Corazon's new gold exploration projects in Northern Nicaragua consist of the Arcosa, Azul and Calcedonia concessions that are located along the Rio Coco River that separates Nicaragua and Honduras. On the Nicaraguan side, these properties encompass 30,000 hectares of mineral rights and each concession is home to considerable small-scale placer and hard rock gold mining.
These concessions area located 60 km south of the highly prolific Golden Triangle of northeastern Nicaragua. This area is one of the most productive mining areas in Central America. Having a rich history of mining dating back to the early 1900s, production estimates from this area have been over 5 million ounces of gold, 4 million ounces of silver and 305 million pounds of copper (Arengi, 2002).
The Golden Triangle Concessions
The three new concessions cover a regional play exploring for breccia-hosted, gold-zinc-copper deposits similar to that found historically at Coco Mina. The Coco Mina deposit was explored and partially developed by Rosario Resources and Fresnillo in the mid 1970's and is located 2 kilometers to the south of the new Arcosa concession. The geological environment hosting this deposit is believed to extend northerly into the recently granted concessions where widespread artisanal gold mines are present.
Corazon is developing a regional exploration program consisting of stream sediment surveys and reconnaissance traverses over areas of known gold mineralization. This program also includes an airborne geophysical magnetic/radiometric survey to be completed shortly.
Over the past few months, Corazon has worked closely with the numerous local communities to confirm support for exploration activities, and support has been unequivocal and extremely positive. Patrick Brauckmann, President and CEO of Corazon summarizes the team's feelings, "Corazon is extremely excited to commence exploration in this highly prospective region of Nicaragua. Historical records tell us that we are in an area of Nicaragua that could yield further world-class discoveries. Corazon has demonstrated a very clear commitment to environmental stewardship in Nicaragua and has received widespread recognition for its Community First(tm) corporate social responsibility (CSR) strategy. Given these factors, both the Government of Nicaragua and the local communities have been strongly supportive of our effort to explore the area."
Nicaragua's Ministry of Energy and Mines ("MEM") and the Autonomous Region of the Northern Atlantic ("RAAN") have granted Corazon three contiguous, 25-year Exploration and Exploitation Concessions located along the Rio Coco River.
* Historical production from (Arengi 2002)