El Oso 1
Drill holes GUD-1208, GUD-1209, GUD-1211 and GUD-1212 were drilled to test the down dip continuity of the high-grade, gold-silver mineralization discovered at surface within the El Oso 1 structural trend (132 samples with a weighted average of 3.29 g/t Au, 59.8 g/t Ag cut to 50 g/t Au and 500 g/t Ag), the northernmost of two discrete structural trends within the El Oso corridor. The four completed drill holes were evenly spaced along the known 750 metre strike length of the El Oso 1 structural corridor, as defined by surface mapping, rock chip geochemical analyses and historic artisanal mining. All of these drill holes intersected significant gold-silver mineralization including 6.24 g/t Au and 5.0 g/t Ag over 0.99 metres in GUD-1209 and 4.39 g/t Au and 4.1 g/t Ag over 2.65 metres in GUD-1211. Interestingly, both of these drill holes also intersected separate, discrete intervals with lower grade gold and high-grade silver such as 3.02 g/t Au and 169.8 g/t Ag over 2.10 metres in GUD-1211. The mineralization is similar in style to El Oso 2, although slightly different geochemically, and remains open both along strike and down dip. This target is also considered a very high priority for additional drilling.
Other Drill Targets
A total of three other targets were partially drill tested in 2012 including the Campo Alegre North target (a high chargeability as well as a number of +1 g/t Au rock chip samples from surface mapping and sampling) where GUD-1204 intersected 7.00 g/t Au and 6.60 g/t Ag over 0.65 metres within 2.42 metres averaging 2.87 g/t Au, 2.7 g/t Ag, which appears to be the down dip extension of the higher grade, composite vein and fracture-controlled mineralization seen at surface. Further drilling is recommended in this target area as well.
Table 1 includes all significant intervals of gold-silver mineralization and Table 2 gives drill hole location information. Only intervals with greater than 1 gram/metre gold or 100 grams/metre silver are included. Figure 1 shows the location of the drill holes on an Induced Polarization survey (chargeability) background.
Table 1---------------------------------------------------------------------------- Drill Hole From To Length Au AgTarget Area Number (m) (m) (m) (g/t) (g/t)----------------------------------------------------------------------------Campo Alegre South GUD-1202 158.50 161.50 3.00 1.04 1.41 ------------------------------------------------------ GUD-1202 231.20 232.20 1.00 1.35 0.27-------------------------------------------------------------------------------------------------------------------------------------------------------- GUD-1204 95.00 98.00 3.00 2.31 2.24 ------------------------------------------------------ including 95.55 96.20 0.65 7.00 6.60 ------------------------------------------------------ GUD-1204 102.00 109.00 7.00 0.64 10.77 ------------------------------------------------------ ------------------------------------------------------Campo Alegre North GUD-1205 5.50 6.50 1.00 1.22 1.06 ------------------------------------------------------ GUD-1205 12.95 14.85 1.90 0.97 0.87 ------------------------------------------------------ ------------------------------------------------------ GUD-1206 105.20 106.58 1.38 0.87 3.78 ------------------------------------------------------ GUD-1206 146.70 147.60 0.90 1.22 0.09-------------------------------------------------------------------------------------------------------------------------------------------------------- GUD-1208 168.40 169.00 0.60 1.70 0.70 ------------------------------------------------------ GUD-1208 208.90 211.55 2.65 1.08 40.57 ------------------------------------------------------ ------------------------------------------------------ GUD-1209 48.76 52.10 3.34 1.40 26.88 ------------------------------------------------------ GUD-1209 119.40 122.10 2.70 3.91 2.47 ------------------------------------------------------ including 119.40 120.39 0.99 6.24 5.03 ------------------------------------------------------El Oso 1 GUD-1209 213.60 214.70 1.10 0.59 90.92 ------------------------------------------------------ ------------------------------------------------------ GUD-1211 55.06 65.53 10.47 1.18 3.39 ------------------------------------------------------ GUD-1211 98.96 100.66 1.70 2.70 1.91 ------------------------------------------------------ GUD-1211 158.80 160.90 2.10 3.02 169.77 ------------------------------------------------------ GUD-1211 174.15 178.20 4.05 3.02 3.08 ------------------------------------------------------ including 176.48 177.35 0.87 6.48 5.81 ------------------------------------------------------ ------------------------------------------------------ GUD-1212 177.80 178.42 0.62 0.232 152.0-------------------------------------------------------------------------------------------------------------------------------------------------------- GUD-1213 96.01 97.00 0.99 2.52 0.48 ------------------------------------------------------ GUD-1213 146.10 147.50 1.40 5.68 1.41 ------------------------------------------------------ GUD-1213 163.79 165.71 1.92 9.29 3.46 ------------------------------------------------------ ------------------------------------------------------ GUD-1214 69.35 70.25 0.90 1.55 1.03 ------------------------------------------------------ GUD-1214 106.84 107.73 0.89 4.18 0.73 ------------------------------------------------------El Oso 2 GUD-1214 110.85 117.14 6.29 8.46 1.47 ------------------------------------------------------ including 110.85 113.62 2.77 18.35 2.72 ------------------------------------------------------ GUD-1214 120.06 121.12 1.06 0.96 0.29 ------------------------------------------------------ GUD-1214 132.36 133.68 1.32 1.01 0.25 ------------------------------------------------------ GUD-1214 149.70 151.02 1.32 1.23 0.44 ------------------------------------------------------ GUD-1214 192.30 194.41 2.11 4.07 20.73----------------------------------------------------------------------------Table 1. Significant drill hole intercepts from the Phase 1 Guadalupedrilling program.
