Wholly Owned Subsidiary
Obras Mineras El Pinguico Holdings
Patito I & II
On strike with Veta Madre (mother vein), several vein/lode structures are present, providing a possible parallel vein system of the Veta Madre and El Pinguico veins.
The host rocks are subaerial acid volcanics. Numerous gold-silver rock chip anomalies have been identified by historical sampling;
The mineralization is associated with brecciation and mesothermal/epithermal quartz veining/stockwork and silicification controlled by narrow structures 0.3 metre to 1.5 metres wide at surface and potential to open at depth, proven by historical mining.
The Pinguico Project is located 5 kilometers southeast from Guanajuato city, the property consists of two mining concessions (El Pinguico and 2ª Ampl. El Pinguico) for a total of 71 hectares.
The property has an approximate altitude of 2200 meters above sea level, and the terrain consists of gentle slopes and some abrupt terrain changes. Access is via the city of Guanajuato by land transportation. The nearest operating mines are El Cubo and Las Torres located 4.5 kilometers and 2.5 kilometers from the property respectively.
Historical assay results (non-compliant with National Instrument 43-101) include:
- 65 grams per tonne gold and 79 grams per tonne silver in a 30-kilogram bulk sample (cone and quarter split down to 200 grams for assay) from one old working;
- Nine rock chip samples collected by the vendor in 2008 assayed greater than one gram per tonne Au, including six greater than 18 grams per tonne Au (aqua regia extraction and atomic absorption analysis);
- Three four-kilogram bulk samples collected by the vendors from old workings in 2010 were tested by the metallurgical laboratory at the Guanajuato School of mines; the results were:
The company cautions that a qualified person has not verified the sampling data as the original samples were unavailable, and new samples will need to be obtained.