Tango Projects

Opportunity

Opportunity to acquire a quality resource project with multiple targets for a very low entry price

  • Safe location & concessions in good standing and permits in place for immediate exploration work
  • Existing and experienced in-country management
  • Extensive work completed to date (~US$6m)
  • Exploration and drilling programs have been planned in detail
  • Probable low cost development to early cash flow
  • Significant upside potential in a variety of areas:
    • 67 known historic workings on gold-silver veins
    • San Agustin previously in production
    • La Gloria – larger than San Agustin
    • A multi vein confluence target (Fresnillo Analogue)
    • Potential for Cu/Mo porphyry systems (undrilled)

Concessions and permits

  • 100% ownership of 4 contiguous mining concessions (3954 Ha) in Southern Sinaloa State, Mexico
  • Registered surface Access Agreement with the Ejido of Picachos
  • Permitted to complete exploration drilling activities

Property Geology

  • Au
  • Cu
  • Mo

Target Areas

Tango Exploration to Date

Historical data from the Tango Project was audited in 2018 and early 2019 and uploaded onto MxDeposit. The software, developed by Geosoft, allows geologists to log surface point and drill hole data on a tablet computer in the field. Data is sychronized automatically with Geosoft servers in Toronto, Canada once the tablet is on-line. This minimizes any risk of data-loss, and ensures that the data is collected in a systematic manner by even the most junior personnel. The system is adaptable, and can be updated as requirements of the Project change. Access is managed using licences with specific user permissions.

Drill Plan

San Agustín

  • Over 665m of existing underground development.
  • Historic production of 15,000 to 30,000 tonnes
  • Gold grades are variable, but range from 15 g/t Au across 2.5 m to 185 g/t Au across 1.5 m.
  • Average assay values of 15.8 g/t Au and 63 g/t Ag across a width of 2.5 m were measured from 3 rounds of test-mined rock in 2014.
  • Assay values from a shaft about 45m deep near the end of the main level are 185 g/t Au and 61.2 g/t Ag.

Microphotograph from the San Agustin open stope, 630 level. Sample MX-285 (Kinross data) contains 36.8 g/t gold, >100g/t silver, 0.5% lead, 0.6% zinc, 18 ppm molybdenum and 44 ppm tungsten across 0.8 m.

Alteration is characterised by dickite in the vein selvedge. Wall rocks are pervasively altered to smectite and chlorite.

San Agustín Drill Plan

  • A minimum of 2340 and up to 4905 meters are recommended in 17 to 31 holes on roughly 50 m centers to test San Agustín. The holes range from 85 m to 300 m in length.
  • The first hole (PDH1) is targeted 15 to 20 metres below the shaft where values of 185 g/t Au and 61 g/t Ag were assayed.

La Gloria

  • La Gloria Vein is one of many NW trending veins on the Property. Others include the Urrea, Colorin and El Placer Veins.
  • Main level is a 103m long easterly trending tracked tunnel about 2m high and 2m wide at 965m elevation that cross-cuts a NW trending structural zone hosted in argillic altered rhyolitic breccia
  • Open stope is >150m long (lower left), and breaks through to surface at 1038 m elevation (lower levels are flooded)
  • Roughly > 50,000 tonnes of rock appears to have been mined out of La Gloria, making it the largest known historic prospect on the Tango Property
  • Rock sample 15659 (upper right), contains 21.1 g/t Au and 6 g/t Ag across 0.8m
  • Gold mineralization (electrum) occurs in a structural zone characterized by 10-20% red cryptocrystalline quartz-hematite veinlets that are oxidized to mattromite, chrysocolla, willemite and brochantite.

El Placer Vein System

El Placer Vein System is a NNW trending extensional fault more than 4 km long located in the eastern part of the Property that has been historically worked along several prospects, including La Flauta, La Botica and Lentes. El Placer is not a single vein but rather a trend of subparallel NNW trending veins that define a zone ranging from 60 to 240 meters wide. The image (looking southerly) shows a natural cross-section of El Placer Vein System where it is exposed by a cliff. Historic excavations follow gold-rich seams. The near-vertical lineaments are structural damage zones related to faulting. On the southwestern fault (right), these excavations are the Tarantula Adits. On the northeastern side (left), they are the Vibora Adits. The distance between La Tarantula and La Vibora is about 60 meters in this view. A grab sample from La Vibora Level 1033 (top of the hill) contains 26.4 g/t Au, 60 g/t Ag, 0.2% Cu, 6.2% Fe, 1% Pb, 2.4% Zn and 64 ppm W.

Above: Visible gold panned from La Vibora Level 1033

Gold

Potential Cu/Mo Porphyry

  • The USGS stream sediment geochemistry model for Mexico supports a high probability that an economic porphyry system underlies Tango (“X” on map in red box; modified from Hammarstom et. al, 2010).
  • The Laramide belt contains most of the known copper deposits in Mexico, including actively copper and molybdenum producing deposits at Cananea and La Caridad.
  • The Laramide consists of >4 km of volcanosedimentary and plutonic rocks of the Late Cretaceous Tarahumara Formation in Sonora.
  • Centeno-Garcia (2017) proposed that the Tarahumara Formation is an arc that extends further south of Sonora.
  • Recent uranium-lead isotope measurements from zircons in volcanic host rocks from the Tayoltita mining camp in Durango 140 kilometers due north of the Tango Property have ages that range from 75.5 Ma in the Socavon Volcanics to younger than 63 Ma in the Productive Andesite (Paula Montoya-Lopera et al., 2019). They correlate the volcanic rocks at Tayoltita to the Tarahumara Formation in Sonora.
  • Molybdenite-quartz veinlets hosted in the tuffites from the northern part of the Tango Property were dated in the fall of 2018 by the Department of Geosciences at the University of Arizona using rhenium and osmium isotopes under the supervision of Dr. Martín Valencia Moreno of the Instituto de Geología/ERNO Universidad Nacional Autónoma de México. This molybdenite has a Latest Cretaceous age of 66.31 +/- 0.33 Ma. As the host rocks at Tango in Sinaloa are older than the mineralization, they most likely correlate to the Tarahumara Formation as well.

References

E. Centeno-Garcia (2017) Mesozoic tectono-magmatic evolution of Mexico: An overview; Ore Geology Reviews 81: 1035-1052

Hammarstrom, J., Robinson, G., Ludington, S., Gray, F., Drenth, B, Cendejas-Cruz, F., Espinosa E. , Pérez-Segura, E., Valencia-Moreno, M., Rodríguez-Castañeda, J., Vásquez-Mendoza, R., and Zürcher L., 2010, Porphyry Copper Assessment of Mexico, USGS Scientific Investigations Report 2010-5090-A, 192 p.

P. Montoya-Lopera, L. Ferrari, G. Levressea, F. Abdullinb, L. Mata (2019) New insights into the geology and tectonics of the San Dimas mining district, Sierra Madre Occidental, Mexico; Ore Geology Reviews 105: 273–294.

Porphyry

Porphyry Target

Porphyry systems are defined by the alteration minerals that accompany the copper and molybdenum minerals. Specifically, ore grades of copper and molybdenite occur with minerals that contain potassium such as biotite and potash feldspar. This process adds potassium and removes calcium from the system (calcium moves outwards where it is deposited in the propylitic alteration zone as epidote). As the system cools down, early potassic assemblages are overprinted by sericitic (micaceous) minerals.

The map to the right shows the location of 941 rock samples that were collected on a roughly 100 m * 100 m grid. These geochemistry of these samples was analyzed using a hand-held Niton XRF, then they were analyzed with a Terraspec short-wave infrared spectrometer to analyze the alteration minerals. Finally, they were inspected using a binocular microscope to confirm the instrument readings. The background of the image is gridded (K/K+Ca). Hot pink is where this ratio approaches 1, indicating either (i) addition of potassium to the rock or (ii) a rock that has a lot of potassium and little calcium (such as the alkali granite in the south). If minerals such as potassium or biotite are present (as they are here), then potassium was added.

Comparing this map to the Cu/Mo maps below suggest that copper follows mainly biotite and molybdenum follows potash feldspar.

Cu

Mo

Field station WSR-183 (426180 E, 2567004 N, 400 m elev). Rock-chip channel sample with 14.5 ppm Mo, 2355 ppm Cu, 27 ppm Ag and 121 ppb Au across 2 meters. Hostrock is hornblende granodiorite with orthogonal hairline veinlets of secondary biotite intergrown with sulfides that are oxidized to azurite and malachite. These rocks have a mild sericitic overprint.

TR-PX MollyUST L. 538 (426225 E, 2569630N, 538 m elev.). Rock chip-channel sample with >2000 ppm Mo and 113 ppm Cu across 5 meters. The average weighted Mo grade of 10 rock chip channel samples in this creek is 5701 ppm Mo across 50.5 meters. This includes 5.61% Mo across 4 meters (sample 20817).

Tango Plan

Mineral Target Exploration &
Development
Expectation
Gold & Silver Veins
  • San Agustín
  • Phase 1 Drilling
  • Underground Refurbishment
  • +150,000Oz Au
  • La Gloria
  • Underground tunnel access
  • Phase 1 Drilling
  • Grade & scale confirmation
  • La Víbora, La Flauta,
    La Botica, Lentes
  • Geological mapping
  • Surface geochemistry
  • Grade & scale confirmation
Laramide Belt Porphyry
  • Porphyry targets
  • Geophysics and mapping
  • Geochemistry
  • Phase 1 Drilling
  • Grade & scale confirmation
TSX-V: PMR
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