Projects / Adelita
The Adelita Gold Project is located in Sonora, Mexico; a prolific producing mining district with a 11,400 hectare land position.
The property is 6 km from Pan American Silver’s open pit Alamo Dorado silver mine with 10+ square kilometres of polymetallic soil and bedrock anomalies and a large porphyry target inferred. A copper-gold-silver skarn was drill tested in 2010 with positive results over significant widths.
Ocean Park currently has a $2.2M proposed Phase 1 exploration budget for 2011 and $2.2M is planned for exploration including drilling. Year-round exploration is planned for both porphyry and skarn targets present.
In 2010, the skarn system was successfully drill tested with historic workings, however, the majority of the property remains untested by drilling with high discovery potential.
Ocean Park can earn an initial 51% interest from its Joint venture partner Minaurum Gold (TSX-V: MGG) by completing $1,425,000 in exploration expenditures over two years, issuing 950,000 OCP shares and by making cash payments of $375,000.
An additional 14% interest can then be earned, for a total of 65%, by completing an additional $2,375,000 in exploration expenditures within two years of earning the 51% interest, issuing 450,000 shares and by making cash payments of $150,000.
Lastly, an additional 10% interest can be earned, for a total of 75%, by fund upon the property's completed feasibility study by Dec 31, 2018 and the issuance of 500,000 OCP shares.