your initial deposit *subject to change and depends on individual circumstances.
Patriot is operated by a management team consisting of individuals with a track record of success in mining exploration, development and production. Patriot is an exploration company focused on the development of gold and silver deposits in the known mining districts of Mexico. The Company’s current focus is the KM 66 Project, a...Read more
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Patriot Minefinders Inc. is engaged in mineral exploration activities in Mexico. The company’s current focus is the KM 66 Project, a 13,400 hectare property located within the prolific silver belt of the highly prospective Altiplano Region of Mexico. It covers a five kilometer-long trend of mineralization that includes the breccia-hosted La Gloria and Las Palmitas ("La Gloria") silver-gold-lead-zinc deposit. The La Gloria deposit exhibits characteristics that typify Penasquito and Camino Rojo-styles of deposits, in particular, breccia‐hosted and carbonate replacement mineralization associated with buried porphyry mineralization. Patriot is focused on targeting precious and base metal rich systems analogous to Goldcorp's Penasquito and Camino Rojo deposits.
The KM 66 project contains a historical (2008) indicated resource of 22,297,800 silver equivalent ounces (6,585,900 tonnes grading 28 g/t silver, 0.09 g/t gold, 0.41% lead, 1.14% zinc) and a further 6,305,000 silver equivalent ounces (2,027,900 million tonnes grading 34 g/t silver, 0.13 g/t gold, 0.54% lead, 0.81% zinc) in the inferred category using a cut-off grade of 50 g/t silver equivalent in the La Gloria and Las Palmitas areas ("La Gloria")*. In 2013 Patriot plans to update the historic resource to current NI 43-101 standards and carry out a Preliminary Economic Assessment to determine the potential economics of the project.
KM 66 covers a five kilometre-long trend of mineralization that includes the La Gloria and Las Palmitas breccia-hosted epithermal silver-gold-lead-zinc deposits. The style of mineralization in KM 66 exhibits similarities to Goldcorp's Penasquito and Camino Rojo deposits and Patriot's focus will be on expanding the La Gloria deposit area. The Company believes that the breccia zone which hosts the deposit has not been defined and that the precious and base metal mineralization identified to date on KM 66 is indicative of a larger mineral system under shallow cover.
To expand the size of La Gloria, Patriot plans to conduct ground geophysical survey along the mineralized trend and diamond core drilling. Drilling will include holes to confirm extensions of the La Gloria deposit in the immediate areas. Patriot also plans to conduct ground geophysical survey on the recently discovered Victorinos target five kilometers east of La Gloria. Recent work by Bearing Resources Ltd. ("Bearing") has defined a 500m by 600m gold-silver-lead-zinc soil anomaly hosted by rhyolite. Victorinos is a volcanic-hosted bulk-tonnage silver base metal deposit and rock sampling has indicated silver in sheeted and disseminated zones in altered rhyolite and local high grade silver base metal veins. The Company expects to test some of the targets defined by geophysics and soil geochemistry in 2013.
Location: Mapimi, Durango State, Mexico, 4km of the historical La Ojuela Mine of Peñoles and 80km northwest of Peñoles smelter in Torreon.
Area: 13,400 hectares
Minerals: Gold, Silver and Base Metals
Status: Resource defined at area (historical, 2008)
Ownership: option to earn 75%
*Patriot and Bearing caution the reader that the resource mentioned in this news release is considered a "historical estimate" under NI 43-101 and a qualified person from the Company has not done sufficient work to classify the historical estimate as a current mineral resource. Patriot and Bearing are not treating the historical estimate as a current mineral resource. The resource mentioned is based on a Technical Report dated May 8, 2008 prepared by Wardrop Engineering ("Wardrop") of Vancouver, B.C. for Great Panther Silver Ltd. which previously held an option to acquire KM 66. Metal prices and recoveries used by Wardrop were US $9.55 per ounce and 76 per cent, respectively, for silver, US $530 per ounce and 70 per cent for gold, US $0.63 per pound and 80 per cent for lead, and US$1 per pound and 80 per cent for zinc. Copy of the report titled "Technical Report on the Mapimi Project, Mexico" can be found at www.sedar.com under the profile of Great Panther.
John LaGourgue, CEO & Director
Mr. LaGourgue is an experienced businessman in the natural resource industry with experience both internationally and in North America. Mr. LaGourgue's past experience includes leadership roles in the oil and gas industry and as the Chief Executive Officer of a Canadian based gold and silver exploration company. Mr. LaGourgue has Board experience on public companies in both the United States and Canada. In addition to his work in the gold, silver, and oil and gas sectors, his Fortune 100 experience includes a previous national management position at EMC Corporation. Mr. LaGourgue is an American citizen and graduated from the University of Hawaii, with a Bachelor's degree in Finance, with Honors.
Frederick J. Sveinson, P.Eng. - Director
Fred Sveinson is a professional mining engineer with more than 40 years experience in the development and operation of underground mines from 100 to 2,000 tpd in Africa, the United States, South America and Canada, including the Arctic. Senior positions have included: GM of Echo Bay's Lupin and Sunnyside operations and VP of Tonto Mining and Dynatec Mining. Mr. Sveinson is currently working as a Consulting Mining Engineer providing services to the mining industry and is a Director of a number of private and publicly traded mining exploration and development companies including Banks Island Gold and Tirex Resources.
Dr. Perparim Alikaj, Ph.D - Director
Dr. Alikaj is an internationally recognized geophysicist who is credited with the invention of Induced Polarization and Resistivity "Real Section" technology in Electrical Prospecting. The largest ore deposit discovered with "Real Section" technology is the San Nicolas VMS deposit in Zacatecas, Mexico, containing 83 million tonnes of copper, zinc, silver and gold mineral reserves. Dr. Alikaj is an experienced mineral exploration professional having worked on over 200 exploration projects around the world and, in addition to his position as the Head of the Geophysics Group, Department of Earth Sciences at Polytechnic University of Tirana, also acts as the Head of an advisory team for Tirex Resources, Ltd., a Canadian mining exploration and development company that trades on Toronto's TSX Venture Exchange.
Fred Tejada, P.Geo - Director
Mr. Tejada has 30 years of international mineral industry experience and has a proven record working with both major mining companies and exploration-focused organizations. He is currently President of Tirex Resources Ltd., a Vancouver-based public company with near term production projects in Albania. Prior to this, he was Vice President for Exploration of Panoro Minerals Ltd where he directed resource definition drilling of its two major copper deposits in Peru. For seven years, Mr. Tejada was country manager and president of the Philippine subsidiary companies for Phelps Dodge Exploration Corp with responsibility over corporate matters and exploration activities from project generation, property acquisitions and permitting.
Justin Blanchet, CA, CPA - CFO & Director
Mr. Blanchet is a member of the Institute of Chartered Accountants of British Columbia and the Illinois Certified Public Accountant Society and brings more than 8 years of mining experience in the areas of financial management, regulatory compliance, tax, treasury, and audit. Mr. Blanchet has held a variety of roles including Chief Financial Officer for a number of public mineral exploration and development companies. Mr. Blanchet holds a Bachelor of Technology in Accounting degree from the British Columbia Institute of Technology.
Michael Hofer, EP - Director
Mr. Hofer is an experienced resource industry professional with a BA in Physical Geography/Geomorphology and Post Baccalaureate in Environmental Science. Mr. Hofer is a Canadian Certified Environmental Professional (EP) in four different environmental categories as designated by the Canadian Environmental Certification Approvals Board. His industry experience includes managing community, health, safety and environmental responsibilities for companies involved in mineral exploration and for companies transitioning from exploration to mining production. He has worked with mining companies in North America and Europe.
As of July 2012
Free Trading 40,800,000
Restricted Stock (1 year) 21,000,000
Total (fully diluted) 61,800,000
Patriot Minefinders Inc.
700-510 West Hastings St.
No info available.