Oceanus Resources Corporation provides update on acquisition of prospective gold properties in Mexico
Wednesday, Dec 26, 2012
HALIFAX, Dec. 24, 2012 /CNW/ - As previously announced Oceanus Resources Corporation (TSXV: OCN) ("Oceanus" or the "Company") has signed a binding letter of intent ("LOI") to acquire all of the issued and outstanding securities of Lunar Gold Holdings Incorporated ("LGH"), a Canadian company, by way of security exchange. LGH and LGH's wholly owned Canadian subsidiary, LGHI Holdings Incorporated ("LGHI"), together own 100% of Minera Pueblo de ORO SA DE CV, a Mexican company, ("MPO"). MPO is a party to agreements to earn a 100-per-cent
interest in twelve (12) Mexican mining concession titles, collectively known as the La Lajita property (the "Claims") covering approximately 3,218 hectares in Durango, Mexico (the "MPO Agreements").
The transaction is subject to TSX Venture Exchange (the "Exchange") and other regulatory approvals. As well, closing is subject to a geological report compliant with National Instrument 43-101 being approved by the Exchange, execution of a definitive share exchange agreement and other customary approvals for transactions of this type.
Mercator Geological Services Limited has prepared a geological report compliant with National Instrument 43-101 on the Claims (the "Technical Report"). Oceanus has submitted the Technical Report to the Exchange for review.
The Claims are located in the south west corner of Durango State, Mexico, along the western flanks of the Sierra Madre Occidental, in one of the largest volcanic belts in the world. This area is recognized as an extremely prospective mineral belt for gold and silver deposits. This area is a virgin district having never been discovered or worked by the Spanish and there are no historic mining records. There are numerous pits, adits and small shafts that have been developed by local gambusinos during the 1900's, and the locals continue to mine the area to this day.
In 2004, certain of the Claims were the focus of an exploration program by International Northair Mines Ltd. Geologic mapping, rock sampling and other field investigations by Northair led to the discovery of seven significant gold and silver mineralized zones, and there remains potential for additional discoveries both parallel to and along strike.
The known gold and silver mineralization on the Claims occurs within seven distinct alteration zones which are identified as the A to G Zones.
Mineralization generally occurs as veins, stockwork and breccia zones along and adjacent to fault zones. The presence of relatively minor amounts of sulphide minerals along with hematite (locally as specularite) within these alteration zones indicates association with a low-sulfidation type epithermal system.
Visible gold is present within siliceous quartz and hematite breccia hosted by maroon colored andesitic pyroclastic host rocks. Drilling by Northair indicates that gold and silver mineralized zones extend at least 100 meters from surface with true widths up to 12 meters. Wider zones of high grade gold and silver mineralization may also occur in areas influenced by structural intersections.
SOURCE OCEANUS RESOURCES CORPORATION