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Samaranta Signs LOI to Secure Exclusive Negotiating Rights
Oct. 05, 2011 02:16PM PST
Precious Metals InvestingSamaranta Mining Corporation (TSXV:SAX) has signed a letter of intent with the Colombian Board of the High Community Council of Novita – Cocoman.
Samaranta Mining Corporation (TSXV:SAX) has signed a letter of intent with the Colombian Board of the High Community Council of Novita – Cocoman.
As quoted in the press release,
The Novita Application has limited bedrock exposure, but regional mapping indicates it is primarily underlain by variably metamorphosed siltstones, sandstones, cherts, limestones, tuffs and agglomerates with lesser basalts and volcanic breccias. Portions of the concession are covered by alluvial deposits and flood plains. Internal concessions to the Novita property boundary cover portions of this artisanal alluvial material where place mining of gold has been ongoing since the 1700s. Choco, Colombia, is a known platinum district and historically was the world’s only source of platinum until 1820. Prior to WW2Colombia was a major producer of platinum, ranked first in the world between 1917 and 1923. According to the USGS, the current average reported alluvial production is over 1,000kg platinum per year.