Precious metals producer Starcore International Mines (TSX:SAM) is considering either a joint venture or sale of its El Creston Molybdenum Project in Mexico.
CEO Robert Eadie tells Mining.com.au there could be a possible movement of assets over the next 12 months.
“We have a project called El Creston. It’s a drilled-off molybdenum project. We’d like to do a joint venture or sell that,” Eadie says.
“So hopefully in the next year we’d see something happen with that.”
Starcore added the El Creston project, along with two other molybdenum projects in Canada, to its portfolio in February 2015 via the acquisition of Creston Moly Corp.
The project is located in the Basin and Range Province, which extends from northern Mexico to southwestern US and hosts several porphyry copper and molybdenum mines and deposits.
Mapping and imaging of the El Creston project has outlined a 5.5km by up to 1.5km wide east-west trend of hydrothermal alteration in which several zones of molybdenum, copper and silver mineralisation occur.
Most of the work completed at El Creston has been concentrated on the evaluation of the El Creston Main and Red Hill Zones, which combined make up the Creston Deposit.
The project hosts a measured and indicated resource of 198.5 million tonnes @ 0.069% molybdenum and 0.07% copper for 304.4 million pounds of contained molybdenum and 300.5 million pounds of contained copper.
In addition to the Creston Deposit, there are at least five other zones – Alejandra, A-37, Red Hill West, Red Hill Deep and the West Copper – with the potential to host significant molybdenum and copper mineralisation, according to Starcore.
At the time of the acquisition in 2015, Starcore considered the El Creston project the most significant asset of the deal because it had been advanced to a completed Preliminary Economic Assessment.
Starcore International Mines produces gold and silver from its San Martin operation in Mexico and has a portfolio of exploration projects in Mexico, Canada and Côte d’Ivoire.
Write to Angela East at Mining.com.au
Images: Starcore International Mines
