Mexus gives an update on its Santa Elena mine and Mabel property
CABORCA, Mexico, Sept. 28, 2020 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) gave an update on activities at its Santa Elena project in Caborca, MX. The company continues to work Vein 2 including mining and preparation for blasting and hauling mineralized material to the crushing site. Vein 2 is beginning to show an association to a N-S thrust faulting structure as well. Further mining, drilling, and sampling will uncover the attitude, size and grade of the new structure but impressive 2 to 7 g/t gold grades are being obtained from quartz vein mineralized material and 0.5 to 0.6 g/t from the shear zone material. Selected Vein 2 mineralized material will have to be processed with the ball mill and gravity circuit.
Mining at the Julio South “Split Area” continues where the major quartz vein apparently separates from the “Julio Thrust Fault”. This created a significant gold bearing structure with low angle and measuring 10 to 15 meters wide. Grades up to 14 g/t gold are common in the quartz structure and 0.4 to 1.0 g/t gold in the shear zone. The Mexus 3 area is also being gridded for prompt drilling and blasting which has shown a low angle-thrust and shear zone with consistent 0.6 g/t to 1.2 g/t gold grades. This area also contains a high grade steeply dipping quartz vein where mineralized material will be treated separately in the ball mill circuit. In the opinion of Mexus’s chief geologist, Cesar Lemas, the quartz vein structures at the Santa Elena project can be estimated to have near surface production potential of about 3.6 million tons of more than 1.0 g/t gold. Thrust fault shear zone potential can be estimated about 5 million tons per structure and grades of 0.6 g/t gold that can be measured now and possibly several of these parallel structures will emerge as exploration continues.
Mexus’ ball mill gravity recovery system is nearing completion and is expected to be operational by October 15th. This system will add value to the already existing heap leach gold recovery process. The company will continue to review all options at both the Santa Elena project and the company’s Mabel property.
The Mabel property, located in northern Mexico, continues to be a sought after project due to its geographical location and historical production at adjoining properties. The Mabel property consists of an area of 2000 by 2500 meters where a 3 meter wide gold/silver/copper bearing quartz vein is found lying practically on the surface as a continuous sheet. The property has been partially explored with 490 holes in an intense drilling area, about 10 to 15 meters in depth, and another 121 holes scattered throughout with varying depths. Intense, shallow (10 meter depth) drilling has revealed a surface orebody of 1.2 million tons with 1 g/t Au equivalent in a 400 by 300 meter area which is about 2.5% of the total area to explore. Besides the large quartz-vein potential remaining there is a follow up program for porphyry copper evidences in the area which has not been tested. 3716 samples were assayed from the Carmelitas area on the property for mostly Au-Ag-Cu-Pb-Zn in several labs including ActLabs, Chemex, SGS, and Swastika.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/baa3a3c3-5f0a-4765-8c06-802c0d56f2fb
Mexus is currently speaking to an experienced, major mining company to run an exploration to purchase option at its Santa Elena mine. The potential agreement would coincide with Mexus’ ongoing production efforts. “We will continue to seek opportunities that will maximize shareholder value and do so in the fastest time frame possible,” added Mexus CEO, Paul Thompson.
About Mexus Gold US
Mexus Gold US is an American based mining company with holdings in Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the property. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates.
For more information on Mexus Gold US, visit www.mexusgoldus.com.
Mexus Gold US (775) 721-9960
Cautionary Statement
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
