CASABLANCA MINING has announced that its subsidiary, Santa Teresa Minerals, has acquired a 70% ownership interest in a hard rock gold mine in Chile.
This acquired mining property contains 300 ha, which is called Los Pinos 1-30, and 100 ha called Teresita 1-20. These properties are in the Valley of Cachapoal Valley, located on the plateau, which lies on the western side of the village of Coltauco that is 700 m above sea level, 55 km from Rancagua city and around 150 km from Santiago.
This mine was excavated in the late 1940s till 1949 and it was restricted and abandoned due to landslides. The mine was rediscovered in the 1980s and is presently marked, calculated and exists on its claim maintenance requisites.
The mine encloses 400 ha area and corresponds to a primary vein that confirms the presence of a significant gold prospective. The mine prospects are developed from the altered region and the knowledge of a second analogous vein that demonstrates further potential than the primary vein’s surface gold anomalies and significantly enhances the potential reserves of the mine.
The CEO of Casablanca Mining has stated that the company has planned to carry out both the interior and surface geology of the mine. When Casablanca completes the entrance and makes the surrounding area steady, it will commence utilizing the mine.
The company is expecting to take two months to construct a road to access the mine and an extra month to set up the mine’s entry. When this road construction is complete, the company is anticipating the starting of the mining operation.
Source: http://www.casablancamining.com/