Mena Resources Inc. acquired 100% of the Minas de Oro Gold/Copper Project in 1996. The area has a long history of exploration, development (including several small underground workings), and small-scale production.
The Property is located in central Honduras, 80 kilometres north-northwest of the capital of Tegucigalpa, within the Department of Comayagua. Access is good and Mena has existing infrastructure including personnel, vehicles, and accommodations.
The Minas de Oro Project is underlain by sedimentary rocks of Mesozoic age that are intruded by a Late Cretaceous pluton. Tertiary volcanic rocks crop out in the northwest corner of the concessions.
The Minoro Project has excellent potential for near surface, oxidized, copper/gold deposits. Advanced exploration targets consist of a series of related mineralized bodies ranging in size from five to thirty million tonnes with grades of 0.5 to 1.0% Cu and 0.8 to >2.5 g/t Au.
Exploration on the Minas de Oro Project has exposed more than 20 inter-related gold and gold-copper mineralized zones. Factors controlling the mineralization include favourable lithologies, stratigraphic contacts, intrusive rocks, faults, and in many areas the co-existence of more than one of these components.
The most advanced targets are a series of skarn bodies that have formed peripheral to the Minas de Oro pluton. The largest mineralized zones exposed on surface are magnetite/garnet skarns containing significant gold-copper mineralization. Additional styles of mineralization include disseminated gold in sediments (San Antonio), structurally controlled gold zones (some that overprinting skarns), gold-copper sulphide bodies at depth, base metal rich veins and weak porphyry copper style mineralization within the granodiorite.
Three First Order Targets are currently outlined:
The Central Zone is the most heavily explored area on the Minas de Oro Project. Exposed mineralized bodies were the focus of the underground mining efforts and more than 125 of the 186 drill holes have been completed in this area. The dominant mineralization is magnetite-garnet skarns. Drilling has intersected skarns at depth. The southern portion of Montecielo has been extensively trenched and several well-defined drill targets exist.
Surface exploration at El Peñon has outlined a second skarn-rich area equal to or slightly larger than the Central Zone. Very little drilling has been performed at El Peñon. The trenched areas are drill-ready targets with higher gold grades than the currently drilled areas. The mineralized zones at El Peñon occur as lenses along northeast and north-northwest faults and reactive horizons. The highest-grade block is comprised of a core of gossanous, silicified garnet skarn strongly fractured in a northeast direction. Some significant trench results include: TEP20 with 38 m of 4.92 g/t Au, TEP23 with 40 m of 2.45 g/t Au, TEP 32 with 40 m with 1.93 g/t Au and 0.8% Cu, TEP31 with 23 m of 1.02 g/t Au and 0.7% Cu and an additional 11 m with 1.59 g/t Au and 0.6 Cu. The zone is still open to the north. Potential exists to outline near surface mineralization and this zone appears to be less structurally complex than the Central Zone. The northern portion of El Peñon gives a highly anomalous magnetic response which reflects an yet untested, mineralized body at depth.
Mineralization at San Antonio is distinctive and appears to have been formed at low temperature, as it did not form garnet or magnetite skarns. Coarsely disseminated sulphides containing gold and minor copper occur within calcareous sandstone and conglomerate. Gold zones grading between 1.5 and 2.0 g/t Au are associated with quartz breccias. Alteration zones and gold anomalies continue for more than three kilometres to the north-east in Agua Caliente and Cerro Pirita. Previous geophysics has produced very strong IP anomalies along this trend.
The Minas de Oro Project has several areas where exploration completed to date has defined significant mineralized zones. These zones warrant further exploration.
Work completed in 2002 and 2003 included data compilation, structural interpretation of satellite images and air photos, interpretation of aeromagnetic and radiometric survey, stream sediment sampling of the property and surrounding areas, soil grid of San Antonio - Cerro Pirita - Aguas Calientes, relogging of drill core, check sampling, and integration of data and geological interpretation to define drill targets.
In June and July of 2003 a total of 62 samples were collected from four oxide zones (El Peñon, Montecielo, Tatanacho, and Minas Viejas) at Minas de Oro. Analyses included; gold by 30g Fire Assay (F.A.), 31 elements (including Cu) by ICP, cyanide extractable (C.E.) gold on 100g of ¼ inch sub-sample, and cyanide extractable (C.E.) gold on 100g of -80m sub-sample. The average grade for all samples was 3.15g/t Au, 0.52% Cu, 4.5g/t Ag, 20.2% Fe, and 146ppm As. Gold grade ranges between 20.27g/t and 0.15g/t Au. Gold recoveries (Au (F.A) / Au (C.E.)) averaged 72.1% for coarse (¼inch) material and 86.9% for pulverized (- 80 mesh) material.
A considerable amount of detailed exploration has occurred since the last drill program. The most significant work has been comprehensive mapping over the entire Project and extensive close-spaced trenching completed on several new zones and along the strike extension of a number of the known zones.
Based on the results of this thorough field program a summary of exploration targets and potential resources was completed by an independent consultant and a proposed drilling program outlined.
The chance of success for the proposed drill program is considered high due to the quality and density of the data collected and updated interpretations and data integration between 1998 and 2003.
Excellent infrastructure exists at the Minas de Oro Project including on-site office and core facilities to immediately begin the proposed exploration program designed to test the many defined gold oxide targets.