Exploration
The Company has control over the mineralized trend to the north and south of the old La Venturosa silver mine, and there has only previously been reconnaissance exploration undertaken beyond the old mine.
Q1 2011 Summary: An initial investigative geological program was undertaken as part of the due diligence process for the project acquisition. Large amounts of data on the historic workings were recovered, digitized, assessed and imported into 3D software to create models and long sections. The Company capitalized on the historical information available to jump start an aggressive exploration. Geophysics, consisting of ground magnetic and induced polarization, followed. The geophysics program has been substantially completed over the priority target areas. The program was designed and carried out to enable initial drill target locations to be accurately mapped and surveyed to test the vein system for mineralization. These programs identified several high priority drill targets flagged along the mineralized trend to north and south of the La Venturosa silver mine. These included areas where mining is reported to depths of 100m and along strike in both directions from the existing mine workings.
Q2 - Q4: 2011 Summary: First drill rig arrived on site in May 2011 to commence a 10,000 metre program. With encouraging initial results, a second drill rig arrived in July 2011 and a decision to increase the program to 20,000 m was taken. The primary focus was to test the main known vein systems at depth and along strike, namely the Princesa & America which were host to the La Venturosa Silver mine as the Princesa is believed to have only been mined to a depth of 100 meters.
To date the drilling confirms the system consists of multiple veins including Esmeralda, Mexico, Megan, Antenna and NW Antenna. Assays have returned high values of silver, lead and zinc. As of December 20, 2011, sixty (60) core holes have been completed for ~22,000 meters. Assays for 26 holes have been received and reported to date, with further results pending. (Note: results received have not necessarily been received in subsequent order).
Result Highlights:
• 6.5m @ 66 g/t AgEq and 11.05m @ 81 g/t AgEq (NAM001)
• 19.3m @ 158 g/t AgEq including 7.50m @ 235 g/t AgEq (NAM-002)
• 65.7m @ 115 g/t AgEq including 1.44m @ 1130 g/t AgEq (NAM-003)
• 16.0m @ 921g/t AgEq including 1m @ 14,741 g/t AgEq (NAM-009)
• 7.5m @ 601g/t AgEq including1m @ 1,606 g/t AgEq (NAM-014)
• 13.0m @ 272g/t AgEq (NAM-016)
Drill hole location map at Namiquipa Silver Project and ground Magnetics
