| AZTEC PROPERTY, NEVADA
The Aztec property is
located four kilometres to the southwest of the Goldfield mining
district in Esmeralda County and consists of 56 claims totalling 450
hectares. This mining district, in concert with the Northumberland,
Manhattan, Round Mountain, Gold Hill and Tonopah mining districts, lie
along the Round Mountain Goldfield Trend (“RMGT”). Over 17 million
ounces of gold have been produced along the RMGT.
Numerous companies
drilled widely-spaced, shallow holes on different parts of Aztec, but
most holes were very shallow (with exception, to less than depths of
240ft). Drilling and mapping defined a Tertiary dome-like pervasively
altered and mineralized rock feature that is underlain by Paleozoic
silicified carbonates, but most of the area is covered by Quaternary
gravels.
Exploration: A systematic (60mx30m) multi element geochemical soil
survey over the northwest sector of the property was completed; the samples were
analyzed for gold plus 34 elements. The survey defined a major gold
anomaly (30-729 parts per billion) which trends north-south (1200 metres x 250 metres) and
includes major anomalous northeast-striking components; coincident
anomalies are present in other elements. The
anomalies reflect the north-south belt of alteration/gold mineralization
and the northeast trending fabric of gold-bearing faults, fractures and
quartz veins.
A 225-metre blasting/trenching and sampling program was completed in late
2007 on the gold targets defined by the geochemical survey. Grades
range from 0.3 grams/tonne to 4.0 grams/tonne for gold and average 0.6 grams/tonne to 1.2 grams/tonne in the
mineralized sections. This work has defined several drill targets, which will be drilled during fiscal Q2, 2010.
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