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LA LUZ PROJECT

Commodity: gold - silver – basic metals

Project Area Location:
The project is located in the central part of Río Negro province, approximately 1,000 kilometers to South-West of Buenos Aires city; approximately 260 km East of San Carlos de Bariloche and 440 km West of Viedma city, capital of Río Negro province. Coordinates: 40° 40´14” S - 68°23´10” W.

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Altitude above sea level is lower than 1,000 meters, allowing to work all year round.

Exploration
The mining project involve three main sectors (targets) known as: Iván (7.5 Km2), Marillán (18 Km2) and La Luz (28 Km2), all of them included into a mineralized trend of 28 Km in SW-NE course by 6 Km NW-SE.
The first exploration phase was developed exclusively in La Luz target, in an area of approximately 9 km2 that represents only the 4 % of all the area covered by the mining properties. Developed work included tasks such as:

•Geology over an area of 9 km2
•Geochemistry: 2,000 samples from surface and drillings
•Exploration Trenches: more than 440 (lengths between 5 mt and 400 mt each one)
•Geophysics: IP/Resistivity (70 km) and Ground Magnetic (37 km)
•Special studies: Chalcography, Fluid inclusions, Petrography and PIMA
•Drilling program: 2,000 mt. DDH (Ø HQ)
•Total invested during Phase 1: approximately 1.7 M U$S


Preliminary Results
Geochemical research has shown strong anomalies in gold (up to 22 ppm), silver (up to 2,100 ppm) and several sectors with economic values in lead, copper and zinc. Strong anomalies of indium and vanadium have also been detected.
The geophysical prospecting has shown the presence of structures, partly exposed, with more than 2 km. length while the drill holes checked mineralized structures until 50 mt. depth.

The epithermal mineralization is associated with possible sub volcanic bodies or domes of acid composition related to Los Menucos complex (Triassic) or slightly Younger, seated in tectonic corridors and forming real “shear belts”.
Epithermal mineralization corresponds to a low sulfidation type. It is represented by a number of mineralized bodies, some of them with more than 800 meters length (Milla and Gael systems) and variables widths between 0.80 up to 2.25 m.

In fact, the exploration is totally open both in the lateral sense such as in the vertical extension.
Table N° 1 shows some results from surface geochemical sampling, while Table N° 2 shows some good results from drilling samples:



Table N° 2 shows some relevant results from the drilling program:



While developed works do not permit still to establish none resources level, could be possible to infer a minimum potential of 200,000 oz AuEq for the explored sector.

Ivan sector only has been reviewed superficially. Field preliminary studies suggest the presence of several “residual silica” outcrops, while PIMA studies at Ivan have identified an advanced argillic alteration mineralization assemblage typical of a leached cap over a high sulfidation epithermal system with alunite, kaolinite, dickite and lesser pyrophyllite, jarosite, illite and smectite.

Next Works
The results obtained during the first phase of exploration, certainly suggest the implementation of a second phase of works, destined to recognize with more detail, the main structures discovered to date, both at depth as well as to the sides as indicates the geophysical prospecting carried out.
Will be important also the study and definition of the structural model, especially over the higher structures discovered and prospected heretofore.

New geophysical works with the pole - dipole method, will make it possible to establish with more accuracy the location and depth of the sectors that have shown important chargeability anomalies.
A new drilling program of minimum 6,000 mt of diamond drill holes has also been programmed.
Likewise for the next phase will be important to start a detailed exploration work in Ivan sector.