SIERRA BLANCA, TX - (NewMediaWire) - May 30, 2024 - Texas Mineral Resources Corp. (OTCQB: TMRC)
Project
area is expanded from 80 acres to approximately 1,600 acres and
we will jointly work with Santa Fe on a best-efforts basis to achieve a
financing facility.
Initial target
silver property has been selected by TMRC within the Black Hawk Mining District
among patented and unpatented claims held by Santa Fe Gold.
Geology
believed to be characterized by narrow, high-grade silver veins.
Bankable
feasibility study planned to be conducted in measured phases, with the goal of
minimizing financing risk.
Permit
application for exploratory drilling has been submitted to the State of New
Mexico.
Texas Mineral Resources Corp.
(TMRC), an exploration company currently targeting the heavy rare earths,
technology metals and a variety of industrial minerals through its joint-venture
Round Top Mountain project in Texas with USA Rare Earth, is pleased to announce
the
execution of an amendment to the 2021 Mineral Exploration and Option Agreement with
Santa Fe Gold Corp., expanding the project area to be analyzed to determine the
feasibility of a potential silver mining exploration and development project consisting
of patented and unpatented mining claims held by Santa Fe Gold within the Black
Hawk Mining District in Grant County, New Mexico. Completion of the potential joint venture agreement
is subject to a satisfactory outcome of a multi-phase exploration plan and
completion of a favorable bankable feasibility study. It is currently expected
that TMRC would be the project operator and initially own 50.5% of the joint
venture while Santa Fe Gold would initially own 49.5%.
The Black Hawk Mining District is
located approximately thirteen miles west of Silver City, New Mexico. As
documented in USGS*, New Mexico** state reports and Society of Mining Engineers***
reports, mineralization in this district, in general geological terms, consists
of numerous, narrow carbonate veins containing high silver values in randomly
distributed small lenses or shoots. It is one of a well-known geologic type
of mineral deposit generally referred to as the five-element veins.
Worldwide, approximately twenty of these types of deposits have been
identified, including the historically important silver mining camps of Cobalt,
Ontario; Joachimsthal, Czech Republic; Anneberg, Saxony; and the Port Radium
district in Northwest Territory, Canada. The signature characteristics of this
type of deposit are high silver grades and its occurrence as native (metallic)
silver.
The two principal historic mines in
the Black Hawk district, the Black Hawk and the Alhambra, operated in the early
1890s and both closed after the silver price collapse of 1893. While engineering
grade information from these mines doesnt exist, we believe available
information suggests that this type
of mineralization may respond well to state-of-the art electro-geophysical
exploration methods. If this cost-effective method can be used to identify and
precisely locate these ore shoots, and avoid the prohibitively expensive,
traditional method of statistical drilling of the vein with angled holes from
the surface, potential for economically viable mining operations may exist. The
exploration program will also assess recovery potential for critical mineral
co-products including cobalt, nickel, and uranium, which we believe may occur
in the Black Hawk district.
Under
the amendment to the Mineral Exploration and Option Agreement, TMRC plans to conduct
a district-wide evaluation among the approximately 1,600 acres of patented and
unpatented claims held by Santa Fe Gold, anticipated to consist of geologic
mapping, sampling, trenching, radiometric surveying, geophysics, drilling
and/or other methods as may be pursued. In the 2021 Mineral Exploration and
Option Agreement, TMRC was to designate one 80-acre tract as the project area
and commence detailed exploration work. The project area covered in the amended
Mineral Exploration and Option Agreement has been expanded to approximately 1,600
acres.
Since
signing the Mineral Exploration and Option Agreement in 2021, TMRC has
announced the completion of a geophysical investigation using multiple
variations of electro-magnetic surveying within the Black Hawk Mining District. Work was centered around the historic
Alhambra mine and was chosen as the initial area of investigation because of
favorable topography and availability of certain non-engineering grade historical
data. Results of this geophysical survey identified 16 drill targets within the
Alhambra mine area worthy of analysis. We believe that the next phase of
exploration will consist of exploratory drilling with the goal of confirming the existence of silver veins in the areas
indicated by geophysical mapping. A
permit application has been submitted to the state of New Mexico.
Dan
Gorski, CEO, observes, The geophysical technique we expect to use for this
project is a modification of a system used to detect buried metallic objects
such as pipes, tanks and unexploded ordinance. It is, in effect, a large-scale
metal detector. Several variations were utilized resulting in an arrangement of
transmitters and receivers that acquired data through a believed depth range of
approximately 120 feet. The area selected for drilling is immediately north of
the historic Alhambra mine. Potential targeted areas lie along the northward
projection of the Alhambra vein or in parallel structures. Approximately 55
drill holes are planned which aggregate approximately 6,500 feet of diamond drill core. The objective of this phase of work will be to prove the geophysical method and
to test a geologically favorable area at shallow depth.
The
completion and subsequent analysis of the geophysical survey was the impetus in
amending the Mineral Exploration and Option Agreement, said Anthony Marchese,
chairman. We look forward to completion of the next phase of exploratory
drilling and if such exploration should warrant further pursuit, then having exclusive
access to the entire 1600-acre district rather than 80 acres has the potential
to expand the size, scope and profitability of the project.
*Gillerman E. and Whitebread D. H. (1956)
Uranium Bearing Nickel-Cobalt-Native Silver Deposits, Black Hawk District,
Grant County New Mexico, USGS Bull 1009-K.
https://bit.ly/33wbUtb
**Gillerman E, (1964) Mineral Deposits of
Western Grant County, New Mexico, New Mexico Bureau of Mines & Mineral
Resources, Bulletin 83, p 142-151.
https://bit.ly/3o9WgLP
***Gillerman
E, (1959) Alhambra Cobalt-Nickel-Silver Deposit, Black Hawk District, New
Mexico, Society of Mining Engineers of AIME, Preprint No. 59-105
https://bit.ly/3mnioC0
About Texas Mineral Resources Corp.
Texas Mineral Resources Corp.'s focus is to develop and
commercialize its Round Top heavy-rare earth, technology metals, and industrial
minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso
through its joint venture with USA Rare Earth LLC. Additionally, the Company
plans to continue its business strategy of identifying and potentially developing
alternative sources of strategic minerals as well as developing other domestic mining
projects in more traditional metals. The
Companys common stock trades on the OTCQB U.S. tier under the symbol TMRC.
Cautionary
Note to Investors
The
United States Securities and Exchange Commission ("SEC") limits
disclosure for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce and that are compliant with SEC
Industry Guide 7. Investors are cautioned not to assume than any part or all of
the proposed project in the Black Hawk Mining District contains any mineral deposits
that will ever be converted into resources or that any inferred mineral
resource or measured and indicated resources exists or is economically or
legally mineable. The proposed project does not contain any known proven or
probable ore reserves or mineral resource compliant with SEC Industry Guide 7
reporting standards. Investors are urged to consider closely the disclosure set
forth in TMRCs latest reports filed with the SEC.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the U.S. Securities Act of
1933, as amended, and U.S. Securities Exchange Act of 1934, as amended,
including, but not limited to, statements regarding the potential development, financing,
economic feasibility, resource, grade and other mineralization characteristics,
and drilling and exploration methods that may be utilized in potential
exploration of the Black Hawk Mining District project. When used in this press
release, the words potential, objective, goal, business strategy, plans,
suggests, indicate, expect, can, intend, should, hopes,
believe, may, will, if, anticipate, and similar expressions are
intended to identify forward-looking statements. These statements involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such statements. Such factors include, among others, uncertainty of mineralized
material and mineral resource estimates, risks to projected and estimated
economics not reflecting actual economic results due to the uncertainty of
mining processes, potential non-uniform sections of mineralized material,
potential mining hazards and accidents, changes in equipment and labor costs,
changes in projected mineral prices and demand, competition in the mining
industry, risks related to project development determinations, the inherently
hazardous nature of mining-related activities, potential effects on the
Company's operations of environmental regulations, risks due to legal
proceedings, liquidity risks and risks related to uncertainty of being able to
raise capital on favorable terms or at all, as well as those factors discussed
under the heading "Risk Factors" in the Company's latest annual
report on Form 10-K as filed on November 29, 2023 and other reports filed with
the U.S. Securities and Exchange Commission. Except as required by law, the
Company assumes no obligation to publicly update any forward-looking
statements.
Company Contact:
Texas Mineral Resources Corp.amarchese@tmrcorp.com
Twitter: @TexasMineralRes
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