In search of the Mother Lode. Tocvan Resources closed Friday at $0.59 on only 7,000 shares, trading about 247,000 shares for the week. It was another quiet week with no news, but this is good, as it takes time for the mother duck to get all her ducklings lined up for the swim across the lake. It is already September 9th and I suspect due diligence on the potential recent land acquisition is at an advanced stage by now.
From the Press Release dated July 27.....
"Tocvan Ventures Corp. has entered into a binding letter of intent (LOI) with a private title owner for the 100-per-cent acquisition of 2,172.7 hectares immediately adjacent and north of its Pilar gold-silver project in Sonora, Mexico. The area includes highly prospective zones that have seen limited exploration to date, however recent placer mining suggests untested gold and silver potential. Prior to closing a definitive agreement, the acquisition is subject to a 60-day due diligence period effective July 25, 2023".
From my experience being involved in these types of studies, Tocvan will be undertaking several critical steps to determine the viability of the acquisition, these would also include locating new drill targets by using both ground studies and satellite imagery. What is of particular interest to me are the extensive alluvial river beds dotting the property, which over millions of years have moved gold from higher elevations by weathering and deposited them along river channels at lower elevations. I suspect the due diligence will be positive as preliminary indications suggest the surrounding properties mirror that of Pilar, i.e. old underground workings, alluvial river bed mining, and an array of indicator geological formations suggesting gold and silver is abundant.
The recent placer mining is confirmation that gold is abundant at the surface in numerous and well defined river beds. If I could draw a mental picture of the process, just imagine a maple tree with hundreds of branches all leading down to one main stem where sap has concentrated levels of sugar. The same thing happens during the process of erosion due to weathering, there are numerous small streams and rivers that eventually lead down to the main river, dragging and tumbling gold down from the mountains.
We have all heard the old saying, "In Search of the Mother Load". How the gold is weathered is an indication of how close one could be to a larger ore body, i.e. large pieces of less weathered gold suggest the source is close, whereas finely weathered gold suggests gold has moved a greater distance from the source. Could Pilar be the motherload of gold and silver or is Pilar just one small part of a very large puzzle yet to be put together?
Just think, we haven't even opened the puzzle box containing the new property.
Pilar has had over 23,000 m of drilling, confirming extensive gold and silver ore bodies at depth, i.e., 94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag . Interestingly, the recent surface trenches used to collect over 1,000 tons of material for the bulk sample and metallurgical testing have unexpectedly discovered extremely high grades, i.e. 1.9 grams per tonne (g/t) gold from surface to a backhoe collection depth of about 10ft. This data suggests abundant surface gold could potentially exist throughout Pilar due to ancient weathering processes, i.e., eroding the top of gold and silver ore channels. Mineralization at the surface makes the extraction of gold more cost effective.
Another confirmation that there could be numerous ore bodies through the area is confirmed by recent underground working discovered during the trenching process for the bulk sample. These underground audits, as opposed to surface placer mining in river beds, suggest that earlier miners discovered exposed veins of gold and silver and followed them at depth. It has yet to be determined how many old mining shafts there are since the ones discovered during trenching were likely buried decades ago, if not centuries. It is well documented that earlier inhabitants searched and extracted gold and silver throughout the Sonora region for centuries.
And let's not forget about El Picacho, which is 100% owned by Tocvan and has had little drilling. There are also many examples of old workings and underground audits similar to Pilar. It will be exciting to get the drill turning into several new targets.
September 9th, now time to sit back and watch baseball, and now football, and soon to be basketball.