The 11.8 sq. km Oro Project comprises eight patented mining claims and 89 BLM mineral claims which cover the majority of the historic Eureka Mining District in Grant County, New Mexico and is located approximately 40 km SW of the Silver City porphyry copper district.
The Oro claims surround a highly prospective 3 kilometer by 2 kilometer quartz-sericite-pyrite alteration footprint, interpreted to overlie an unexposed porphyry center. Classic porphyry system zonation is indicated by surface gold and copper mineralization associated with Laramide-age intrusions in this core area, flanked by distal lead-zinc skarn mineralization and sediment-hosted gold occurrences.
In addition to bulk tonnage porphyry copper-molybdenum-gold potential, the Oro Claims also include the highly prospective, high-grade sediment-hosted Stock Pond gold target. Reconnaissance rock sampling has been completed over a strike length of 140 meters at Stock Pond, yielding values up to 4.8 g/t gold. Gold mineralization at Stock Pond is interpreted to be related to the main porphyry center, located 4 kilometers to the southwest.
Geologic evidence suggests that previous drilling at Oro did not test deeply enough to evaluate the porphyry copper and related skarn potential of this large and well-mineralized property; thus, an application has been submitted for a permit to explore several widely spaced targets by drilling eight core holes ranging in depth from 600m to 1,000m. The sites were chosen after incorporating geological, geochemical, and geophysical data gathered over the entire mineralized district. It is anticipated that the drill program will be undertaken in Q3 2021.
In 1877, the discovery of lead, copper, and silver created the Eureka Mining District. By 1880, several high-grade base and precious metal mines were in operation in the district, but were mined sporadically due to hostile local inhabitants and fluctuating silver prices.
Production began at the Oro Project shortly after the discovery of lead, silver, and copper in 1877 and continued sporadically through the early 1960’s. The New Mexico Bureau of Mines estimates production from the Eureka District between 1880 and 1961 at 2.9 million pounds of lead, 1.7 million pounds of zinc, 0.5 million pounds of copper, 0.45 million ounces of silver and 5,000 ounces of gold. Reported grades are in the range of 20 oz/ton (685 g/t) Ag, 4% combined Zn and Pb, and up to 0.04 oz/ton (1.4g/t) Au. Smaller amounts of high grade mineralization were reported to have assayed up to 5.5% Cu and 840 oz/ton Ag.
The early phase of mining in the Eureka Mining District lasted until the 1920s, when a decrease in metal prices made the mines uneconomic. Limited work has been done in the region since then, with the most recent records of exploration and mining dating to the early 1960s. Historical records indicate that low metal prices were again responsible for the cessation of mining activity in the area in 1960, and that untested targets remain in the vicinity of the old mine workings, particularly at the American Mine, now part of the Oro claim group. Commenting on the New Mexico project, Lawrence Page, president, said, “The presence of historical base and precious metal mines from the late 19th and early 20th centuries, coupled with a relative lack of modern exploration in the area, make the Oro Project an exciting potential location of future discovery”.