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Maps & Photos
 Chiapas
 Campamento
 Ixhuatan Zones
October 2011: Cangold signs Agreement for option to acquire 75% interest in Brigus Gold Corp's Mexican subsidiary, Linear Gold Mexico.
Linear in turn holds a 100% interest in the Ixhuatan advanced stage gold project, Chiapas, Mexico.
Cangold intends to acquire the interest through its own wholly-owned Mexican subsidiary, Coboro Minerales de Mexico, S.A. de C.V.
The Ixhuatan property is located in the north-western portion of Chiapas State, approximately 100km south of the city of Villahermosa, Tobasco.
More than 89,000 metres of drilling in 342 holes have been completed on the Ixhuatan Project.
The property comprises 4,176 hectares and is host to the Campamento gold deposit and several gold and gold-silver mineralized zones and exploration targets, including the Cerro La Mina copper/ moly/gold prospect.
The Campamento deposit contains a Canadian National Instrument ("NI") 43-101 compliant resource estimate of 1,041,000 ounces of gold and 4,400,000 ounces of silver within 17.6 million tonnes at an average gold grade of 1.84g/t and average silver grade of 7.79g/t in the Measured and Indicated categories.
In addition, there are Inferred Resources of 703,000 ounces of gold and 2,260,000 ounces of silver within 21.8 million tonnes at average grades of 1.01g/t gold and 3.23g/t silver, all using a 0.50g/t gold cut-off.
Cangold has completed an updated NI 43-101 report on the project, and upon signing the Agreement, paid Brigus CDN $1 million and issued Brigus 6 million shares.
To earn a 75% interest over 3 years Cangold is required to:
- Pay Brigus CDN $10 million total
- Issue Brigus 20 million shares total
- Complete an independent third-party feasibility study on Campamento Deposit
"We are extremely pleased to be partnering with Brigus on the advancement of the Ixhuatan Project. This gives Cangold a new focus and the prospect of near-term gold production in Mexico."
Robert Archer, President & CEO, Cangold Limited
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