NEW YORK, Oct. 5, 2012 (GLOBE NEWSWIRE) -- Shelron Group , Inc. (OTC:SRNG) or the "Company", is pleased to announce that on August 9, 2012, the Company's Serena Gold subsidiary executed a binding agreement to acquire gold exploration licenses in Chile.
The prospect is 4,450 acres, and the Company has received an appraisal showing estimated resources of 740,000 oz of gold, having a current market value in excess of $1 Billion.
Pursuant to the Agreement of Unilateral Option for the Purchase of Mining Concessions, Serena acquired the right to explore certain specified gold mining properties in the country of Chile.
In the past years, several sections of the deposit's ore bodies with high gold and copper content had been exploited by miner teams using bore pits and associated drifts, as well as fissure-type open-cast mines and galleries with a length of up to 100 meters.
The licensed area deposit is limited to an extended ore belt, characterized with a wide development of copper-gold, copper, and especially gold deposits. The deposit is located in the block of an Upper Cretaceous granitoid massif, bursting through a layer of volcano sedimentary Lower Cretaceous formations. The massif is broken up with a series of extended north-east and north-west fissures, confined to which are both acidic-composition and main-composition dykes, as well as quartz veins. The latter are younger in relation to the dykes.
Over 30 quartz veins have been detected within the ore field, most of these containing gold and copper-gold mineralization. About 20 of these are developed within the borders of the concessions. The vein bodies are connected to fissures with a prevailing north-west direction, with a steep (70-90 degree) decline to the west. The average width of the veins is 0.4-05 meters, with a variation from 0.1 to 2 meters with the tendency for width increase with depth. Their length is between 100 and 3,000 meters. As a rule, the veins are separated from each other to a distance of several dozen to several hundred meters. The veins possess off-shoots with a length of 10-20 meters or more.
In the years 1996-1998 exploratory and evaluation surveys had been carried out on this territory by AIGM-Chile, which had carried out a schematic geological and geomorphologic mapping of the ore field, testing of the vein bodies in existing ore developments, as well as geochemical sampling of the central area of the ore field. Based on these results, predicted geological resources of gold in the territory of the ore field have been estimated at 53.7 tons, while the resources of the three most explored veins in the mining properties of AIGM-Chile have been evaluated at the sum of categories P1-C2 to be at 11.2 tons.
In 1999 the aforementioned veins have been tested by workers of INPPA S.A Ltda. The data received was a broad confirmation of the AIGM-Chile conclusions.
This is a great opportunity for Serena Gold LLC as for Shelron Group to develop its portfolio in South America.
The purchase agreement is subject to a payment of $500,000 in 24 months and a completion of geological surveys .
About Shelron Group
Shelron Group, Inc. (OTC:SRNG) is a New York based mineral exploration and development company focused on acquisition, exploration, evaluation, and development of mineral resource properties in Africa and South America. The Company incorporated in Delaware and is headquartered in New York.
Additional information is available at http://www.Shelron-Group.com.
Safe Harbor Statement
There can be no assurance that a definitive agreement with any party will be executed on acceptable terms or at all. Additionally, even assuming acceptable terms are reached, there can be no assurance that the required conditions of such transactions would be met.
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CONTACT: Investor Relations: Ryan Troup Circadian Group Phone: 519-800-0927 Email: Ryan@Circadian-Group.comSource:ShelronGroup, Inc.