Guerrero identifies 11,000 hectares of target mineralization on Coatapec property

Guerrero Exploration (CVE:GEX) said Thursday it has identified 11,000 hectares of "highly prosperous" mineralization that it intends to target during its upcoming exploration program on the Coatapec gold-silver property, located in the state of Guerrero, Mexico.
Earlier this month, the company announced its intention to purchase the 81,370-hectare property, which directly borders the northern extent of Newstrike Capital's Ana Paula discovery that in August returned intercepts grading 7.51 grams per tonne of gold over 230.95 metres.
The company said the new property shows similar geologic trends to Ana Paula.
The Coatapec asset, to be held under Guerrero's subsidiary, also lies within 10 kilometres of Goldcorp's (TSE:G) Los Filos gold mine, currently the largest gold mine in Mexico that produced over 335,000 ounces of gold in 2011. The mine also has over 5.47 million proven and probable ounces.
Guerrero said it believes these 11,000 hectares have the greatest potential for metallic mineralization, and is working on an extensive exploration program for the area.
The Coatapec transaction is still subject to final receipt of permits, and Guerrero said that, while it doesn't believe it will receive permits for the entire 81,370 hectares, it is confident that it will obtain the permits for these 11,000 hectares.
Guerrero also said Thursday it has identified another 81,000 hectares in the Guerrero Gold Belt, which would bring its entire potential land base in the belt to about 92,000 hectares. The acquisition of those 81,000 additional hectares is still subject to final review and staking, and Guerrero said it plans to further evaluate structural interpretations before making a decision.
The Guerrero Gold Belt is located in the State of Guerrero, Mexico, north of Acapulco City, and the area is becoming one of the most prolific gold producing regions in the world, said the company. The belt, which has an inventory of over 15 million ounces of gold, extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
In other news, the company said it is beginning due diligence on a potential farm-in opportunity in the western foothills of the Sierra Madre Occidental Belt, in the southern Sinaloa state, Mexico. Previous geochemical work at the property, carried out by Servicio Geologico Mexicano, highlighted the district as one of the largest contiguous anomalies for gold and base metals in southern Sinaloa and northern Nayarit, the company said.
Subject to the completion of the due diligence, the farm-in opportunity would add to Guerrero's existing Chapalota property, also in Sinaloa state.
Guerrero Exploration is a Canadian exploration mining company with a focus on Mexican copper, gold and silver mining properties.