Arian Silver has entered into an option agreement on its Tepal poly-metallic project in Michoacan State with Geologix Explorations Inc. (TSX: GIX) for staged payments of US$3,000,000. In addition, GIX will make all further payments due to the underlying vendor; these are due in June 2010 and June 2011 amounting to US$3,000,000 plus IVA.
Tepal, covering some 14,000 ha in total, is located some 450 miles to the south of Zacatecas and comprises six mining concessions.
The Tepal Project was previously explored in the 1970s and the 1990s by a number of companies including INCO, Teck and Hecla. The historical data indicates 78.8 million tonnes of mineralization grading 0.5 grammes/tonne (g/t) gold and 0.3% copper, equating to 1.2 million contained ounces of gold and 432.6 million contained pounds of copper. The historical data also indicates that there are potentially higher grade zones within these mineralized zones. Arian has undertaken significant further exploration, including detailed drilling to outline NI 43-101 resources amounting to 79.9Mt @ 0.448 ppm Au and 0.23% Cu for approximately 1.2Moz Au and 412.4Mlbs Cu.
Additional information with respect to the Tepal Property is contained in a technical report prepared by A.C.A. Howe International Limited, dated September 18, 2006, and entitled "Technical Report on the Tepal Project, Michoacán , Mexico".
Please click here for technical report (PDF, 9.82 Mb)
 View over the Tepal poly-metallic project |
 Tepal, Gold soil anomalies and Hecla resource zones click to enlarge |
