OTC: FRMA: 0.05  +0.00
OTC: FRMA: 0.05  +0.00
  • Gracepoint subsidiary Adit Resources owns 100%.
  • 9 gold veins, totaling 10.8 km over 4 target areas.

The Picacho project area consists 7,060 ha and is located in the Northern Sierra Madre Gold Belt, 120 km south of the U.S. border and 65 km northeast of Yamana’s Mercedes production project (expected to produce at 120,000 ounces per year). The area has a high level of exploration activity, is close to a national paved highway, power grid, and a 1,200 m airstrip.

Work to date on Picacho has identified nine gold-bearing veins over four mineralized target areas with an aggregate strike length of over 10.8 km. Drilling of approximately 5,300 meters has been completed along only 600 meters of the vein system, with true width intercepts including 11.3 m of 15.6 g/t gold, 6.1 m of 4.7 g/t gold, and 9.4 m of 7.8 g/t gold.

Gracepoint is currently assessing all Picacho related data to determine next steps.

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