July 15, 2024 - Florida Canyon Gold Inc. is a newly listed company formed pursuant to the spin-out of the United States and Mexican operations of Argonaut Gold Inc., including the Florida Canyon mine in Nevada, U.S.A. and the San Agustin mine, La Colorada mine, San Agustin mine, El Castillo mine, and Cerro del Gallo project in Mexico.
Florida Canyon Gold Inc. owned the El Castillo complex through Minera Real del Oro, S.A. de C.V., which owns and operates the complex.
On November 8, 2024, Heliostar Metals Ltd. announced completion of the acquisition of a 100% interest in all of Florida Canyon Gold Inc.’s mining assets in Mexico for cash consideration of US$5,000. The assets include the San Agustin mine (formerly the El Castillo Complex), La Colorada mine, Cerro del Gallo project, and San Antonio project.
Pursuant to the Transaction, Heliostar acquired those Florida Canyon Gold subsidiaries which collectively own 100% of the following properties.
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Summary:
The gold mineralization at San Antonio is considered to be of mesothermal or orogenic origin. Mineralization can be continuous over vertical ranges in excess of 1 to 2 km with very little change in grade or mineralogy, although deposits with significant vertical zonation do exist. Gold to silver ratios generally range from 10 (normal) to 1 (less common). The San Antonio district falls in this range, although it generally appears to be closer to the 1:1 ratio (AMEC, 2011). Sulfides are typically Fe-rich, although arsenopyrite and pyrrhotite are commonly found in metasediments and metamorphosed igneous rocks respectively (Groves et al., 2003).
The mineralization has been identified over approximately 1.8 km of strike length at the Project and has been subdivided into four fault-bounded zones referred to as Los Planes, Intermediate, Las Colinas, and La Colpa, Los Planes is the best known of the areas and is the most densely drilled. Local normal and listric faulting displaces and truncates the mineralized zones (Herdrick, 2009). Much of the outcrop is covered by pediment that thickens to the east, featuring cobbles and boulders of schist and gneiss.
Los Planes
Mineralization extends along a north-south strike length of approximately 800 m. Drilling has encountered continuous mineralization to depths of 380 m from the surface. Mineralization generally varies between 1 and 20 m in thickness. Mineralization thickness is highly variable due to the stockwork-style of mineralization, and zones can locally coalesce into broader intervals over 100 m in thickness. Mineralization is interpreted to be open along strike to the north and at depth. Mineralization is hosted in diorites and gabbros within a large shear zone that dips between 75º and 45º to the west and horizontally to very shallowly to the east. The shear zone is broken into subunits that are defined by their structure, alteration, and degree of mineralization.
Las Colinas & Intermediate
Las Colinas and Intermediate zones appear to be genetically related, and are separated by postmineral normal faults that effectively truncate mineralization between the northern (Intermediate) and southern (Las Colinas) zones. The faults that bound Intermediate to the north and south dip away from each other at 50º to the north and 55º to the south, respectively. Known mineralization in the Colinas zone is truncated to the south by the mineral tenement boundaries. The deposits dip approximately 50º to 60º to the west, and are hosted in shear zones measuring over a km in strike length. Shear zones are generally competent in both zones, and is described as being composed of potassium feldspar and quartz in a matrix of sericite, chlorite, and quartz (AMEC, 2011). The mineralized zones vary in thickness, and are generally thinner to the south in the Las Colinas zone. Perhaps the most notable difference between the zones is the conspicuous absence of a well-developed stockwork zone at Las Colinas. Much like the mineralization at Los Planes, Au grades in the Intermediate zone are best associated with the stockwork zones characterized by elevated sulfide content.
La Colpa
Mineralization at La Colpa is interpreted to be a sheeted vein complex with intermediate stockwork zones. Due to the unpredictable nature of this mineralization, the number of parallel veins varies within the zone from two to six sequential structures. The stockwork zones are hosted in cataclastic units with a schist footwall, and are weakly chlorite/sericite altered. Originally, the mineralization was interpreted to be hosted in a shear zone dipping to the west at about 10º to 20º and composed of cataclasite and mylonite, with alteration dominated by sericite, silicification, and local K-feldspar. The dip of these units has been reinterpreted to be about 50º to 60º dip after more information was acquired in the recent expanded drilling program.