Wednesday, 14th May 2008 (444 views)

Nayarit Gold has consolidated its position in the Orion mining district of Mexico with the acquisition of seven new mining concessions covering around 2,730 hectares, the company has announced.

The new sites, which are located in the northern portion of the district, increase the company's total holdings in the area to 1,100 square kilometres.

Nayarit added that the concessions cover several "highly prospective drill targets" around the newly-discovered Animas zone, an area it says has the potential to become a "world class" mineral deposit.

At least 19 known gold and silver zones are included in the company's expanded land parcel, ten of which have formerly been producing mines.

Historical results from the area include gold grades of 9.04 g/t gold over 10.59 metres, 57.92 g/t gold over 1.29 metres and 19.40 g/t gold over 1.15 metres.

The Orion project is located around 109 kilometres north-west of the city of Tepic in the state of Nayarit, eastern Mexico.

 

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