Garibaldi’s Iris concession has drill-ready targets and is strategically located in the heart of a robust mining and exploration camp in Chihuahua State. Agnico Eagle’s Pinos Altos mine, which produced 235,000 ounces of gold and 2.3 million ounces of silver in 2012, is just 2 km east of Iris, while Minera Frisco’s Ocampo mine is less than 2 km southeast of Iris.
Minera Frisco is also actively exploring a land package (the Venus Property) contiguous to the eastern border of Iris, in between Garibaldi’s concession and Agnico Eagle’s ground which hosts Pinos Altos.
Garibaldi acquired Iris based on an ASTER-SWIR satellite image outlining a distinct silica anomaly and the observation that the regional Ocampo caldera rim that bisects Pinos Altos traverses through the northern portion of Iris.
Both Agnico Eagle and Aurico Gold (later acquired by Minera Frisco) purchased Garibaldi’s proprietary Hyperspectral data of the Ocampo mining district.