Midasco Capital Corp. is a publicly traded exploration and development company, based in Vancouver, British Columbia. Midasco has elected to concentrate it’s gold exploration efforts in the Republic of Colombia, with the recent acquisition of seven (7) exploration licenses (“Titulos”) covering approximately 10,000 hectares in the southern portion of Bolivar State.
The Cerro Largo Project is located in the Monte Cristo Tiquisio area and comprises licenses 269, 270,271 & 272 covering approximately 4,893 hectares. Midasco has received a preliminary report from the first geological visit to the Cerro Largo Project, one of the better known gold mining districts in South Bolivar, Colombia. The objectives of the visit were to gather samples and identify zones of interest, geological anomalies and areas of past and current mining activities. A number of small mines were located and 106 samples were gathered from these mines from veins, seams, wall rock, mineral stockpiles, and tailings ponds. Samples were bagged, tagged, recorded and described including seam/vein direction and rock type. The samples were then delivered to SGS Peru for fire assay. Midasco’s President, Mr. Elford, also visited the property and returned with a number of rock samples, including one sample with visible gold that was obtained from an outcrop. The lab results from the samples taken are very encouraging, specifically taking into account that there are two large main structures: the first heads between 50° and 70° to the northeast with dips to the northwest and the second has an East-West heading and high dip to the south. Fifty-two of the samples assayed returned values of over 1 g/t gold (Au) and forty-nine of the samples returned values of over 1 g/t silver (Ag). Five samples taken on the licenses were in excess 5.00 g/t gold. (SMI-S-60 – 28.56 g/t gold; SMI-S-9 M2 – 18.06 g/t gold; SMI-S-55 -10.61 g/t gold; SMI-S-58 – 6.79 g/t gold and SMI-S-11 M1 – 5.31 g/t gold.) Management feels confident that South Bolivar will be the next significant gold exploration district in Colombia.
The Rio Caribona Project is located in the Cinnamon Zone of the Santa Rosa Canelos area and comprises licenses 582, 583 and 585 covering approximately 5,183 hectares. There are several mines operating in this area, with the Mina Penon and Mina Walter directly adjacent to license 583. Anglo Ashanti adjoins the western border and HudBay Minerals has an interest on the north-east border of 583. Also Mineros S.A. (the largest mining company in Colombia) has a license bordering 585. During our first property visit the geological crew identified two main structures and obtained 25 samples from vein workings covering an area 1500 m in length and 400 m in width. Of the 25 samples fire assayed 8 samples assayed over 1.0 g/t gold (SMI-S-001 – 69.38 g/t gold, SMI-S-002 – 11.81 g/t gold, SMI-S-009 – 8.63 g/t gold, SMI-S-010 – 6.84 g/t gold, SMI-S-020 – 3.42 g/t gold, SMI-S-023 – 4.24 g/t gold, SMI-S-024 – 4.53 g/t gold and SMI-S-025 – 1.11 g/t gold)
Southern Bolívar is located on the Serrania de San Lucas, northern foothills of the Cordillera Central of Colombia and is the geological continuity of the mining districts of northeastern Antioquia, which has become a “potential gold mine” for serious exploration companies seeking to invest in this region.