Oct 7 2014
International Northair Mines Ltd. is pleased to announce that it has made the final payment totaling $250,000 to DFX Exploration Ltd. in order to acquire a 100% interest in a strategic portion of the Parral Concessions, surrounding its 100% owned La Cigarra silver deposit, located in the state of Chihuahua, Mexico.
"Consolidating our land position is a key element for the La Cigarra Silver Project," said Andrea Zaradic, President and CEO of Northair. "The exploration potential of these concessions has been verified by the Northair Team through geological mapping, prospecting and systematic soil and channel sampling. With funds in hand, we are now preparing to drill test these exciting targets,"
The Adjacent Property adds an additional 4 kilometres of the interpreted strike extension to the identified 6.5 kilometre long La Cigarra mineral trend. This trend is characterized by multiple mineral showings and historic mine workings that represent clear exploration upside for the project. Three substantial historic mining areas known as Las Venadas, La Soledad and Las Chinas define the southern portion of the mineralized system (see INM PR#12-35 dated December 18, 2012 and INM PR#13-07 dated March 26, 2013) where Northair sampling returned noteworthy silver and gold values.
The Adjacent Property also covers the La Navidad and Ram Zones. La Navidad is a parallel mineralized trend measuring 700 metres in length and over 200 metres in width. This potentially important system is situated approximately 350 metres east of the La Cigarra mineral resource (see INM PR#13-11 dated June 26, 2013). The Ram Zone, situated approximately 750 metres to the west of the La Cigarra mineral resource, represents another important parallel zone of silver mineralization. This zone is defined by a strong silver in soil anomaly that has been traced for 900 meters over a north-south trending strike length with a width varying from 50 to 300 metres and by trenching, which returned 99.6 g/t silver over 16.2 metres (see INM PR#14-04 dated April 28, 2014 and INM PR#14-09 dated June 17, 2014).
Pursuant to the previously announced agreement between Northair and DFX (and their relevant subsidiaries) (see INM PR#14-01 dated January 14, 2014), Northair was granted the exclusive right and option to acquire a 100% interest in the Adjacent Property and a 60% interest in the remaining portion of the Parral Concessions comprising 17,874 hectares surrounding the Adjacent Property.
As a result of the above referenced payment, Northair has completed the option requirement to acquire a 100% interest in the Adjacent Property, by paying DFX an aggregate of $450,000 in cash; and issuing to DFX an aggregate of 5,000,000 common shares in the capital of Northair.
Click on the following link to view a map that illustrates the updated Northair ownership of the Parral Concessions: http://www.internationalnorthair.com/i/maps/2014-10-03_La_Cigarra_Parral_Concessions.pdf
Source: http://www.internationalnorthair.com/