Defiance Capital Corp. (TSX VENTURE:DEF) is pleased to announce the signing of an option agreement to acquire a 100% interest in two mineral concessions in the State of Zacatecas, Mexico.
The two contiguous concessions comprising the Santa Elena Project host historic mine workings on epithermal silver-lead-zinc veins. The project is located in north central Zacatecas approximately 15 km from the village of Jimenez de Teul and is accessible by gravel road. The historic workings date back to the Spanish Colonial Era, with additional limited production in the 1900’s from two levels developed by two shallow shafts. The mineralization is hosted by andesites and exposed in a small window through otherwise extensive overlying younger felsic volcanic cover rocks. These cover rocks hide the favourable andesite horizon and the potential extensions of the mineralization. The zone has not been the subjected to modern exploration nor drilled.
Defiance plans to compile data from the existing workings, as well as carry out reconnaissance mapping and sampling in order to define an exploration program beginning in the 2nd quarter 2011. This work will eventually test both the known mineralization in the window exposure as well as the possible extensions and other potential zones of mineralization under the cover rocks.
Defiance will, subject to TSX Venture Exchange approval acquire the option in consideration of 150,000 shares of Defiance, and the assumption of existing option obligations. The two exploration concessions are optioned from two Mexican individuals for payments totalling US$251,000 over a period of 30 months for one of the projects and payments totalling US$131,000 over 36 months on the other.
On behalf of the Directors of Defiance Capital Corp.
Darrell A. Rader, Director