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TIM Claims
During the current period the Company acquired, by staking, a 40,000 hectare land package in the Peňasquito area of Mexico. The claims are contiguous to the Peňasquito Gold Deposit (Goldcorp) and are approximately 20 km to the northwest of the Camino Rojo project (Canplats Resources). As of June 2007, Goldcorp reported proven and probable gold reserves at Peňasquito of 13.0 million ounces. Canplats Resources has reported drill intercepts of up to 224 metres averaging 1.50 grams of gold and 24.45 grams of silver per tonne from its Camino Rojo project (3.44 million ounces gold and 60.7 million ounces silver).
The Tim claims are located in the northern part of the state of Zacatecas, Mexico, and are located approximately 42 kilometres west of the town of Concepcion del Oro. The northern Zacatecas area is an important mining district in Mexico. The area possesses flat topography and excellent proximity to roads, power, rail, skilled labour and smelters.
The Company acquired the claims because of their proximity and geological similarity to the Peňasquito Gold Deposit. Mineralization generally consists of carbonate replacement bodies located along the intrusive-limestone contact. Ore deposits in the region are formed in skarns, chimneys, and mineralized breccias developed in clastic and permeable rocks of the Caracol formation in contact with intermediate intrusive bodies. Evidence exists of such intrusive and limestone packages on the property. In particular, the Company's geologists have identified a sandstone unit on the property believed to be part of the Caracol formation, the host of the Peňasquito mineralization. Assays from selected grab samples taken by the Company's geologists have returned anomalous gold values in excess of 1gram of gold per tonne.
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