Definitely NOT A SCAM!!!
In the 18th century, the mines of Guanajuato were considered the largest and richest on the planet.
VanGold Mining Corporation's flagship project, El Pinguico, hosts a past-producing high-grade silver and gold mine in central Mexico. The mine operated from the late 1880s until 1913, mining the El Pinguico and El Carmen veins thought to be splays of the Veta Madre, the Mother Vein. The Mother Vein outcrops for 25 km and is the most important source of precious metal mineralization in the region.
Mining was interrupted in 1913 because of the Mexican revolution, at which time mining was still encountering high-grade gold and silver ore. The mine was considered one of the highest-grade mines in the area, and the area is famous for its high-grade ore. VanGold is now going to re-open the mine.
Management believes this major vein may cross onto its property underneath the high-grade El Pinguico and El Carmen veins. The Mother Vein has been mined to within 250 meters of the company's border by a previous adjacent miner. Minimal drilling has been done to date on the company's concessions, and none has sought to intercept the Mother Vein.
VanGold's main project is within 2–30 km of Endeavour Silver's El Cubo and Bolanitos mine and mill complexes, Fresnillo PLC's Las Torres mine and mill, and Great Panther's Guanajuato complex.
Bulk sample results are good, a substantial de-risking event.
On June 2nd, the company announced the completion of its bulk sample and metallurgical testing programs. Earlier, management had delivered 1,039 tonnes, (of an estimated 175,000-tonne surface stockpile), for processing at Endeavour Silver's Bolanitos mill located ~28 km to the north.
Vangold’s surface stockpile contains an exploration target of 175,000 to185,000 tonnes grading 1.25 to 1.35 g/pt gold equivalent (taking into account the silver in the stockpile).
This information, and associated cost components, will be studied to assess the potential to direct ship El Pinguico's surface stockpile, (combined with a similar-sized underground stockpile that's at least ~3 times the grade), to one of several mills in the area.
Preparations are underway to begin clearing debris from the bottom of the El Pinguico shaft, one of three shafts that gave access to the historic El Pinguico mine.
The company has begun hiring a team of experienced underground miners to perform the delicate work of removing this material safely while maintaining the structural integrity of the shaft.
The Company plans to begin this operation in mid-July and has started the process of hiring key personnel for this task. It anticipates that once crews begin this work that it will require approximately three weeks to clear the shaft down to the #7, or ‘Sangria' adit level.
Sampling the bottom of the underground stockpile: The underground (UG) stockpile consists of material that in 2012 the Mexican Geological Survey (SGM) agency determined to be 148,966 tonnes in size. In 2017, VanGold conducted a trenching program at the top of the UG stockpile. This program resulted in a weighted average of all of the trench samples of 1.75 g/pt Au and 183 g/pt Ag, which is similar to the grades quoted in 2012 by SGM of 1.66 g/pt Au and 143 g/pt Ag.
Once crews remove the material at the bottom of the El Pinguico shaft VanGold will be in a position to properly sample the bottom of the UG stockpile and determine whether the silver and gold grades, established by VanGold's trenching in 2017 on the top of the stockpile, extend to the bottom of the stockpile.
Once the El Pinguico shaft has been suitably cleared, it is anticipated that crews will be able to access and sample the Colmillo Stope.
Geologist and Vangold Director, Bill Gehlen said "Historical assays from the Colmillo stope area are remarkably high-grade. We want to establish whether that material still exists, whether the grade from our sampling is comparable to historic grades, and whether other areas of high-grade are readily accessible within that part of the old workings. In the months ahead, we plan to test for extensions to these areas with an underground drilling campaign."
El Pinguico is a high-grade gold and silver deposit that was mined from the early 1890s until 1913. The mining was done exclusively from the El Pinguico and El Carmen veins, which are thought to be splays off the Mother Vein, or ‘Veta Madre.'
The Veta Madre is associated with a mega fault that outcrops for 25 kilometres and is the most important source of precious metal mineralization in the region. The Veta Madre may cross Vangold's property at an average depth of only 500 meters, directly underneath the high grade El Pinguico and El Carmen veins. Very limited drilling has been done on the property and no drilling has attempted to encounter the Veta Madre at depth.
Historic stockpiles of mineralized material exist on surface and underground at El Pinguico which may potentially provide feed to one of several operational mills in the Guanajuato area.
In the 18th century, the mines of Guanajuato were considered the largest and richest on the planet.
The company's flagship property hosts the high-grade, past-producing El Pinguico mine that was only shut down due to the Mexican Revolution in 1913 (it wasn't mined out). The mine operated on ten levels with four major shafts. From the early 1890s until 1913, El Pinguico was one of the highest-grade mines in Guanajuato.
The cut-off grade was reportedly 15 g/t (0.48 oz./t) gold equivalent. That means that the discard piles, which involve tons of material, are high-grade ore deposits using today's methods of extracting gold and silver. Since the stockpiles consist of already shattered pieces of ore, it will be very inexpensive to extract the gold and silver in the ore.
Mining was done exclusively at the El Pinguico and El Carmen vein systems, which are thought to be splays off of the Mother Vein. El Pinguico is surrounded by well-known players, including Fresnillo PLC, Endeavour Silver, Great Panther and Argonaut Gold.
The plan is to reinvest net cash flow into new exploration and development activities at El Pinguico.
Vangold has a substantial database of valuable exploration data including historical underground channel sampling and drilling. Samples from around the year 1909 include blockbuster grades. The best were; 0.7m @ 23.0 g/t Au + 3,858 g/t Ag, {~61.6 g/t Au Eq.}, another one of 0.8m @ 16.7 g/t Au + 3,054 g/t Ag, {~47.2 g/t Au eq}, and a third, 0.7m @ 15.7 g/t Au + 1,793 g/t Ag, {~33.6 g/t Au eq}.
As mentioned, prior mining at El Pinguico was from two vein systems (El Pinguico and El Carmen) thought to be offshoots of the Veta Madre ("Mother Vein").
The Veta Madre has been and continues to be, incredibly important to the region. It stretches at least 25 km and has reportedly produced upwards of 1.2 billion ounces of silver.
In addition to director Daniel Oliver, Vangold has a tremendous team for a company with a market cap of just C$2.7 million. Led by the highly experienced and well-connected James Anderson, who's been working hard for the past year to revitalize this story.
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