Discussion of the Results
The drilling completed to-date at El Corral has defined an irregular, near-surface zone, locally up to 30 metres thick, comprised of colluvium and variably weathered bedrock where drill core recoveries average between 60%-90%. Below this zone, surficial effects are minimal and drill core recoveries are typically greater than 90%.
The 1,430.5 metres of drilling at El Corral is substantially less than that completed to-date at El Reten, only partially covering the surface rock chip anomaly. However, even at this early stage a number of conclusions can be drawn which will help guide future drilling the in El Corral target area.
To-date, four separate porphyry phases have been identified at El Corral and no drill hole intersected the surrounding country rocks to the west. At El Reten, contacts of the porphyries with the older volcanic rocks are commonly zones of higher grade mineralization than the mineralized porphyry itself. Determining the location of these contact zones at El Corral represents a priority target for future drilling there. The geology of the mineralized porphyries at El Reten and El Corral is subtly distinct, as is the nature of the alteration and mineralization. It is believed that some of the observed differences in the mineralization geochemistry (e.g., higher copper gold ratio and higher Mo at El Corral) are due to these geological variations, however, the possibility of mineral zoning on a larger scale remains. Solvista geologists believe that the alteration and mineralization at both El Reten and El Corral are related to the same district scale magmatic-hydrothermal event.
The higher grade silver values at El Corral correlate with the presence of a set of lower temperature quartz veins with sulfide mineralization. Several restricted zones of higher grade silver mineralization do occur at El Reten (e.g., CAD-1204 - 159.9 to 179.7m @ 34.7g/t Ag; CAD- 1214 - 164.0 to 173.4m @ 49.7g/t Ag), however, this mineralization is related to later calcite- quartz veins with anomalous base metals. The silver mineralization at El Corral is essentially silver only with no associated anomalous base metal values. Silver grades as high as those seen at El Corral have not been noted in literature published on other porphyry gold-copper projects in Colombia. The silver mineralization at El Corral further supports the Company's belief that the CPC represents a dynamic, magmatic-hydrothermal system which could also produce other styles of potentially important alteration and mineralization. As such, the Company believes that there is good potential to discover different, epithermal-style mineralization peripheral to the CPC, but all related to its evolution. As evidence of this potential, 49 rock chip samples from the La Florida area (1200 metres NNW of El Reten and 1100 metres west of Ajiaco Sur, see Figure 1) returned an average of 60g/t Ag, 0.32g/t Au, 0.10% Pb, 0.13% Zn and 3187ppm Mn, all elements common in epithermal systems.
The Company's recently completed Phase 1 drill program was focused on three target areas - El Reten, El Corral and Ajiaco Sur, which represent the three southernmost targets within the CPC (as currently defined) (Figure 1). As it is presently understood, the CPC is a three kilometre long trend with a generally north-south orientation that remains open for further discoveries in all directions.
The Company continues to explore additional areas within the CPC and is currently defining drill platform locations for the Malabrigo and Casa Verde targets, which the Company plans to drill test in Q3 of 2013. As can be seen on Figure 1, ridge and spur soil sampling completed across the CPC has highlighted anomalies coincident with rock chip sampling at both Malabrigo and Casa Verde. In fact the soil anomalies indicate extension to both targets, in areas where outcrops (and therefore rock chip sampling) are limited.
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