Megastar Development Corp. (MDV:TSX.V) announced in a news release that its preliminary exploration work revealed characteristics of an "significant epithermal system" at its Magdalena project in central Oaxaca, Mexico. Magdalena sits in the middle of the Oaxaca gold-silver polymetallic epithermal belt in the Sierra Madre del Sur.
The company's recent efforts at Magdalena included mapping and sampling 277 rock chip samples. Using 58 of the samples, it mapped a 300 by 285 meter area of surface gold mineralization whose grades exceeded 0.2 grams per ton (0.2 g/t). Two samples were of grades higher than 3 g/t gold, and 12 contained grades above 1 g/t gold.
Megastar also identified the presence of epithermal alteration minerals including clays, quartz veining and silicification, oxidized sulfides, gypsum and barite, the company reported.
"Our experienced and highly motivated team has generated multiple high-potential epithermal targets in only two short months. . .[the] main zone, along with other prominent outliers, constitute easy-to-access and drill-ready targets. We look forward to rapidly advancing and expanding the potential of the Magdalena project," exploration manager and director David Jones stated.
The resource company noted that it plans on further advancing Magdalena.
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