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| Drill-ready Target with 200-Million Tonne Potential Location: Durango State, west-central Mexico Minerals: Gold and silver Ownership: Option to earn 100% Status: Exploration with established gold and silver deposits Large, Disseminated Gold Target Gavilanes, located 43 miles east of Culiacan in an established gold belt, is a well-advanced gold property with significant expansion potential. Previous exploration outlined a large, bulk-mineable disseminated gold target of at least 2300 feet x 1970 feet. Due to talus cover and shallow, post-mineral volcanics to the east, this target could be much larger. Target Potential -- 220 Million Tons The potential of the target area is 220 million tons assuming a vertical interval of 590 feet and horizontal dimensions of 2300 feet x 1970 feet. The target is ready to drill. Based on 900 surface samples, ten sites have been prepared for a total of 8200 feet of drilling. The objective of this program is to identify a resource with grades between 0.04 to 0.07 ounces per ton gold which could be economically mined by open-pit methods. Large Area of Hydrothermal Alteration The drill target lies within an area of hydrothermal alteration extending for at least 1.6 miles north-south and 0.6 mile east-west. Further extension to the east, under post-mineral volcanics, is very likely. Previous Mining on High-Grade Quartz Veins Gold occurs as disseminated and fracture controlled mineralization in intrusive dacite porphyries and in the matrix of various hydrothermal breccias. In addition, there are four high-grade quartz veins on the property that were mined in the past for gold and silver. Increase in Gold Values Anticipated The surface exposures probably represent the top part of a hydrothermal system, because of the abundance of hydrothermal breccias which commonly occur on the upper parts of such a system. Four different breccia types have been recognized in the target area. The presence of a large roof pendant of metasedimentary rocks, with a dimension of 1480 feet x 820 feet, at the topographically higher and central part of the deposit is another reason that we are seeing the upper peripheral part of a gold porphyry. Therefore, an increase in gold values is anticipated at deeper levels, similar to other disseminated gold porphyries. Three-Phase Exploration Program We have planned a three-phase, $470,000 exploration program, which will mainly consist of drilling, to test the target area. Recently Discovered San Jose Breccia This is located 0.6 mile north of main target area in steep terrain, with channel sampling up to 7 parts-per-million gold. This target is about 330 feet x 660 feet on the surface. Surface evaluation is currently in progress. Project Maps
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