(Global Geoscience 100%)
Prior exploration by Global at the Los Graceros project has identified geochemical, geophysical and geological characteristics that indicate the area has good potential to host porphyry copper-molybdenum style mineralisation.
The Los Graceros project is located 100km northeast of Hermosillo, the capital city of Sonora State in northern Mexico. Global holds 100% interest in the 40 sq km tenement which is subject to a 2.5% net smelter return royalty.
Much of the project area is covered by young (post-mineralisation) volcanic and sedimentary rocks that would conceal any potential mineralisation. Global has identified a distinct metal zonation around the margins of the younger cover rocks with a central zone of copper-molybdenum-gold surrounded by an outer zone of silver-lead-zinc. The copper-molybdenum-gold zone closely coincides with a zone of magnetic low which may be directly due to more intense alteration. The size, shape and metal values that define the metal zonation are comparable to other porphyry copper gold deposits in which the principal mineralised host rock is not exposed at surface.
Global has recently entered into an exploration agreement with Canadian mining company Inmet Mining Corporation. Global has granted Inmet a 3-year option to acquire 51% of Global’s Mexican subsidiary company that holds the tenement. To maintain the option Inmet must spend US$2 million on exploration over the three year period including a minimum of $350,000 during the first year. Once Inmet have earned their 51% interest, Global may elect to contribute to future exploration expenditure in order to maintain its 49% interest or convert to a 20% interest that will be “free carried” by Inmet through to completion of feasibility.
Inmet intend to commence exploration at Los Graceros with an extensive induced polarisation geophysical survey that should allow them to see through the younger cover rocks. This method is particularly effective in identifying large areas of disseminated sulphide minerals, as is typically found with porphyry-style mineralisation. Drilling will be required to test targets identified by the geophysical survey beneath the younger cover rocks.
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