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NEW RESULTS
June 26, 2008
Assay results for the nine holes of the 2008 diamond drill program at the Cerro Colorado target
Most of the holes intersected interesting precious metals values. Hole UCC-08-8 cut 4.6 metres with 0.98 grams per metric ton (g/t) gold and 162.2 g/t silver within a wider 9.2 metre interval with 0.51 g/t gold and 96.5 g/t silver (see table of assays below).
The drill program was completed in early May for a total of 1,706.2 metres of core in eleven holes (see Yale News Release of May 9, 2008). Nine of the holes tested the Cerro Colorado target area for a total of 1,363 metres, and two holes totalling 343 metres were drilled at the San Pedro target. EXMIN was the operator of the program, and utilized the core rig that was acquired by Globexplore Drilling and Exploration of Hermosillo, under an agreement for drilling services announced in a News Release of December 7, 2006.
Dr. Craig Gibson, Co-Founding Executive Vice President of Exploration for EXMIN, stated, “We have an important mineralized system at Cerro Colorado. These drill results are distributed over approximately 2 kilometres of strike length along the main structure. Several holes cut significant intervals of 2 to 6 ounce per ton silver equivalent, suggesting that there is potential to delineate a bulk tonnage silver-gold deposit. It is important that the best intercept, in hole UCC-08-8, tested the area between known surface occurrences at El Vergel and Mina Guadalupe, and that this is one of the deeper intercepts.”
Cerro Colorado Target
The Cerro Colorado target is in the northern portion of the Urique project, and consists of a 2.5 kilometre long mineralized structural zone. Three areas of mineralization with past mining activity have been identified along the main structure, at El Vergel, Mina Guadalupe, and La Minitas (Ampliacion Guadalupe). Mapping and trenching revealed wide zones of silver-gold mineralization along the surface trace of the structure (see Yale News Release of February 15, 2007).
The drill program tested the structure over approximately 2 kilometres of strike length, at vertical depths ranging from 10 to approximately 150 metres. The structure appears to be widest in the north near the El Vergel mine (holes 1,2,7, and 8). To the south, the structure appears to be more restricted in width but with generally higher gold values (holes 3, 4, 5, and 9).
Table 1: Assay data for core holes from the Cerro Colorado Target
|
Core Hole |
From
(m) |
To
(m) |
Width
(m) 1 |
Au
(g/t) |
Ag
(g/t) |
Ag equiv
(g/t) 2 |
|
UCC-08-01 |
5.00 |
9.00 |
4.00 |
0.08 |
40.7 |
|
44.9 |
|
|
|
46.00 |
56.00 |
10.00 |
0.15 |
59.1 |
|
66.4 |
|
|
including |
50.00 |
56.00 |
6.00 |
0.23 |
86.0 |
|
97.4 |
|
|
including |
52.00 |
54.00 |
2.00 |
0.15 |
124.0 |
|
131.5 |
|
|
UCC-08-02 |
44.50 |
64.00 |
19.50 |
0.07 |
51.5 |
|
55.1 |
|
|
including |
48.30 |
60.00 |
11.70 |
0.11 |
70.3 |
|
76.0 |
|
|
including |
50.80 |
56.00 |
5.20 |
0.25 |
106.5 |
|
118.7 |
|
|
UCC-08-03 |
36.50 |
39.50 |
3.00 |
0.64 |
59.1 |
|
91.3 |
|
|
including |
37.40 |
39.20 |
1.80 |
1.04 |
82.2 |
|
134.3 |
|
|
UCC-08-04 |
19.35 |
23.40 |
4.05 |
0.08 |
58.8 |
|
62.8 |
|
|
including |
19.35 |
22.00 |
2.65 |
0.10 |
78.7 |
|
83.5 |
|
|
UCC-08-05 |
31.70 |
34.60 |
2.90 |
0.13 |
75.7 |
|
82.4 |
|
|
including |
32.10 |
33.20 |
1.10 |
0.28 |
154.1 |
|
168.2 |
|
|
UCC-08-06 |
No significant values; anomalous Ag over 40 m interval |
|
UCC-08-07 |
50.50 |
70.60 |
20.10 |
0.07 |
18.3 |
|
21.5 |
|
|
including |
50.50 |
56.00 |
5.50 |
0.07 |
23.6 |
|
27.0 |
|
|
including |
50.50 |
52.00 |
1.50 |
0.18 |
34.3 |
|
43.4 |
|
|
and |
64.00 |
70.60 |
6.60 |
0.12 |
20.8 |
|
26.9 |
|
|
Including |
64.00 |
66.00 |
2.00 |
0.30 |
22.7 |
|
37.7 |
|
|
UCC-08-08 |
107.80 |
117.00 |
9.20 |
0.51 |
96.5 |
|
122.2 |
|
|
including |
109.80 |
114.40 |
4.60 |
0.98 |
162.2 |
|
211.4 |
|
|
UCC-08-09 |
149.90 |
156.80 |
6.90 |
0.48 |
5.2 |
|
29.1 |
|
|
including |
149.90 |
151.00 |
1.10 |
2.38 |
25.6 |
|
144.4 |
|
|
|
162.00 |
168.90 |
6.90 |
0.34 |
10.6 |
|
27.7 |
|
|
including |
164.00 |
165.30 |
1.30 |
1.08 |
32.3 |
|
86.2 |
|
|
including |
164.00 |
164.30 |
0.30 |
2.99 |
89.7 |
|
239.2 |
|
Data from holes 1 and 2 were released previously but have been modified with additional data.
1-Widths are measured along the core axis; the holes were designed to be approximately
perpendicular to the structure, but true widths have not been calculated.
2-Silver equivalent has been calculated using a 50:1 ratio in the metal prices using in situ values;
variable recoveries and NSR have not been taken into account.
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