Puebla State, Mexico
Gold & Silver
Operator: Almaden Minerals Ltd
Royalty: NSR: 2.0%
The 14,000 hectare Tuligtic claim was identified and acquired by Almaden Minerals Ltd. during its 2001 regional Mexican exploration program.
Tuligtic is located 120 kilometers southeast of the Pachuca Mine, one of the largest gold and silver deposits in Mexico with historic production of 1.4 billion ounces of silver and 7 million ounces of gold.
The project is well-located in the industrial heart of Puebla State. It is easily accessible from Mexico City, and 95 kilometers north of Puebla city. A rail-serviced industrial park is 25 kilometers away, and regional power is provided by the Laguna Verde nuclear power station, located 200 kilometers to the east on a deep sea port.
Within the Tuligtic claim, field work identified a 5 square hectare area of intensely altered rocks that contains several prospective targets, including the Ixtaca Zone.
In 2010, a drill program was designed to test a small outcrop. Due to the limited surface exposure of the Ixtaca vein system, three holes were fanned out in a small area, each in a different direction. In August , Almaden reported assay results from first hole ever drilled in the Ixtaca zone: TU-10-01 intersected 302.42 metres of 1.01g/t gold and 48g/t silver and multiple high grade intervals including 1.67 metres of 60.7g/t gold and 2122g/t silver.
Following Discovery Hole TU-10-01, extensive drilling has traced mineralization over one kilometer in a northeasterly orientation and showed the Main Ixtaca Zone to be a broad and robust vein system intersected by multiple high grade veinlets in a variety of orientations.
Drilling has also identified two additional zones: the Ixtaca North Zone and the Northeast Extension. To date over 450 holes and 150,000 meters have been drilled in the area. The Ixtaca Deposit currently hosts an N.I. 43-101 compliant Measured and Indicated resource of approximately 93 million tonnes grading 0.55 g/t Au and 32 g/t Ag, for a total of 1.65M ounces of gold and 96.7M ounces of silver.
On December 9, 2015, Almaden Minerals Ltd. announced results of an updated PEA which reflected the significant capital cost savings resulting from the optioned Rock Creek Mill, as well as an alternate mine plan. Total initial capital is now US$100 million, a significant reduction from the $496 million initial capital assumed in the Maiden PEA of April, 2014.
The PEA Update incorporates:
Key highlights of the PEA Update include:
This PEA will be filed on SEDAR under the profile of Almaden Minerals Ltd.
It should be noted that this PEA is preliminary in nature as it includes inferred mineral resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA forecasts will be realized or that any of the resources will ever be upgraded to reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.