Santa Teresa Gold Project Ensures Major Profits for CRLBy Paloma Duran | Fri, 10/16/2020 - 13:26
Comet Resources Limited (CRL) released its initial JORC compliant Mineral Resource estimate for Santa Teresa Gold Project located in Baja California Mexico. The project’s prospective is for high-grade gold. Results using a cutoff grade of 2.5g/t resulting in estimates of a 7.47g/t gold grade for 88,600oz.
The project is located in the central zone of the peninsular ranges of Baja California, which contains two mineral claims of 202ha in the El Alamo district, located 100km southeast of Ensenada, Baja California and 250km southeast of San Diego. In addition, the zone encompasses back-arc and slope basin sedimentary rocks that are in contact with Cretaceous granitoids due to the regional metamorphism, deformation and foliation development, according to the company’s website.
CRL reported that a lower cut-off grade of 2.5g/t gold was applied to Santa Teresa’s calculation due to a research in the mining costs of 2019 narrow-vein gold mines in Mexico, showing these mines were producing less than US$100 per ton and a maximum of US$144. The results presented by Cube Consulting Pty Ltd revealed that the resource could have an income of US$150 per ton if there were to be a total US economy recovery that would allow a gold price of US$1,900/oz.
Modern explorations in the area include 2008’s diamond drilling program including 32 holes covering 7,025m by Premier Gold Mines Limited. The richness of the area has attracted multiple drilling programs that have caused high grade intercepts, including the current plan that seeks to carry out a deeper exploration of the resource.
In June 2020, CRL purchased and agreed on a partnership with the shareholders of Alamo Resources Limited (EARL) for the acquisition of the whole Santa Teresa Project. Stage 1 of this agreement was completed in August of this year, leaving a lapse of two years for the company Comet to increase its ownership to 100 percent, according to CRL.
Matthew O’Kane, Director of CRL, said this is the first step for the company to move forward with the Santa Teresa project and will allow it to increase its knowledge on mineralization due to the different sensitivity of the resource through all the stages of mineralization. This will be used to adapt and plan the next steps for CRL’s new drilling program.
According to the company, the project’s full acquisition has been promoted by Raptor Capital International Limited’s (Raptor) investment of US$6 million through gold streams and royalty facilities. The company has yet to determine binding terms. Nevertheless, it has declared that the investment will be used for the construction and implementation of the infrastructure of Santa Teresa’s project.
CRL’s evaluation of Santa Teresa indicated that the zone is ripe for small-scale underground mining with a minimal dilution due to the favorable environmental conditions. The estimations have also revealed that the deposit does not have constraints for drilling and that further explorations are now being planned.