Inomin owns a 100% interest in the La Gitana property, an advanced gold-silver project located in Mexico. Past exploration confirmed a near-surface gold-silver deposit open to expansion.
Established Mining Belt
The property is situated in the Oaxaca Gold-Silver Belt a prolific mineral trend that hosts several operating mines and prospects including Gold Resource’s (NYSE: GORO) Arista and Mirador gold-silver mines, and Fortuna Silver’s (TSX: FVI) San Jose gold-silver mine.
Near-Surface Gold and Silver
La Gitana hosts a low-sulphidation, epithermal mineral system prospective for significant near-surface, bulk-tonnage and bonanza-grade, gold-silver deposits.
Initial drilling of 38 holes has defined a strong zone of gold and silver mineralization up to 500 metres long, 300 metres wide and 300 metres deep. Drill results include 133.5 Meters (438 Feet) of 1.78 g/t Gold and 100.7 g/t Silver. The zone is open along strike and at depth, as well as laterally.
La Gitana provides Inomin the opportunity to build on a significant gold-silver discovery confirmed by drilling in 2005 – 2006. This drilling demonstrated the property’s potential to host substantial, near-surface, gold-silver mineralization. Further drilling will determine the extent of mineralization at the Cerro Di Oro zone, as well as test other targets along strike, at depth and laterally, to expand and find new mineral zones. The company has completed a N.I. 43-101 technical report on the property.
The La Gitana property is located in Oaxaca State, Mexico approximately 100 kilometres East of Oaxaca City, the State capital. Geologically, La Gitana lies in the Oaxaca Gold-Silver Belt, a major northwest trending regional structure that extends for approximately 120 kilometres. This mineral-rich belt hosts several operating mines and prospects including Gold Resource’s (NYSE: GORO) Arista and Mirador gold-silver mines, and Fortuna Silver’s (TSX: FVI) San Jose gold-silver mine.
Mineralization and Exploration
La Gitana hosts a low-sulphidation epithermal system in Tertiary-aged volcanic rocks. Gold and silver mineralization is found in high-grade shoots in northwest trending, sub-vertical structures, and as low-grade disseminations within broad zones of quartz stockworks and breccias.
During 2004-2006, Chesapeake Gold Corp. conducted exploration at La Gitana including surface mapping, sampling, IP-resistivity geophysics, as well as core drilling, at the Cerro Di Oro zone, one of two subparallel northwest trending mineralized alteration corridors delineated over a distance of 1 kilometre.
Drilling of 38 holes at Cerro Di Oro has defined gold and silver mineralization in a zone 400 to 500 metres long, 50 to 150 metres wide and 50 to 300 metres deep, with grades ranging from 0.25 to 27.8 g/t gold and 5 to 2,330 g/t silver. Furthermore, soil geochemistry, channel sampling, and one step-out drill-hole (DH-30), has discovered gold-silver mineralization approximately 300 metres south along strike.
Disclosure Note: All technical results on the La Gitana property reported herein is information completed and disclosed publically by Chesapeake Gold Corp. and/or Gunpoint Exploration Ltd. The reliability of historical results is uncertain but considered to be relevant by Company management, however, there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results.
In total, 8,230 metres of diamond drilling has been completed at La Gitana. The Cerro Di Oro gold-silver zone is open along strike and at depth. Mineralization also appears open laterally: to the East surface veins have not been drilled; to the West is an untested overburden covered area.
Notable Gold and Silver Mineralized Drillhole Intersections – Cerro Di Oro Zone
Future anticipated exploration includes airborne magnetics and ground sampling, followed by diamond drilling in prospective areas. Drilling would focus on areas along strike and at depth to the southeast of known gold mineralization, as well as laterally to test for parallel gold and silver bearing structures. Following this phase of drilling, a preliminary resource calculation should be completed.