- Carlyle Commodities (CCC) is gearing up for a Phase One exploration program at the Cecilia gold-silver project in the Sonora, Mexico
- The company signed an option agreement with Riverside Resources on July 15 to acquire up to a 100 per cent stake in the project
- Exploration activities are expected to include structural mapping, rock and soil sampling, and a geophysical survey
- The program is likely to take roughly five weeks to complete, after which a Phase 2 diamond drilling campaign will begin
- Carlyle Commodities (CCC) is currently up 4.29 per cent and is trading at C$0.36 per share
Carlyle Commodities (CCC) is gearing up for a Phase One exploration program at the Cecilia gold-silver project in the Sonora, Mexico.
Located 40 kilometres southwest of the Mexico-United States border town of Agua Prieta, the 7,739-hectare project is centred on several mineralised rhyolitic flow-dome complexes.
It’s thought to bear similar characteristics to SSR Mining’s Pitarrilla deposit, which has a measured and indicated resource of 526 million ounces of silver, and Fresnillo’s San Julian deposit, which hosts more than 230 million ounces of silver.
The Phase One program will primarily focus on the Cerro Magallanes target, which hosts a number of high-grade gold occurrences. In addition, exploration work will seek to expand Carlyle’s understanding of the sedimentary-hosted mineralised targets, which includes a total of five gold-mineralised regions.
As such, Carlyle plans to undertake both property scale and structural mapping, as well as rock and soil surface sampling over several different targets. The company will also process and interpret Aster data, and conduct a geophysical survey to support a Phase 2 maiden drill program later in the year.
The program is expected to take roughly five weeks to complete, after which drilling will commence once pads and other necessary infrastructure is in place.
All of the exploration work will be managed by Riverside Resources, which optioned the Cecilia project to Carlyle on July 15 this year. Riverside has extensive existing infrastructure, along with the essential know-how and logistical support in the region.
Morgan Good, CEO of Carlyle Commodities, said the Cecilia project and a partnership with Riverside presented an attractive proposition due to its “turnkey” nature.
“The Riverside team have been the main operators for many international companies over the past decade and maintain an active office and program that is well staffed and has the working continuity for the Cecilia project.
“Riverside and Carlyle have a good alignment of shared goals for testing targets, finding large mineralised systems and a business structure which favors collaborative efforts,” he added.
Carlyle Commodities (CCC) is currently up 4.29 per cent to C$0.36 per share at 11:19am EDT.