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Gold Mineralization and Geology


Geological evidence shows that there is a considerable gold potential in the San Antonio Property beyond the resources already identified.

Two primary types of gold mineralization have been exploited on a small scale on the San Antonio Project in the past (exclusive of placer deposits), those being structurally controlled (veins) and breccia hosted mineralization, with these types often found to intermingle. The primary focus of past and likely future exploration, due to the potential for larger sized deposits, is breccia-hosted mineralization. It is thought that future additional target types may also emerge, such as skarn (as evidenced by the skarnification of the lower part of the San Antonio Formation) or other tabular bodies and more typical porphyry style or iron-oxide-copper-gold (IOCG) occurrences.

Generally, a geological model has been successfully utilized looking at breccias as a host rock and high angle structures that permit the introduction of hydrothermal fluids. Past work has shown that non-brecciated and less permeable units overlying the host help focus fluid flow in the underlying unit, a desired but not required component of the mineralization model. The presence of andesite/diorite dikes is also considered favorable in the model, as these have been found to be spatially related to gold mineralization.

Gold exploration to date has focused on the breccia-hosted mainly sulphide bearing gold mineralization at California, Golfo de Oro and Centerario (both along the Realito Structure) and at Cerro Sapuchi, a breccia hosted near surface oxidized gold mineralization

San Antonio Central: Gold Anomalies and Current Resources:




Realito Targets



The Realito Trend consists of a northeasterly trending zone measuring approximately 2,000 metres in length and 100 to 200 metres in width. The strike extensions of the trend have not been fully defined at present. Seven areas of gold mineralization have been found along this trend to date. From the northeast to the southwest, they are known as Chalate, Centenario, Mina Loca, Promontorio, Golfo de Oro, Central, Brasiles, and El Tigre. Of these eight areas, the Golfo de Oro, Central, and Centenario prospects have had sufficient drilling density to enable an estimate of the tonnage and average grade of the gold mineralization present.

Gold mineralization in the Realito Trend occurs in a number of flat lying to gently dipping zones or lenses, and the diamond drilling of the past and modeling activities focused on three of these: the Golfo de Oro, Central, and Centenario targets. These mineralized zones occur at a depth ranging from surface to a maximum of approximately 250 metres from the surface. Both open pit and underground mining methods are envisioned for these zones.

A program of diamond drilling was carried out by Red Tiger Mining's predecessor company at the Realito Trend from January 13, 2004 to June 3, 2004, during which a total of 36 drill holes totalling 5,108.45 metres were completed., complementing the large amount of historic reverse circulation and diamond (cored) drilling. The main purpose of the drilling program was to provide additional information as to the distribution and grade of the gold mineralization found at the Golfo de Oro, Central and Centenario prospects. A small number of drill holes were completed on other targets elsewhere on the property which were believed to hold potential of hosting significant gold mineralization.

Realito Gold Resources


Distinct, separate and individual gold bearing areas, some of which have been hand mined by artisans as long as 200 years ago occur on the property. The Independent Technical Report for Resource and Reserve Disclosure for the San Antonio Properties, Sonora State, Mexico (by P&E Mining Consultants Inc.), filed on August 12, 2013, concluded an update resource estimation on the Sapuchi Gold Target and the Realito Gold Target:

The Realito Trend is located 1,500 metres to the south-west of LdC. It consists of a north-easterly trending zone measuring approximately 2,000 metres in length and 100 to 200 metres in width. Eight areas of open ended gold mineralization have been found along this trend to date. From the north-east to the south-west, they are known as Chalate, Centenario, Mina Loca, Promontorio, California, Golfo de Oro, Brasiles, and El Tigre. Of these eight areas, the Centenario, California and Golfo de Oro prospects have had sufficient drilling density to enable an estimate of the tonnage and average grade of the gold mineralization present. This is summarized in the following table:

Realito Gold Underground Resource @ 2.5 g/t Au Cut-Off Grade
Classification Tonnes Au (g/t) Au (oz)
Golfo de Oro      
Measured & Indicated 1,200,000 4.67 180,300
Inferred 96,000 4.25 13,200
Centenario      
Measured & Indicated 295,000 3.79 35,900
Inferred - - -
California      
Measured & Indicated 244,000 3.59 28,200
Inferred 66,000 3.57 7,600
Total      
Measured & Indicated 1,739,000 4.37 244,400
Inferred 162,000 3.97 20,800
       
Realito Gold Open Pit Resource @ 1.0 g/t Au Cut-Off Grade
Golfo de Oro      
Measured & Indicated 181,000 2.38 13,800
Inferred - - -
California      
Measured & Indicated 370,000 1.93 22,900
Inferred 72,000 2.13 4,900
Total      
Measured & Indicated 551,000 2.08 36,700
Inferred 72,000 2.13 4,900


The cut-off grades used are: Open Pit Gold Cut--Off Grade (Mill Incremental Grade) at 85% process recovery = 1.00 g/tAu; Underground Gold Cut-Off at 85% recovery = 2.5 g/tAu, at an applied gold price of US$1,550 per ounce.

Realito Targets:




Golfo de Oro Cross Section:




Sapuchi Resources


Mineralization and Geology


At Sapuchi, a breccia capped ridge about 1,000 metres to the west of Luz del Cobre, the gold occurs predominantly in breccias consisting of densely packed fragments of intrusive and sedimentary rocks. Silicification is wide spread and a series of northeast and northwest trending faults and fracture systems are notable. The mineralization at Sapuchi is partially tabular in character, likely reflecting the importance of the low angle faults in the breccia, where ore fluids ascending high angle faults were able to migrate laterally.

The rocks at Sapuchi have been more deeply weathered than at Realito, which have locally allowed the development of manto-type secondary gold mineralization at the oxidation -- reduction boundary. Gold mineralization appears to be finely disseminated within the matrix of the breccia, and in the oxide zone probably originates from the oxidization of hypogene gold in pyritic veins and stockworks. Gold grades increase where the veining is better developed but the overall character is that of gold finely dispersed in the matrix material of the breccias.

Local underground workings, likely dating back more than 100 years, are transecting with small stopes and adits the Sapuchi Ridge. Most of these adits and stopes were mapped and sampled in the 1990ies and show that the miners followed high grade steeply dipping veins mainly at the chemical boundary between oxidation and reduction.

Gold mineralization at Sapuchi has been traced by drilling along a distance of approximately 200 m in an east-west direction, approximately 150 m in a north-south direction, and to a depth of approximately 75 m. The overall style of alteration and mineralization is similar to that seen at the Golfo de Oro and California prospects, with the exception that the depth of oxidation appears to be slightly greater than at the Golfo de Oro or California prospects. In cross section, the mineralization is observed to occur as a series of tabular bodies with shallow dips. These bodies occur in breccias that have been intruded by bodies of tonalitic and dioritic compositions and are possibly localized along the intersection of northwesterly trending faults and low angle faults within the breccia.

Sapuchi Cross Section:




Sapuchi: Resources and Preliminary Economic Assessment


Distinct, separate and individual gold bearing areas, some of which have been hand mined by artisans as long as 200 years ago occur on the property. The Independent Technical Report for Resource and Reserve Disclosure for the San Antonio Properties, Sonora State, Mexico (by P&E Mining Consultants Inc.), filed on August 12, 2013, concluded an update resource estimation on the Sapuchi Gold Target and the Realito Gold Target:

Sapuchi Gold Target

The Sapuchi gold target is located following the same breccia-formed ridge from the LdC Deposit to approximately 1,000 metres to the west. Open ended oxidized gold mineralization at Sapuchi has been traced by historic drilling along a distance of approximately 200 metres in an east-west direction, approximately 150 metres in a north-south direction, and to a depth of approximately 75 metres.

The resources are summarized in the following table:
Sapuchi Gold Oxide Zone Resources @ 0.30 g/t Au Cut-Off Grade
Classification Tonnes Au (g/t) Au (oz)
Indicated 2,220,000 1.04 74,300
Inferred 872,000 0.86 24,100

The cut-off grade used: oxide ore at 80% process recovery = 0.30 g/tAu at an applied gold price of US$1,550 per ounce.

Sapuchi Follow-up Work, Concepts and Upside


Based on the geological continuity and grade of the gold mineralized material, the Company believes an excellent potential exists to place Sapuchi into production at the completion of a pre-feasibility or feasibility study that would include the results of additional metallurgical testing and updated capital and operating costs. The relative simplicity of this project's development plan affords an opportunity to fast track construction and take advantage of high gold prices, which would result in a robust operating profit margin.

The estimated time required to put Sapuchi into production is six months from completion of the feasibility study and financing. The required minor alteration to the environmental permit and an extension to the surface rights currently being leased from the San Antonio Ejido are not expected to create any delays. Sapuchi can operate at the same time as Luz del Cobre, with synergies with regards to fixed costs and overheads, as there is no conflict as to location. The estimated capital cost includes a separate leach pad, generators for electric power, a crusher, conveyors and stackers, and a gold recovery plant

Gold mineralization at Sapuchi has not been closed off in any direction, although to the east the body is becoming deeper and extending under the Trion Ridge so that it is effectively closed to open pit exploitation. In all other directions the limits of the gold bearing body have not been found in the drilling, although on the north and south sides of the ridge, drilling is near the limits of the breccia, the most favorable host rock.

The size of the Sapuchi resource will likely increase in two ways. First, the known portion of the mineralized body is incompletely drilled so there are blocks currently designated as internal waste due to lack of data. Also, infill drilling and additional surface sampling should convert some of the Inferred resources to Indicated, if not Measured. As more data become available (additional drilling) a portion of these waste blocks are very likely to be converted to ore, at the same time reducing the amount of (internal) waste. The second possibility for expansion of the resource is expanding beyond the currently known boundaries.

 
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