Reyna Gold Corp. just announced today that it has begun the first of its drilling at the La Gloria Property, where a total of 10,000 meters of drilling is planned.
Reyna Gold Corp. (REYG:TSX.V) is a new gold exploration company focused on district-scale exploration on two major gold belts in Mexico.
Reyna Gold has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold and Silver Belt with a total land package over 57,000 hectares. That’s about 165 times bigger than NYC’s Central Park.
These are not random chunks of land dotted with Sonoran Desert Flies.
“We raised $13.6 million. We're very well funded. We have no need to go to the market for money in 2022.”
-Michael Wood, CEO, Reyna Gold
“Reyna Gold announced great surface samples two weeks ago,” wrote Bob Moriarty of 321 Gold on January 25, 2022, “They have a $22 million market cap with $11.3 million in cash. Drilling on the La Gloria begins in February.”
“Reyna Gold is a zero brainer,” added Moriarty, “The greatest geologist in Mexico backs it. That’s all you need to know.”
Peter Megaw is Reyna Gold’s Chief Technical Advisor, his multiple discoveries include: Juanicipio (MAG Silver), Valdecañas (MAG Silver), Cinco de Mayo (MAG Silver), Platosa (Excellon).
“What the hell am I going to teach Peter Megaw about anything?” asked Moriarty rhetorically. “He knows 50 times as much as I do and that doesn’t bother me at all…I am happy to participate in any project or company that Peter is part of without question.”
The surface and trench sampling program focused on multiple targets at Reyna’s 24,215 hectare La Gloria Property in Sonora, Mexico.
1,252 samples results have been received with the initial focus on the Main Zone area where drilling will commence in February 2022.
La Gloria is currently Reyna Gold’s lead asset, where the bulk of the 2022 exploration budget is focused.
Sampling Program Highlights – Main Zone
- 93.9 grams per tonne (g/t) & 36.2 g/t gold samples at Pique Viejo, Main Zone
- 46.1 g/t, 24.4 g/t & 20.1 g/t gold samples in Big Pit, Main Zone
- 555 samples out of 713 (78%) at Big Pit, Main Zone greater than 0.1 g/t gold
- 23 samples greater than 5.0 g/t gold at Big Pit, Main Zone
Other Highlights
- 20.1 g/t gold sample at Las Quintas
- 15.9 g/t, 13.3 g/t & 11.1 g/t gold samples at Las Quintas West
- 13.6 g/t gold sample at San Pedro and 9.3 g/t gold sample at Alamo Muerto
“We have multiple styles of gold mineralization in the same host rocks as major deposits on the trend,” stated Michael Wood, CEO of Reyna Gold.
“The initial high-grade samples and high percentage of positive results is a great sign the team is unlocking the geological puzzle,” added Wood. “We now have the drill permits and are really excited to start drilling at Big Pit and Pique Viejo in February.”
“Northwestern Mexico is highly prospective for gold mineralization,” wrote Wood in Mexico Business News. “Geologically, it is very similar to California and Nevada but has never received the investment or international attention in terms of exploration that California and Nevada have.”
“California, Nevada, and Arizona have produced over 5% of the gold ever produced,” Wood told Streetwise Reports. “Nevada by itself still produces 5% of global gold supply. But across the border in Mexico, it's a fraction of that. Mexico has been focused on silver exploration.”
“At La Gloria, we have a lot of gold at surface,” stated Wood. “We're finding gold all over the place. We've had a lot of positive sample results come back. There's a lot of outcropping. Over 40 historic mines, of course those guys didn't go down very deep. The Spanish just took stuff at surface and then moved on.”
Wood and his geological team believe there is “covered” gold, down 40 meters, that would have been out of the reach of the Spanish, and also undetectable by surface sampling and trenching programs.
“We believe there's a lot of shallow gold on this property,” confirmed Wood. “We are looking for a a high-angle fault that brings the gold up to surface. We have these two original fault lines running parallel across the property, which are high-angle structures."
“The vertical veining is a good indicator because with these orogenic systems, the events can be deep, and you need the gold to be bought to surface. The gold that we’re finding through sampling and trenching obviously didn’t come from Mars. It’s coming from underground, and we need to work out how it got there.”
“Recent satellite imaging revealed an alteration in the western part of property. We intend to expand out from the main zone, follow the shear zone, both northeast southwest. And then we want to understand the quartz veining. It’s about seven kilometers from target to target. And the target itself is quite big. That's something we want to test as well.”
“In February, starting off with one rig, and two teams mapping and sampling, we will expand out from that main zone. We hope to reveal an extension to the shear zone, both northeast and southwest, while also showing extensions of the quartz veining."
“I believe we can start to build up a deposit at La Gloria quite quickly,” added Wood. “We raised $13.6 million. We're very well funded. We have no need to go to the market for money in 2022.”
“The discoveries of bulk tonnage heap leachable gold deposits in Northwestern Mexico similar to those that catapulted Nevada to produce over 5% of global gold supply every year, have attracted a lot more interest in gold exploration in Sonora and Chihuahua,” stated Wood in Mexico Business News.
“The knowledge of the gold trends is still decades behind peers California and Nevada in terms of understanding of the geology and consequently unlocking the gold mineralization.”
“This grand prize is what excites the likes of Peter Megaw and Doug Kirwin, two of the world’s preeminent exploration geologists who are leading the exploration team for Reyna Gold.”
Reyna has received drill permits for the La Gloria property and is planning to commence its initial drill program at Big Pit, Main Zone, and Pique Viejo, Main Zone this month.
Sampling and mapping will continue at San Pedro, Las Quintas, and Las Quintas West.
We asked Wood about Reyna Gold’s milestones for 2022.
“We plan to find more gold,” stated Wood bluntly.
Reyna is currently trading at .34, with 66.7 million shares outstanding and a market cap of $23 million.
Disclosure:
1) Lukas Kane compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. They or members of their household own securities of the following companies mentioned in the article: None. They or members of their household are paid by the following companies mentioned in this article: None. His/her company has a financial relationship with the following companies referred to in this article: None.
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