Nov 8 2016
Firma Holdings Corp. is pleased to announce that through its subsidiary Gracepoint Mining Corp, the acquisition of the La Cobriza Groupings Project ("Cobriza"). The Property is a Gold and Silver project located 125 kilometers Northeast of Mazatlan and 150 km West Northwest of Durango City, Durango Mexico, and is next to the Tayoltita mine of Primero Mining Corp. The Temehuaya claim which forms part of the La Cobriza Grouping is located approximately 25 kilometers East of Cobriza.
La Cobriza Groupings Project Highlights
- The project lies in the center of the famous San Dimas mining district where high-grade Gold-Silver veins were discovered around the year of 1757 (Dahlgren, 1882). The district has produced an estimated 9.5 million ounces of Gold and 750 million ounces of Silver, according to the Qualifying Report written by Dr. Megaw.
- There are 5 concessions totaling approximately 854 hectares. To date, there are 4 known structures in the "Cobriza Group," and 5 known structures in "Temehuaya;" which together make up the Cobriza Groupings.
- Located 1000 meters from the mine, there is a 40 tonne per day floatation mill that, with some basic maintenance, is operation ready. In addition, with a moderate amount of upgrades to the ball mill and water supply, the plant can achieve an estimated capacity of 120 tonnes, per day, in a relatively short period of time.
- The floatation plant is located on privately owned land totaling one hectare. There is an option that can be exercised to purchase a total of 280 hectares, including the aforementioned one hectare. The plant site was chosen due to the fact that beneficiation activities have always existed on site since early last century. Therefore, this plant was "pre-existing" to the change in the mining law that occurred in 1985 and it is classified as an "old plant" (Grandfathered), which comes with certain permitting process advantages.
- Based on historical reports, Cobriza has shown high grade pockets (Clavos) that have sampled between 4,000-6,000 gr/tonne of Ag and 5-11 gr/tonne of Au. High grade clavos as high as 38,000 gr/tonne Ag and 270 gr/tonne Au have previously been encountered. According to the previous owner, consistent grades of between 600 and 700 gr/tonne of Ag and 1.5 to 3 grams Au have been sustained throughout the previous production period.
- The Temehuaya Area consists of tilted Lower Volcanic Complex Andesite's cut by several roughly parallel N35-50E (60NE) trending quartz veins and quartz veinlet stringer zones. At least two are 3-5m wide, and one reportedly runs to 8m in some places. Samples reported by Ledgerwood (1988) yielded up to 2.6 g/T Au, 323 g/T Ag, 0.76% Zn, and 2% Cu. These are comparable with Tayoltita, and San Dimas District style veins and would be the exploration targets. Temehuaya is a very high quality, undeveloped, vein target area that suggests high value potential.
Cobriza is an old Spanish mine that has had extensive work done during the 19th and 20th centuries. More recently, it has been explored and, since 2006, has also seen occasional production. To date, the properties have not been explored, using modern exploration methods. In 2006, the Mexican Government financed ($40,000 U.S) for a small study to show the value of Cobriza's reserves, which confirmed 12,000 tons with grades of Au 1.5 and Ag 622 g/tonne.
The first modern studies conducted on the Cobriza claims, not including Temehuaya, were undertaken by Olagaray and Madero, who calculated the potential at over 3,750,000 tonnes. Multiple studies have been conducted, including Buen Paso 1996, FIFOMI, COREMI, and a Qualifying Report (Megaw 2004) and a Technical Report (Sookochoff 2007).
Mr. Francis Biscan Jr., Chairman and CEO of Firma Holdings Corp., stated, "We are excited to be adding an attractive project to our portfolio. The blue sky potential that this historically prolific region presents, and the mill with its near term production potential, are in alignment with our continued focus on partnerships and cash flow as a non-dilutive approach to growing shareholder value.