Magenta

Opportunity: Co-Au-Ag-Ni-Cu Mineralized System on Under-Explored Property

Stage: Drill Target identification

Overview

  • High-grade hydrothermal Co-Ni-Au-Ag fault hosted mineralized zone with historic results of;
    • 5.54% Co, 5.83 oz/T Au, 5.54 oz/T Ag, 1.68% Cu, 9.49% Ni over 0.61 m
    • 3.27% Co, 0.263 oz/T Au, 1.66 oz/T Ag, 2.47% Ni over 0.5 m
  • Due diligence sampling by ePower Metals in Zone 2 returned results of;
    • 0.39% Co, 0.42 oz/T Au, 2.0 oz/T Ag and 0.36% Ni, over 1.6m
      • (including 1.43% Co, 1.09 oz/T Au, 3.28 oz/T Ag and 1.36% Ni, over 0.3m massive sulfide vein) and
    • 4.52% Co, 1.49 oz/T Au, 6.08 oz/T Ag and 2.80% Ni in a grab sample in a different horizon
  • 2,274 hectare property with numerous showings and past producing mines
  • Easy road access, on privately owned ranch in mining friendly Sinaloa State, Mexico

The Magneta Property consists of 5 claims (El Fierro, Ana, Magenta Reduction, Magenta 2, Magenta 3) located ~20km NE of the city of Culiacan, the largest city and the capital of the state of Sinaloa. The claims cover an area approximately 2274 ha. Four claims are in good standing while one non-core claim (Magenta #2, 77 ha) is under appeal of cancelation.

Claim Name

Area (Ha)

Magenta 3

192

Magneta 2

77

REDUCCIAN
Magenta

998

El Fierro

732

Ana

275

Historic Work

The Property has several historic mine workings including massive and semi-massive Ni-Co-As horizons at the La Prieta and El Fierro showings. Both sites were reportedly mined on a small scale in the 40s. The Property also has several showings related to Cu-Au-Ag porphyry style mineralization, Fe-Oxide-Au ± Cu skarns and surrounds the past producing high-grade El Escobal Au-Ag mine.

Most of the current property was flown in 1996 for a magnetic-electromagnetic geophysical survey at 100 m line spacing by a joint venture between Nordic Gold Corp and Freewest Resources. Limited field work was carried out on the property by this joint venture in 1996 and 1997 including a small drill program.

Results from the drill program are not available but sampling in a shaft at El Fierro reported grades of;
0.593% Co, 0.536 g/T Au, 2.0 g/T Ag and 3.98% Ni over 2.0 m channel sample.

Sampling at the La Prieta showing reported three parallel mineralized zones with;
5.54% Co, 5.83 oz/T Au, 6.52 oz/T Ag, 1.68% Cu, 9.49% Ni over 0.61 m in Zone 1 and
3.27% Co, 0.263 oz/T Au, 1.66 oz/T Ag, 2.45% Ni over 0.5 m in Zone 2 and
0.44% Co, 0.109 oz/T Au, 44.91 oz/T Ag over 0.3m in Zone 3
Nordic reported tracing the La Prieta Zone 1 showing for 325m with pits and trenching (Nordic 1996 Annual Report).

The Nordic-Freewest JV collapsed in 1998 and most of the property lapsed. Auramex Resource Corp acquired the property in 2003 through a transaction with Nordic Gold for the El Fierro claim and by staking the Magenta claims.

Auramex spent two seasons exploring the Co-Ni-Au-Ag potential, including a small drill program, then turned their attention to the El Escobal Au-Ag deposit (now an inlier to the Reduccion Magenta/Anna claims owned by a third party) and Au-Cu or Cu-Mo porphyry mineralization and Fe-Oxide (+/-Au & Cu) skarn potential. Exploration funds became difficult to secure in the late 2000s and they ceased exploration on the property completely in 2013.

Location

The Magenta Property is located ~20 km north-northwest of Culiacán, the state capital of Sinaloa. A two-lane paved highway passes to the west and to the north of the property and several dirt roads permit access to its southwestern, western and northeastern parts; access on foot is possible to all parts using the abundance of livestock trails. Ranching and agriculture are the main activities in the regional and the Property is on privately owned ranch land. Two hydroelectric projects are situated less than 4 km from the property and there is a history of mining and mineral exploration in the area.

Geology

The Magenta Property is underlain by volcano-sedimentary rocks of Jurassic to Upper Cretaceous age, metamorphosed in places to schist and gneiss, with ductile deformation forming isoclinal folds. The rocks are dominantly meta-andesite to dacite, metamorphosed limestone and metamorphosed clastic sedimentary rocks. Local gabbroic to ultramafic rocks have also been mapped on the Property. These rocks are intruded by a large body of granodiorite to quartz monzonite which composes part of the Palæocene/Eocene Sinaloa Batholith. The older supracrustal rocks occur as screens and pendants within the roof of the felsic intrusion, exhibiting contact metamorphism. Both supracrustal and batholithic rocks are intruded by multiple generations of felsic to intermediate dykes.

The prospective metamorphic, batholithic and dyke suites are overlain unconformably by rhyolitic tuff and rhyolite of Oligocene-Miocene age, preserved as outliers in and around the property. The latest phase of igneous activity was fissure-type volcanism at the end of the Miocene, producing rhyolitic tuffs, rhyolites, andesites and related subvolcanic intrusions.

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