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Mexico-registered miner Media Luna has approved a Cdn$880,000 (about US$640,000) follow-up drill program on its El Limon gold prospect on the Morelos Norte property in the country's western Guerrero state, Canadian junior Miranda Mining (TSX: MRM) said in a statement.
Miranda owns a 21.2% stake in Media Luna, including a 14% carried interest, while fellow Canadian miner Teck Cominco (TSX: TEKa&b) has the remaining 78.8%.
The objective of the program is to increase El Limon's current inferred resource of 13.4Mt grading 3.53g/t gold with a 0.8g/t cutoff, and investigate new areas of potential mineralization, Miranda said.
Highlights of diamond drill results received so far include 6.1m grading 22.3g/t gold and 6.0m grading 3.7g/t gold, according to the statement.
Miranda has a portfolio of interests in Mexico.