Cerro Caliche Project Summary Report July 2007

CERRO CALICHE PROJECT
SUMMARY REPORT
July 2008
By
M.S. Geol. Isidro Iván Flores Vásquez
Resource Geosciences de Mexico S.A. de C.V.

INDEX
Page
SUMMARY …………..……………………………………………………..……… 7
I. INTRODUCTION …..……………………………………..…………………..... 8
I.1 LOCALIZATION AND ACCESS …………………………………...…. 8
I.2 PREVIOUS WORK ……………………………………………………... 8
I.3 PROPERTY STATUS …………………...……………………………… 8
I.4 CURRENT WORK ………………...……………………..………...…… 11
II. GEOLOGICAL SETTING ………………….......…………………………….. 11
III. DEPOSIT GEOLOGY ………………….......………………………………… 11

III.1 UPPER JURASSIC-LOWER CRETACEOUS SEDIMENTARY
SEQUENCE …….......………………………………………………………. 11
III.1.1 ShSt ………………………………………………………. 11
III.1.2 RSS ………………………………………………………. 13
III.1.3 ITVS ……………………………………………………… 13
III.1.4 QSS ………………………………………………………. 13
III.1.5 AkSS-ALSS ………………………………………………. 13
III.1.6 FBSS ……………………………………………………... 13
III.1.7 ShLm ……………………………………………………... 13
III.1.8 Sh-Cgl ……………………………………………………. 13
III.2 INSTRUSIVE STOCKS …….......…………….………………………. 13
III.2.1 KFPQ-PLBQ .…………….……………………………… 14
III.2.2 GPB .…………….……………………………………….. 14
III.3 SILLS AND DIKES ….......……………………………………………. 14
III.3.1 PPB ………………………………………………………. 14
III.3.2 PQP ……………………………………………………… 14
III.3.3 SpSl ………………………………………………………. 14
III.3.4 PQX ……………………………………………………… 14
IV. ALTERATION AND STRUCTURES ...……………………………………... 14
IV.1 PROPYLITIC ….……………………………….……………………… 15
IV.2 SILICIFICATION .………………………….……….………………… 15
IV.3 QUARTZ VEIN ……………………………….……….……………… 15
IV.4 PHYLLIC …………………………….……….……………………….. 15
IV.5 ARGILLIC …………………………………………………………….. 15
IV.6 OXIDATION ……………………………………..…………………… 15
V. GEOCHEMISTRY …………………………………..………………………… 17
V.1 GOLD ……………………………..……………………………………. 17
V.2 SILVER ………………..…………………………………………..…… 17
V.3 Pb, Zn, Mn ………………..…………………………………..………… 17
V.4 OTHER ………………..………………………………...……………… 17
VI. MINERALIZATION AREAS ..………………………………………………. 20
VI.1 LOS CUERVOS ……………………………………………………… 20
VI.1.1 Geology ………………………………………………….. 20
VI.1.2 Alteration and structures ………………………………... 20
VI.1.3 Rock chip geochemistry …………………………………. 20
VI.1.4 Drilling and assays ………………………………………
20
VI.2 LOS JAPONESES ……………………………………………………..
39
VI.2.1 Geology …………………………………………………..
39
VI.2.2 Alteration and structures ………………………………...
39
VI.2.3 Rock chip geochemistry ………………………………….
40
40
VI.3 LAS ABEJAS ………………………………………………………….
61
VI.3.1 Geology …………………………………………………..
61
61
61
61
VI.4. BOLUDITO NO. 2 SOUTH …………………………………………..
78
VI.4.1 Geology …………………………………………………..
78
78
78
79
VI.5 BUENA SUERTE ……………………………………………………...
83
VI.5.1 Geology …………………………………………………..
83
83
83
83
VI.6 CABEZA BLANCA …………………………………………………...
89
VI.6.1 Geology …………………………………………………..
89
89
90
90
VI.7 VETA DE ORO ………………………………………………………..
100
VI.7.1 Geology …………………………………………………..
100
100
100
100
VI.8 LA ESPANOLA ……………………………………………………….
105
VI.8.1 Geology …………………………………………………..
105
105
105
105
VI.9 El ABEL ………………………………………………………………..
112
VI.9.1 Geology …………………………………………………..
112
112
112
112
VI.10 CHINOS ALTOS ……………………………………………………..
117
VI.10.1 Geology ………………………………………………....
117
VI.10.2 Alteration and structures …………………………..…...
117
VI.10.3 Rock chip geochemistry …………………………..…….
117
VI.10.4 Drilling and assays ……………………………..………
117
VI.11 BELLOTOZO ………………………………………………………...
125
VI.11.1 Geology …………………………………………..……..
125
VI.11.2 Alteration and structures ………………………..……...
125
VI.11.3 Rock chip geochemistry ………………………………...
125
VI.12 HUEVO DE ORO EAST ……………………………………………..
125
VI.12.1 Geology ……………………………………………..…..
125
VI.12.2 Alteration and structures ……………………………….
125
VI.12.3 Rock chip geochemistry ………………………..……….
125
VI.13 LA COLORADA ……………………………………………………..
130
VI.13.1 Geology …………………………………..……………..
130
VI.13.2 Alteration and structures ………..……………………...
130
VI.13.3 Rock chip geochemistry ………………………..……….
130
VI.13.4 Drilling and assays ………………………….………….
130
VI.14 EL ZORRILLO ……………………………………………………….
131
VI.14.1 Geology ………………………..………………………..
131
VI.14.2 Alteration and structures ………………………..……...
131
VI.14.3 Rock chip geochemistry ………………………………...
131
VII. CONCLUSIONS ………………………………………………………………

135
VIII. ANNEX ……………………………………………………………………….
136
FIGURES
Fig. 1. Cerro Caliche Project location …………………………………………... 9
Fig. 2. Distribution of concession optioned …………………………………….. 10
Fig. 3. Geology map of Cerro Caliche Project ………………………………….. 12
Fig. 4. Alteration and structure map of Cerro Caliche project ………………….. 16
Fig. 5. Rock chip sampling on Caliche project, showing Au assays in ranges …. 18
Fig. 6. Au/Ag rate versus Au ……………………………………………………. 19
Fig. 7. Geologic map of Cuervos area ………………………………………….. 21
Fig. 8. Generalized alteration map of Cuervos area …………………………….. 22
Fig. 9. Surface rock chip sampling on Cuervos area ……………………………. 23
Fig. 10a-10j Cuervos drill hole sections ………………………………………… 25
Fig. 11. Geology map of Japoneses area ………………………………………... 41
Fig. 12. Generalized alteration map of Japoneses area …………………………. 42
Fig. 13. Surface rock chip sample at Japoneses area …………………………… 43
Fig. 14a-14k. Japoneses drill hole sections …….……………………………….. 45
Fig. 15. Geologic map of Las Abejas Area …..………………………………… 63
Fig. 16. Alteration map of Abejas area …………………………………………. 64
Fig. 17. Surface rock chip sampling map of Las Abejas area …………………... 65
Fig. 18a-18i. Las Abejas drill hole sections …………………………………….. 66
Fig. 19a-19b. Boludito No. 2 drill hole setions …………………………………. 80
Fig. 20. Geologic map of Buena Suerte area ……………………………………. 84
Fig. 21. Generalized alteration map of Buena Suerte area ……………………… 85
Fig. 22. Surface rock chip sampling map of Buena Suerte area ………………... 86
Fig. 23a-23b. Buena Suerte drill hole sections ………………………………….. 87
Fig. 24. Cabeza Blanca geologic map …………………………….…………….. 91
Fig. 25. Structure, alteration, and surface rock chip sampling map of Cabeza
Blanca area ………………………………………………………….… 92
Fig. 26a-26f. Cabeza Blanca drill hole sections ………………………………… 93
Fig. 27. Geology map for Veta de Oro area …………………………………….. 101
Fig. 28. Structure, alteration, and surface rock chip sampling map of Veta de
Oro area ……………………………………………………………….. 102
Fig. 29a-29b. Veta de Oro drill hole sections ………………………………....... 103
Fig. 30. Geology map for Española area ………………………………………... 107
Fig. 31. Structure, alteration, and surface rock chip sampling map of La
Española area ………………………………………………………….. 108
Fig. 32a-32c. Española drill hole sections ………….…………………………… 109
Fig. 33. Geology map of El Abel area …………………………………………... 113
Fig. 34. Structure, alteration, and surface rock chip sampling map of El Abel
area ……………………………………………………………………………… 114
Fig. 35a-35b. El Abel drill hole sections ………………………………………... 115
Fig. 36. Geology map for Chinos Altos area ……………………………………. 119
Fig. 37. Alteration map of Chinos Altos area …………………………………... 120
Fig. 38. Surface rock chip sampling of Chinos Altos area ……………………… 121
Fig. 39a-39c. Chinos Altos drill hole sections ………………………………….. 122
Fig. 40. Geology map of Bellotozo area ………………………………………... 126
Fig. 41. Structure, alteration, and surface rock chip sampling map of Bellotozo
area ……………….…………………………………………………… 127
Fig. 42. Geology of Huevo de Oro East area …………………………………… 128
Fig. 43. Structure, alteration, and surface rock chip sampling map of Huevo de
Oro East area ………………………………………………………….. 129
Fig. 44. Geology map of El Zorrillo Zone ……………………………………... 132
Fig. 45. Alteration and structure map of El Zorrillo zone ………………………. 133
TABLES
Drill hole interceptions with Au>0.350 gr/ton at Cuervos area ………………… 35
Drill hole interceptions with Au>0.350 gr/ton at Japoneses area .……………… 56
Drill hole interceptions with Au>0.350 gr/ton at Las Abejas area ……………… 75
Drill hole interceptions with Au>0.350 gr/ton at Boludito No. 2 area ….……… 82
Drill hole interceptions with Au>0.350 gr/ton at Buena Suerte area ………….... 89
Drill hole interceptions with Au>0.350 gr/ton at Cabeza Blanca area ….……… 99
Drill hole interceptions with Au>0.350 gr/ton at Veta de Oro area….………….. 100
Drill hole interceptions with Au>0.350 gr/ton at La Española area ….…………. 106
Drill hole interceptions with Au>0.350 gr/ton at El Abel area ….……………… 112
Drill hole interceptions with Au>0.350 gr/ton at Chinos Altos area ….………... 118
Drill hole interceptions with Au>0.350 gr/ton at La Colorada area ….……….… 131
SUMMARY
Cerro Caliche project is located at Cucurpe Municipality in Sonora, Mexico, it encloses

an area 3 x 3 km low sulfidation epithermal gold-silver vein systems, developed in Upper
Jurassic-Lower Cretaceous sedimentary and volcanoclastic sequence, Eocene (?)
intrusive stocks, and probably Oligocene sills-dike felsic rocks. In this epithermal system
banded Qtz veins are structurally controlled by major normal listric faults NW20-50
dipping 50-75° and secondary faulting and fracturing NW-SE05-60/40-85, very weak
mineralized late faulting NE30-50/70, and crosscut by post-mineral graven system NE30-
40, NW15-NE10 and NW50. This project was divided in 14 areas, Cuervos, Japoneses,
Las Abejas, Boludito No. 2 south, Cabeza Blanca, Buena Suerte, Veta de Oro, Chinos
Altos, Española, El Abel, Bellotozo, Huevo de Oro East, La Colorada y El Zorrillo.
The alteration styles include propylitic, silicification, phyllic, weak sparse argillic (mostly
in drill holes), also supergene oxidation of sulfides to hematite and limonite.
Gold is present along banded and not banded Qtz vein structures with anomaly >0.2 up to
13.6 ppm Au, and from the total of surface rock chip samples including Qtz veins and
stockwork, 15.3% grade >1.0 gr/ton, 10.9% between 1.0-0.5 gr/ton and 30.1% between
0.5-0.1 gr/ton. Silver, Pb, Zn and Mn are limited to main structures, bizarre anomaly of
As and more common weak Ba anomaly is present in surface.
After completing 86 drill holes and 2 water exploration drill hole, and drilled 25,830 ft or
7,872.98 m with average of 89.4 m per drill hole, was observed <70 m continuity of Au
mineralization, 6.1-15.0 m wide and 120-150 m strike with 0.4-2.0 gr/ton Au for main
structures with Au mineralization stage, splays are <7.52 m wide and 0.4-0.8 Au gr/ton
Au and stockwork zones not continuing at depth. Inferred resources calculated for drilled
targets indicate 75, 753 Oz within 2,628,073 ton with 0.992 Au gr/ton as grade average
and assuming 2.5 gr/cm3 as rock density, and a likely potential for the rest of targets of
210,000 Oz within 7,000,000 tons with likely grade of 0.9-1.0 Au gr/ton.
Alteration styles intercepted by drilling show continuity of veining but as the “barren” or
very low grade stage or narrow low grade structures, and sometimes high base metal
anomaly, as well as, interception starting at shallow depths of propylitic assemblages for
some targets, and sporadically narrow intervals with argillic alteration. Also Au
supergene enrichment could have happened due to lack of mineralization zoning and Au
mineralization present between 50-70 m depth in main structures.
Based on 1,000,000 Oz plus as goal for Corex Global, and a total potential of 285,000 Oz
for the project, but spread in several narrow targets of different areas, shallow continuity
at depth for Au mineralization in structures and unfavorable alteration at depth, no further
work for this project is recommended.
7
I. INTRODUCTION
I.1 LOCALIZATION AND ACCESS
Cerro Caliche project is located in Cucurpe municipality, in Sonora State, Mexico, and
inside of Cerro Prieto ranch. The main access is through 40 km of paved road between
Magdalena de Kino and Cucurpe town, after, it is taken a gravel road by around 14 km to
N-NE, figure 1. Also is located around 25 km to SW20 from the abandoned Mine Santa
Gertrudis, and 13 km to NW50 from Las Mercedes-Klondike project.
I.2 PREVIOUS WORK
Probably since Spanish times in Mexico, in this zone were mined at shallow depth some
veins, and early old workings were done between 1940’s, 1970’s and 1980’s, following
banded Qtz veins, and about 30-50 meters depth shafts in 2 levels, and some very
shallows diggings. These old workings were mined by a grade of 10-15 gr/ton and
sporadically up to 30 gr/ton ore shuts (F. Albelais, E. Lopez, pers. comm.) and probably
over selective mining.
In 1997 Cambior started an exploration program and dropped the project around early of
1998. This company made around 27 RC drill holes with average of 250 m depth (Matt
G., pers. Comm.) and a large distance spaced between them, however, no data was
available for Corex exploration.
I.3 PROPERTY STATUS
Caliche Project includes around 1,560 hectares in several claims under option agreement,
11 concessions held by Juan Pedro Fernandez, that enclose an area of 907.5599 hectares,
and includes the claims Abel (82/28480), Abel Fraccion I y II (82/28540), El Huevo de
Oro (82/28481), El Huevo de oro (82/21340), Guadalupe (82/15188, 4-1.3/1849), Huevo
de oro (82/28481), Huevo de oro No. 1 (82/28767), Huevo de oro No.2 (82/28768),
Teresita (82/28500) and Teresita 1er. Lugar (82/28770). Edward Rivas H. held 402.9959
hectares in two claims El Rosario (4/1/2425) and El Centro (4/1/2424). Mario Peñuñuri
Bringas-Ernesto López have 219.3754 hectares in Ernesto claim (82/28866), Hector
Albelais hold 10.0000 hectares in Cabeza Blanca (82/9932), and Raul Seyms-Hector
Pablovich possess 20.0000 hectares in Tres amigos concession (82/9145). The
distribution of the concessions is shown in figure 2.
The most interesting areas are included by the surface property called Cerro Prieto ranch,
owned by Fernando Padres Gauna.
8
USA
Nogales
MEXICO Agua Prieta
Saric
Cananea
Tubutama
Caborca Magdalena de K.
Santa Ana
Cerro Caliche
Cucurpe Project Nacozari
Benjamín
Hill
Banámichi SONORA
CHIHUAHUA
Aconchi
Moctezuma
Carbó Baviácora
Federal highway
State highway
Gravel road
Hermosillo
0 25 50 Km
Figure 1. Caliche Project location is red square, at north-center part of Sonora State,
Mexico.
9
GRAPHIC SCALE
0 250 500
metres
Caliche Project Mpio. Cucurpe, Sonora
Concessions
Map
COORDINATES UTM WSG84 Zone 12
Date: June, 2007 Scale: By:
Figure 2. Distribution of concession optioned for Cerro Caliche project.
10
I.4 CURRENT WORK
Rock chip sampling and mapping were started in February 2007 by Corex Global,
sampling main and secondary structures, stockwork. Trench sampling started in July
2007, and in August 2007 started a RC drill program. At January 20th 2008 drilling
program stopped, completing 86 drill holes and 2 water exploration drill hole, included
by 25,830 ft or 7,872.98 m with average of 89.4 m per drill hole,
II. GEOLOGICAL SETTING
This hydrothermal system was developed in an Upper Jurassic-Lower Cretaceous

sedimentary and volcanoclastic sequence, Eocene (?) intrusive stocks, probably
Oligocene Qtz-Plagioclase porphyrytic sills, pinkish-beige aphanitic spherulite sills, and
locally brown dikes of Qtz + Xenoliths. Such rocks are limited by post-mineral Miocene
graven NW-N with Conglomerate and Rhyolite tuff basing infill.
The Upper Jurassic-Lower Cretaceous sedimentary sequence shows low and minor high
angle folding and compression strength, and weak reverse thrust faulting, mostly NW-
SE50-70. All the pre-mineralization rocks are crosscut by mineralized NW20-50 major
faulting dipping 50-75° and secondary faulting and fracturing NW-SE05-60/40-85, very
weak mineralized late faulting NE30-50/70. The last faulting event is related to the
graven system NE30-40 and NW15-NE10, and NW50.
III. DEPOSIT GEOLOGY
Mapping was done along with rock chip sampling, at first stage the mapping was done at
1: 5000 scale and 1: 1000 for interesting areas. In this mapping were distinguished rock
units based in mineralogy, textures and genesis of rock, and were recognized several
units for the Upper Jurassic-Lower Cretaceous sedimentary and volcanoclastic sequence,
that includes folded units Sh-St (>150 m?), RSS (140m), ITVS (40 m), AkSS-ALSS (130
m), FBSS (60 m), ShLm (25 m), Sh-Cgl (170 m), figure 3. Also were recognized 2
different intrusive rocks, named KfPQ-PlBQ and GPB, as well as, two main sills, SpSl,
PQP, PPB and sporadic dike called PQX. Descriptions of these rocks are described from
older to youngest units, as follows.
III.1 UPPER JURASSIC-LOWER CRETACEOUS SEDIMENTARY SEQUENCE.

It is outcropping with general trend NW50-70/20-40 to the center, north, east part of the
deposit, and mostly ~SE40-60/20-50 to SW and south part. Although large scale weak
folding is present, a rough estimated of accumulative thickness of the whole sequence
could be, as much as, 715 m.
III.1.1 ShSt. This rock unit consists of gray and blackish shale and minor siltstone,
and sporadic coarse grain immature sandstone. It outcrop to the south and W-NW part
11
Figure 3. Geology map of Cerro Caliche Project.
12
of the outer of optioned claims, and has a probably thickness of >150 m? However, this
rock unit never was intercepted by drilling.
III.1.2 RSS. Consist of reddish rock, and was observed as a greywacke with 0.5-1
mm rounded quartz grains ranging from ~20-60% and 80-40% of fine grain size matrix.
It is outcropping in the center, east and west part of the project and it is favorable for
fracturing and not for hydrothermal fluids reactions. For this unit had been estimated a
thick of 140 m
III.1.3 ITVS. Intermediate tuff-breccia and volcanoclastic dominated rock unit,

with a likely thickness of 40 m, consisting of angular-subrounded lithics tuff-breccia and
feldspar rich volcanoclastic beddings.
III.1.4 QSS. It a qtz grain rich sandstone of 0.2-0.5 mm average with an estimated
thickness of 10-15 m. This rock unit shows a close spacing relationship with PQP and
overlaying RSS and ITVS, and it could be interpreted as a locally discontinuity between
RSS and ITVS.
III.1.5 AkSS-ALSS. It is overlain to ITVS, consist of 0.5-1 mm grain size mostly

arkosic (feldspar rich) and lithic sandstone (lithic>feldspar grains), and sporadic lenses of
Qtz rich sandstone. It could be around 130 m thick, and probably varying to a
sedimentary facie, named as FBSS rock unit.
III.1.6 FBSS. It was observed in the center part of the deposit, overlain to RSS
unit, and fault (?) contact with ITVS, showing folding. It mostly was observed as an
arkosic sandstone <0.5 mm grain-sized with feldspar, quartz, minor rock fragments (?)
and matrix <5%, and tiny bedding of fine grain silt-sized laminate. This rock unit could
be a good host rock, mostly shows weak silicification, PyOx, and sporadic sericite.
III.1.7 ShLm. It is a rock unit with Carbonaceous Shale and Limestone bedding,
usually observed overlain to FBSS and under laying Sh-Cgl rock unit, and with an
estimated thickness of 15 m. Outcrops as approximately 800 m long, figure 3 only show
ShLm inside Sh-Cgl.
III.1.8 Sh-Cgl. This rock unit consist of a sequence of <1 up to 10 m thick of shale
and conglomerate, and minor siltstone bedding. The conglomerate is 0.5-2 cm grain size
average with shale and sandstone fragments. This rock unit could have close to 170 m
thick.
III.2 INSTRUSIVE STOCKS. The two main facies KfPQ-PlBQ and GPB show a space
relationship, although GPB seems to be a later intrusion, because fine-medium grain size
varying to coarse grain faraway from the contact. These intrusive rocks outcrop in a trend
E-W to SE-NW roughly following bedding, emplaced mostly in the lower contact of RSS
and BFSS rock units.
13
III.2.1 KFPQ-PLBQ. Textural and composition changes were observed for this
intrusive, and never a sharp contact between them, choosing by mapping a single rock
unit, KfPQ. Consist of two facies, the first one outcrop under sedimentary rock or as
“lenses” between the second facie, and is a rock with 1-2 mm crystals size average of K-
Feldspar (~60-70%), Quartz (~20-30%), minor Plagioclase (~10-20%) and traces of
Biotite (<1-2%). The main second facie outcrops to west side of the project, consist of
0.5-1.5 mm crystals of Plagioclase (~70%), biotite (~20%), and minor Qtz (1-5%) and
probably K-Feldspar (5-10%). This intrusive rock could have a bull composition of
granodiorite.
III.2.2 GPB. It is mostly green color rock with coarse grain crystals size of 2-5
mm average, including plagioclase (~60-70%), biotite (~20-30), probably skeletal
amphibole (<10%), and magnetite (~1-3%). This rock could be classified as diorite of
biotite.
III.3 SILLS AND DIKES. There were observed the sills mapped as PPB, PQP, SpSl,
and dikes of SpSl and PQX. Only PQX was observed as the late event, crosscutting to
SpSl and KfPQ. Also was observed SpSl dikes crosscutting to PQP. An approach for
older to youngest event is as follows.
III.3.1 PPB. It is dispersed or emplaced mostly between RSS rock unit and
sporadically at the base of Sh-Cgl. These sills show microporphyrytic texture with 1-2
mm plagioclase phenocrytals (5-30%) and biotite (1%) in aphanitic groundmass, and are
crosscut by KfPQ stock.
III.3.2 PQP. It outcrop in the center of the deposit, emplaced mostly locally under
discontinuity (?) of QSS, stratigraphic level (?) of RSS and BFSS, and less in AkSS-
ALSS rock unit. PQP is a rock with phenocrystals 0.5-1.0 mm of plagioclase (5-10%),
quartz (1-3%) and minor biotite (<1-1%), inside of gray aphanitic groundmass.
III.3.3 SpSl. It was observed as aphanitic pinkish-beige sills or sporadic dikes with
trend NW30, close to contact developed 1-3 mm spherulites, and also 90% of spherulites
and <10% of plagioclase and feldspar were observed under petrography studies. This sills
outcrops mostly following bedding of the Sh-Cgl sedimentary sequence.
III.3.4 PQX. It outcrops only as sparse dikes of 0.5-1.5 m thick to East and West
of the deposit, brownish color with 1-5% of qtz “eye” crystals, <1-3% of plagioclase
crystals, and locally with up to 30% of xenoliths of the crosscut rock.
IV. ALTERATION AND STRUCTURES
The alteration styles include propylitic, silicification, phyllic, weak sparse argillic (mostly
in drill holes), also supergene oxidation of sulfides to Hematite and Limonite, a
generalized alteration map is shown in figure 4.
14
IV.1 PROPYLITIC. Commonly moderate and weak developed in intrusive stocks and
sedimentary sequence, except for in RSS where shows fracturing control, a weak
selective chlorite in PPB, chlorite traces in PQP, and never seen in SpSl and QSS. The
mineral assemblage consists of chlorite, calcite, pyrite, and likely epidote to the west side
of the project. This propylitic alteration does not show structural control.
IV.2 SILICIFICATION. Sparse moderate silicification was observed in QSS, PQP and
BFSS, minor in SpSl, silicified patches in KfPQ and less common as patches in
sedimentary sequence. There were whitish and also gray silicification hosted in PQP, and
likely white silicification cap to gray silicification. Moderate silicification hosted in BFSS
usually is close to main structures, following bedding or as roof pendant over KfPQ.
Weak silicification halos were developed along banded vein-structures.
IV.3 QUARTZ VEIN. Mostly banded or fairly banded Qtz vein that includes
transparent, transparent-gray, whitish-transparent, gray-transparent drusy Qtz (1-10 mm
crystals size) with traces up to rich banding or spots of massive Oxides (after sulfide),
mostly as infill of 0.3-2.0 m width and 0.8-2.5 km strike along major and secondary
faulting, mainly in NW30/40-70 and N-NE10/60-80 of as much 30 m of vertical
displacement, and also in secondary faulting and fracturing NW-SE05-60/40-85 and
minor SW30-50/60-70 faulting, and very weak mineralized white-whitish Qtz infill over
faults NE30-50/70. Blade calcite texture was observed in several vein systems.
IV.4 PHYLLIC. Patches of sericite along with weak silicification and oxidized Py was
developed mainly in KfPQ, and less common in PQP, selective sericite in BFSS, close to
main structures and sporadic control fracturing in RSS, or narrow halos along structures
crosscutting propylitic alteration,
IV.5 ARGILLIC. Outcrops of supergene clay are very sporadic or weak, and in outcrops
only SpSl and less common in BFSS. Probably clay by weathering (?) was developed in
the KfPQ-PlBQ intrusive close to contact with RSS. Few drill holes reported up to 10 m
argillic intervals.
IV.6 OXIDATION. Zones with strong Hematite (after sulfide or Py) were developed in
narrow areas along with moderate silicified rocks, and along structures. Argillic zones
have weak content of oxides (Hematite and Limonite). Limonite was observed as after Py
in propylitic weathered cap, and close to structures crosscutting to propylitic.
15
Figure 4. Alteration and structure map of Cerro Caliche project.
16
V. GEOCHEMISTRY
Systematic sampling was done along major structures, secondary structures or stockwork,
and gold mineralization is present in a limited area of 3.8 km NE-SW55 x 3.0 km to NW-
SW35.
V.1 GOLD. It is present along banded and not banded Qtz vein structures with anomaly
>0.2 up to 13.6 ppm Au. Also was identified a weak late stage of white drusy Qtz +
<<Hematite (as open space infill) veins with Au <0.1 ppm of 0.3-1.5 m width. Three
samples on grayish silicified PQP and QSS yielded 0.143-0.855 ppm Au, and samples on
whitish silicified rock have <0.050 ppm Au. Samples with strong Hematite and moderate
silicification grade 0.1-0.5 ppm Au. Blank samples for lab control were taken from shale
with weak Chlorite + Calcite yielding mostly <0.005 ppm Au. From a population of
1,077 surface rock chip samples 15.3% grade >1 ppm Au, 10.9% with grade range 1.0-
0.5 ppm Au, 30.1% with 0.5-0.1 ppm Au, 15.5% with anomaly between 0.10-0.05 ppm
Au, 26.0% with 0.050-0.005 ppm Au, and 2.2% lower than detection limit <0.005 ppm
Au. The average of the 1,077 samples has an arithmetic mean of 0.635 ppm Au. Figure 5
shows gold assays for surface rock chip sampling.
V.2 SILVER. Also goes along main structures or stockwork, and is weak zoned to the
south of the property. From a population of 1,077 rock chip samples, 26% of samples
with Au>1 ppm have a rate of Ag/Au >20, 15% with Ag/Au 10-20 and 59% of samples
with >1 ppm Au have Ag/Au rate <10, and usually samples with grade >5 ppm Au are
lower than 30 Ag/Au rate, figure 6. Often very low silver anomaly is present in the
deposit.
V.3 Pb, Zn, Mn. No clear base metal zoning was noted along the deposit, neither vertical
nor lateral zoning. The main base metal anomalies assayed are Pb, Zn, and very low Cu.
Pb, Zn and Mn are related to banded veins and less common in stockwork, with
arithmetic mean of 1,247 ppm, 880 ppm, 1,202 ppm respectively for 1,077 rock chip
samples. Cu has an arithmetic mean of 120 ppm.
V.4 OTHER. From a population of 1,077 samples was reported weak As anomaly,
usually 20-40 ppm, 3.2% with 100-200 ppm, 1.6% have As >200 ppm, and 27.4% lower
than 10 ppm ICP detection limits, and no direct association with gold is reported. Ba with
>1000 ppm was reported for 10 samples, 4.3% with 500-1000 ppm Ba, however, no
association with gold is reported and samples grading >4 ppm Au have Ba<500 ppm.
17
EL BELLOTOSO
EL BELLOTOSO
LA GLORIA
LA GLORIA
0.848
85¦
85-90¦
70¦
75¦
L
(?)
EL TAPIRO
75¦
OLD WORKING
75¦
70¦
L
80¦
L
50¦
60¦
75¦
70¦
75¦
70¦
75¦
80¦ 75¦
75¦
70¦ 70¦ 60¦
L
65¦ 55¦
80¦ (?)
75¦ REYNA DE PLATA
(?)
65¦
85-90¦ 50¦ LA MAGDALENA EL DESPRECIO

65¦ PROJECTION 60¦
70¦ 65¦
55¦
85¦
70¦
VETA DE ORO
60-80¦
85¦
55¦ 60¦
55-60¦
85¦ 60¦ 70¦
75¦ 65¦
75¦ 75¦
70¦
60¦ 65¦
75¦
60¦
65¦
85¦
70¦
65¦
60¦
85¦ 60¦
65¦
55-60¦ 65¦
55¦ 75¦
60¦
HUEVO DE ORO 80¦

75¦
60¦
60¦ 85¦
80¦ 80¦
85¦ 70¦
65¦ 60¦
0.354
75¦
80¦ 80¦
75¦
55¦ 60¦
70¦
85¦
45¦
75¦ 80¦
80¦ (?)
EL BOLUDITO 50¦
LA MAGDALENA (LA
65¦ EL BOLUDITO 75¦ ESPA-OLA
PROJECTION)
55¦
65¦ 70¦
40¦
75¦ 60¦
80¦
70¦ 70¦ 60¦ ?
75¦
55¦ 65¦ 75¦
75¦ 60¦
75¦ 70¦
75¦ 50¦
60¦
75¦ (?) 80¦ 80¦ 70¦

75¦
60¦
LAS AVEJAS-LAS
Las Abejas-Las REJAS
Rejas 80¦
80¦
65¦
70¦ 60¦
80¦ 75¦
55¦
55¦
80¦ 40¦
75¦ 65¦
45¦ 80¦
85¦ 80¦ 50¦
45¦ 75¦ 60¦

65¦ 65¦
55¦ 40¦
50¦ 80¦
50¦
75¦ 75¦ 75¦
40¦ 50¦
50¦
50¦ 80¦
55¦ 40¦ 45¦
65¦ 85¦ 55¦
70¦
55¦
60¦
00¦ 85¦
85¦ 80¦ 75¦
TRES NACIONES
80¦
70¦
50¦ 00¦ 60¦
ABEL
ABEL
70¦ 85¦
50¦
00¦
55¦
75¦ BUENA SUERTE 75¦ 70¦

55¦
80¦ 85¦
75¦ 70¦
30¦
85¦ 85¦
75¦ 60¦ 65¦ ? 60¦
70¦ 75¦ 30¦
GUADALUPE 80¦ 65¦
80¦
40¦
GUADALUPE 65¦ 60¦
70¦
60¦ 80¦
85¦ 75¦
LOS JAPONESES 45¦ 70¦ 45¦
75¦ ZONE 75¦

80¦ 65¦
80¦ 60¦
75¦ 80¦ 75¦ 60¦
75¦ 55¦ 70¦
45¦ 60¦ 60¦
55¦ 75¦
80¦ 75¦ 40¦ PUERTO DE PAJARO
80¦ 70¦
75¦
80¦
70¦ 70¦ 40¦
85¦ LOS JAPONESES
CABEZA BLANCA 70¦
80¦ 70¦
60¦ 70¦
50¦ 65¦ 65¦ 60¦ 75¦ 80¦
65¦ 80¦
40¦ 50¦
75¦
80¦ 60¦
75¦ 55¦
60¦ 70¦ 60¦
60¦ 50¦ 60¦
55¦ 60¦ 45¦ 60¦

70¦ 65¦ 65¦ 70¦ (?)
55¦ 60¦ 70¦
75¦ 70¦
60¦ 55¦
65¦ 45¦ LA ESPA-OLA
55¦ 85¦
70¦
60¦ 85¦
30¦ 55¦ 75¦
rt 60-65¦
55¦ Sta 75¦ 70¦ 50¦ 70¦
EL QUINCE 75¦
65¦ 80¦
70¦
55¦ 50¦ 65¦ 60¦ 60¦
55¦ 55¦ 70¦
45¦ 60¦
55¦ 60¦
55¦ 65¦
LA COLORADA 55¦ 80¦ 50¦ 60¦

80¦
75¦ 65¦ 80¦ 60¦
50¦ 65¦ 65¦
60¦ 55¦ 55¦
LA MINA MARIA 70¦

65¦ 60¦ 75¦
65¦ 80¦ 60¦
70¦
65¦ 60¦
80¦ 50¦ 55¦
80¦ 85¦
65¦ 65¦
70¦ CHINOS ALTOS
75¦ CHINOS 60¦
80¦ 70¦
70¦ 65¦
65¦ LOS CUERVOS ALTOS 65¦
75¦ 60¦
85¦
70¦
60¦
45¦ "Bu 70¦
ll Qt
z" 80¦
ve 40¦ 70¦
vein
45¦ in
50¦ 75¦
Qtz"
75¦ 50¦ 25¦ 40¦
50¦ 45¦
"Bu ll
85¦ 80¦
50¦ 80¦
75¦ 55¦
65¦ 75¦
75¦ 65¦ 85¦ 65¦ 60¦

70¦ 40¦
60¦ 60¦
45¦ 80¦ 60¦

70¦ 50¦
65¦ 50¦
55¦ 30¦
65¦
60¦ 60¦
55¦ 65¦
50¦ 50¦ 80¦
70¦
70¦
55¦ 85¦
50¦ LA LEONA 70¦
LA LEONA 55¦
50¦ 45¦ 65¦ 65¦
50¦
75¦ EL COLORADO
50¦
EL COLORADO
85¦ 55¦
75¦
PUERTO DE
40¦ 75¦ 85¦ 70¦
ORO ZONE 65¦
75¦
"Bull Qtz" vein 75¦ 75¦ 80¦
85¦ 85¦
70¦ 65¦ 85¦
55¦ 60¦
70¦ 80¦ LA MU-ECA
75¦
80¦
50¦ 85¦ 50¦
"Bu
55¦ ll Qt 50¦
z" 80¦
ve 70¦ 60¦
75¦ in 60¦
45¦ 85¦ 75¦
60¦ 70¦
"Bull Qtz" vein 60¦
55¦
65¦ 75¦
45¦ 65¦
55¦
50¦
60¦ 70-60¦ 70¦

45¦ 55¦
50¦ SAN QUINTIN
70¦ SAN QUINTIN
65¦
70¦ 80¦
75¦
EL ZORRILLO ZONE
40¦ 75¦
70¦ 80¦ 75¦
55¦ 70¦
65¦
25¦? 65¦
60¦ 65¦ 70¦ 70¦
65¦ 40¦
80¦ 60¦
75¦
45¦ 70¦ 60¦

60¦
55¦
75¦ 60¦
LA VENTANA 60¦
55¦ 55¦
"Bu
ll Qtz
75¦
" vei
60¦
n
LA VENTANA
70¦ 40¦
50¦
80¦
55¦ 85-90¦
65¦
85¦
35¦ 80¦
EL ZORRILLO OLD WORKING 60¦
EL ZORRILLO OLD WORKING
75¦
"Bu
ll Qtz
"Bu
65¦
" vei
70¦ 75¦
ll Qtz
n
75¦
" vei
70¦ 85¦
n
60¦ 75¦
45¦
60¦
50¦
65¦
75¦ "Bu 80¦
ll Qt
z"
v ein 80¦ 75¦
Ca
lcit
e
85¦ ve 75¦
in
80¦
"Bull Qtz"
vein
60¦ 45¦
80¦
"Bu
ll Qtz
" vei
Ca
n
lcit
e
ve
in
60¦
80¦
45¦
"Bu
ll Qtz
55¦
" vei
n
50¦
55¦ LAS CUEVITAS
70¦
A-O NUEVO
0 0.5 1
kilometers
Figure 5. Rock chip sampling on Caliche project, showing Au assays in ranges.
18
10.000
9.000
8.000
Au
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0.000
0.00 50.00 100.00 150.00 200.00
Figure 6. Au/Ag rate versus Au.
19
VI. MINERALIZATION AREAS
Sparse mineralized structures defining areas were mapped 1: 10000, and includes the vein
systems Cuervos-Japoneses, Boludito, Boludito 2, Abejas-Veta de Oro, El Colorado-
Cabeza Blanca, Chinos Altos, Zorrillo, FOL-La Colorada, El Colorado-Guadalupe, El
Abel-El Desprecio, La Española-Magdalena, La Leona-El Quince, Buena Suerte, Huevo
de Oro East, Bellotozo and other minor structures. These areas were divided as follows.
VI.1 LOS CUERVOS. It is located in the center-south part of the optioned concession,
inside the concessions optioned to Edward Rivas H., called El Rosario and El Centro.
Includes a main banded Qtz vein NW30/65-55 of 480 m strike and discontinued by a
post-mineral conjugated normal fault SW30/70(?), figure 7, with left displacement of
around 100 m, showing deepest structure to SE, as well as, “splay” with N-NE05/75 and
SE40-50/60 trend.
Los Cuervos structure outcrop along discontinued 480 m and divided by post-mineral
conjugated normal fault SW30/70(?). At the southeast of this fault Los Cuervos structure
outcrop along 290 m and to northwest of this post-mineral fault outcrop along 190 m and
continuing as Japoneses structure.
VI.1.1 Geology. Outcrop sedimentary rock as FBSS that overlain to RSS with
trend SE60/30 to SE of post-mineral normal fault, ~NW50/20 bedding trend to NW of
post-mineral fault. Also BFSS outcrops as roof pendant over KfPQ intrusive. Vertical
displacement of ~20 m is reported from main mineralized fault NW20-40/50-55. Kind of
GPB are reported intruded following KfPQ-BFSS contact, figure 7 shows geologic map.
VI.1.2 Alteration and structures. The main NW fault was infill by banded
transparent-gray & transparent-whitish Qtz vein with patches or banding of Hematite +
Clay + Lead mineral + MnOx and developing one halo of stockwork and silicification
around 10 m, as well as, narrows subparallel splays dipping 60-70NE. FBSS have weak
alteration by silicification, sporadic sericite and PyOx disseminate, for RSS is sporadic
weak silicified patches, chlorite + calcite + <PyOx in fractures, early stage of dark gray-
transparent Qtz + Specularite stockwork crosscut by transparent drusy Qtz stockwork.
KfPQ shows sericite and silicified patches, as well as, weak sporadic silicified patches
and PyOx disseminate <1%, GPB have weak chlorite + calcite alteration. Generalized
alteration map is shown in figure 8.
VI.1.3 Rock chip geochemistry. Gold in main structures ranges from 0.280-3.410
ppm Au & 39-104 ppm Ag, and in secondary structures or stockwork from 0.090-0.885,
figure 9. Silver is restricted to main Cuervos structure to NW of this area.
VI.1.4 Drilling and assays. In this area were done 22 drill holes and Los Cuervos
structure was tested along 370 m strike and with 25-90 m drill hole spacing, figure 7, 8 &
9. In figure 10a to 10j are shown the drilling sections of Cuervos area with main Au
interception and the likely mineralization trend.
20
Figure 7. Geologic map of Cuervos area.
21
Figure 8. Generalized alteration map of Cuervos area.
22
Figure 9. Surface rock chip sampling on Cuervos area, showing Au (ppm) and structures.
23
At Cuervos South projection were done the drill holes CCR-43 (figure 10a), CCR-13
and CCR-24 (figure 10b), CCR-12 (figure 10c) intercepted Los Cuervos south structure
projection, and reporting 3.05-6.10 m intervals with 0.5-1.52 Au g/t and 6.7-15.0 Ag gr/t
and showing narrow mineralization stage continuing along 180 m strike and 50 m to
80 m as maximum depth for main structure. Only CCR-24 intercepted low angle (<30°
dip) footwall structures and with low grade interception (figure 10b) that on trench
sampling reported higher grade, and showing gold mineralization for low angle footwall
structure likely along 120 m strike and ~65 m depth. Drill holes CCR-57, CCR-76
(figure 9d), and CCR-77 intercepted Cuervos structure but only reported <0.1 Au ppm
anomaly, showing a likely 90-100 m gap of Au mineralization stage. CCR-09 did not
intercept Cuervos structure, due to NE post-mineral fault (figure 10d).
14 drill holes are located to NW of post-mineral fault of Cuervos structure (figure 9) and
with 25-50 m surface spacing and 20-60 m spacing at depth, showing Au mineralization
along 130 m strike and continuity at depth of ~80 m. Drill holes completed to NW from
main post-mineral fault included, CCR-73, CCR-78, CCR-25, CCR-65, CCR-33, CCR-
26, CCR-56, CCR-14, CCR-27, CCR-63, CCR-86, CCR-34, CCR-71 and CCR-15. Los
Cuervos structure has a continuity of up to 150 m and 130 m with Au mineralization, but
mineralization after ~80 meters depth tend to be narrow, very low grade or barren. Also
were intercepted North and SE splays (?) likely limited at depth by main fault of Cuervos
structures, showing shallow continuity (<30 m) for splays drilled, sections are shown in
figure 10e-10j. In section A235-525 (figure 8e) is shown the drill hole CCR-73
intercepting 13 m @ 1.37 Au and 6.2 Ag (gr/ton) for main Cuervos structure and sparse
1.5m intervals with 0.63-1.11 Au (gr/ton) for splays, nevertheless, CCR-78 reported 0.19
Au & 2.0 Ag (gr/ton) for the probably fault displaced Cuervos structure projection and
CCR-77 intercepted <0.1 Au (gr/ton) anomaly for same structure. Best interception for
Cuervos structure was reported by CCR-25 that included 12.2 m @ 2.16 Au & 28.5 Ag
(gr/ton) and for Mina Maria structure projection reported 4.57 m @ 2.79 Au & 2.0 Ag
(gr/ton), but with 100 meters spacing between them reporting only <0.1 Au (ppm)
anomaly and Los Cuervos structure at depth is narrow and low grade as reported CCR-33
(figure 10f). Section A235-575 (figure 10g) shows 6 drill holes along 145 m and 20-35
m spacing at depth, as well as, Au mineralization was developed at listric normal fault
system and 15 m x 80 m opening with ~1.1 Au (gr/ton), and also Cuervos structure
projection continued 65 m at depth as narrow interceptions with 3.05-4.57 m with 0.66-
0.99 Au (gr/ton), but narrow Au mineralization for hanging wall splays.
Few changes in rock alteration were observed, and only was intercepted weak selective
chlorite after biotite was noted at depth in KfPQ and PQP, and weak green clay-chlorite ±
calcite veinlets were observed in RSS rock unit from the top to bottom of drill holes, but
crosscut by main structure and stockwork.
Main Au mineralization stage for Cuervos structure section A235-650 (figure 10j) is
tight, where CCR-15 reported only 1.52 m @ 0.22 Au (gr/ton) and for opposite splay
intercepted 13.7 m @ 0.35 Au (gr/ton).
24
CCR-43
Cuervos South Structure
CCR-43
4 . 03
56 A
1.
EXPLANATION
m u,
@ 10
.3
Ag
RC Drillhole
Trench
m
Au etr Composite Au & Ag g/t
g/t es
,A @
gg
/t
Inferred structure or Au mineralization
Infered minor structure or weak Au

mineralization structure
Au & Ag assay interval >0.35 Au
Fault
Caliche Project
Cucurpe, Sonora, Mexico
CERRO CALICHE
Section Cuervos A235-275
Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn
Date: July, 2008 Scale: 1: 1250 File: Cuervos 275.dwg
Figure 10a. Section A235-275 Cuervos south structure projection.
25
CCR-13
CCR-24
TCA-10
14m @ 1.27, 12.8
TCA-10
10m @ 2.13, 2.3
CCR-24
CCR-13
2.48 Au g/t
12 .45
.2 Au
0
m ,
@ 1 .9
4. .44
6m A
0
Ag
@ ,1
u
.3
Ag
6. 52
1m A
1.
EXPLANATION
@ ,6
u
.7
Ag
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Date: July 2008 Scale: 1: 1250 File: Cuervos 325.dwg
Figure 10b. Section Cuervos A235-325, showing Cuervos south structure projection.
26
CCR-12
Cuevos South Projection
CCR-12
3. .50
04 A
0
m u,
@ 15
.0
Ag
EXPLANATION
RC Drillhole
Trench
Au
m
etr Composite Au & Ag g/t
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 10c. Section Cuervos A235-400 showing Cuervos South structure projection.
27
CCR-76
CCR-09 TCR-03 CCR-57
Cuervos Structure
CCR-57
CCR-76
CCR-09
Trench TCA-03
6m @ 0.81 Au g/t
EXPLANATION
F ault
e ral
min
/P ost-
NE
RC Drillhole
Trench
?
m
g/t es
,A @
gg
/t
?
?
Fault
Caliche Project
CERRO CALICHE
Figure 10d. Section Cuervos A235-500.
28
CCR-73 CCR-78 CCR-77
Cuervos Structure
CCR-77
CCR-78
CCR-73
EXPLANATION
?
?
?
?
RC Drillhole
?
Trench
?
m Composite Au & Ag g/t
?
Au etr
g/t es
13 .37
,A @
gg
.7 , 6
1
3 .0 /t
m .2
?
0 .6 m @
@
1,
1 .0
?
3. .65
4m , 1
0
@ .0 Fault
Caliche Project
CERRO CALICHE
Figure 10e. Section Cuervos A235-525.
29
CCR-25
CCR-65
CCR-33
La Mina Maria Structure
Cuervos Structure
CCR-25
CCR-65
12
2. .2m
16
,2 @
CCR-33
8.
5 EXPLANATION
15
0. .2m RC Drillhole
54
,7 @
.7
(?) Trench
(?)
m
g/t es
,A @
g
g/t
(?) Inferred structure or Au mineralization
4. 57
5m , 4
0.
@ .0
6m . 36
@ 2.5
,
4. Fault
2. 57m
79
,2 @
.0
Caliche Project
CERRO CALICHE
Figure 10f. Section Cuervos A235-550.
30
CCR-56 CCR-27
CCR-14
La Mina Maria structure
CCR-86
4.6
1.2 m @
2A
CCR-63
Trench TCA-21 u, 1
.3 Ag
3m @ 0.59 Au, 2.5 Ag
(?)
CCR-26
CCR-14
CCR-27
EXPLANATION
CCR-56
13 .4 A
RC Drillhole
.6 u
1
8m , 2
@ 2.8
Trench
3. .32
04 A
Ag
0
m u,
@ <1
Au
m
6. .57
g/t es
,A @
19 .93
08 A
0
g
g/t
.7 Au
m u,
0
Ag
6m ,
@ 1.8
7. .6 A
@ .7
6m u
0
5
@ <1
Ag
Ag
,
10 .98
.6 Au
0
Ag
m ,
@ 2.3
4.6
0.8 m @
Ag
4A Fault
u, <
1A
g
3.0
4
0.6 m @
6A
u, <
1A
g
4.6
0.9 m @
9A
u, <
1A
g
Caliche Project
CERRO CALICHE
Figure 10g. Section Cuervos A235-575.
31
CCR-34
Cuervos Structure
EXPLANATION
CCR-34
Cuervos Splay
RC Drillhole
Trench
Au
m
g/t es
,A @
g
g/t

19
0. .76 Au & Ag assay interval >0.35 Au
65 m
Au @
,1
.8 Fault
Ag
Caliche Project
CERRO CALICHE
Figure 10h. Section Cuervos A235-600.
32
CCR-71
EXPLANATION
Cuervos Structure
Cuervos Splay
RC Drillhole
CCR-71
Trench
3. Au
m
g/t es
0. 05m ,A @
g
89 g/t
Au @ Inferred structure or Au mineralization

16 ,<
1
0. .6m Ag
81
Au @ Infered minor structure or weak Au
,4 mineralization structure
.0
Ag
Fault
Caliche Project
CERRO CALICHE
Figure 10i. Section Cuervos A235-625.
33
CCR-15
EXPLANATION
La Maria STR
CCR-15
Cuervos Splay
Cuervos STR
RC Drillhole
Trench
13 .35
.7 Au
0
m ,
@ 1.0
Au
m
g/t es
,A @
g
g/t
Ag


Cuervos Qtz vein projection
Fault
Caliche Project
CERRO CALICHE
Date:July 2008 Scale: 1: 1250 File: Cuervos 650.dwg
Figure 10j. Section CuervosA235-650.
34
For main Cuervos structure located to NW from post mineral fault, can be estimated
inferred resources of around 546,718 ton (assuming 2.5 gr/cm3 rock density) with grade
0.912 gr/ton Au making 15,577 Oz Au, and for the south projection or southeast of post-
mineral fault of Los Cuervos structure can be estimated an inferred resource of 128,813
tons with 0.917 gr/ton Au that makes around 3,690 Oz. A summary of interceptions with
cutoff of 0.350 gr/ton Au are shown on next tables.
Drill hole: CCR-43, Azimuth: 235, Total depth: 205 ft, Section: A235-275.
From To From To Width Au ave Ag ave
feet meters meters (ppm) (ppm) Certificate
55 70 16.76 21.34 4.57 1.027 10.3 HE07120157
140 145 42.67 44.20 1.52 0.376 1 HE07111876
5 45 1.52 13.72 12.19 0.455 1.9 HE07108038
60 75 18.29 22.86 4.57 0.436 1.3 HE07108038
Drill hole: CCR-13, Azimuth: 235, Total depth: 455 ft, Section: A235-337.5.
140 160 42.67 48.77 6.10 1.524 5.5 HE07097292
Inc. 1.52 m @
4.720
45 55 13.72 16.76 3.05 0.603 16.3 HE07097291
380 385 115.82 117.35 1.52 0.360 4 HE07097558
465 470 141.73 143.26 1.52 0.522 1 HE07097558
From To From To Width
Au ave Ag ave
Anomaly
90 95 27.43 28.96 1.52 0.388 0.4 08-338-00056-01
35
90 95 27.43 28.96 1.52 0.494 0.7 08-338-00107-01
290 295 88.39 89.92 1.52 1.782 6.9 08-338-00107-02
20 25 6.10 7.62 1.52 0.450 0.2 08-338-00107-02
70 75 21.34 22.86 1.52 0.470 <0.1 08-338-00107-02
55 80 16.76 24.38 7.62 0.544 2.5 08-338-00129-01
115 170 35.05 51.82 16.76 1.507 5.1 08-338-00129-01
235 245 71.63 74.68 3.05 0.652 0.8 08-338-00129-02
145 155 44.20 47.24 3.05 0.611 1.3 08-338-00191-01
0 40 0.00 12.19 12.19 2.162 28.5 HE07106166
360 375 109.73 114.30 4.57 2.788 2.0 HE07106166
5 10 1.52 3.05 1.52 0.948 5.4 08-338-00068-01
40 45 12.19 13.72 1.52 0.412 1.3 08-338-00068-01
60 110 18.29 33.53 15.24 0.537 7.8 08-338-00068-01
160 165 48.77 50.29 1.52 0.549 4.2 08-338-00068-01
36
40 45 12.19 13.72 1.52 0.528 1 HE07108039
85 90 25.91 27.43 1.52 1.200 1 HE07108039
200 220 60.96 67.06 6.10 0.508 3.3 HE07108039
230 250 70.10 76.20 6.10 0.363 2.5 HE07108039
20 65 6.10 19.81 13.72 1.413 22.8 HE07106166
100 105 30.48 32.00 1.52 0.424 1 HE07125358
345 350 105.16 106.68 1.52 0.363 1 HE07106170
10 15 3.05 4.57 1.52 0.398 0.9 08-338-00056-01
25 30 7.62 9.14 1.52 0.686 15.0 08-338-00056-01
70 135 21.34 41.15 19.81 0.934 5.6 08-338-00056-01
10 15 3.05 4.57 1.52 0.406 <1 HE07097559
50 55 15.24 16.76 1.52 0.474 <1 HE07097559
125 145 38.10 44.20 6.10 0.574 1.8 HE07097559
155 180 47.24 54.86 7.62 0.624 1 HE07097559
195 230 59.44 70.10 10.67 0.977 2.3 HE07097559
555 560 169.16 170.69 1.52 0.457 <1 HE07097559
37
30 35 9.14 10.67 1.52 0.362 <1 HE07106167
145 150 44.20 45.72 1.52 0.437 <1 HE07106167
215 230 65.53 70.10 4.57 0.845 1 HE07106167
30 35 9.14 10.67 1.52 0.360 0.1 08-338-00068-01
190 195 57.91 59.44 1.52 0.370 0.1 08-338-00068-01
200 205 60.96 62.48 1.52 0.515 0.1 08-338-00068-01
265 275 80.77 83.82 3.05 0.467 0.1 08-338-00068-01
310 320 94.49 97.54 3.05 0.658 0.5 08-338-00068-01
5 15 1.52 4.57 3.05 1.667 1.6 08-338-00189-02
235 240 71.63 73.15 1.52 0.860 0.4 08-338-00189-02
290 295 88.39 89.92 1.52 0.475 0.1 08-338-00189-02
340 345 103.63 105.16 1.52 0.710 0.1 08-338-00189-02
370 375 112.78 114.30 1.52 0.468 0.4 08-338-00189-02
420 430 128.02 131.06 3.05 1.436 0.1 08-338-00189-02
130 135 39.62 41.15 1.52 0.496 1 HE07108039
145 165 44.20 50.29 6.10 0.464 2.3 HE07108039
185 250 56.39 76.20 19.8 0.651 1.9 HE07108039/HE07125359

Inc 9.14 m @
0.915 ppm Au, HE07108039
38
1.9 Ag
25 35 7.62 10.67 3.05 0.887 0.3 08-338-00129-01
55 60 16.76 18.29 10.67 0.803 3.9 08-338-00129-01

Inc. 6.10 m @
1.191 Au, 5.9
Ag
40 80 12.19 13.72 12.19 0.384 <1 HE07097559
200 205 60.96 62.48 1.52 0.410 <1 HE07097559
225 230 68.58 70.10 1.52 0.956 1 HE07097559
450 460 137.16 140.21 3.05 0.451 1.0 HE07097559
515 520 156.97 158.50 1.52 1.150 <1 HE07097559
VI.2 LOS JAPONESES. This area is located to N-NW of Los Cuervos area and in the
center part of the project, as well as, inside of El Rosario and Teresita 1er lugar
concessions. The Japoneses structure is the projection of Los Cuervos structure, and
outcrop around 210 m strike.
VI.2.1 Geology. The rocks of sedimentary sequence outcropping are sandstones

called BFSS, RSS, and minor outcrops of Sh-Lm. RSS was observed at footwall of
Japoneses STR, and probably in the contact of RSS and BFSS were emplaced PQP sills,
and feeders of PQP likely following the trend of main Japoneses structure, therefore, PQP
was observed underlain to QSS, figure 11, generalized geologic map.
VI.2.2 Alteration and structures. In this area was observed weak and moderate
silicification in PQP, QSS and in BFSS, and weak silicified patches in RSS. Also were
defined zones with moderate silicification along moderate Hematite and transparent Qtz
stockwork. Sporadic outcrops with moderate sericite + PyOx were observed mostly in
PQP and as patches in BFSS. Weak silicification and PyOx disseminate 1-3% is present
on the hanging wall rock of Japoneses structure, as well as, scarce outcrops of moderate
gray silicification. Alteration map for this area is shown in figure 12.
Japoneses banded Qtz vein with banding of different color of Qtz and banding of massive
black lead (?) mineral, MnOx, and minor hematite (after sulfide) has a general trend of
NW30/70-65. Subparallel splays with fairly banded veins were observed at footwall rock
and mostly dipping SW transparent-gray veining and stockwork at hanging wall rock.
39
VI.2.3 Rock chip geochemistry. Main Japoneses structure grade from 0.501-3.53
ppm Au & 20-77 ppm Ag, as well as, Pb and Zn 1000-5000 ppm; and splays at footwall
of 0.5-1.0 meter grade 1.580-12.050 ppm Au & 12-82.4 ppm Ag. Samples in Qtz
stockwork varies in two groups 0.040-0.090 ppm Au and from 0.100-1.000 ppm Au.
Splay at hanging wall rock grade from 0.100-2.640 ppm Au, figure 13.
VI.2.4 Drilling and assays. In this area were completed 19 drill holes dispersed
along 480 m strike perpendicular to drilling section and with 25-80 m spaced between
them (fig 12), including drill holes CCR-08, CCR-62, CCR-05, CCR-83, CCR-72, CCR-
60, CCR-11, CCR-04, CCR-81, CCR-10, CCR-74, CCR-07, CCR-17, CCR-18, CCR-01,
CCR-32, CCR-40, CCR-06 and CCR-16. These drill hole are shown with Au interception
>0.350 in sections of figures 14a-14k.
CCR-08 reported only 1.52 m @ 0.41 Au & 4.0 Ag (gr/ton) for Japoneses structure and
7.62 m @ 0.30 Au (gr/ton) for opposite splay (figure 14a). CCR-62, CCR-05 and CCR-
83, intercepted footwall splays of Japoneses structure reporting 6.10-7.62 m intervals
with 0.34-1.45 Au (gr/ton) and showing 80m continuity for subparallel splay of
Japoneses structure, also Japoneses structure tends to be narrow and low grade beneath
25 m depth (figure 14b). CCR-72 reported the best interception for Japoneses structure
reporting 16 m @ 1.045 Au & 11.2 Ag (gr/ton) and low grade splays (figure 14c). CCR-
60 and CCR-11 intercepted Japoneses structure but as 6.10 and 3.05 intervals with Au
0.42-0.97 gr/ton, decreasing grade and thickness of structure at 45 m depth (figure 14d)
and one un-expected intersection of 6.10 m @ 2.65 Au & 9.3 Ag gr/ton for opposite splay
of Japoneses Qtz vein. In section A235-925 (figure 14e) CCR-04 show only low Au
anomaly for footwall of Japoneses vein, and CCR-81 and CCR-10 intercept hanging wall
splays reporting composites of 25.91m @ 0.65 Au & 3.1 Ag (gr/ton), and 4.57-6.10 m
with 0.416-1.287 Au (gr/ton), showing ~90 m continuity for Au mineralization for
opposite splays, but reporting low grade interceptions.
The best interception for this area was reported by CCR-74 with 28.96 m @ 2.093 Au &
15.0 Ag (gr/ton), including 15.24 m @ 3.603 Au & 27.2 Ag (gr/ton) in moderate gray
silicified zone and Qtz veining located at hanging wall of Japoneses structure (figure
14f), although, none alteration is outcropping above the interception, it could be likely
projected 120 m to NE40 at silicified PQP with rock chip sample with 0.7 Au gr/ton.
In figure 14g can be observed CCR-17 located at Japoneses structure projection and at
SW from trench TCA-01 that reported ~11.5 m @ 0.912 Au & 6.3 Ag (gr/ton), and in
this drill hole were intercepted 9.14 m @ 0.630 Au & 6.2 Ag (gr/ton) for Japoneses
structure, as well as, 7.62 m @ 0.737 Au & 2.3 Ag (gr/ton) for opposite splay of
Japoneses structure. CCR-18 also was drilled close to the interception of ~9 m @ 0.545
Au and 4.9 Ag (g/ton) reported on TCA-01, and for drill hole intercepted 7.62 m @ 7.556
Au & 24.8 Ag gr/ton (including 1.52 m @ 35.000 Au & 95 Ag gr/ton), in the other hand,
Japoneses footwall rock was tested by CCR-01 (figure 14h) and CCR-07, and only
reported narrow low grade Anomaly.
40
Figure 11. Geology map of Japoneses area.
41
Figure 12. Generalized alteration map of Japoneses area.
42
Figure 13. Surface rock chip sample at Japoneses area, showing Au (ppm) and structures
43
In section A235-1125 (figure 14j) are shown drill holes CCR-06 and CCR-40, were
CCR-06 intercepted Japoneses structure projection and splays of 3.05-4.57 m with 0.64-
0.89 Au & 5.7-11.5 Ag (gr/ton), and CCR-40 probe a gap of at least 100 m at footwall of
Japoneses Qtz vein without 3.05 m intersections with >0.350 ppm Au. CCR-16 only
reported 16.7 m @ 0.41 gr/ton Au located 90 m below surface and ~100 m apart from
closer >0.350 gr/ton Au interception (figure 14k)
Very weak propylitic alteration with Chlorite ± Calcite and Chlorite + Pyrite ± Calcite
along discontinued intervals usually at bottom or at middle depth of drill holes. Argillic
alteration is bizarre and related to main structures, probably as supergene alteration. All
drill holes intercepted Au mineralized intervals within oxidized sulfides.
Gold mineralization is present along 450 m strike and ~150 m wide, but as narrow or
shallow interceptions, and for this area can be estimated inferred resources of 36,913 Oz.
within 1,229,688 tons with 0.961 Au gr/ton grade, assuming 2.5 gr/cm3 as rock density,
and likely potential of Au ore of ~50,000 Oz.
44
CCR-08
EXPLANATION
Japoneses STR RC Drillhole
CCR-08
Splay
Trench
Au
me Composite Au & Ag g/t
7. .30
tr
g/t es
6m A
,A @
0
g
g/t
@ ,1
u
?
.0
Ag
? Fault
Caliche Project
CERRO CALICHE
Section Japoneses A235-725
Date: July, 2008 Scale: 1: 1250 File: Japoneses 725.dwg
Figure 14a. Section Japoneses A-235-725
45
CCR-83
CCR-62
CCR-05
CCR-62
12.050 ppm Au, surface sample Japoneses STR
Open Space
CCR-05
CCR-83
EXPLANATION
6.
0. 1m
34 @
3. .98
Au
04 A
6.
0
0. 1m ,1
m u,
.0
@ 19
70 @
Au Ag
,1 (?) RC Drillhole
.0
Ag
6. Ag
0. 1m 3.
79 @ 0. 04m Trench
Au 60
,1 Au @
.8 ,1
Ag .0 Au
m
Ag g/t es
,A @
g
g/t
7. 45
6m A
1.
@ ,1
u
.6
4. Au & Ag assay interval >0.35 Au
Ag
0. 6m
30 @
Au Fault
,1
.0
Ag
(?)
Caliche Project
CERRO CALICHE
Figure 14b. Section Japoneses A-235-800
46
Footwall splay STR
Japoneses STR
CCR-72
(?)
(?)
EXPLANATION
RC Drillhole
Trench
16 .04
.7 5 A
1
6m u
m
g/t es
@ 11
,A @
gg
,
/t
.2
Ag
3. .39
05 A
0
m u,
@ 2.0
Ag
Fault
Caliche Project
CERRO CALICHE
Figure 14c. Section Japoneses A-235-825
47
CCR-60
CCR-11
Japoneses STR
CCR-11
CCR-60
EXPLANATION
6.
2. 10m
65
Au @
,9
6. .3
Ag
0. 10m RC Drillhole
97
Au @
,1
2. Trench
5
Ag
3.
0. 05m m Composite Au & Ag g/t
71 6. Au etr
g/t es
Au @ 0. 10m ,A @
gg
,1 58 /t
.0 Au @ Inferred structure or Au mineralization

Ag ,3
.0
3. Ag
0. 05m Infered minor structure or weak Au
42
Au @ mineralization structure
,6
.0 Au & Ag assay interval >0.35 Au
Ag
low grade by rock change (PPB)
Fault
Caliche Project
CERRO CALICHE
Figure 14d. Section Japoneses A-235-875
48
CCR-81 CCR-10
CCR-04
Japoneses STR projection
CCR-81
CCR-10
CCR-04
25 .65
.9 Au
0
m ,
@ 3.1
Ag
EXPLANATION
6. 26
10 A
1.
m u,
@ 10
.5
Ag
RC Drillhole
(?)
4. 8
Trench
57 A
1.
2
m u,
@ <1
4. .42
57 A
0
Composite Au & Ag g/t
m u<
m
Au etr
g/t es
@ 1
Ag
,A @
gg
/t
Ag
6. .65
10 A
0
m u,
@ 4.5
Ag
Fault
Caliche Project
CERRO CALICHE
Figure 14e. Section Japoneses A-235-925
49
CCR-74
Japoneses Structure projection
Japoneses opposite splay

CCR-74
0.035 ppm Au 0.065 ppm Au
Ag
.2
Au @
,0
12 m
1. .05
3
EXPLANATION
Ag
.9
Au @
,7
21 m
1. .10
Surface sample
6
(?)
Gray silcification and <veining in PQP
Ag
RC Drillhole
Au @
Ag
5
,1
09 6m
Au @
.5
(?)
,2
45 m
2. 8.9
0. 0.67
Trench
2
1
Ag
2
7.
m
Au @
Au etr
,2
g/t es
3. .2m
,A @
(?) gg
Ag
/t
15
60
Au @ .0
@
(?) Inferred structure or Au mineralization
2
58 m
0. .04 Au,
Ag
0. .05
.0
6
,1
5 m
3
Fault
Caliche Project
CERRO CALICHE
Date: July, 2008 Scale: 1: 1250 File:Japoneses 987.dwg
Figure 14f. Section Japoneses A-235-987
50
CCR-07
CCR-17 CCR-18
TCA-01
12m @ 0.91, 6.3
CCR-07
12m @ 0.45, 4.5
Not outcroping Qtz veining
NW60/80 STR
CCR-17
Japoneses STR
CCR-18
Ag
8
Ag
4.
Au @
,2
56 m
.2
Au @
7. .62
,6
Ag
63 m
7
0. .14
.5
@
,2
9
71 m
Au
Ag
0. .10
?
.0
Au @
6
,2
48 m
0. .52
4
EXPLANATION
(?)
Ag
(?)
Au @
,1
07 m
RC Drillhole
1. .05
3
Ag
.4
Au @
,2
Trench
74 m
Ag
0. .62
.0
Au @
7
,2
51 m
? Composite Au & Ag g/t
0. .10
me
Au tr
g/t es
6
,A @
gg
/t

?
Fault
Caliche Project
CERRO CALICHE
Figure 14g. Section Japoneses A-235-1012
51
NE15/70-50 veining and stockwork
apparent dip for section
CCR-01
Japoneses STR TCA-15
9 m @ 0.865, 5.5
(?)
(?)
4. .73
57 A
0
m u,
@ 9.3
3. .36
05 A
0
Ag
m u,
@ 1A
(?)
EXPLANATION
6. .37
g
10 A
0
m u,
@ 1.3
Ag
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 14h. Section Japoneses A-235-1037
52
CCR-32
CCR-32
Ag
.3
Au @
,2
47 m
0. .57
Ag
Au @
4
,1
75 m
0. .05
3
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 14i. Section Japoneses A-235-1075
53
CCR-06
CCR-40
CCR-06
Japoneses STR
4.
Ag
0. 56m
CCR-40
.0
6
Au @
Au @
,2
43 m
,8
0. .56
.3
4
3. Ag
0. 05m
89
Au @
,1
4. 1 .5
0. 57m Ag
64
Au @
,9
4. .3
0. 57m Ag
(?) 96
Au @
(?)
,5
(?) .7
Ag
EXPLANATION
RC Drillhole
Trench
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 14j. Section Japoneses A-235-1125
54
CCR-16
CCR-16
3. .50
05 A
0
m u,
@ 2.0
Ag
EXPLANATION
(?) (?) RC Drillhole
Trench
Au
m
g/t es
,A @
g
g/t

Fault
16 .41
.7 Au
0
m ,
@ 1.0
Ag
(?) (?)
Caliche Project
CERRO CALICHE
Figure 14k. Section Japoneses A-235-1200
55
On next table are shown interception with cutoff of 0.350 ppm Au for drill holes in this
area.
5 15 1.52 4.57 3.05 0.357 1.0 HE07093375
25 30 7.62 9.14 1.52 0.415 1 HE07093375
70 75 21.34 22.86 1.52 0.409 4 HE07093375
225 235 68.58 71.63 3.05 0.497 <1 HE07093375
15 35 4.57 10.67 6.10 0.596 08-338-00056-02
50 55 15.24 16.76 4.57 0.969 1.10 08-338-00056-02

Inc 1.52 m @
2.385 Au, <1 08-338-00056-02
Ag
85 90 25.91 27.43 1.52 0.710 0.1 08-338-00056-02
115 135 35.05 41.15 6.10 0.698 0.1 08-338-00056-02
160 185 48.77 56.39 7.62 0.665 1.2 08-338-00056-02
25 50 7.62 15.24 7.62 0.887 13.5 HE07093374
70 80 21.34 24.38 3.05 0.445 5.5 HE07093374
220 245 67.06 74.68 7.62 1.449 1.0 HE07093374

Inc. 1.52 m @
5.900 Au
75 90 25.91 27.43 4.57 0.510 4.7 08-338-00189-01
110 115 33.53 35.05 1.52 0.370 5.2 08-338-00189-01
56
75 80 22.86 24.38 1.52 0.380 4.4 08-338-00129-01
95 150 28.96 45.72 16.76 1.045 11.2 08-338-00129-01

Inc. 9.14 m @
1.632 Au, 17.0 08-338-00129-01
Ag
180 185 54.86 56.39 1.52 0.369 0.5 08-338-00129-01
195 205 59.44 62.48 3.05 0.395 1.6 08-338-00129-01
5 10 1.52 3.05 1.52 0.579 0.5 08-338-00056-02
30 35 9.14 10.67 21.34 1.118 6.6 08-338-00056-02

Inc. 4.57 m @
3.155 Au, 11.2 08-338-00056-02
Ag
Inc. 1.52 m @
2.332 Au, 31.5 08-338-00056-02
Ag
160 170 48.77 51.82 3.05 0.710 0.6 08-338-00056-02
Drill hole: CCR-11, Azimuth: 235, Total depth: ft, Section: A235-875.
105 110 32.00 33.53 1.52 0.403 5.0 HE07097291
170 190 51.82 57.91 6.10 0.577 5.0 HE07097291
215 220 65.53 67.06 1.52 0.419 2 HE07097291
235 245 71.63 74.68 3.05 0.418 6.0 HE07097291
Anomaly
10 15 3.05 4.57 1.52 0.665 <0.1 08-338-00191-02
35 75 10.67 22.86 12.19 0.497 08-338-00191-02
57
85 120 25.91 36.58 10.67 0.942 5.85 08-338-00191-02
Inc. 3.05 @1.519 Au, 9.5 Ag
08-338-00191-02
40 45 12.19 13.72 1.52 0.703 10 HE07097293
195 210 59.44 64.01 4.57 1.287 <1 HE07097293
225 240 68.58 73.15 4.57 0.416 <1 HE07097293
320 340 97.54 103.63 6.10 0.652 4.5 HE07097293
430 435 131.06 132.59 1.52 0.368 <1 HE07097297
35 45 10.67 13.72 3.05 1.122 0.2 08-338-00129-02
125 145 38.10 44.20 6.10 1.214 7.8 08-338-00129-02
205 230 62.48 70.10 7.62 0.516 2.2 08-338-00129-02
250 345 76.20 105.16 28.96 2.093 15.0 08-338-00129-02

Inc. 15.24 @ 3.603 Au, 27.16
Ag
0 10 0.00 3.05 1.52 0.813 3 HE07093375
120 125 36.58 38.10 1.52 0.432 <1 HE07093375
160 175 48.77 53.34 4.57 0.529 2.3 HE07093375
15 20 4.57 6.10 1.52 0.559 2 HE07091055
HE07091055
45 50 13.72 15.24 1.52 0.485 2 HE07091055
65 80 19.81 24.38 4.57 0.730 9.3 HE07091055
58
95 100 28.96 30.48 1.52 0.568 2 HE07091055
125 130 38.10 41.15 3.05 0.365 1.0 HE07091055
175 195 53.34 59.44 6.10 0.371 1.3 HE07091055
10 40 3.05 12.19 9.14 0.630 6.2 HE07103883
55 60 16.76 18.29 1.52 1.250 1 HE07103883
75 90 22.86 27.43 4.57 0.486 2.0 HE07103883/HE07125356
08-338-00129-
02/HE07103883
245 270 74.68 82.30 7.62 0.737 2.3
0 5 0.00 1.52 1.52 9.780 96 HE07103883
75 100 22.86 30.48 7.62 7.556 24.8 HE07103883

Inc. 1.52 m @ 35.000 Au, 95
ppm Ag HE07103883
115 135 35.05 41.15 6.10 0.709 2.5 HE07103883
190 195 57.91 59.44 1.52 0.628 2 HE07125356
205 210 62.48 64.01 1.52 0.510 2 HE07125356
HE07103883/HE07120157
270 290 82.30 88.39 6.10 0.512 2.0
0 5 0 1.52 1.52 0.588 8 HE07111243
20 35 6.10 10.67 4.57 0.473 2.3 HE07111243
50 65 15.24 19.81 4.57 0.573 1.3 HE07111243
59
0 15 0.00 4.57 4.57 0.433 2 HE07111244
30 35 9.14 10.67 1.52 0.400 2 HE07111244
50 55 15.24 16.76 1.52 1.052 5 HE07111244
150 155 45.72 47.24 1.52 0.712 4 HE07111244
0 20 0.00 6.10 6.10 0.527 7.8 HE07093375
60 70 18.29 21.34 3.05 0.892 11.5 HE07093375

HE07093375
110 125 33.53 38.10 4.57 0.643 9.3 HE07093375
HE07093375
150 165 45.72 50.29 4.57 0.955 5.7 HE07093375
180 185 54.86 56.39 1.52 0.364 4.0 HE07093375
210 215 64.01 65.53 1.52 0.508 3.0 HE07093375
5 15 1.52 3.05 3.05 0.499 2.0 HE07097550
80 85 24.38 25.91 1.52 0.384 2.0 HE07097550
105 110 32.00 33.53 1.52 0.436 2.0 HE07097550
340 345 103.63 105.16 1.52 0.685 <1 HE07097550
395 400 120.40 121.92 1.52 0.345 1.0 HE07097550
425 480 129.54 146.30 16.76 0.410 1.0 HE07097550
490 495 149.35 150.88 1.52 0.543 1.0 HE07097550
60
VI.3 LAS ABEJAS. It is located 450 m to east of Japoneses structure and 160 m of
Boludito No.2 South structure. This area is enclosed by Teresita 1er Lugar claim and
center-east part of optioned concessions. The West Abejas structure outcrop 310 m strike
with general trend NW10/50-70, East Abejas structures is 260 m strike with general trend
NW35/55-75, and after the joint of these structures, one structure continues 130 m strike
with trend NW20/55.
VI.3.1 Geology. In this area outcrops Sh-Cgl to east, ShLm in the center and
BFSS to west of this area. Sh-Cgl is overlain to ShLm, and also ShLm overlain to BFSS,
however, to southeast of this area was noted a fault contact of these sediments with PQP,
QSS and ITVS, probably due to NE-SW25 post-mineral fault (figure 15).
VI.3.2 Alteration and structures. Two structures called Abejas East (NW15/60)
and Abejas west (NW40/70 & 55) hosted ShLm and BFSS were mapped. Probably weak
selective sericite is present in BFSS sandstone. Also was observed narrow silicified halos
along main structures, and spotty whitish silicification in limestone bedding, mainly close
to the junction of Abejas West and Abejas East structure (figure 16). Weak supergene
clay or argillic was developed in BFSS and ShLm sedimentary rocks.
VI.3.3 Rock chip geochemistry. The two main banded structures grade from
0.404-7.530 ppm Au (figure 17), 30-197 ppm Ag, 660-2760 ppm Pb and 320-7290 ppm
Zn, 60-150 ppm As. Samples in transparent-gray Qtz stockwork grade from 0.147-1.495
ppm Au, <1-4 ppm Ag and one sample with 49 ppm Ag, 80-290 ppm Pb, 80-610 ppm
Zn, <10-20 ppm As.
VI.3.4. Drilling and assays. In this area were completed 17 drill holes located to
NW from NE-SW25 post-mineral fault, spread along 250 m perpendicular to drilling
sections and 25-50 m spacing between them, including drill holes CCR-85, CCR-52,
CCR-64, CCR-30, CCR-75, CCR-31, CCR-80, CCR-46, CCR-23, CCR-02, CCR-61,
CCR-82, CCR-79, CCR-22, CCR-45, CCR-29 and CCR-54, in figure 16 shows the drill
hole location.
CCR-52 is located at hanging wall of trench TCA-30b that reported 12 m @ 0.670 ppm
Au & 6.0 ppm Ag, and this drill hole only intercepted low Au grade interval, reporting
13.72 m @ 0.328 ppm Au & 3.0 Ag or using in this case cutoff grade of 0.200 ppm Au,
including for hanging wall splay interception of 4.57 m @ 0.53 Au gr/ton & 2.8 Ag
gr/ton, and “barren” Abejas West structure projection (figure 18b) and 30 m to SE35 this
structure reported in CCR-85, 1.52 m @ 1.10 Au gr/ton and hanging wall splay
interception of 3.05 @ 0.84 Au gr/ton & 9.1 Ag gr/ton (figure 18a). CCR-64 intercepted
the projection of Abejas East structure, reporting 4.57 m @ 0.72 Au gr/ton & 5.6 Ag
gr/ton beneath projection of trench TCA-30c that reported 6 m @ 0.852 ppm Au & 8.7
ppm Ag (figure 18c).
In section A235-925 were done 4 drill holes, where CCR-30 and CCR-75 were proposed
for intercepting of Abejas West structure, reporting 75 m continuity at depth and 7.62-
6.10 m with 1.216-1.501 Au gr/ton and 8.7-13.8, therefore, CCR-75 and CCR-31
61
intercepted the likely projection of Abejas East structure, reporting 9.14-15.24 m with
0.770-0.725 Au gr/ton & 40.8-13.0 Ag gr/ton, and CCR-80 did not intercept Abejas East
structure due to NE post-mineral fault displacement (figure 18d).
In figure 18e is shown section A235-950, where CCR-46, CCR-23 and CCR-02
intercepted Abejas West structure reporting continuity of 70 m at depth with 6.10m @
1.29 Au gr/ton & 10.8 Ag gr/ton as best interception, and only Qtz stockwork
crosscutting to propilitized AKSS reported 1.52 m @ 1.64 Au gr/ton & 4.0 Ag gr/ton and
4.52 m @ 0.16 Au gr/ton, in the other hand, CCR-02 intercepted Abejas East structure
reporting 6.10m @ 0.55 Au gr/ton & 13.3 Ag gr/ton and unexpected interception of
4.57m @ 2.52 Au gr/ton & 5.0 Ag for not-outcropping Qtz veining, but short continuity.
Also CCR-82, like CCR-80, shows lack of structure and gold mineralization related to
NE post-mineral fault. CCR-79 intercept Abejas East structure reporting 4.57 m @ 1.37
Au gr/ton & 9.5 Ag gr/ton (figure 18f), as well as, 16.76 m @ 0.29 gr/ton Au.
Abejas East was intercepted by CCR-22 & CCR-45, and CCR-22 reported 7.62 m @
1.249 Au gr/ton & 32.1 Ag gr/ton for Qtz veining of Abejas East structure, continued by
tiny Qtz stockwork and limonite-hematite that reported 7.62 m @ 0.537 Au gr/ton & 2.8
Ag gr/ton, that together make a composite of 15.24m @ 0.89 Au gr/ton & 17.5 Ag gr/ton
(figure 18g). CCR-45 also intercept Abejas East structure but reporting 6.10 m @ 0.619
Au gr/ton & 7.5 Ag gr/ton, and Abejas East structure is tight and low grade.
In figures 18h and 18i is shown the interception of East and West abejas structures.
Abejas West was intercepted by CCR-29 as 3.05 @ 0.42 Au gr/ton & 4.5 Ag gr/ton and
by CCR-54 as 3.05 @ 0.24 Au gr/ton, however, Abejas East keeps interceptions of 9.14m
@ 0.29 Au gr/ton & 23.5 Ag gr/ton in CCR-29, and 6.10m @ 0.56 Au gr/ton & 29.7 Ag
gr/ton. Interception for tiny Qtz stockwork and limonite-hematite were reported by CCR-
29 as 7.6m @ 1.03 Au gr/ton & 3.6 Ag gr/ton and by CCR-54 as 6.10m @ 1.24 gr/ton &
8.8 Ag gr/ton.
In the interval 50-80 m depth, drill holes usually intercepts weak and moderate propylitic
alteration with mineral assemblage of chlorite + Calcite + Py (un-oxidized), and very
narrow structures are crosscutting to this propylitic alteration.
For this area can be estimated inferred resources by 11,015 Oz within 485,512 tons (2.5
gr/cm3 rock density) grading 0.726 gr/ton Au. The potential for this area probably is no
bigger than 15,000 Oz, because propylitic alteration is very common beneath 50-70
meters dip and structure are narrow.
62
Figure 15. Geologic map of Las Abejas Area.
63
Figure 16. Alteration map of Abejas area.
64
Figure 17. Surface rock chip sampling map of Las Abejas area, showing Au (ppm) and structures.
65
CCR-85
Abejas West Structure Projection
CCR-85
EXPLANATION
3. .84
05 A
0
m u,
@ 9.1
Ag
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Section Las Abejas A235-825
Date: July, 2008 Scale: 1: 1250 File: Las Abejas 825.dwg
Figure 18a. Section Las Abejas A235-825
66
TCA-30B
CCR-52
Trench TCA-30B
12m @ 0.67, 6.0
CCR-52
"Barren" Abejas West
structure interception
4.
0.5 57m
3
Au @ EXPLANATION
,2
.8
Ag
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 18b. Section A235-875
67
CCR-64
TCA-30C
Projection of Trench TCA-30C

6m @ 0.852, 8.7
Narrow NE splay
CCR-64
Projection of North Splay as stockwork
4.
0. 57m
72
Au @
,5
.6
Ag
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 18c. Section A235-900
68
CCR-31 CCR-80
CCR-30 CCR-75
North Splay as stockwork

50cm @ 3.12 ppm Au (rx chip)
CCR-31
CCR-75
CCR-80
CCR-30
9. .77
14 A
0
m u,
@ 40
12 .46
.8
.1 Au
Ag
0
15
9m ,
0. .24
@ .3
Abejas West structure 72 m
3. Au @
2
0. 05m ,1
42
Ag
3
Au @ Ag
,1
Ag NE Post-mineral fault
7.
1. 62m
EXPLANATION
22
Au @
,1
3.
8
Ag
RC Drillhole
8. 5 A
10 u
1.
m ,8
@ .7
Trench
Ag
Au
me
tr
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 18d. Section A235-925
69
CCR-61
CCR-02 CCR-82
CCR-23
CCR-46
CCR-61
CCR-82
TCA-04
16 m @ 0.477 Au, 11.2 Ag
CCR-02
TCA-02
CCR-23
11 m @ 0.359 Au, 2.2 Ag
CCR-46
16 m @ 0.869 Au, 11.7 Ag
4. 52
57 A
0.
m u,
6. .43
4. .52
@ 1.7
10 A
57 A
0
2
m ,
m u,
@ .8
@ 5.0
3. .71 m u, 0
Ag
u
05 A @ .1
0 .56 A
0
m u,
6. .55
7 m @ 1.217 Au, 3.0 Ag
10 A
4 .58
0
@ 0.5
Ag
Ag
m u,
0
4. .44
@ 13
57 A
0
m u,
Ag
NE-SW50/70 Qtz stockwork
@ 5.1
.3
Ag
Ag
EXPLANATION
Ag
NE post-mineral fault (?)
6. 29
10 A
1.
m u,
West Abejas STR
@ 10
.8
(?)
RC Drillhole
Ag
Trench
Au
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 18e. Section Las Abejas A235-950
70
CCR-79
CCR-79
East Abejas STR
West Abejas STR projection
4. 37
56 A
1.
m u,
@ 9.5
Ag
(?)
(?) (?)
EXPLANATION
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 18f. Section Las Abejas A235-975
71
CCR-45
CCR-22
CCR-03
TCA-15
15.5 m @ 0.386 ppm Au
Grayish silcification + Abejas West STR projection
Hematite in PQP Boludito No 2 south projection
CCR-45
CCR-19
Weak Qtz veinlets and Qtz veining
Limonite projection Abejas East STR
CCR-03
CCR-22
(?)
(?)
Ag
15
.7
Au @
0. .24
,2
89 m
37 m
(?) 0. .14 Au @
9
,1
7.
5
Ag
(?)
3
0. .05 (?)
3. 55 m
0 @ 6.
0. 5m Au
Ag
95 ,7 0. 10m
50
.4
Au @
Au @
.5
Au @
,3
(?)
Ag
41 m
0. .62 ,5 ,1
.5 .7 EXPLANATION
7
Ag 6. Ag
0 . 10m
62
Au @
,7
.5
Ag
(?) RC Drillhole
Trench
3. .37
05 A
0
m u,
@ 1.0
m
Au etr
g/t es
,A @
g
g/t
Ag

Fault
Caliche Project
CERRO CALICHE
Date: July 2008 Scale: 1: 1250 File: Las Abejas 1025.dwg
Figure 18g. Section Las Abejas A235-1025, showing Boludito No. 2 and Las Abejas areas.
72
CCR-29
Weak Qtz veinlets zone
CCR-29
Abejas East STR
Abejas West STR
9.
0. 14m
29
7. Au @
1. 6m ,2
03 @ 3.
Au 5
3. Ag
0 3.6
0. 5m
42 A g
Au @
,4
.5
Ag
EXPLANATION
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 18h. Section Las Abejas A235-1050
73
CCR-54
Abejas East STR
CCR-54
Narrow Abejas West vein
6. .56
10 A
0
m u,
@ 29
6. 24
.7
10 A
1.
Interception of weak tiny Qtz veinlets
Ag
m u,
@ 8.8
(?)
Ag
(?)
EXPLANATION
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 18i. Section Las Abejas A235-1075
74
Next tables show interception >0.350 Au gr/ton for drill holes in Abejas area.
Drill hole: CCR-85, Azimuth: 235, Total depth: ft, Section: A235-837.5.
10 25 3.05 7.62 4.57 0.658 7.7 08-338-00189-01
55 60 16.76 18.29 1.52 1.096 1.5 08-338-00189-02
95 100 28.96 30.48 1.52 0.370 3.1 08-338-00189-02
Drill hole: CCR-52, Azimuth: 235, Total depth: ft, Section: A235-862.5.
feet meters meters Certificate
30 50 9.14 15.24 6.10 0.483 3.6 08-338-00102-01
incl. 1.52 m @ 1.020 Au, 4.7 Ag
45 60 13.72 18.29 4.57 0.716 5.6 08-338-00068-01
140 145 42.67 44.20 1.52 0.458 0.3 08-338-00068-01
70 75 21.34 22.86 1.52 0.473 1 HE07108038
105 115 32.00 35.05 3.05 0.425 <1 HE07108038
140 145 42.67 44.20 1.52 0.394 22 HE07108038
155 180 47.24 54.86 7.62 1.216 13.8 HE07108038

Inc. 1.52 m @
4.330 ppm Au HE07108038
5 35 1.52 10.67 9.14 0.770 40.8 08-338-00107-01
Inc. 3.05m @ 1.143 Au,
104.7 Ag
50 90 15.24 27.43 12.19 0.459 2.3 08-338-00107-01
75
125 130 38.10 39.62 1.52 0.602 4.1 08-338-00107-01
205 210 62.48 64.01 1.52 0.475 0.8 08-338-00107-01
285 305 86.87 92.96 6.10 1.501 8.7 08-338-00107-01
60 65 18.29 19.81 1.52 0.836 <1 HE07111243
95 145 28.96 44.20 15.24 0.725 13.0 HE07111243
155 160 47.24 48.77 1.52 0.418 5 HE07111243
100 105 30.48 32.00 1.52 0.411 1.2 08-338-00191-01
215 220 65.53 67.06 1.52 0.688 1.6 08-338-00191-02
65 80 19.81 24.38 4.57 0.534 5.1 08-338-00132-01
80 110 24.38 33.53 9.14 0.255 2.8 08-338-00132-01
0 15 0.00 4.57 4.57 0.511 6.0 HE07106166
35 40 10.67 12.19 1.52 0.503 2.0 HE07106166
180 200 54.86 60.96 6.10 1.288 10.8 HE07106166
40 55 12.19 16.76 4.57 0.521 1.7 HE07091055
65 80 19.81 24.38 4.57 2.520 5.0 HE07091055

inc. 1.52 m@
6.170 HE07091055
HE07091055
76
90 95 27.43 28.96 1.52 0.361 1 HE07091055
HE07091055
110 130 33.53 39.62 6.10 0.549 13.3 HE07091055
255 260 77.72 79.25 1.52 0.505 <1 HE07091055
320 325 97.54 99.06 1.52 1.635 4 HE07091055
100 120 30.48 36.58 6.10 0.429 0.8 08-338-00056-02
135 170 41.15 51.82 10.67 0.496 0.3 08-338-00056-02
190 195 57.91 59.44 1.52 0.710 0.1 08-338-00056-02
220 225 67.06 68.58 1.52 0.464 3.3 08-338-00056-02
245 250 74.68 76.20 1.52 1.104 2.1 08-338-00056-02
Gold Anomaly
5 10 1.52 3.05 1.52 0.488 2.4 08-338-00191-01
40 45 12.19 13.72 1.52 0.529 0.7 08-338-00191-01
60 75 18.29 22.86 4.57 1.370 9.5 08-338-00191-01
175 180 53.34 54.86 1.52 0.386 2.7 08-338-00191-01
65 100 19.81 30.48 10.67 1.194 10.7 HE07103884/HE07125357
175 205 53.34 62.48 9.14 0.556 5.7 HE07125357
150 170 45.72 51.82 6.10 0.497 1.7 08-338-00132-01
200 220 60.96 67.06 6.10 0.609 7.5 08-338-00132-01
77
270 275 82.30 83.82 1.52 0.438 2.8 08-338-00132-01
45 75 13.72 22.86 9.14 0.292 23.5 HE07108038
80 105 24.38 32.00 7.62 1.030 3.6 HE07108038
120 130 36.58 39.62 3.05 0.418 4.5 HE07108038

25 45 7.62 13.73 6.10 0.555 29.7 08-338-00102-02
80 100 24.38 30.48 6.10 1.241 8.8 08-338-00102-02
VI.4. BOLUDITO NO. 2 SOUTH. It is the projection of Boludito No. 2 structure, and is
located 230 m to E-NE from Japoneses structure, inside of Teresita 1er. Lugar claims.
The main structure outcrop around 400 m strike with 0.3-1.5 m width and general trend
of NW20/50 and NW20/75, splays in hanging wall rock trend to SE40/50 & SE60/75.
VI.4.1 Geology. BFSS sedimentary rock unit is the main outcropping rock, also
PQP sills, and minor QSS overlain to BFSS and PQP. Structures crosscut to these 3 kind
of rocks. Underlain to BFSS was observed in drill holes ITVS or sandstone AKSS, figure
11.
VI.4.2 Alteration and structures. At foot wall and hanging wall rock was observed
weak and moderate silicified zones with weak Hematite (after sulfide), weak silicification
with weak Limonite (PyOx). Moderate gray silicification was observed at footwall rock
likely following PQP sills, and moderate whitish silicification developed in QSS. The
main structure is a banded transparent-gray Qtz vein with banding of black mineral and
minor hematite. At hanging wall rock were observed weak and moderate grayish-
transparent drusy Qtz + Hematite (after Py or sulfide) stockwork, figure 12 shows
alteration map.
VI.4.3 Rock chip geochemistry. Main structure grade with range of 0.566-2.360
ppm Au, and with 900-5050 ppm Pb, 280-2,180 ppm Zn. Grayish-transparent stockwork
varies from 0.146-14.400 ppm Au, 60-480 ppm Pb, and 30-230 ppm Zn. Figure 13
shows Au assays for rock chips surface samples.
78
VI.4.4 Drilling and assays. 5 drill holes were done across Boludito No. 2
structure. CCR-03 was done to test hanging wall and Boludito No.2 south, but only
intercepts anomaly subparallel to splays, and at the main structure was intercepted 3.05 m
@ 0.386 Au gr/ton & 1.0 Ag gr/ton and showing ~100 m continuity at depth of this
structure but narrow and low grade (figure 18g). CCR-19 was done for test footwall and
perpendicular to splays of hanging wall rock, and reported 9.14 m @ 0.370 Au- 2.7 for
silicified PQP at footwall, and 7.62 m @ 0.414 Au gr/ton a& 3.4 Ag gr/ton for main
Boludito No.2 south structure (figure 18g).
Around 250 m to SE35 from CCR-19 were done drill holes CCR-36 & CCR-84, and 50
m more to SE30 was done CCR-28 for testing the projection of Boludito No 2 structure.
CCR-28 reported 6.10 m @ 0.570 Au gr/ton & 5.0 Ag gr/ton for probably Boludito No. 2
structure projection (figure 19a). CCR-36 & CCR-84 intercepted Boludito No. 2
structure reporting 3.05 with 0.690-0.378 Au gr/ton & 2.7-4.0 Ag gr/ton, showing ~70 m,
but low grade and narrow intervals. Also CCR-36 intercepted a NE35(?) stockwork
interval that reported 9.14 m @ 0.45 Au gr/ton 2.7 (figure 19b)
Weak silicification and sericite traces are reported from 40-60 m depth, changing to weak
and moderate chlorite + Pyrite ± calcite as propylitic alteration assemblage, and structures
tends to be narrow and low grade.
The potential for this area is around 7,136 Oz within 374,250 tons with ~0.610 grade,
included in 300 x 100 area.
79
CCR-28
TCA-21
CCR-28
7.5m @ 0.68 Au, 20.4 Ag EXPLANATION
RC Drillhole
6. .57
10 A
0
m u,
@ 5.0
Trench
Ag
m
g/t es
,A @
g
g/t
Boludito N2 south Projection

Fault
Caliche Project
CERRO CALICHE
Figure 19a. Section Las Abejas A235-725, showing Boludito No. 2 structure projection.
80
CCR-36
CCR-84
Boludito N2 structure projection (?)
NE35/75 stockwork
CCR-84
CCR-36
EXPLANATION
RC Drillhole
9.
0. 14m Trench
45
Au @
3. ,2
.7 Composite Au & Ag g/t
0. 05m
m
69 Ag Au etr
g/t es
,A @
Au @
g
g/t
,4 Inferred structure or Au mineralization

.0
Ag

3.0
0 .3 4 m @
8A
u, 2
.7 Ag Fault
Caliche Project
CERRO CALICHE
Figure 19b. Section Las Abejas A235-775, including Boludito No. 2 structure.
81
Next tables show >0.350 Au gr/ton interceptions.
Anomaly
60 65 18.29 19.81 1.52 0.563 <1 HE07093374
285 290 86.87 88.39 1.52 0.469 1.0 HE07093374
Anomaly
HE07093374
270 315 82.23 96.01 13.78 0.2 Au
315 325 96.01 99.06 3.05 0.386 1.0 HE07093374
0 30 0.00 9.14 9.14 0.370 2.7 HE07103883
130 155 39.62 47.24 7.62 0.412 3.4 HE07103884
Drill hole: CCR-28, Azimuth: 235, Total depth: 165 ft, Section: A235-725
40 60 12.19 18.29 6.10 0.570 5.0 HE07106167
60 90 18.29 27.43 9.14 0.446 2.6 HE07111243
115 125 35.05 38.10 3.05 0.690 3.3 HE07111243
105 110 32.00 33.53 1.05 0.415 0.1 08-338-00189-01
200 210 60.96 64.01 3.05 0.378 2.7 08-338-00189-01
82
VI.5 BUENA SUERTE. It is located 270 m to NW from Japoneses structure. This area is
enclosed in Teresita 1er. Lugar, and the main vein outcrop ~200 m strike, and subparallel
banded veins. There is several shallow old working and one stope of ~30 m depth and
0.6-1.0 m wide and along 20 m.
VI.5.1 Geology. The main sedimentary rocks outcropping are sandstones RSS and
FBSS, and minor QSS. PQP sill was emplaced roughly in the contact of FBSS and RSS,
and beneath of QSS. The local general trend of sedimentary sequence is SE60/20-30 to E-
W. KFPQ outcrops to south and southeast part of this area, emplaced as irregular shape in
the contact of RSS and FBSS rock units, figure 20.
VI.5.2 Alteration and structures. In QSS, PQP, KFPQ and BFSS were observed
zones with moderate whitish and sporadically grayish silicification, sporadic weak
silicification in RSS. Moderate silicification was observed at 130 m to east zones with
moderate hematite were developed in strong silicified rocks and in RSS. Weak clay by
“weathering” was observed in PQP and minor in RSS. The main structure and some
footwall splays are banded Qtz vein of 0.4-1.0 wide, with patches or bands of massive
acicular Lead mineral, MnOx and Hematite (after sulfide). There is weakly sparse whitish
and grayish Qtz stockwork and subparallel whitish-transparent veining. The main
structure has a trend NW40/80 and splays dipping SW or NW. Parallel structures are
located 160 m to NE40 and 230 m SW40 from main Buena Suerte structure, Figure 21.
VI.5.3 Rock chip geochemistry. Banded Qtz veins grade 0.436-2.800 ppm Au
(figure 22), 5.0-12.0 ppm Ag, 1,100-2,900 ppm Pb, and 240-740 ppm Zn. For stockwork
at footwall rock and hanging wall of main structure grade 0.109-0.729 Au, <1.0 and
sporadically 3.0 ppm Ag, 130-560 ppm Pb, and Zn 40-290 ppm. Also was sampled weak
stockwork usually <0.100 ppm Au and <1 ppm Ag.
VI.5.4 Drilling and assays. Two drill holes were done spaced 40 m between them,
CCR-47 and CCR-48. CCR-48 was done over Buena Suerte vein and reported only 2
interceptions of 3.05 m of 0.56-0.41 Au gr/ton spaced ~45 m, as well as, 4.57m @ 0.34 %
Pb & 0.63% Zn for structure with Qtz veining (figure 23a). CCR-47 reported 6.10 m
with grayish Qtz veining, but only intercepted 1.52 m @ 1.026 Au gr/ton & 10.5 Ag
gr/ton, and anomaly; and in the lower contact of PQP and QSS reported 3.05 m @ 3.52
Au gr/ton & 7.9 Ag gr/ton, and high Pb & Zn anomaly (figure 23b). CCR-47 is located at
hanging wall rock of trench TCA-50 that reported ~9.0 m @ 1.911 ppm Au & 39.8 ppm
Ag. Around 50 mm to NW40 from CCR-47 was done trench TCA-49, reporting 8 m @
0.343 Au, 8 m 0.582 ppm Au and 6 m @ 0.355 ppm Au, with ~17 m and 6 m spaced
between interceptions. Also 25 m to SE35 from CCR-48 was done TCA-38, that on
“footwall” rock of Buena Suerte structure projection reported 10 m @ 0.427 ppm Au &
2.6 ppm Ag.
Only at last 10 meters of these drill holes was intercepted weak chlorite ± calcite, beside
of 10-15 m Qtz veining interception but as “barren” or very low Au anomaly.
83
Figure 20. Geologic map of Buena Suerte area.
84
Figure 21. Generalized alteration map of Buena Suerte area.
85
Figure 22. Surface rock chip sampling map of Buena Suerte area, showing Au ppm and structures.
86
TCA-38
9.0m @ 0.427, 2.6
CCR-48
Buena Suerte Vein
3. EXPLANATION
0. 05m
56
Au @
,2
.2
(?) Ag
RC Drillhole
Trench
4.
0. 57m m
34 g/t es
% @
,A @
gg
/t
Pb
,0 Inferred structure or Au mineralization
3. . 63
0. 05m %
Zn
41
Au @ Infered minor structure or weak Au
,< mineralization structure
1
Ag
Fault
Caliche Project
CERRO CALICHE
Section Buena Suerte A235-1200
Date: July 2008 Scale: 1: 1250 File: Buena Suerte 1200.dwg
Figure 23a. Section Buena Suerte A235-1200
87
CCR-47
TCA-50 Buena Suerte Structure

8.5m @1.911, 39.8
CCR-47
4. .27
57 %
0
m Zn
@
3. .52 Pb
05 A
3 14
m u,
1.
@ 7.9
Ag
EXPLANATION
RC Drillhole
Trench
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Section Buena Suerte A235-1250
Date: July 2008 Scale: 1: 1250 File: Buena Suerte 1350.dwg
Figure 23b. Section Buena Suerte A235-1250
88
0 5 0.00 1.52 1.52 0.491 3.6 08-338-00132-02
45 50 13.72 15.24 1.52 0.610 15.3 08-338-00132-02
85 95 25.91 28.96 3.05 0.558 2.2 08-338-00132-02
135 140 41.15 42.67 1.52 0.355 <0.1 08-338-00132-02
290 300 88.39 91.44 3.05 0.410 <0.1 08-338-00132-02
Drill hole: CCR-47, Azimuth:, Total depth: ft, Section: A235-1237.5.

30 35 9.14 10.67 1.52 1.026 10.5 08-338-00132-01
50 60 15.24 18.29 3.05 3.513 7.9 08-338-00132-01
85 90 25.91 27.43 1.52 1.328 12.5 08-338-00132-01
100 110 30.48 33.53 3.05 1.047 5.2 08-338-00132-01
175 180 53.34 54.86 1.52 0.366 2.4 08-338-00132-01
VI.6 CABEZA BLANCA. Area located at center-west of project, and inside of Cabeza
Blanca claim, and a small area is included in Guadalupe and El Rosario Fracc. I. Includes
two main banded Qtz vein called Cabeza Blanca (NW15/70-80) and Guadalupe
(NW20/50-55) with of 0.5-2.0 m wide and outcropping ~900 m strike. There are old
working developed long these two vein, and two levels in Cabeza Blanca vein.
VI.6.1 Geology. The sedimentary rock outcropping is RSS, few QSS at the top of
the hills and underlain to PQP. PQP is a sills shape rock emplaced between RSS and
QSS, with general trend NE70/20. Pre or sin-mineral fault of Cabeza Blanca structure has
a general trend of NW10/70-85 & 50-65, and with relative vertical and horizontal
displacement of ~20 m and 15 m respectively. 140 m to SW from Cabeza Blanca vein is
located Guadalupe banded vein and shows a fault contact of RSS and KfPQ, although,
intrusive contact was observed between KfPQ and RSS, figure 24.
VI.6.2 Alteration and structures. On top of hill was observed moderate whitish
silicified QSS, as well as, one area of ~135 x 100 m between Cabeza Blanca and
Guadalupe structures with moderate and weak transparent-grayish and whitish drusy Qtz
stockwork and silicification patches in RSS and PQP, scarce sericite patches were
developed in RSS and PQP, and selective sericite on hanging wall of Cabeza Blanca
89
structure, probably limited by low angle (<20) fault or subparallel to PQP sill. Hematite is
weak and controlled by fracturing, and after Py mainly on hanging wall of Cabeza Blanca
structure. To S-SE of area with moderate Qtz stockwork, only was noted traces of Qtz
veinlets, and weak green clay (after Chlorite ) + PyOx controlled by fracturing, figure 25
shows generalized and partly alteration map.
VI.6.3 Rock chip geochemistry. Main Guadalupe and Cabeza Blanca Qtz veins
grade 0.743-6.660 ppm Au (figure 25), 58-100 and 2-12 ppm Ag, 1,410-9,960 ppm Pb,
1,120-3,060 ppm Zn and one sample with 460 ppm Zn. Minor structures and stockwork
grade 0.068-0.908 Au, <1-5 ppm Ag, 40-440 ppm Pb, 30-150 ppm Zn; and one 20 cm
sample with Au 2.310 ppm , Ag 5.0 ppm, Pb 220 ppm, and Zn 250 ppm,.
VI.6.4 Drilling and assays. 6 drill holes were done located at hanging wall rock of
Cabeza Blanca structure, including CCR-21, CCR-20, CCR-66, CCR-55, CCR-70 and
CCR-58, along 210 m with 20-80 m spacing between them. Figure 24 and figure 25
show drill hole location.
Drill hole CCR-59 was done at hanging wall rock of Guadalupe structure, and beneath
trench TCA-08 that reported 12 m @ 0.385 ppm Au, and reporting only anomaly at the
intercepted projection of this trench, and 1.52 m @ 1.814 ppm Au at bottom of drill hole
(figure 26a), where quite similar Qtz veinlets at top only report very low Au anomaly
Drill hole CCR-21 is located to the SE limit of drill holes at Cabeza Blanca structure, and
reported 4.57m @ 2.35 Au gr/ton & 10.3 Ag gr/ton for splay and 1.52 m @ 1.045 Au &
10 Ag gr/ton for Cabeza Blanca vein, therefore, unexpectedly at footwall rock intercepted
3.05 m @ 1.333 Au & 3.0 Ag gr/ton for very weak Qtz veinlets along with green clay
(after Chlorite ?) in fractures, figure 26b.
CCR-20 and CCR-66 were done at hanging wall of trench TCA-07 that reported ~15 m
@ 0.709 Au & 2 m @ 28 ppm Ag, and in drilling were intercepted by CCR-20 and CCR-
66, reporting 16.76 m @ 1.382 Au gr/ton & 15.24 m @ 1.138 Au gr/ton respectively,
figure 26c, but probably not longer than 30 m strike and for footwall reported only scarce
low Au anomaly. In figure 26d is shown CCR-55 that only reported for Cabeza Blanca
structure 9.14m @ 0.644 Au gr/ton & 19.7 Ag gr/ton, and without alteration and grade at
footwall. CCR-70 was abandoned at the interception with ~2.5 m open space of Cabeza
Blanca structure (figure 26e). CCR-58 is located at the NW limit of drilling for this area
and at hanging wall of trench TCA-41, which reported 10 m @ 1.241 ppm Au & 5.2 ppm
Ag, and only reported 4.5m @ 0.585 Au & 9.3 Ag gr/ton at the interception of Cabeza
Blanca structure, figure 26f.
Weak chlorite ± calcite was intercepted in these drill holes starting from 30-60 m depth,
and CCR-21 reported weak Chlorite veinlets crosscut by Au mineralized weak Qtz
stockwork located at footwall rock of Cabeza Blanca Qtz vein.
The estimated inferred resources for Cabeza Blanca structure is approximately 6,152 Oz
within 169,375 ton with 1.162 gr/ton Au, and a potential not bigger than 10,000 oz.
90
Figure 24. Cabeza Blanca geologic map
91
Figure 25. Structure, alteration, and surface rock chip sampling map of Cabeza Blanca area, including Au assays in ppm.
92
CCR-59
EXPLANATION
RC Drillhole
CCR-59
TCA-08 Trench
12m @ 0.385 Au
Au
m
g/t es
,A @
Guadalupe Qtz Vein g
g/t

Fault
Caliche Project
CERRO CALICHE
Section Cabeza Blanca A235-1150
Date: July 2008 Scale: 1: 1250 File: Cabeza Blanca 1150.dwg
Figure 26a. Section Cabeza Blanca A235-1150, showing Guadalupe Structure
93
CCR-21
Cabeza Blanca Vein

Splay
CCR-21
EXPLANATION
4. .35
57 A
2
m u,
@ 10
.3
Ag
(?)
(?)
RC Drillhole
3. 33
05 A
1.
Trench
m u,
@ 3.0
me Composite Au & Ag g/t
Ag
Au tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 26b. Section Cabeza Blanca A235-1300
94
CCR-66
CCR-20
Qtz veining
1.5 m @ 2.100 Au, 7.0 Ag
N00/80 vein Open space

2 m @ 0.665 TCA-07
Sparse Qtz stockwork 17m @ 0.80, 5.3
CCR-20
CCR-66
16
1. .76
38 m
Alte Au @
low angle premineral fault (?) ratio ,7
? n .0
Wit Ag
? hou
tA 3.
lter
atio 0. 04m
n ? 41
Au @
,1
.0
15 Ag
1. .2m
14
Au @
,1
5.
5
Ag EXPLANATION
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 26c. Section Cabeza Blanca A235-1350
95
CCR-55
Cabeza Blanca STR
CCR-55
0.632 ppm Au
Narrow splay
9.
0. 14m
65
Au @
,1
9 .7
Ag
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 26d. Section Cabeza Blanca A235-1375
96
CCR-70
Cabaza Blanca Structure
CCR-70
Open Space
Open Space
2. .75
5m A
0
@ ,8
u
.7
Ag
EXPLANATION
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 26e. Section Cabeza Blanca A235-1425
97
TCA-41
~9 m @ 1.241 Au, 5.2 Ag
CCR-58
Cabeza Blanca STR
4.
0. 5m
59 @
Au
,9
. 3
Ag
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 26f. Section Cabeza Blanca A235-1475
98
Drill hole: CCR-21, Azimuth: 235, Total depth: 175 ft, Section: A235-1287.5 W.
30 45 9.14 13.72 4.57 2.350 10.3 HE07103884
105 110 32.00 33.53 1.52 1.045 10 HE07103884
125 135 39.62 41.15 3.05 1.333 3.0 HE07125357
Drill hole: CCR-20, Azimuth: 235, Total depth: 155 ft, Section: A235-1350 W.
15 70 4.57 21.34 16.76 1.382 7 HE07103884
10 15 3.05 4.57 1.52 0.475 0.8 08-338-00068-02
40 50 12.19 15.24 3.05 0.415 0.5 08-338-00068-02
75 125 22.86 38.10 15.24 1.138 15.4 08-338-00068-02
45 75 13.72 22.86 9.14 0.647 19.7 08-338-00102-02
55 60 16.76 18.29 1.52 0.397 <0.1 08-338-00129-01
75 83 22.86 25.30 2.44 0.751 8.7 08-338-00129-01
Open
83 95 25.30 28.96 3.66 Space
55 70 16.76 21.34 4.57 0.585 6.7 08-338-00056-01
215 220 65.53 67.06 1.52 1.814 0.2 08-338-00056-02
99
VI.7 VETA DE ORO. It is located to N-NW from Abejas area, and is the projection of
the junction of two main Abejas Qtz veins. Veta de Oro vein outcrops ~300 m strike and
general trend NW40/60. There was developed mining along this vein with stope of up to
15 m. This area is included inside of Teresita 1er. Lugar, El Huevo de Oro and Huevo de
Oro No. 1 claims.
VI.7.1 Geology. Veta de Oro structure crosscut to sedimentary rock units Sh-Cgl
and AKSS, figure 27. Sh-Cgl rock unit shows folding and general trend ~NW60-40/20-
40, where some veinlets follows bedding. NE-SW Post-mineral fault displace left 50 m to
Abejas structure projection. On hanging wall rock of Veta de Oro structure, outcrop 100
m to NE sills called SpSl.
VI.7.2 Alteration and structures. Breccia structure is present along Veta de Oro,
as well as, weak silicification, transparent Qtz veinlets in a 10 m halo, and weak hematite
content controlled by bedding, crosscutting to weak propylitic (Chlorite + <Calcite +
<PyOx) alteration sparse in sedimentary sequence (figure 28). SpSl shows weak
silicification, hematite in fractures, and PyOx disseminate <1%, but not evidence for
propylitic alteration. At footwall rock was noted scarce transparent Qtz + PyOx veinlets.
Also was observed large spaced late very low Au anomaly whitish vein with trend
NE35/75.
VI.7.3 Rock chip geochemistry. Veta de Oro main structure Au grade from 3.020-
5.420 ppm (figure 28), Ag 75-219 ppm, Pb 4,480-7,510 ppm, and 1,090-5,510 Zn.
Samples of stockwork following bedding grade Au 0.144-0.520 ppm, Ag 10-27 ppm, Pb
70-130, Zn 660-1,430 ppm. Trench sampling of foot wall rock with weak clay, PyOx
<1%, and traces of silicified patches reported Au 0.018-0.160 ppm and Ag 1.0-8.0 ppm.
VI.7.4 Drilling and assays. Two drill holes were done in this area, CCR-35 and
CCR-53 (figure 27 and 28). CCR-35 did not intercepted to Veta de Oro structure,
showing left conjugate fault displacement of this structure and only was intercept low Au
anomaly at footwall rock (figure 29a) and weak chlorite + calcite alteration. CCR-53 is
located ~4 m at hanging wall rock trench TCA-29 that reported ~8 m @ 0.523 ppm Au &
22.8 ppm Ag, and intercepted Veta de Oro structure, reporting 7.62 m @ 1.383 ppm Au
& 42.4 ppm Ag (0.250 ppm Au cutoff), including 4.57 m @ 2.078 Au & 62.8 Ag gr/ton
(figure 29b), at 30 m depth intercepted weak to chlorite + pyrite + calcite alteration. The
potential for this structure is around 10,000 Oz, enclosed in 70 depth x 250 strike x 7 m
wide and grade 1 gr/ton Au.
Au Anomaly
25 40 7.62 12.19 4.57 2.078 62.8 08-338-00102-02
100
Figure 27. Geology map for Veta de Oro area
101
Figure 28. Structure, alteration, and surface rock chip sampling map of Veta de Oro area, including Au assays in ppm.
102
CCR-35
CCR-35
NE40-50 post-mineral fault
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Section Veta de Oro A235-1300
Date: July, 2008 Scale: 1: 1250 File: Veta de Oro 1300.dwg
Figure 29a. Section Veta de Oro A235-1300
103
CCR-53
Veta de Oro Structure
CCR-53
4.
2.0 57m
8A @
u,
62
.8
Ag
EXPLANATION
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Section Veta de Oro A235-1350
Date: July, 2008 Scale: 1: 1250 File: Veta de Oro 1350.dwg
Figure 29b. Section Veta de Oro A235-1350
104
VI.8 LA ESPAÑOLA. This area is located to center-east part of project, inside of Tres
Amigos claim. The main vein outcrops discontinuously around 1,500 m strike and
general trend NW10/60 & 40. Spaced shallow old workings were done at main Española
vein along 350 m strike, and also in short narrow splays with trend NW-SE60/80.
VI.8.1 Geology. To the south of this area outcrop RSS sedimentary rock unit and
intrusive KfPQ with contact trend NW80. Overlain to RSS and tuff unit ITVS was
observed PQP sills with general trend E-W, and scarce roof pendant of QSS over PQP.
Sporadic PQX dike were observed parallel and subparallel to structures, with trend
NW30-50/70-85, figure 30.
VI.8.2 Alteration and structures. The main banded Qtz vein has banding or
patches of MnOx-Galena + <Hematite (after sulfide) + Py, banding of transparent, gray,
transparent-whitish drusy Qtz. In RSS was developed weak transparent-whish drusy Qtz
stockwork, scarce zones with weak hematite in fractures, and in zone the contact of RSS-
KfPQ, the intrusive rock developed moderate silicified and phyllic patches (Sericite +
<<Qtz), as well as, weak and minor moderate strong hematite controlled by fracturing. In
the other hand, PQP and QSS are altered by weak and sporadic moderate whitish
silicification, and few zones with weak Limonite (after Py) or weak Hematite in fractures.
Propylitic alteration (Chlorite + <<calcite) is present in ITVS crosscut by scarce Qtz +
PyOx veinlets. Generalized alteration map is shown in figure 31.
VI.8.3 Rock chip geochemistry. Along 350 m strike La Española vein grade Au
1.185-2.590 ppm (figure 31), Ag often 91-177, Pb 5,400-15,800 ppm and Zn 1,000-3,320
ppm. For N-NE splays at footwall of main Qtz vein is reported Au 0.016-0.188, one
sample with Au 0.981. One splay with trend NW50/60 Au grade from 0.320-0.569 ppm
and grab sample at hanging wall rock of this splay grade Au 6.850, Ag 2.0 ppm, Pb 50
ppm and Zn 120 ppm. Few samples in subparallel splays located 140 m to E-NE from La
Española vein, reported 0.139-4.830 ppm Au, <1-4 ppm Ag, 60-140 & 2,690 ppm Pb,
100-140 & 2,560 ppm Zn.
VI.8.4 Drilling and assays. 3 drill holes were done <20 m at hanging wall of La
Española vein (figure 20 and 31), ~135 m spaced between them, and corresponding to
CCR-50, CCR-51 and CCR-49. CCR-50 is located at altered KfPQ intrusive rock, CCR-
51 at RSS and CCR-49 at PPB close to contact with RSS, and reported narrow clay
altered intervals, sporadic intervals with traces of calcite, and wide silicified intervals but
without Au grade. CCR-50 was drilled close to Trench TCA-35 that in the projection of
La Española vein only reported anomaly, and in drill hole were intercepted 3.05 m @
0.824 Au & 12.6 Ag gr/ton (figure 32a), also in CCR-50 were intercepted 1.52 m @
6.794 Au & Ag <1, similar to discontinued silicified patches and weak Qtz veinlets
sampled in trench TCA-36 that reported 1.570 ppm Au, 4.5 ppm Ag, Pb and Zn <100
ppm. At hanging wall of trench TCA-34 was done CCR-51, where trench reported ~6 m
@ 0.371 ppm Au and 3.7 ppm Ag, and CCR-51 intercepted at La Española structure as
3.05 m @ 1.042 Au gr/ton 23.5 Ag gr/ton (figure 32b). The best interception is reported
by CCR-49 including 6.10 m @ 0.971 Au gr/ton & 12.8 Ag gr/ton, and 13.73 m with Zn
105
and Pb moderate anomaly (figure 28c). The potential for this structure along 300 m
strike, 50 m depth and 6 m wide is around 6,000 Oz.
Drill hole: CCR-50, Azimuth: 240, Total depth: 220 ft, Section: A235- -162.5 E.
20 30 6.10 9.14 3.05 0.824 12.6 08-338-00102-01
130 135 39.62 41.15 1.52 6.794 <0.1 08-338-00102-01
Drill hole: CCR-51, Azimuth: 235, Total depth: 270 ft, Section: A235- -25E.
35 45 10.67 13.72 3.05 1.042 23.9 08-338-00102-01
Drill hole: CCR-49, Azimuth: 235, Total depth: 170 ft, Section: A235- 100E.
25 45 7.62 13.72 6.10 0.971 12.8 08-338-00132-02
106
Figure 30. Geology map for Española area.
107
Figure 31. Structure, alteration, and surface rock chip sampling map of La Española area, including Au assays in ppm
108
CCR-50
EXPLANATION
RC Drillhole
Trench
Española structure projection
Au
me
tr
CCR-50
TCA-36 projection (?) g/t es
,A @
gg
/t
3.0m @ 1.57 Au, 4.5 Ag
3. Infered minor structure or weak Au

0. 05m
82 mineralization structure
Au @
,1 Au & Ag assay interval >0.35 Au
2.
6
Ag
Fault
Caliche Project
CERRO CALICHE
Section La Espanola A235- -150
Date: July, 2008 Scale: 1: 1250 File: La Espenola -150.dwg
Figure 32a. Section La Española A235- -150
109
CCR-51
EXPLANATION
La Española Structure
0.22 Au, surface sample RC Drillhole
1.
CCR-51
23
%
Pb
,0 Trench
.8
3%
Zn m
g/t es
3. ,A @
1. 05m
gg
/t
04
,2
3.
9
Ag Infered minor structure or weak Au
continue at depth as same
narrow structure Au & Ag assay interval >0.35 Au
Fault
Caliche Project
CERRO CALICHE
Section La Espanola A235- -025
Date: July, 2008 Scale: 1: 1250 File: La Espanola -025.dwg
Figure 32b. Section La Española A235- -025
110
CCR-49
EXPLANATION
Española Splay
Española Qtz Vein
7. RC Drillhole
0. 62m
6. 61% @
CCR-49
0. 10m Pb
06 Trench
% @ , 0.6
Pb 6%
,1 Zn
.0 m Composite Au & Ag g/t
1% Au etr
g/t es
Zn 6. ,A @
0. 10m
gg
/t
97
,1
3.
3
Ag Infered minor structure or weak Au
Fault
Caliche Project
CERRO CALICHE
Section La Espanola A235-100
Date: July, 2008 Scale: 1: 1250 File: La Espanola 100.dwg
Figure 32c. Section La Española A235-100
111
VI.9 El ABEL. It is located 330 m to E-NE from La Española vein, and east-center of the
optioned concession. El Abel vein outcrop along 430 m and could be projected 500 m to
El Despresio old working.
VI.9.1 Geology. At foot wall rock of El Abel structure there is present RSS and
PQP, and minor ITVS. At hanging wall are presents PQP and ShSt and minor BFSS rock
unit. There are sporadic SpSl and PQX dikes, usually parallel to structures, and PQX
crosscutting to SpSl, figure 33.
VI.9.2 Alteration. Weak silicification and limonite (PyOx) was developed in ShSt
and BFSS rock units, and sporadically in RSS at footwall rock. Moderate whitish and
minor gray silicification was observed in PQP and QSS 130 m to west or footwall of El
Abel structure. Propylitic alteration was observed in ITVS, consisting of Chlorite +
<<PyOx. Weak hematite in fractures in PQP is present around the middle distance
between El Abel and La Española structures. Generalized alteration map is shown in
figure 34.
VI.9.3 Rock chip geochemistry. El Abel structure grade 0.458-2.920 ppm Au,
10.0-186.0 ppm Ag, outcrops along ~400 m strike and 1-2 m wide ), figure 34, and
anomaly of 4,550-13,600 ppm Pb and 1,690-2,320 ppm Zn.
VI.9.4 Drilling and assays. Two drill holes were done, CCR-42 and CCR-41,
located close to hanging wall of El Abel structure. Drill hole CCR-42 only intercepted
1.52 m @ 0.816 Au gr/ton & 32 Ag gr/ton at the projection of El Abel structure (figure
35a). CCR-41 was done at hanging wall of TCA-17 that reported 6 m @ 0.268 ppm Au
and 6.2 ppm Ag, and in this drill hole were intercept 10.67 m @ 0.221 ppm Au & 2.75
ppm Ag, including 3.05 m @ 0.391 ppm Au & Ag <1 ppm (figure 35b).
In these drill holes were observed weak chlorite + calcite ± pyrite crosscut by main
structure.
Drill hole: CCR-42, Azimuth: 235, Total depth: 145 ft, Section: A235-250 E
35 40 10.67 12.19 1.52 0.816 32 HE07111876
Drill hole: CCR-41, Azimuth: 235, Total depth: 185 ft, Section: A235-325 E
25 35 7.62 10.67 3.05 0.391 <1 HE07111876
112
Figure 33. Geology map of El Abel area.
113
Figure 34. Structure, alteration, and surface rock chip sampling map of El Abel area, including Au assays in ppm
114
CCR-42
CCR-42
EXPLANATION
El Abel structure
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Section El Abel A235-225
Date: July 2008 Scale: 1: 1250 File: El Abel 225.dwg
Figure 35a. Section El Abel A235-225
115
CCR-41
TCA-17 projected
7 m @ 0.27, 6.3
CCR-41
EXPLANATION
3. .39
05 A
0
m u,
@ <1
Ag
RC Drillhole
Trench
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Section El Abel A235-325
Date: July 2008 Scale: 1: 1250 File: El Abel 325.dwg
Figure 35b. Section El Abel A235-325
116
VI.10 CHINOS ALTOS. It is located at the center-east center part of the optioned
concessions and to south of Las Abejas area and 350 m to NE from Los Cuervos area.
The projection to the north of Chinos altos Qtz vein is about 500 m strike, 0.3-1.0 m
wide, and NW45/65-80 and NW30/40.
VI.10.1 Geology. RSS and FBSS are the sedimentary rocks outcropping, showing
general trend SE40/25, weak folding and FBSS overlain to RSS. PQP sills were emplaced
in RSS and in the contact of RSS-BFSS, and beneath QSS. To the southeast projection of
this area, was observed KfPQ on intrusive contact with RSS and probably GPB plugs
inside of KfPQ, figure 36.
VI.10.2 Alteration and structures. Weak silicified patches were observed in

BFSS, RSS and PQP. Small moderate whitish silicified zones are reported in BFSS and
QSS. Weak selective sericite or patches were observed in BFSS, PQP and KfPQ. Weak
hematite controlled by fracturing was observed following structures at hanging wall rock
and locally at footwall rock of main Chinos Altos Qtz vein. Limonite after Py was
observed following sill emplacement control in PQP and minor RSS close to contact,
although, PyOx disseminate <1% is present in BFSS. The main Chinos altos vein consists
of transparent-whitish-<grayish drusy Qtz with patches or weakly banding of Galena +
Py (partly oxidized) + Hematite (after sulfide). At hanging wall were defined several
<20-40 cm subparallel transparent-whitish-<grayish drusy Qtz veining with trends
NW40-20/65-75 crosscutting and splitting to whitish veining with general trend NE-
SW/75-80, in figure 37 is shown generalized alteration map. Malachite and other copper
oxides are reported in fractures close to NE-SW veining.
VI.10.3 Rock chip geochemistry. For the main Chinos Altos vein are reported
assays of 0.460-1.735 ppm Au ), figure 38, 17-41 ppm Ag, Pb varying from 1,720-7,970
ppm, 310-1,750 ppm Zn and 440-2,930 ppm MnOx. For the early NE-SW structure is
reported Au 0.365 & 0.625 ppm, Ag 6 & 265 ppm, Cu 24,420 & 2,420 ppm. Sampling on
splays reported Au 0.117-0.587, Ag <1 & 3-9 ppm, Pb 240-1,720 ppm, Zn 20-470 and
sporadically Zn 1,770 ppm. 2 meter channel samples following section Au grade 0.027-
0.087 ppm, Ag <1, Pb and Zn ranging 20-270 ppm. Two samples of splay have Au 1.565
& 4.080 ppm. One 2 m channel sample on splays located at hanging wall of Chinos altos
vein grade Au 2.890 ppm, Ag 56 ppm, Pb 8,240 ppm and Zn 4,230 ppm.
VI.10.4 Drilling and assays. At hanging wall rock and close to Chinos Altos vein
were drilled CCR-38, CCR-39 and CCR 44. For testing of splays located in hanging wall
was drilled CCR-37. In CCR-38 were intercepted 6.10 m @ 0.624 Au & 2.5 Ag gr/ton at
hanging wall, Chinos Altos vein was intercepted from 19.81-27.43 m but only reported
4.57 m @ 0.223 Au and 2.7 Ag gr/ton, and at footwall were intercepted 3.05 m @ 0.799
Au & 1.0 ppm Ag. CCR-39 also intercept Chinos Altos vein, reporting 3.05 m (~2 m true
width) @ 1.268 Au & 1.0 ppm Ag, and probably the same footwall splay interception
reported by CCR-38, but in this drill hole has 1.52 m @ 0.597 ppm Au. Chinos Altos
structure was intercepted in CCR-44, but reporting only anomaly and 1.52 m @ 0.466
ppm Au. CCR-37 intercepted splays and stockwork, reporting only gold anomaly. Wide
intervals with moderate transparent drusy Qtz stockwork and veining are reported for this
117
area, however, only short intervals where is reported more gray quartz grade tends to
increase. See figure 39a-39c for drill hole sections.
Weak chlorite + calcite assemblage was intercepted by all drill holes in this area at 40 m
depth average, and crosscut by low Au mineralized Qtz veining-silicification stage
5 25 1.52 7.62 6.10 0.624 2.5 HE07111244
Inc. 1.52 m @ 1.380 Au, 1.52 m @ 0.913 Au
155 165 47.24 50.29 3.05 0.799 1.0 HE07111244
80 90 24.38 27.43 3.05 1.268 1.0 HE07111244
130 135 39.62 41.15 1.52 0.597 <1 HE07111244
15 35 4.57 10.67 6.10 0.307 <1 HE07111243
And Au
anomaly
Anomaly
45 50 13.72 15.24 1.52 0.466 1 HE07111876
118
Figure 36. Geology map for Chinos Altos area.
119
Figure 37. Alteration map of Chinos Altos area.
120
Figure 38. Surface rock chip sampling and Au assays (ppm), and structures.
121
CCR-38
CCR-38
Chinos altos vein projection
Footwall splay
CCR-39
EXPLANATION
3.0
0.7 5m
8A @
u,
1.0
A g
RC Drillhole
Trench
m
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Section Chinos Altos A235-300
Date: July 2008 Scale: 1: 1250 File: Chinos Altos 300.dwg
Figure 39a. Section Chinos Altos A235-300
122
CCR-37
CCR-39
CCR-37
CCR-39
3m
1.2 @
7A
u,
1 .0
A g
EXPLANATION
RC Drillhole
Trench
Au
me
tr
g/t es
,A @
gg
/t

Fault
Caliche Project
CERRO CALICHE
Figure 39b. Section Chinos Altos A235-350
123
CCR-44
CCR-44
3m
@
0.
36
Au
,1
.0
Ag
EXPLANATION
RC Drillhole
Trench
Au
m
g/t es
,A @
g
g/t

Fault
Caliche Project
CERRO CALICHE
Figure 39c. Section Chinos Altos A235-550
124
VI.11 BELLOTOZO. Area located in the north-center part of the deposit and inside of
El Huevo de Oro concession. Bellotozo structure is the NW projection of Veta de Oro
vein. Spaced shallow diggings were done in Bellotozo Qtz vein-breccia structure along
300 m strike, with general trend NW50/70-80 and 0.3-1.0 wide. None drill hole was done
close to this structure and area.
VI.11.1 Geology. Outcrops sills of SpSl following bedding of upper sedimentary

rock unit called Sh-Cgl (figure 40). The sedimentary rocks shows low angle folding at
large scale, and SpSl was emplaced keeping the shape of the folds.
VI.11.2 Alteration and structures. Weak propylitic was observed in sedimentary

sequence, mostly chlorite + <PyOx and minor calcite, crosscut by transparent and grayish
drusy Qtz stockwork and veins. Shale and conglomerates of this rock unit also show
weak silicified patches, along with weak and moderate hematite in fractures, as well as,
sporadic small areas with sericite. In SpSl was observed with weak and sporadically
moderate clay, 1-3% PyOx disseminate, also silicified patches and transparent-whitish
Qtz stockwork. Structures located at footwall rock of Bellotozo structure trend SE45/75-
80, and main Bellotozo structure have a trend of NW50/70-80, see figure 41.
VI.11.3 Rock chip geochemistry. Bellotozo vein grade from 0.350-2.850 ppm Au
and one sample of 40 cm with 11.200 ppm Au & 700 ppm Ag. Qtz stockwork, hematite
and silicification was observed at footwall of Bellotozo vein, and sampling on secondary
structures and stockwork grade in two ranges 0.438-1.550 ppm Au and 0.169-0.244 ppm
Au, see figure 41. Bellotozo area have a potential of 50,000 Oz considering two targets
of 200 and 150 m strike, 70 m and 30 of total wide mineralized.
VI.12 HUEVO DE ORO EAST. This area is located to the north of Cabeza Blanca area,
300 m to SW from Bellotozo area, and inside of El Huevo de Oro concession. The main
structure outcrop over 750 m strike with general trend NW25/75 and 0.3-2.0 m wide.
VI.12.1 Geology. In this area outcrop mainly AKSS, RSS, ShSl, KfPQ-PLBQ,
and PQP lenses as sills. KfPQ is outcropping to west of this area as intrusive contact
beneath RSS and minor PPB (figure 42). The north side outcrop shale-siltstone sequence
that is the lower sedimentary rock units.
VI.12.2 Alteration and structures. Banded drusy Qtz vein are also common in this
area, as well as, small breccia structures. The most common kind of alteration is
propylitic assemblage of Chlorite ± Calcite (figure 43). Weak silicification or tiny Qtz
veinlets are presents in 1-10 m halo.
VI.12.3 Rock chip geochemistry. Main Qtz veins usually grade from 0.501-5.420
ppm Au, and minor veining and stockwork usually grade from 0.020-1.500 ppm Au
(figure 43), but as narrow zones and weak silicification halos of 1-10 m wide close to
main structures. Samples with Au anomaly in this area report anomaly for Pb and Zn.
125
Figure 40. Geology map of Bellotozo area.
126
Figure 41. Structure, alteration, and surface rock chip sampling map of Bellotozo area, including Au assays in ppm.
127
Figure 42. Geology of Huevo de Oro East area
128
Figure 43. Structure, alteration, and surface rock chip sampling map of Huevo de Oro East area, including Au assays in ppm.
129
The potential for Huevo de Oro East area is around 75,000 Oz included in probably 500
m strike, 70 m depth and 30 m mineralized target with 0.9-1.0 Au gr/ton.
El Zorrillo zone were divided in two areas FOL-La Colorada and El Zorrillo, however,
geologic, alteration and rock chip map for these areas are shown in figures 49, 50 and 51.
VI.13 LA COLORADA. This area is located to center-west of project, and 400 m to W-

SW from Guadalupe vein. La Colorada structure is the north projection of FOL structure
and outcrops discontinuously along 900 m with general trend NW15/40-60 and 0.3-1.5 m
wide.
VI.13.1 Geology. The main outcropping rock is KfPQ-PLBQ, and the main fase
is PLBQ with “lenses” of KfPQ. The FOL structure is limited to SE by GPB intrusive
rock (figure 44). Few PQX dikes subparallel to structures are presents in this area, and to
the north part were observed a kind of SpSl dike but with more feldspar and quartz
phenocrystals, less spherulite, and autobreccia texture.
VI.13.2 Alteration and structures. The main structure is a banded Qtz vein with
patches of lead mineral, MnOx and minor hematite. Narrow halos of sericite? + clay were
developed along structures and crosscutting to Chlorite + <<Calcite + <PyOx. Patches of
moderate hematite are present only along with structures. Many of chlorite could be after
biotite and after late “deuteric” magmatic stage. In GPB was observed moderate chlorite
+ Py and probably primary magnetite (figure 45). Clay by weathering is present at 1-3 m
depth.
VI.10.3 Rock chip geochemistry. Sampling on veining at FOL structure reported

~3 m @ 5.760 ppm Au, and La Colorada structure grade 0.564-2.520 ppm Au. For main
structure, usually Ag is below detection limit (<1.0 ppm) only one sample have 3.0 ppm
Ag, and reporting for Pb 5,040-16,300 ppm and Zn 970-4,950 ppm. Subparallel splays at
hanging wall reported Au 0.040-0.192 ppm and one sample with Au 2.510 ppm, Pb 740-
3,770 ppm, Zn 1,470-6000 ppm. Three samples on subparallel splays grade 0.176-0.736
ppm Au, <1 & 11-19 ppm Ag, 220-340 ppm Pb and 150-720 ppm Zn. See figure 46 for
rock chip sampling.
VI.13.4 Drilling and assays. CCR-68 at the projection of same structure reported
very low gold anomaly and 4.57 m @ 0.22 % Zn. CCR-67 was done at hanging wall rock
of trench TCA-12 that reported 6 m @ 0.325 Au gr/ton and 4 m @ 0.327 , and this drill
hole only intercept low gold anomaly, including 1.52 m@ 0.564 Au gr/ton, and 10.67 m
@ 0.54 % Zn with 1.52 m @ 1.52% Zn and 0.2,3 % Pb, at the interception with the
structure projection. CCR-69 located at hanging wall rock of La Colorada structure
intercepted very low gold anomaly and 13.76 m @ 0.21 ppm Zn and 0.12 % Pb.
All drill holes reported weak and moderate chlorite + calcite ± pyrite at 15 m depth
(average).
Next tables show drill hole interceptions >0.350 ppm Au.
130
Drill hole: CCR-68, Azimuth: 245, Total depth: 170 ft, Section: A235-825 W
Anomaly
Drill hole: CCR-67, Azimuth: 245, Total depth: 140 ft, Section: A235-937.5 W
45 50 13.72 15.24 1.52 0.564 1.4 08-338-00068-02
Drill hole: CCR-69, Azimuth: 235, Total depth: 140 ft, Section: A235-1300 W
Anomaly
VI.14 EL ZORRILLO. It is located around 120 to SW from FOL area and inside of El
Rosario concession. No continuity longer than 200 m of mineralized Qtz vein was
observed.
VI.14.1 Geology. Intrusive rocks KfPQ-PlBQ and GPB are the main outcropping
rock units, see figure 44, and sporadic narrow PQX dikes. Sparse diggings of narrow
structures were observed in this area.
VI.14.2 Alteration and structures. At GPB intrusive rock was developed moderate
propylitic alteration (chlorite + Calcite ± Py), and in KfPQ-PlBQ was observed weak
chlorite + Py, figure 45. Both rock units are crosscut by “bull Qtz” vein, and late stage of
transparent-grayish and minor whitish narrow drusy Qtz + <Galena + <Sphalerite or Qtz
+ Hematite (after sulfide) veining. In sporadic small patches were developed grayish Qtz
stockwork, as well as, small patches with phyllic alteration (sericite + <quartz).
VI.14.3 Rock chip geochemistry. Sampling on weakly banded Qtz vein and not-
banded Qtz vein crosscutting to “bull Qtz” vein shown two groups of gold mineralized
veins, including moderate and very low lead-zinc gold-bearing veins. This veins grade
mostly in two ranges 0.026-0.202 ppm Au and 0.503-3.400 ppm Au, one sample 6.440
ppm Au, four samples grade 38-115 ppm Ag and the rest of samples could be group in
the ranges 2-7 ppm Ag and <1 ppm Ag, see figure 46. Lead and Zinc grade in two
ranges; 1,010-8,780 ppm Pb and 20-340 ppm Pb; 800-4,200 ppm Zn and 50-530 ppm Zn.
Arsenic ranges from <10-20 ppm and 60-360 ppm.
131
Figure 44. Geology map of El Zorrillo Zone.
132
Figure 45. Alteration and structure map of El Zorrillo zone.
133
Figure 46. Surface rock chip sampling map of El Zorrillo zone, including Au assays in ppm..
134
VII. CONCLUSIONS
Caliche project include several low sulfidation epithermal banded Qtz veins that together
make system of 3 km long and 3 km wide, rock chip sampling at surface shows often
good Au anomaly for veins and stockwork, but after 50-80 m interceptions Qtz veins
tends to be lower Au grade, and outcropping stockwork zones are shallow continuity
probably limited by low angle pre-mineral (?) faults (e.g. Cabeza Blanca and Cuervos
footwall rock). In the other hand, hanging wall splays could be up to 100 m continued but
<6.10 m wide and low grade.
Au mineralization is structurally controlled by normal listric fault system and major fault
host “Bull” Qtz vein and “opening” for Au mineralized Qtz veining of 150-200 m long
and <15 m wide with Au mineralized Qtz veining stage. Splays are narrow and low grade
often dipping opposite and minor subparallel to main structures located at hanging wall
rock and only in Japoneses area are located at footwall rock.
Inferred resources after drilling assays can be estimated 19,267 Oz for Cuervos area,
36,913 Oz for Japoneses, 11,015 Oz at Abejas and 8,558 Oz in Cabeza Blanca area, that
together make 75, 753 Oz within 2,628,073 ton with 0.992 Au gr/ton as grade average,
considering 2.5 gr/ton density rock and 50-80 m continuity of Au grade in structures,
however, Au mineralization is mostly restricted to main structures and mostly 120-160 m
spaced between them and splays are narrow and low grade.
Potential for Huevo de Oro East, Bellotozo, La Gloria South projection, Boludito, Veta
de oro, Boludito 2 south projection, La Española, and Silicified area between Boludito
No. 2 and Japoneses, it can be estimated as 208,620 Oz within 6,951,500 tons with grade
of 0.9-1.0 Au gr/ton.
Alteration styles intercepted by drilling show continuity of veining but as the “barren” or
very low grade stage or narrow low grade structures, and sometimes high base metal
anomaly, as well as, at shallow depths start interception of propylitic assemblages for
some targets, and sporadically narrow intervals with argillic alteration. Also Au
supergene enrichment could have happened due to lack of zoning and Au mineralization
present between 50-70 m depth in main structures.
Based on a goal of 1,000,000 Oz plus for Corex Global, and a total potential as much of
285,000 Oz for the project spread in several narrow targets and large distance spaced
between them, shallow continuity at depth for mineralized structures and unfavorable
alteration at depth, and a depth hydrothermal system evidence after drilling, no further
work is recommended for this project.
135
VIII. ANNEX
VIII.1 Drill hole data base (see spreadsheet in different file and document).
VIII.2 Rock chips raw assays for surface and drill hole samples. (see spreadsheet
in different file and document).
VIII.3. Trenches rock chip sample data base (see spreadsheet in different file and
document).
136

Cerro Caliche Project Summary Report July 2007

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Cerro Caliche Project Summary Report July 2007

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CERRO CALICHE PROJECT

M.S. Geol. Isidro Iván Flores Vásquez

Resource Geosciences de Mexico S.A. de C.V.

II. GEOLOGICAL SETTING ………………….......…………………………….. 11

III. DEPOSIT GEOLOGY ………………….......………………………………… 11

VII. CONCLUSIONS ………………………………………………………………

Cerro Caliche project is located at Cucurpe Municipality in Sonora, Mexico, it encloses

I.1 LOCALIZATION AND ACCESS

I.2 PREVIOUS WORK

I.3 PROPERTY STATUS

Caliche Project Mpio. Cucurpe, Sonora

Date: June, 2007 Scale: By:

Figure 2. Distribution of concession optioned for Cerro Caliche project.

II. GEOLOGICAL SETTING

This hydrothermal system was developed in an Upper Jurassic-Lower Cretaceous

III. DEPOSIT GEOLOGY

III.1 UPPER JURASSIC-LOWER CRETACEOUS SEDIMENTARY SEQUENCE.

III.1.3 ITVS. Intermediate tuff-breccia and volcanoclastic dominated rock unit,

III.1.5 AkSS-ALSS. It is overlain to ITVS, consist of 0.5-1 mm grain size mostly

IV. ALTERATION AND STRUCTURES

85-90¦ 50¦ LA MAGDALENA EL DESPRECIO

HUEVO DE ORO 80¦

75¦ (?) 80¦ 80¦ 70¦

45¦ 75¦ 60¦

75¦ BUENA SUERTE 75¦ 70¦

75¦ ZONE 75¦

55¦ 60¦ 45¦ 60¦

LA COLORADA 55¦ 80¦ 50¦ 60¦

LA MINA MARIA 70¦

75¦ 65¦ 85¦ 65¦ 60¦

45¦ 80¦ 60¦

60¦ 70-60¦ 70¦

45¦ 70¦ 60¦

EL ZORRILLO OLD WORKING

55¦ LAS CUEVITAS

Figure 5. Rock chip sampling on Caliche project, showing Au assays in ranges.

Figure 6. Au/Ag rate versus Au.

Cuervos South Structure

Inferred structure or Au mineralization

Infered minor structure or weak Au

Au & Ag assay interval >0.35 Au

Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn

Date: July, 2008 Scale: 1: 1250 File: Cuervos 275.dwg

Figure 10a. Section A235-275 Cuervos south structure projection.

Inferred structure or Au mineralization

Infered minor structure or weak Au

Au & Ag assay interval >0.35 Au

Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn

Date: July 2008 Scale: 1: 1250 File: Cuervos 325.dwg

Cuevos South Projection

Inferred structure or Au mineralization

Infered minor structure or weak Au

Au & Ag assay interval >0.35 Au

Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn

Date: July 2008 Scale: 1: 1250 File: Cuervos 400.dwg

Inferred structure or Au mineralization

Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn

Date: July 2008 Scale: 1: 1250 File: Cuervos 500.dwg

Figure 10d. Section Cuervos A235-500.

Drawn by: X.Valenzuela Checked: I. Flores Approved: A.Hitchborn

Date: July 2008 Scale: 1: 1250 File: Cuervos 525.dwg

Figure 10e. Section Cuervos A235-525.

La Mina Maria Structure