac historic photo at the company's website.
Four modern drilling campaigns at Quitovac have been completed and total 110 drill holes with 12,450 metres drilled.
The associated table specifies the various drill campaigns and company involved with each drill campaign.
This transaction is subject to the approval of the TSX Venture Exchange.
Thomas A. Doyle, president and chief executive officer, stated: "The acquisition of Quitovac gives Aloro a strong exploration presence in the Mojave-Sonora megashear. I look forward to the news flow from this area as well as updates coming from Los Venados as Alamos Gold continues their exploration as part of their $5-million (U.S.) option agreement."
About Aloro Mining Corp.
Aloro controls the 3,199-hectare Los Venados project which is located in the central part of the Mulatos gold district. The western property boundary is shared with Agnico Eagle Mines Ltd., where it operates the La India open-pit mine, and it is directly adjacent to the active Mulatos open pit of Alamos Gold Inc. to the south. The known mineralization within the Mulatos district is gold-dominant, mainly high-sulphidation epithermal-type of mineralization, with accessory silver and copper.