Sunset Cove Mining Discovers 13 New Silver Veins To Be Drilled Shortly
Stephan Bogner | Aug 26, 2012 04:11AM ET
Mr. Lorne Woods, formely with Osisko Mining Corp. (TSX: OSK; market cap: $4 billion), started his own endeavour with Sunset Cove Mining Corp. (TSX.V: SSM; market cap: $9 million) operating an interesting exploration project in Peru.
In our recent article May 30 , SSM released the assays from the first drill hole intersecting a high-grade vein with 151 g/t silver for almost half a meter. Further assays from the ongoing drill program will be released any time now and provide the stock with a regular news flow, potentially confirming the extension of such veins and discovering new zones of high-grade mineralization.
Located 550 km NNW of Lima, the regional geography at Carolay is made up by Precambrian aged metamorphic rocks of the Maranon Metamorphic Complex famous both for its rich mineralization and its potential for discoveries. It is co-magmatic with the Pataz Batholith located within the gold and silver Pataz mining district. Both geological formations – Maranon and Pataz – stem from the same magma flow. Carolay is located on the fringes of the Pataz Batholith. The productive Pataz Mining Belt is internationally known for its rich gold and silver deposits. According to the Geological, Mining & Metallurgical Institute of Peru, 6 million gold ounces have been produced in the Pataz, Parcoy and Buldibuyo mining districts from 16 mines over the last 100 years.
Nearby and around the Carolay property there are blocks of claims held by Minera Aurifera Retamas and Consorcio Minero Horizonte. These Peruvian mining companies operate well-known precious metals deposits in the general area of the Maraňon Fault, a well known metallotect. Several claim holders are present immediately south and contiguous to Carolay. Within a 50 km radius, the important gold and silver producers Poderosa, Maraňon, Retamas and Horizonte operate producing mines. The same geological features found in these precious metal production zones can be found at Carolay, whereas the topographic, tectonic and petrographic setting is similar.
SSM’s ability to find and acquire properties like Carolay stems from the network it has established in Peru through decades of working in-country and through the relationships that its Peruvian staff have made after a combined 48 years working for major Peruvian and multinational companies. This ability provides the company with an advantage that few others can meet.
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Disclaimer: The above editorial is not to be construed as an investment advice, consultation, or even recommendation to buy, sell or even hold any kind of securities or financial instruments of the above mentioned companies, any other company, market or physical commodity. Rockstone Research Ltd. or the author was not paid by the above mentioned companies to produce this content. The author holds shares of Sunset Cove Mining Corp.
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