ALORO MINING CORP. – (the “Company” or “Aloro”) is pleased to announce that it has signed an Option Agreement to acquire 100% of the Quitovac Gold Mine Project (Quitovac) 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 R.L. De C.V. 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 km northwest of Hermosillo, Sonora, the state capital, and 45 km south of the US 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 (8kms south), La Herradura (35 kms south, produced over 425,288 oz 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:
https://aloromining.com/site/assets/files/5230/quitovac_location_map_mojave-sonora_megashear_gold_depo.pdf
Both “hardrock” gold mining and gold placer activity were described as being active south of Quitovac village around 1833-1840 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 oz. gold.
Please see the Quitovac historic photo:
https://aloromining.com/site/assets/files/5230/historical-quitovac.jpg
Four modern drilling campaigns at Quitovac have been completed and total 110 drill holes with 12,450 meters drilled.
The following table specifies the various drill campaigns and company involved with each drill campaign.
|
Company |
Year |
No. of drill holes |
Meters drilled |
|
Penmont (Penoles-Newmont) |
1987-1990 |
63 RC plus 2 core |
6700 |
|
Santa Cruz |
1996 |
20 RC |
2885.5 |
|
Copper Ridge Exploration |
2004-2005 |
13 Diamond drill core |
1134.4 |
|
Minera Mystery |
2011-2012 |
12 RC |
1730 |
Terms of option are as follows:
|
Payment Date |
Cash Payment Amount |
Share Issuance |
|
Within 30 days of the Approval Date |
$35,000+VAT |
200,000 |
|
On or before the date that is one (1) year after the Approval Date |
$45,000+VAT |
200,000 |
|
On or before the date that is two (2) years after the Approval Date |
$55,000+VAT |
200,000 |
|
On or before the date that is three (3) years after the Approval Date |
$65,000+VAT |
200,000 |
|
On or before the date that is four (4) years after the Approval Date |
$75,000+VAT |
300,000 |
|
On or before the date that is five (5) years after the Approval Date |
$100,000+VAT |
400,000 |
On or before the date that is six (6) years
after the Approval Date |
$200,000+VAT |
500,000 |
This transaction is subject to the approval of the TSX Venture Exchange.
Thomas A. Doyle, President, CEO, 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 US$5,000,000 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 Limited 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 sulfidation epithermal type of mineralization, with accessory silver and copper.
ALORO MINING CORP.
Per: “Thomas A. Doyle”
Thomas A. Doyle
President & CEO
http://www.aloromining.com/
For further information, please contact:
Thomas A. Doyle
Phone: (604) 689-5722
Email: info@aloromining.com