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El Capomo Property
In early fiscal 2008, the Company acquired the mineral rights to 60,000 hectares in four claim blocks by staking. The El Capomo Property is located in Nayarit State, approximately 50 kilometres east of Puerto Vallarta. The property is located in the Sierra Madre del Sur physiographic province consisting of rhyolitic and andesitic volcanics intruded by granite and granodiorites along a system of faults and fractures that are up to eight kilometres in length. Horst and graben structures displace these larger structures in several locations on the property having created favourable conduits for mineralizing fluids. Sulphide and precious metal mineralization is hosted in epithermal veins measuring five to 20 metres in width, and 500 to 1,000 metres in length.
Historically, over 20 mineralized structures have been identified by previous operators. Oxidation, kaolinization and propylitic alteration are common alteration features. Sulphide mineralization with significant gold, silver, lead, zinc and copper values were encountered during the first phase surface sampling program. Selective grab samples have returned grades of up to 22.5 g/t gold and 1,860 g/t silver.
The Company has assessed the results of the first phase surface program. While encouraging the Company does not anticipate recommending any significant expenditures on the program until market conditions improve.
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