Inomin Mines Inc. [MINE-TSXV] has completed the acquisition of the La Gitana and Pena Blanca gold-silver properties in Oaxaca, Mexico. The acquisition was completed under a mineral claims purchase agreement dated July 31, 2020, among Inomin, Gunpoint Exploration Ltd. and Minera CJ Gold SA de CV, a wholly owned subsidiary of Gunpoint, as amended by an amendment agreement dated February 28, 2021, whereby Inomin would acquire a 100% interest in the properties.
La Gitana hosts a well-defined gold and silver mineral system confirmed by 38 drill holes. Drilling at La Gitana includes 133.5 metres (438 feet) of 1.78 g/t gold and 100.7 g/t silver.Pena Blanca has extensive gold and silver mineralization within a 9 km2 alteration system.
The properties prospective for near-surface, bulk-tonnage, gold-silver deposits. A NI 43-101 technical report has been completed by Inomin on the La Gitana property.
Inomin acquired a 100% interest in the properties in exchange for 1 million common shares of the company, $25,000 cash and the grant of a 1.5% NSR payable to Gunpoint on the Pena Blanca property (with an option for Inomin to purchase 0.5%of the NSR at any time for $1 million). La Gitana is subject to an existing 3% NSR to a third party, which will be assumed by Inomin.
John Gomez, President and CEO of Inomin Mines, said: “La Gitana and Pena Blanca provide us with two highly prospective gold-silver properties in a prolific mineral belt. We look forward to completing drilling to delineate resources at La Gitana and expand the mineral footprint. Pena Blanca is a large, gold-silver mineral system with several exploration targets. We expect these transformational acquisitions and our future exploration work will create significant value for all stakeholders.”
The properties are located in the Oaxaca gold-silver belt, a major northwest-trending regional structure hosting several operating precious metals mines and prospects including Gold Resource’s Arista and Mirador gold-silver mines and Fortuna Silver’s San Jose gold-silver mine.
La Gitana is an advanced, gold-silver exploration project where initial core drilling by Chesapeake Gold Corp. has outlined a substantial near-surface, gold-silver epithermal system. Pena Blanca, approximately 15 km northwest of La Gitana, is a large, bulk-tonnage, epithermal gold-silver prospect, discovered during a regional-scale stream sediment sampling program.
Pena Blanca, located 15 km northwest of the La Gitana, is a large-tonnage, epithermal gold-silver prospect discovered in 2005 by Chesapeake during a regional-scale stream sediment sampling program
In Monday March 22 trading shares of Inomin gained $0.03, or 28.6%, to $0.135 on a volume of 190,800.