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The Company is purchasing Exmin's 100% interests in 49 mineral properties totalling 47,433 hectares, known as the Moris Exploration properties, in the Moris gold district of western Chihuahua where Hochschild Mining plc owns and operates the 25,000 oz per year Moris open pit, heap leach gold mine.
Western Chihuahua is a well-mineralized region with multiple epithermal vein deposits, including Ocampo (Gammon Lake), Pinos Altos (Agnico Eagle) and Dolores (Minefinders). Mineralization in the Moris district consists of low sulfidation epithermal vein and breccia bodies and includes the potential for the discovery of low tonnage high grade veins as well as bulk tonnage low grade deposits. The Moris Exploration properties encompass several prospective gold areas and including two of the principal sub-districts, Tecolote and La Cienega.
The Tecolote vein system is exposed on the west side of the valley across from the Moris mine and is represented by a large area of intense high-level silicification. Many gold bearing veins and veinlets are present over an area several tens of meters across strike and at least two kilometers along strike, with at least five hundred meters of vertical extent. Hochschild drilled three holes in the Tecolote structural zone on the La Fe concession and confirmed the presence of a large gold mineralized system, including 0.6 gpt gold over 40.8 m and 4.0 gpt gold over 12.0 m (see prior public disclosures by Exmin).
The La Cienega and El Pilar areas have provided most of the historic production from the Moris district. Multiple small mines have exploited high-grade ore shoots along structural zones several kilometers in length. Relatively narrow quartz veins have been mined in the past, but more recent work by several exploration companies has indicated the potential for bulk-tonnage precious metal mineralization in silicified zones and stockwork/breccia bodies adjacent to the structures.
The Balleza target within the La Cienega structural system consists of a wide breccia zone at the contact of a rhyolitic dike similar to the setting of the Dolores deposit of Minefinders. Hochschild drilled two holes near the target and intersected wide mineralized intervals, including 62.4 meters of 0.53 g/t Au (see prior public disclosures by Exmin). No follow-up drilling was ever conducted on the Moris properties and the mineralized zones remain wide open along strike and down dip.
Caza is also acquiring Exmin's 100% interest in the 791 hectare Santiago Fraction property located in the Batopilas silver-gold district of south-western Chihuahua. The Santiago Fraction adjoins and will become part of Caza's "Santiago" high grade gold project (962 hectares).
The properties cover two prominent iron oxide-silica-clay alteration zones, one of which (North Zone) surrounds multiple parallel, gold-bearing, quartz-sulfide veins. These properties have been owned by the same family for over 100 years and have never been explored by modern methods. In March 2006, the SGM (Mexican Geological Survey) carried out a rock sampling program of the North Zone at Santiago and reported a 200 m long by 100 m wide by 70 m deep mineralized zone with potential to host 3.78 million tonnes grading 1.0 gpt gold and 20 gpt silver (not a resource). The North Zone alteration has been traced for over 400 m in length and also has excellent potential for high grade veins contained within it.
Caza geologists visited three of the eight known veins in the North Zone and channel sampling returned consistently high grade gold assays including 30.3 gpt gold over 2.3 m (0.88 opt over 7.5 ft) in the Veta Blanca, 7.0 gpt gold over 5.0 m (0.2 opt over 16.4 ft) in the Veta Tajos and 17.7 gpt gold over 2.5 m (0.52 opt over 8.2 ft) in the Veta Verde. The South Zone lies 200 m higher in elevation along strike from the north Zone and carries anomalous metal values over a broad area. Santiago has never been explored or drilled in the modern era.
Under the agreement with Exmin, the Company will issue 400,000 common shares and Exmin retains a 1% NSR to a maximum of US$1 million for the Moris Exploration properties and US$0.5 million for the Santiago Fraction property, subject to the ratification and registration of the agreements between the Company's and Exmin's Mexican subsidiaries for these properties.
The Company recently closed a private placement which consisted of 800,000 units at CA$0.25 per unit for gross proceeds of CA$200,000. Each unit was comprised of one common share and one-half share purchase warrant. Each full warrant can be exercised to purchase one common share at CA$0.30 until April 2, 2012. The proceeds will be used for exploration and working capital.
James Moors, B.Sc., P.Geo, Vice President, Exploration for Caza, is the Qualified Person who reviewed the historic data, supervised Caza's site visits and approved this news release.
Caza Gold Corp. is an unlisted gold exploration company which was spun out of Canarc Resource Corp. to Canarc shareholders in order to facilitate the financing, acquisition and exploration of strategic gold properties in Mexico. Our goal is to create shareholder value by discovering gold deposits that have the potential to become large tonnage or high grade, profitable gold mines.
CAZA GOLD CORP.
Bradford J. Cooke, Chairman and C.E.O.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian and United States securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.
Contacts: Caza Gold Corp. Gregg Wilson (604) 685-9700 or Toll Free: 1-877-684-9700 (604) 685-9744 (FAX) gregg@cazagold.net www.cazagold.net
SOURCE: Caza Gold Corp.
mailto:gregg@cazagold.net http://www.cazagold.net
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