Minaurum hits BIG Silver at their Alamos Silver project with 8.25m of 1760 g/t Silver OR 57 OPT!
Follow up on my last write up here: https://ceo.ca/@goldfanatic/minauraum-gold-mgg-a-gem-in-the-rough and I am getting more excited with the recent drill results indicating IMO a potential world class silver project in the making.
For a quick recap: MGG was able to acquire an option on the Alamos silver project that historically produced over 200 million ounces of silver from wide, high-grade epithermal veins visible at surface.
Ah, so what, you may be thinking—a lot of juniors buy old mines and hope to find previously undiscovered silver, so why is the Alamos project any different?
Let’s just say it lies with the people involved, both management and the directors, and more specifically the difference is that Dr. Peter Megaw, one of MGG’s co-founders and a director, is a world-renown expert on Mexico and it’s minerals.
He’s also been the driving force behind MAG Silver. Here’s what they have to say about him:
Dr. Peter Megaw, Chief Exploration Officer
Dr. Peter Megaw, C.P.G., has a Ph.D. in geology from the University of Arizona and more than 27 years of relevant experience focused on silver and gold exploration in Mexico. He is a certified Professional Geologist by the American Institute of Professional Geologists and an Arizona Registered geologist. Dr. Megaw has been instrumental in a number of mineral discoveries in Mexico including new ore bodies at existing mines, Excellon Resources' Platosa Mine, and MAG Silver's Juanicipio, Batopilas and Santa Eulalia Properties. Peter is the author of numerous scientific publications on ore deposits, and is a frequent speaker at academic and international exploration conferences.
Working with MGG, Dr. Megaw postulated that the Alamos property was structurally similar to piano keys, where some keys are pushed down and some are not. So at Alamos the main veins that were historically mined, the Promontorio and Quintera veins, are found in up-thrown blocks, (keys in their original position) while the land on either side would be down-thrown blocks.(keys pushed down) You can understand his exploration strategy in this video here: https://www.youtube.com/watch?v=zZz4JdkhaMs or also visit their Alamos website page here: http://www.minaurum.com/s/Alamos.asp
Combined with historical data, samples and the genius of Dr. Megaw, it’s easy to visualize what’s going on at Alamos: The up-thrown blocks with their visible, wide veins were easy to spot and mine. Dr. Megaw felt that the down-thrown blocks could be hosts to parallel veins that were not easily visible at surface (or not at all); rather they would be deeper, and most likely as high-grade as the historically mined veins, and never mined!
Now, with 2,700 meters of drilling completed, it’s safe to say that Dr. Megaw’s thesis is valid. Minaurum has shown that there are likely to be six high-grade veins that parallel Promontorio-Quintera, three to the west and three to the east, for a total of 8 vein targets. And that’s not to mention the discovery of several ‘blind veins’ that have been discovered by Minaurum.
Let’s discuss what the drill results tell us. First, keep in mind that the historically mined veins were typically about 500 meters in height, 900 meters in length and from 5-20 meters in width—those combinations held from 50-100 million ounces per deposit.
When MGG announced the first set of drill results in early November, the results showed that the Promontorio Vein could host up to 100 million ounces alone (silver equivalent), if it can be further defined to match the historical vein numbers for depth and strike length.
And this month’s set of drill results confirms that the Europa-Guadalupe Vein system might also host another 100 million ounces, or more. Certainly the grade is higher than what was found at Promontorio.
So, let’s dream big here—MGG has already identified two major veins with high grades, and it has proven that six of the veins exist in the down-thrown blocks on Alamos. It doesn’t take much dreaming to envision a major discovery taking place at Alamos. Surely 200 million ounces plus would attract a lot of interested miners.
Keep in mind that MGG is tightly held and management has a significant 10% stake, so their interests are aligned with the shareholders. They are cashed up with $3M.
IMO, Alamos gets sold before a year goes by.
Disclosure: I am long MGG. This is not investment advice, do your own due diligence.