Optioned to Apex Silver
Apex Silver (AMEX: SIL) can earn a 60% interest in the project from Almaden by spending US$2.6 M and by making cash payments to Almaden of roughly C$307,000 (3,312,000 pesos) over 6 years. Apex Silver is committed to spend US$150,000 in the first 18 months and will make an initial payment of roughly C$122,000 (1,324,800 pesos) to Almaden.
overview | geology | latest work & results
In February 2007, Almaden acquired the 12,030 hectare Matehuapil claim, subject to a 1% NSR payable to the Mexican government, through being the successful bidder in a state auction and by agreeing to make payments totaling roughly $C500,000 to the Mexican government.
During past work programs alteration and mineralization was noted to extend off the claim blocks of Almaden's Santa Isabela Project to the south and onto the group of claims owned by the Mexican government. The Matehuapil claim is centred on historic lead-zinc silver and copper-gold mines and carbonate replacement and skarn mineralization spatially associated with intrusive rocks.
carbonate replacement deposit
Silver-lead-zinc mineralisation on the Santa Isabela project consists of oxidized sulphides in a jasperoid developed within carbonate units. This style of mineralization is interpreted to be associated with carbonate replacement sulphide deposits. During past work programs alteration and mineralization was noted to extend off the Almaden claim block to the south, and onto the then government-owned Matehuapil claim. Similar to the Santa Isabela Project, the Matehaupil claim is centred on historic lead-zinc silver and copper-gold mines and carbonate replacement and skarn mineralization spatially associated with intrusive rocks.
