Jun 27 2013
Guerrero Exploration Inc. ("Guerrero" or the "Company") has received the title certificates for its 100% owned Cibola and Coatepec concessions, and expects the Olinala concession to be granted in the coming months.
Collectively, the three concessions overlap a combined surface area of 137,546 Hectares in the Mixteca Terrane of eastern Guerrero State, Mexico. The Mixteca Terrane hosts the Guerrero Gold Belt (GGB), a cluster of new gold discoveries in the vicinity of GoldCorp’s Los Filos mine. Advanced projects in the GGB include Ana Paula by Newstrike (TSX-V: NES) and Media Luna by Torex (TSX-V:TXG). Exploration projects in the GBB include Biricu, optioned from Esperanza Resources by Citation Resources (TSX-V: CTT) and Xochipala, owned by Oroco Resource Corp (TSX-V: OCO). Other participants in the GGB gaining notoriety include (i) Cayden Resources Inc. (TSX-V: CYD), who sold a fraction of their Morelos Sur concession to Goldcorp for USD $15.7 million (News Release dated Feb 1 2013), and (ii) Osisko, the owner of the 560,241 Hectare Don Julio concession application area.
Guerrero Exploration’s concessions were defined based on the presence of anomalous gold, silver, copper, zinc or lead values in stream sediment samples collected and analyzed by the Servicio Geologico Mexicano, mainly from 4th and 5th order drainage basins. Management and the geologic team have determined that the resolution of the historic Government work available on this area is too low to support accurate exploration decisions. Therefore, Guerrero Exploration has planned 1384 sample collection sites on 1st and 2nd order drainage basins to better define the metal potential of its 137,546 Hectares of concessions.
To assist in assessing the geological potential, the sampling procedure calls for collection of a rock sample near each stream sediment sample site, as well as prospecting/rock sampling traverses on the ridges. In excess of 2000 rock samples are expected to be collected.
The Company has the use of a portable field laboratory that includes the following: (i) a Meiji binocular microscope with camera for petrography; (ii) a Niton GOLDD XRF gun for whole-rock and trace element analysis; (iii) a Kappa magnetic susceptibility meter; (iv) a Terraspec SWIR to define alteration mineralogy.
The objectives of the 2013 exploration plan are threefold: (i) identify and release areas with no obvious mineral potential back to the Government, (ii) identify and map the mineral potential of productive parts of the concessions, and (iii) make plans to advance work in those areas, either internally or via third party agreements.
The Company expects that exploration of these concessions would start in the fall of 2013, after completing a planned drilling program on its 60% owned Cerro Azul concession.