Namiquipa-Initial-Inferred-Resource

Transcription

TECHNICAL REPORT
NAMIQUIPA SILVER DEPOSIT
NAMIQUIPA, CHIHUAHUA
MEXICO
29 November 2012
PREPARED FOR
CERRO RESOURCES NL
BY
T. J. Carew M.Sc, P.Geo., Principal, Reserva International LLC
B. R. Fleshman BS Geology, FAusIMM (CP Geol) Exploration Manager Cerro Resources
T. A. Leahey BSc (Hons), MAusIMM (CP) of Computer Aided Geoscience Pty Ltd
Namiquipa Deposit Technical Report
DATE AND SIGNATURE PAGE
The effective date of this Technical Report, entitled “Technical Report – Namiquipa Silver Deposit,
Namiquipa, Chihuahua, Mexico” is 29 November 2012. The undersigned have prepared the Technical
Report in accordance with the National Instrument 43-101F1 guidelines for Technical Reports.
29 November 2012
T J Carew, P.Geo. (APEGBC)
29 November 2012
B R Fleshman, FAusIMM (CP)
29 November 2012
T A Leahey, MAusIMM (CP)
Page i
CERTIFICATE OF AUTHOR
I, Timothy J Carew, do hereby certify that:
1.
I reside at 12955 Fieldcreek Lane, Reno, NV 89511, USA
2.
I am a graduate from the University of Rhodesia with a B.Sc. (Hons) Degree in Geology (1970),
and of the University of London (RSM – 1982), with a M.Sc. Mineral Production Management
degree, and I have practiced my profession continuously since that time.
3.
I am a member of the Association of Professional Geoscientists and Engineers of British
Columbia (Membership Number 19706).
4.
I am a consulting geoscientist and the Principal of Reserva International LLC., a company
incorporated in Nevada, USA.
5.
I am a Qualified Person for the purposes of NI 43-101 with regard to a variety of mineral
deposits and have knowledge and experience with Mineral Resource and Mineral Reserve
estimation parameters and procedures and those involved in the preparation of technical
studies..
6.
I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43101”) and certify that by reason of my education, affiliation with a professional association (as
defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a
“qualified person” for the purposes of NI 43-101.
7.
I was responsible for the overall compilation and review of all sections of the Technical Report
entitled “Technical Report – Namiquipa Silver Deposit, Namiquipa, Chihuahua, Mexico” and
dated 29 November 2012 (the “Technical Report”) by Cerro Resources NL (“Cerro”). I visited the
deposit in October 2012
8.
I have no personal knowledge as of the date of this certificate of any material fact or change,
which is not reflected in this report.
9.
Neither I, nor any affiliated entity of mine, is at present, under an agreement, arrangement or
understanding or expects to become, an insider, associate, affiliated entity or employee of Cerro
Resources NL or any associated or affiliated entities.
10.
Neither I, nor any affiliated entity of mine own, directly or indirectly, nor expect to receive, any
interest in the properties or securities of Cerro Resources NL or any associated or affiliated
companies.
Page ii
11.
Neither I, nor any affiliated entity of mine, have earned the majority of our income during the
preceding three years from Cerro Resource NL or any associated or affiliated companies.
12.
I have read NI 43-101 and Form 43-101F1 and have prepared this report in compliance with NI
43-101 and Form 43-101F1, and have prepared the above mentioned sections of the report in
conformity with generally accepted Canadian mining industry practice.
13.
I consent to the filing of this report with any stock exchange and other regulatory authority and
any publication by them, including electronic publication in the public company files on their
websites accessible by the public.
Signed by
“Timothy Carew” (Original Signed and Sealed)
Timothy J. Carew, P.Geo., B.Sc., M.Sc.
Dated this 29 November, 2012.
Page iii
CONSENT OF AUTHOR
Timothy Carew
CONSENT OF QUALIFIED PERSON
I, Timothy Carew, consent to the public filing of the technical report titled “Technical Report –
Namiquipa Silver Deposit, Namiquipa, Chihuahua, Mexico” and dated 29 November 2012 (the
“Technical Report”) by Cerro Resources NL (“Cerro”).
I also consent to the publication by Cerro of any extracts from or a summary of the Technical Report
for regulatory purposes, including electronic publication on Cerro’s website and news release.
I certify that I have read the news release of Cerro dated October 24, 2012 that the Technical Report
supports and that it fairly and accurately represents the information in the sections of the technical
report.
Dated this 29th day of November 2012.
Timothy J. Carew
Page iv
Bill Fleshman
16025 Edmands Dr.
Reno, NV 89511
Telephone: 775-219-5791
Email: [email protected]
I, Bill Fleshman do hereby certify that:
1. I am Exploration Manager and Senior Geologist contracted to Cerro Resources.
2. I graduated with a Bachelor of Science degree in geology from Western Washington State
University in 1973.
3. I am a Chartered Professional and Fellow of the Australian Institute of Mining and Metallurgy.
In addition I am a Member of the Society for Mining, Metallurgy and Exploration (SME).
4. I have worked as a geologist for a total of 37 since my graduation from university.
5. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI43101”) and certify that by reason of my education, affiliation with a professional association (as
defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a
“qualified person” for the purposes of NI 43-101.
6. I am responsible for the preparation of Sections 5 and 8 for the technical report titled
“Technical Report – Namiquipa Silver Deposit, Namiquipa, Chihuahua, Mexico” and dated 29
November 2012 (the “Technical Report”) by Cerro Resources NL (“Cerro”). I have spent
approximately two years on the property.
7. I have had prior involvement with the property that is the subject of the Technical Report. The
nature of my prior involvement is I am the exploration and resident project manager. My
involvement has included managing the compilation of historic data as well as planning and
implementing drill programs and coordinating geologic core logging.
8. I am not aware of any material fact or material change with respect to the subject matter of the
Technical Report that is not reflected in the Technical Report, the omission to disclose which
makes the Technical Report misleading.
9. I am not independent of the issuer applying all of the tests in section 1.4 of National
Instrument 43-101. My income as a geologist is derived from payment from Cerro Resources.
10. I have read National Instrument 43-101 and Form 43-101F1, and the Technical Report has
been prepared in compliance with that instrument and form.
Page v
11. I consent to the filing of the Technical Report with any stock exchange and other regulatory
authority and any publication by them for regulatory purposes, including electronic publication
in the public company files on their websites accessible by the public, of the Technical Report.
Dated 29 November 2012
Signed
Bill R. Fleshman
Exploration Manger
Cerro Resources Corporation
Page vi
CONSENT OF AUTHOR
Bill R Fleshman
I, Bill R. Fleshman, consent to the public filing of the technical report titled “Technical Report –
Namiquipa Silver Deposit, Namiquipa, Chihuahua, Mexico” and dated 29 November 2012 (the
“Technical Report”) by Cerro Resources NL (“Cerro”).
I also consent to the publication by Cerro of any extracts from or a summary of the Technical Report
for regulatory purposes, including electronic publication on Cerro’s website and news release.
I certify that I have read the news release of Cerro dated October 24, 2012 that the Technical Report
supports and that it fairly and accurately represents the information in the sections of the technical
report for which I am responsible.
Dated this 29th day of November 2012.
B R. Fleshman,
Page vii
Trevor Allen Leahey
Managing Director
Computer Aided Geoscience Pty Ltd
Unit 4, 41 Riverview Terrace
Indooroopilly QLD 4068
AUSTRALIA
I, Trevor Allen Leahey, BSc (Hons), Member AusIMM, Chartered Professional Geologist am a director of
Computer Aided Geoscience Pty Ltd.
I graduated with a BSc (Hons) Degree in Exploration Geology and Geophysics from University of Sydney in
1977.
I am a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Chartered Professional
Geologist.
I have worked as a geologist for a total of 35 years since my graduation from university in base metal and
gold exploration, mine development and mine geology. Under the auspices of Computer Aided Geoscience Pty
Ltd I have worked as an independent consultant for 25 years providing geologic and data analysis services to a
range of Australian, US and Canadian companies.
I have read the definition of “qualified person” set out in National Instrument 43-101 (NI 43-101) and
certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and
past relevant work experience, I fulfil the requirements to be a “qualified person” for the purposes of NI 43101.
I am responsible for the preparation of Sections 1-4, 6-7, 9-14, 23-27 of “Technical Report – Namiquipa Silver
Deposit, Namiquipa, Chihuahua, Mexico” and dated 29 November, 2012 relating to the Property. I have worked on
site during the period January to September 2012.
I have had an involvement in the Property since January 2012. The nature of this involvement has been the
geologic review and quality control of the exploration data and the resource calculation.
As at the date of this certificate, to the best of my knowledge, information and belief, the Technical Report
contains all scientific and technical information that is required to be disclosed to make the Technical Report not
misleading.
I am not independent of the issuer in accordance with Section 1.4 of NI 43-101 as Computer Aided Geoscience
holds shares in Cerro. In addition, in the last 3 years more than 50% of Computer Aided Geoscience’s
consulting income has been sourced from Cerro Resources and associated companies.
I have read National Instrument 43-101 and Form 43-101 F1, and the Technical Report has been prepared in
compliance with that instrument and form.
Trevor A Leahey MAusIMM (CP)
Page viii
CONSENT OF AUTHOR
Trevor Allen Leahey
Managing Director
Unit 4, 41 Riverview Terrace
Indooroopilly QLD 4068
AUSTRALIA
I, Trevor Allen Leahy, consent to the public filing of the technical report titled “Technical Report – Namiquipa
Silver Deposit, Namiquipa, Chihuahua, Mexico” and dated 29 November 2012 (the “Technical Report”) by Cerro
Resources NL (“Cerro”).
I also consent to the publication by Cerro of any extracts from or a summary of the Technical Report for regulatory
purposes, including electronic publication on Cerro’s website and news release.
I certify that I have read the news release of Cerro dated October 24, 2012 that the Technical Report supports
and that it fairly and accurately represents the information in the sections of the technical report for which I am
responsible.
Trevor A Leahey, MAusIMM (CP)
Page ix
TABLE OF CONTENTS
DATE AND SIGNATURE PAGE ........................................................................................ i
ITEM 1:
SUMMARY .................................................................................................... 1
ITEM 2:
INTRODUCTION ........................................................................................... 3
2.1
Personnel and Responsibilities ............................................................................................ 3
2.1.1
Reserva International Ltd ..................................................................................................... 3
2.1.2
Bill Fleshman ........................................................................................................................ 3
2.1.3
Computer Aided Geoscience Pty Ltd ................................................................................... 3
2.2
Scope of Personal Inspections ............................................................................................. 3
2.2.1
Reserva International Ltd ..................................................................................................... 3
2.2.2
Bill Fleshman ........................................................................................................................ 4
2.2.3
Computer Aided Geoscience Pty Ltd ................................................................................... 4
ITEM 3:
RELIANCE ON OTHER EXPERTS ............................................................... 4
ITEM 4:
PROPERTY DESCRIPTION AND LOCATION .............................................. 4
4.1
Location ................................................................................................................................ 4
4.2
Tenements ............................................................................................................................ 4
ITEM 5:
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY.................................................................................................. 7
ITEM 6:
HISTORY ...................................................................................................... 8
ITEM 7:
GEOLOGICAL SETTING AND MINERALIZATION........................................ 9
7.1
Regional Geology ................................................................................................................. 9
7.1.1
Stratigraphy .......................................................................................................................... 9
7.1.2
Structure ............................................................................................................................. 10
7.1.3
Mineralization ..................................................................................................................... 10
7.2
Local Geology..................................................................................................................... 10
7.2.1
Stratigraphy ........................................................................................................................ 10
7.2.2
Structure ............................................................................................................................. 11
Page x
7.2.3
Alteration ............................................................................................................................ 11
7.2.4
Mineralization ..................................................................................................................... 12
ITEM 8:
DEPOSIT TYPES ........................................................................................ 18
ITEM 9:
EXPLORATION ........................................................................................... 20
9.1
Surface Mapping ................................................................................................................ 20
9.2
Soil Geochemistry .............................................................................................................. 20
9.3
Geophysical Surveying ....................................................................................................... 21
9.3.1
Magnetics ........................................................................................................................... 21
9.3.2
Complex Resistivity Induced Polarization .......................................................................... 23
ITEM 10:
DRILLING.................................................................................................... 25
10.1
Cerro Resources Drilling .................................................................................................... 25
10.2
Drill-hole Surveying ............................................................................................................ 25
10.2.1 Hole Collar Surveying ......................................................................................................... 25
10.2.2 Down-hole Surveying ......................................................................................................... 25
10.3
Data Capture ...................................................................................................................... 27
10.4
Logging & Sampling Protocols ........................................................................................... 27
10.4.1 Geological Logging ............................................................................................................. 27
10.4.2 Density Measurements ....................................................................................................... 27
10.4.3 Core Cutting ....................................................................................................................... 29
10.4.4 Core Sampling .................................................................................................................... 29
10.5
Relationship of Drill Intersection to True Width .................................................................. 29
ITEM 11:
SAMPLE PREPARATION, ANALYSES AND SECURITY............................ 30
11.1
Assaying Methods .............................................................................................................. 30
11.2
QAQC ................................................................................................................................. 31
11.2.1 Duplicate Samples .............................................................................................................. 31
11.2.2 Standard Reference Samples ............................................................................................ 33
11.2.3 Blanks ................................................................................................................................. 48
Page xi
11.5
Sample Security ................................................................................................................. 52
11.6
Assay Database ................................................................................................................. 52
11.7
Statement of Adequacy ...................................................................................................... 52
ITEM12:
DATA VERIFICATION ................................................................................. 52
ITEM 13:
MINERAL PROCESSING AND METALLURGICAL TESTING ..................... 53
ITEM 14:
MINERAL RESOURCE ESTIMATES .......................................................... 53
14.1
Resource Estimation Database .......................................................................................... 53
14.2
Geological Modelling .......................................................................................................... 53
14.2.1 Model Boundary ................................................................................................................. 53
14.2.2 Topography ........................................................................................................................ 54
14.2.3 Geology .............................................................................................................................. 54
14.3
Sample Statistics ................................................................................................................ 57
14.4
Compositing and Statistics ................................................................................................. 59
14.5
Variography ........................................................................................................................ 62
14.6
Grade Modelling ................................................................................................................. 62
14.7
Model Validation ................................................................................................................. 62
14.8
Resource Classification ...................................................................................................... 66
14.9
Resource Estimate ............................................................................................................. 66
14.10
Resource Estimate Risk ..................................................................................................... 67
ITEM 23:
ADJACENT PROPERTIES.......................................................................... 68
ITEM 24:
OTHER RELEVANT DATA.......................................................................... 68
ITEM 25:
INTERPRETATION AND CONCLUSIONS .................................................. 68
ITEM 26:
RECOMMENDATIONS ............................................................................... 68
ITEM 27:
REFERENCES ............................................................................................ 69
Page xii
LIST OF FIGURES
FIGURE 1 LOCATION PLAN ......................................................................................................................... 5
FIGURE 2 TENEMENT MAP ......................................................................................................................... 6
FIGURE 3 SURFACE GEOLOGY MAP ......................................................................................................... 14
FIGURE 4 GEOLOGY CROSS SECTION ...................................................................................................... 15
FIGURE 5 GROUND MAGNETICS WITH VEIN OVERLAY ................................................................................ 16
FIGURE 6 S-N LONG SECTION THROUGH THE NAMIQUIPA PROSPECT SHOWING THE PRINCIPAL
STRATIGRAPHIC UNITS (VIEW TO THE W EST) ..................................................................................... 17
FIGURE 7 INTERPRETED VEIN MORPHOLOGY BASED ON HISTORIC RECORDS AND PLAN MAPS OF W ORKINGS.
...................................................................................................................................................... 17
FIGURE 8 FLUID FLOW PATH FOR NAMIQUIPA MINERALISATION CULMINATING IN THE UPPER LEVEL LEVEL OF 18
FIGURE 9 ZONATION WITHIN POLYMETALLIC AG STYLE EPITHERMAL MINERALISATION (COBETT, 2012). ....... 20
FIGURE 11 SURFACE EXPRESSION OF RESISTIVITY AND LOCATION OF SURVEY LINES ................................ 24
FIGURE 12 IP LONG SECTION OVERLYING GEOLOGY................................................................................ 25
FIGURE 13 DRILL-HOLE LOCATION ........................................................................................................... 26
FIGURE 14 SUMMARY OF DRILL-HOLE COLLAR DIPS .................................................................................. 30
FIGURE 15 ELEMENTS ASSAYED UNDER METHOD ME-ICP61 .................................................................. 31
FIGURE 16 DUPLICATE SAMPLE STATISTICS ............................................................................................. 33
FIGURE 17 DISTRIBUTION OF STANDARDS BY DRILL-HOLE ......................................................................... 34
FIGURE 18 DISTRIBUTION OF STANDARDS WITHIN DRILL-HOLES ................................................................ 34
FIGURE 19 OREAS 131A........................................................................................................................ 37
FIGURE 20 OREAS 131A RPE PLOTS ..................................................................................................... 38
FIGURE 21 OREAS 133A........................................................................................................................ 40
FIGURE 23 OREAS 134A........................................................................................................................ 43
FIGURE 25 OREAS 36A.......................................................................................................................... 46
FIGURE 26 OREAS 36A RPE PLOTS ....................................................................................................... 47
FIGURE 27 DISTRIBUTION OF BLANKS BY DRILL-HOLE ................................................................................ 48
FIGURE 28 DISTRIBUTION OF BLANKS WITHIN DRILL-HOLES ....................................................................... 49
FIGURE 29 COMPARISON OF BLANK VS PRECEEDING SAMPLE VALUE - IN QUARTZ ..................................... 50
FIGURE 30 COMPARISON OF BLANK VS PRECEEDING SAMPLE VALUE IN RHYOLITE..................................... 51
FIGURE 31 PROPOSED PARAGENETIC SEQUENCE .................................................................................... 55
FIGURE 32 GEOLOGICAL ZONES ON THE 1800 LEVEL ................................................................................ 56
FIGURE 33 SAMPLE DATA - LOG PROBABILITY PLOTS ............................................................................... 58
FIGURE 34 BHA - CHANGE IN VARIANCE .................................................................................................. 59
Page xiii
FIGURE 35 COMPOSITE DATA - LOG PROBABILITY PLOTS.......................................................................... 61
LIST OF TABLES
TABLE 1 RESOURCE SUMMARY .................................................................................................................. 2
TABLE 2 TENEMENT INFORMATION. ............................................................................................................ 7
TABLE 3 MINERA VENTUROSA S.A. PRODUCTION 1948 TO 1955................................................................. 8
TABLE 4 ANALYSIS OF SG DATA BY DEPTH ............................................................................................... 28
TABLE 5 SUMMARY OF SG REGRESSION STATISTICS ................................................................................ 29
TABLE 6 DISTRIBUTION OF QAQC SAMPLES ............................................................................................. 32
TABLE 7 DUPLICATE SAMPLE STATISTICS ................................................................................................. 32
TABLE 8 OREAS 131A STATISTICS ......................................................................................................... 36
TABLE 10 OREAS 134A STATISTICS ....................................................................................................... 42
TABLE 12 MODEL DEFINITION .................................................................................................................. 54
TABLE 13 CUTOFFS FOR MINERALIZATION CODING .................................................................................... 54
TABLE 14 GEOLOGY CODES .................................................................................................................... 57
TABLE 15 SUMMARY STATISTICS SAMPLE DATA ....................................................................................... 59
TABLE 16 BENCH HEIGHT ANALYSIS SUMMARY FOR SILVER ..................................................................... 59
TABLE 17 SUMMARY STATISTICS COMPOSITE DATA.................................................................................. 60
TABLE 18 INDICATOR VARIOGRAMS FOR HIGH GRADE / LOW GRADE PARTITIONING .................................. 63
TABLE 19 LOG VARIOGRAMS FOR MINERALIZED COMPOSITES .................................................................. 64
TABLE 20 SUMMARY OF SEARCH PARAMETERS ........................................................................................ 65
TABLE 21 SUMMARY STATISTICS MODEL DATA......................................................................................... 65
TABLE 22 MINERAL RESOURCE ESTIMATE FOR THE NAMIQUIPA PROJECT .................................................. 67
TABLE 23 RESOURCE SUMMARY BY CUT-OFF GRADE ............................................................................... 67
LIST OF APPENDICES
APPENDIX 1 DRILL-HOLE COLLAR SUMMARY .................................................................................. 70
Page xiv
TECHNICAL ABBREVIATIONS
Ag
ALS
Cerro
cm
CRIP
Cu
DBF
DDH
g
GPS
g/t
HQ
HWT
ICP
ICP-AES
2
ID
kg
km
2
km
m
3
m
mm
Mt
Namiquipa
NQ
OK
Pb
Project
ppm
QAQC
RQD
RPE
SG
t
UV
UTM
XRF
Zn
0
C
µm
P80
%
Silver
ALS Group (Laboratory service)
Cerro Resources NL
centimetre
Complex Resistivity Induced Polarization
Copper
X-base DataBase File
Diamond drill-hole
gram
Global Positioning System
grams per tonne
drill core with a diameter of 63.5 mm
drill casing with a nominal hole diameter of 100mm
inductively coupled plasma
inductively coupled plasma atomic emission spectrometry
inverse distance squared
kilogram
kilometre
square kilometre
metre
cubic metres
millimetre
million tonnes
Namiquipa Project
drill core with a diameter of 47.6 mm
Ordinary Kriging
lead
Namiquipa Project
parts per million
Quality Assurance Quality Control
Rock Quality Designation
Relative Percentage Error
Specific Gravity
tonne
ultra violet
Universal Transverse Mercator
X-ray Fluorescence
zinc
degrees Celsius
micron
80%passing (a nominated mesh size)
percent
Page xv
Namiquipa Silver Deposit Technical Report
ITEM 1:
SUMMARY
This Technical Report was prepared to support the October 24, 2012 news release of Cerro Resources
NL (Cerro), and details the resource estimation process and results by Cerro for its Namiquipa Silver Deposit
(The Property), in the state of Chihuahua, Mexico.
The Namiquipa deposit is located adjacent to the village of El Terrero in Chihuahua, Mexico, 145 km westnorthwest of the City of Chihuahua.
The deposit occurs as a low-sulphidation epithermal system transecting a suite of shallow dipping breccias
and ignimbrites of andesitic and rhyolitic composition. Extensive silicification has occurred around a major
north trending shear zone that is host to the epithermal veins.
Following acquisition of the property in 2010 a concerted exploration effort by Cerro during 2011-12 has
enabled this maiden resource estimation.
A total of 86 diamond holes were drilled in 2011-12 for 32,151 meters to principally test the Princesa vein
system at the historic La Venturosa Silver Mine. A small number of these holes were also drilled as initial
evaluation of the sub-parallel America vein system as well as the Mexico and Esmeralda veins.
Drilling has been completed on nominal 50 meter sections transverse to the vein system with holes designed to
test the target mineralization at 100 meter centers. Except for high grade veins that were stratigraphically
sampled the drill-holes were generally sampled on one meter intervals. Drill samples were submitted to the ALS
Group for sample preparation in Chihuahua and assayed by method code ME-ICP61 (a 33 element four acid
ICP-AES procedure) in Vancouver.
On-going analysis of QAQC data using ORE proprietary standards
indicates no systematic variations that are outside of expected laboratory error of ± 10%.
The mineralization occurs as the superposition of three related mineralizing events that were rich in zinc, lead
and silver. Interpretations of the broad mineralization boundaries, as defined by drill-hole intercepts, were
interpreted in vertical cross-section and plan view to define the extent and geometry of the mineral system.
Internal zonation of this mineral system into high grade and low grade zones for each of silver, lead and zinc
was achieved using indicator kriging. Sample statistics indicate lognormal unimodal populations for silver,
lead and zinc. Variograms are poorly defined due to the wide drill spacing but do indicate a cross-strike range
of around 20-30 meters. Block grades for silver, lead and zinc were interpolated using Ordinary Kriging
based on 2 meter composited assay data located within geologically defined, oriented and scaled search
ellipsoids. Separate ellipsoids were used to match the structural orientations of the principle veins. The
same search and interpolation parameters were used for all models.
Page 1
The resource was calculated as the tonnage weighted sum of grades within the interpreted mineralized zones
whose silver equivalent grade was in excess of the appropriate cutoff. Tonnages were estimated from a
density database of 5,728 samples.
At a cutoff grade of 100 g/t AgEq the Namiquipa resource is 4.6 million tonnes grading 103 g/t silver, 0.9%
lead and 1.7% zinc for an average silver equivalent grade of 154g/t (Table 1). Silver Equivalent grades were
calculated using the 12 month average metal prices of US$31.50/oz Silver; US$0.89/lb Zinc; and US$0.92/lb
Lead. Metal recoveries were not considered in the calculation.
As the drill density is sufficient to define the continuity and shape of the mineralization but insufficient to map
meso scale grade variations within the mineralized zones the resource is classified as Inferred.
Table 1 Resource Summary
Resource
Category
Inferred
Tonnes
M
4.6
AgEq
g/t
154
Ag
g/t
103
Pb
%
0.91
Zn
%
1.66
Ag
Moz
15
Pb
‘000 t
41
Zn
‘000 t
76
Footnotes:
1. Mineral resource estimated according to CIM definitions.
2. Mineral resources are reported at a cut-off grade of 100 AgEq g/t.
3. The Silver equivalent grades (“AgEq”) have been calculated using the 12 month average metal prices of
US$31.50/oz Silver; US$0.89/lb Zinc; and US$0.92/lb Lead. Metal recoveries are not considered in this
calculation.
4. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate
of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
Page 2
ITEM 2:
INTRODUCTION
This Report has been prepared at the request of Cerro Resources NL. It has been prepared to provide an
estimate of the currently defined resource at the Namiquipa Silver Deposit.
This technical report is based on information obtained from exploration activities undertaken at Namiquipa by
Minera Tasmania SA de CV [“MT”] on behalf of Cerro Resources between 2011 and 2012. Minera Tasmania
SA de CV is a wholly owned Mexican subsidiary of Cerro. The data source is an exploration database
compiled by MT staff and its consultants based on geologic mapping, geochemical and geophysical sampling
and drilling. Additional information on the regional geology and stratigraphy is based on literature in the
public domain.
Two consulting geologists and an independent geoscience consultant have compiled the report. Each is
listed below with their respective items of responsibility and sources of information.
2.1
Personnel and Responsibilities
2.1.1
Reserva International LLC
Tim Carew is the independent qualified person responsible for supervising the preparation of the technical
report. Mr Carew assumes overall responsibility for all sections of this report.
2.1.2
Bill Fleshman
Bill Fleshman is the qualified person responsible for project management including the design, execution and
interpretation of the exploration data. Mr Fleshman prepared Sections 5 and 8 of this Report.
2.1.3
Trevor Leahey is the qualified person responsible for exploration data review and the resource estimation.
Mr Leahey prepared Sections 1 to 4, 6 to 7, 9 to 14 and 23 to 27 of this Report.
2.2
Scope of Personal Inspections
2.2.1
Reserva International Ltd
th
Tim Carew visited the Namiquipa site on 18-19
October 2012. Mr. Carew reviewed core logging and
sampling procedures, conducted data validation exercises and took an independent check sample.
Page 3
2.2.2
Bill Fleshman
Bill Fleshman has spent two years in Namiquipa, from 2011 to 2012, supervising the project.
2.2.3
Trevor Leahey spent a total of 5 months on site during the period January to September 2012.
ITEM 3:
RELIANCE ON OTHER EXPERTS
With respect to tenure the authors have relied on copies of translated documents provided by Cerro
Resources NL.
ITEM 4:
4.1
PROPERTY DESCRIPTION AND LOCATION
Location
The Property is located in Chihuahua State, Northern Mexico, at latitude 29.1822°N, longitude 107.36156°W
(Figure 1). The UTM coordinates (NAD27) of the Princesa Shaft are 0270342mE 3230311mN. The Property
is located approximately 145 kilometres west-north-west of the city of Chihuahua within the Namiquipa Mining
District at an elevation of 1,900 m. The historic workings of the underground mine, Minera Venturosa, are
located adjacent to and south-east of the village of El Terrero (Figure 2).
4.2
Tenements
Minera Tasmania S.A. de C.V. holds title to the Property an area of 4,400ha through three granted mining
concessions; - the Tasmania, Rolys and the America (Table 2, Figure 2). Mining Title Concessions are
granted by the Secretaria de Economia Coordinacion General de Minera Direccion General de Minas
(Ministry of Mines in Mexico).
Minera Rio Tinto retains a 2% NSR from which Minera Tasmania can purchase 50% of the NSR for
US$1,000,000 plus 16% IVA tax before production starts. Minera Rio Tinto also owns approximately 200
hectares of private property which encompasses all of the America Concession and some area outside of the
America Concession. Private property grants surface rights but not mineral rights to the owner. The Option
Page 4
Agreement of 22 July 2008 allows Minera Tasmania full access to the private property to carry out exploration
and other activities which may impact the said land at no additional cost to Minera Tasmania. In the event
Minera Tasmania proceeds to develop a mine within the America Concession, or within the private property,
Minera Tasmania will be obliged under the terms of the Option Agreement to buy the private land from Minera
Rio Tinto for an amount equal to the market value of the land at the time.
Figure 1 Location Plan
Page 5
Figure 2 Tenement Map
Page 6
Table 2 Tenement Information.
Concession
Name
Tasmania
Concession
Number
227076
America
219975
Grant Date
Expiry Date
Minera Tasmania S.A. de C.V.
Area
(Ha)
4,226
04 May 2006
03 May 2056
Exploration
136
15 May 2003
14 May 2053
37.43
04 May 2010
03 May 2060
Concession Owner
Agreement
“America
and
to
Option
purchase
Concession”
the
from
Minera Rio Tinto S.A. de C.V. –
Principal Sr. Mario Ayub of
Chihuahua, Mexico, on 22 July
2008
Rolys
236046
ITEM 5:
Minera Tasmania S.A. de C.V.
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE
AND PHYSIOGRAPHY
The Property is located approximately 145km northwest of Chihuahua City, the capital of the State of
Chihuahua. Chihuahua City has a population of 800,000 and is a major regional center served by an
international airport and is the starting point for the Chihuahua-Pacific railroad. Chihuahua has a
comprehensive range of goods and services plus extensive human resources with skills and experience of
the mining industry.
The Property has excellent access via paved road from Chihuahua City with two main options; either via four
lane Highway 45 for 60km, then to the west on two lane Highway 50 for 119km to the town of El Terrero, or
alternatively travelling west from Chihuahua City to Cuauhtémoc (population approximately 100,000) for 106
km on Highway 16, then north on Highway Chihuahua 21 towards Namiquipa for 15km, then 106km on
Highway 5, then north on Highway Chihuahua 15 for 18.8km, then east towards El Oso for 2km on
Chihuahua 50 which is also a two lane paved road that crosses the central area of the Property.
El Terrero, with a population of 2,500 is located 2.5 km to the west of the Property. El Terrero supports the
local farming community which grows apples, pears and peaches, plus livestock grazing. El Terrero has a
small hospital, a medical clinic, two small dental clinics, 3 kindergartens, 3 primary schools, one high school,
groceries stores, hardware stores, several restaurants, a bank, gas station and other amenities. The city is on
the electrical grid and has both wired and wireless internet services. Local labor is available to help with
exploration programs and mine development activities.
Page 7
The climate of this part of Mexico is continental with warm to hot days and cool to cold nights. The climate is
o
arid with annual precipitation averaging 475 mm. Warmest temperatures are approximately 40 C while the
o
coldest is -10 C. Most rainfall occurs in late summer in July, August and September. Snowfalls are rare but
there may be several each winter. Fieldwork can be carried out all year round.
One of the historic mine camp buildings located on the Property was converted to a site office and a large
well equipped core shed was constructed with core cutting, core storage and logging areas. Three phase
electrical lines were upgraded to supply stable power to the core shed and office during the latest round of
exploration drilling. Satellite internet service is installed at the office.
Physiography of the area in the vicinity of El Terrero and the Property is dominated by a north trending valley
with very gently rolling topography. El Terrero is at an elevation of 2,000 m. A north trending range of hills 5
km west of El Terrero reaches an altitude of 2,700 m.
ITEM 6:
HISTORY
The district was discovered in 1811 by the Spaniard Marciano Mascareñas with the first mining claims staked
in 1916. In 1929 the Japanese Mining Company Santo Domingo Mining Co. established a cyanidation plant
with a capacity of 75 tons per day. This was modified to a flotation circuit with 75 tons per hour capacity in
the 1930's. In 1936 the Company closed due to labour problems, low silver prices and a significant increase
in water pumping costs.
During 1946-47 H.C. Dudley and W.N. Fink of Minera Venturosa S.A. undertook a vigorous exploration
program, including diamond drilling, which resulted in the discovery of new mineralisation both in old workings
and below the mined areas. In 1948 this company established a modern plant with a 450 tons-per-day
capacity which operated until 1955 when, due to labour problems and water shortage, mining again ceased.
Total production is recorded at 737Kt for 330t silver, 25Kt lead and 37Kt zinc (Table 3).
Table 3 Minera Venturosa S.A. Production 1948 to 1955
OXIDE
Tonnes
milled
214,127
Ag
(g/t)
567
Pb
(%)
2.6
SULPHIDE
522,629
401
3.8
Zn
(%)
7.1
Ag
Metal (t)
121
Pb
metal (t)
5,556
209
19,669
Zn
Metal (t)
36,939
Page 8
In October 1990, Compania Minera de Namiquipa completed construction of a 50 ton-per-day oxide flotation
plant. This was upgraded to 120 tons per day in 1992. During the period 1990 to 2000 production was
mainly from oxide ore producing silver with low grades of lead. 341,557 tons was milled for 98,791 kg of silver
and 4,892 tons of lead. Average grades were 281 g/t Ag and 1.4% Pb.
From 2000 to 2002 sulphides from the 100 meter to 150 meter level of the ‘America’ area were mined. This
coincided with the construction in 2001 of a sulphide flotation plant with 250 ton per day capacity. This plant
produced concentrate with average grades of 1,400 g/t Ag, 18% Pb & 42% Zn that was shipped to
Pasminco’s smelter in Avonmouth, England. Mill throughput in 2001 and 2002 was 80,100 tons for 17,986 kg
of silver, 2,433 tons of lead and 6,591 tons of Zinc. The silver grade was 225 g/t, plus 3% Pb and 8.2% Zn. In
May 2002 the plant was shut down due to falling prices of zinc and silver plus increased water in the
underground workings.
ITEM 7:
GEOLOGICAL SETTING AND MINERALIZATION
7.1
Regional Geology
7.1.1
Stratigraphy
Northwest Mexico consists of translated and accreted terranes along the south-western margin of the North
American craton, which have been intruded and covered by coeval and younger igneous rocks since the
middle Mesozoic. Mesozoic and early Tertiary compressional tectonism was followed by several styles of
extensional tectonism beginning in the middle Tertiary. These events generated distinctive lithologic
sequences across the region, which are divided into the Western, Central and Eastern domains. Crosscutting the central and eastern domains, is the northwest trending Sierra Madre Occidental (‘SMO’); a Late
Cretaceous to Early Tertiary Laramide mountain building Orogeny.
The geology of the SMO is divided into the Lower Volcanic Complex (‘LVC’) and the Upper Volcanic
Supergroup (‘UVS’). The LVC is characterised by a series of andesitic volcanic and sedimentary rocks
interlayered with felsic pyroclastic units deposited during the Eocene – Oligocene. Calc-alkaline granodioritic
to granitic batholiths and stocks have intruded volcano-sedimentary rocks of the LVC. The LVC is
unconformably overlain by the UVS, a large volume of caldera-related, pyroclastic rhyolite that was deposited
during an episode of rift-type magmatism in the Middle to Late Oligocene (Masterman et al, 2006).
Page 9
7.1.2
Structure
Namiquipa lies at the southern continuation of the Basin and Range extensional setting. A component of
dextral movement on regional-scale basement NW trending faults has helped to develop extension on the NS
structures at Namiquipa.
7.1.3
Mineralization
The Mexican epithermal deposits are Tertiary in age, generally ranging from Middle Eocene to Early Miocene,
and their spatial distribution matches the distribution of the volcanism associated with the evolution of the
Sierra Madre Occidental and the Sierra Madre del Sur. In northern Mexico the deposits are divisible into two
distinct parallel but overlapping metallogenic belts containing Ag-Au and Ag-Pb-Zn ores (Figure 1). The AgAu ores are concentrated in the western belt commonly occurring in andesitic rocks that comprise the LVC.
The Ag-Pb-Zn ores are concentrated in the eastern belt and are associated with the pyroclastic rocks of the
UVS. Also situated in the east is a Pb-Zn-Ag-(Cu) metallogenic belt that is thought to have formed at higher
temperatures (>300°C) usually close to intrusive centres and predominantly hosted by carbonate units.
The Namiquipa deposit is located in the eastern Ag-Pb-Zn belt and is hosted by volcanic rocks of the UVS.
7.2
Local Geology
7.2.1
Stratigraphy
The host rocks in the vicinity of the Namiquipa deposit are comprised of an interlayered sequence of Tertiary
age felsic lapilli tuffs, welded tuffs, and andesite porphyry, all of which are silicified. The felsic rocks display
strong illite (pyrite) alteration (Figures 3, 4).
Intruding the volcaniclastic package are numerous small (20-50meter wide) high level diorite stocks exhibiting
marginal breccias.
The volcanic stratigraphy at Namiquipa, as defined by Corbett (2011, 2012) and Cummings (2012) is
believed to contain three units with possibly intervening time gaps between formations. They are:

a lower tuff unit at depth in the south which thickens across a growth fault.

the Namiquipa dome-breccia complex comprising overprinting andesite porphyry domes with contact
breccias and cut by hydrothermal breccia pipes, all with intense silica-Kfeldspar alteration, extending
in the earlier permeable tuffs.
Page 10

an upper ignimbrite unit which caps the domes to the north and becomes less altered in the
uppermost portion.
The Namiquipa dome-breccia complex is interpreted to locally overlie the earlier ‘lower tuff unit’ as an
endogenous dome-breccia complex, which many have vented to the surface (Corbett, 2012). This principle
rock type at Namiquipa is termed the coarse andesite porphyry and is rimmed by extensive andesite porphyry
breccia characterised by mainly Kfeldspar altered clasts within a chlorite matrix, although Kfeldspar flooding
of these breccias with chlorite altered clasts results from continued brecciation. Increased silica-Kfeldspar
alteration occurs at conformable brecciated dome contacts with the underlying earlier sequence. The host
permeable tuffs have undergone pervasive silica-Kfeldspar alteration in association with dome emplacement.
Several different types of andesite porphyry are recognised in drill core which include a common medium
grained andesite porphyry and other fine grained and flow banded styles. While it is difficult to distinguish
some tuffs from hydrothermal breccias, features such as the milled breccia character, disseminated matrix
and vein sulphide, the common dome clasts, along with matrix flooded Kfeldspar alteration and faulted
contacts, all suggest multiple hydrothermal breccias which have erupted from deeper level porphyry
intrusions.
7.2.2
Structure
Extensional settings such as Namiquipa are characterised by listric faults which generally host the best
precious metal mineralisation within flat plunging ore shoots localised in steeper dipping fault portions
(Corbett, 2011). The cuspate form of veins in plan view with an east dip on the main America and Princesa
veins and steep west and vertical dips on the Esmeralda and Antenna veins respectively, is consistent with a
listric fault extensional vein origin with associated hanging wall splay veins. The listric faults are broken into
segments by NW transfer structures, presumably parallel to regional fracture systems. These structures
influence changes in dip of the listric faults or otherwise limit mineralisation. Furthermore, intersections of the
listric and transfer faults appear to localise steep plunging ore shoots in the America vein at the General and
Americas shafts. While horizontal ore shoots of supergene Ag has been exploited in the Princesa vein at
about 100m deep and locally extending to deeper levels, the additional deeper mining at the America vein
might be indicative of higher Ag grades at depth.
7.2.3
Alteration
Hydrothermal alteration is classed as silica-Kfeldspar (adularia) style, typical of higher temperatures proximal
to the andesite porphyry dome source rocks. Much of the Kfeldspar may occur as the low temperature form,
adularia, and grades laterally to lower temperature chlorite-dominated alteration assemblages, as prograde
potassic grading to marginal propylitic alteration. This alteration is best developed in the andesite domes and
Page 11
contact breccias, and forms laterally extensive alteration within the permeable wall rocks and also extends
along faults, commonly as a precursor to mineralisation. Illite-pyrite wall rock alteration which is more typical
of epithermal Au deposits is only well recognised as an overprint in faults, or in the uppermost sequence of
younger ignimbrites and within the dome sequence at the southern extension of the Namiquipa structural
corridor. Green-blue clays close to locally mineralised faults may comprise celadonite which is common in
poly-metallic Ag epithermal deposits.
Magnetic imagery delineates a 3 km long NS structural corridor at Namiquipa limited to the east and west by
the bounding faults (Figure 5). While deep oxidation commonly in the order of 200m may account for much of
the magnetite destruction in the Namiquipa corridor, this is interpreted to overprint earlier magnetite
destructive illite-pyrite hydrothermal alteration. Oxidation of the pyrite within this alteration would have
provided acid ground waters to promote magnetite destruction.
7.2.4
Mineralization
Mineralisation transgresses the uppermost elements of the stratigraphy and so post-dates the entire volcanic
succession.
Mineralisation is hosted by steeply dipping quartz veins. The favourable andesite hosting mineralisation is
overlain by a more recent andesite and rhyolite and regionally dips about 20° to the southwest. At the south
end of the mined zone, the dip increases to about 60° sharply and there the bed is covered by a soft, clay like
andesite tuff or ash often of a marked red colour.
Mining has clearly focused upon a set of north to north westerly trending and steep east dipping veins. Vein
location can be seen from collapse and open stopes at the surface. Dump material comprised quartz varying
from mostly saccharoidal to comb quartz with locally colloform banded chalcedony/opal and including late
stage amethyst; plus sulphides and carbonate. Early pink K-feldspar-pyrite alteration is associated with
stockwork quartz veins. Sulphides are generally coarse grained and comprise pyrite, brown sphalerite and
galena and are overgrown by calcite. These mineral assemblages are interpreted to be consistent with the
level of Ag ore deposition in a Fresnillo style polymetallic Ag vein system which are silver rich and probably
gold poor. A valuable description of the mineralisation is contained in Shafelbine, 1955. It is quoted as
follows:
o
“The six principal veins all strike about north 20 east at the north end of the property but at the
o
south end the veins fan out so that the eastern most veins have a strike of north 20 west. Dips
near the surface are fairly constant and vary from 70º to the east for the western most vein to
vertical, and 70º to west for some of the veins further to the east. Nearly everywhere the vein
Page 12
dip steepens with depth until they, at 250 meters below the surface, are nearly vertical. The
veins are essentially quartz replacement of breccia filled fissures in the andesite. The principal
vein shows evidence of several ages of mineralisation, each with its distinct type of mineral.
Chief vein constituents in the sulphide or unaltered zone are quartz, sphalerite, galena, pyrite,
fluorite, chalcopyrite with silver minerals and minor gold. Chalcedony is also present in many
areas. The mineralisation sequence was probably as follows; evidence supports the theory that
the veins were opened several times.

Quartz with finely crystalline galena, pyrite and chalcopyrite containing quantities of
silver minerals.

Quartz, fluorite, and sphalerite, with some galena & pyrite

Chiefly fluorite with massive galena & some sphalerite, plus small quantities of gold
and silver

Quartz with chalcedony, marcasite, galena & manganese minerals, all probably
derived from surface leaching & redeposited in vein vugs at depth.
The veins are oxidised to about 100m below the surface. In the oxidised zone the lead and zinc
minerals have been leached and the vugs resulting remain open or contain limonite as a
residual constituent of the marmatitic sphalerite. The lead minerals are in the form of cerussite
and rarely anglesite or wulfenite. Increased quantities of barite are formed near the surface,
where the silver minerals are native silver and cerargyrite. The veins show distinct zones of
silver and lead enrichment at or near the base of oxidation. A second broad zone of enrichment
was found about 50 meters below the surface. In general, the transition between oxides and
sulphides is made in a distance of a few meters; however, the base of oxidation is very irregular
with many tongues of oxide extending tens of feet into the sulphide zone. As would be expected
the richer more open vein areas in general, show greater depth of oxidation. Outcrop of the
veins are obscure and no gossans as such are evident. As mentioned above, a large halo of
discoloured rock surrounds the veins. Several normal faults cut the veins at nearly right angles
but their displacement is not great. All the faults show that the south limb has been dropped.
Dykes are few in number and are small. At the south, the ore in the vein is believed to be
localised by the extensive andesite tuff bed which is almost impervious to solutions and is not
competent, mechanically, to support vein openings. The evidence, therefore, supports the
theory that the tuff flow acted as a solution trap. Veins have nowhere been traced into the tuff
more than a few feet before being lost’.
Page 13
Figure 3 Surface Geology Map
Page 14
Figure 4 Geology Cross Section
Page 15
Figure 5 Ground Magnetics with Vein overlay
Page 16
A
A'
Figure 6 S-N Long Section through the Namiquipa Prospect showing the principal stratigraphic units
(View to the West)
Figure 7 Interpreted Vein Morphology based on Historic Records and Plan Maps of Workings.
Page 17
Acuna’s unpublished memo of February 1992 mentions that between the 120 and 150 meter levels in the
America Vein (also known as the Venturosa Vein), there is an increase in the galena grain size, a higher
sphalerite content and pyrite changes from fine to medium grained. This variation in grain size correlates with
decreasing silver grades. Generally the level of oxidation at the America Vein was in the vicinity of Level 4
(approximately 100m RL), whereas in the Princesa Vein the level of oxidation (although at Level 4) is at
approximately -70m RL.
ITEM 8:
DEPOSIT TYPES
The Namiquipa deposit is interpreted to be consistent with the level of silver ore deposition in a Fresnillo style
polymetallic vein system which is silver rich and gold poor (Fleming, 2010). Comparisons of many deposits
similar to Namiquipa has facilitated the estimation of controls to Au-Ag mineralization in low sulphidation
epithermal deposits, and the coincidence of several of these controls contributes towards the development of
ore shoots (clavos), which host more ore, typically as wider and higher precious metal grade veins (Corbett,
2007).
Figure 8 Fluid flow path for Namiquipa mineralisation culminating in the upper level level of
polymetallic Ag-Au mineralization on the mineralization classification of Corbett (2009).
Page 18
G. Corbett a world renowned geologist who specializes in epithermal deposits has reviewed the drill core and
geologic controls at the Namiquipa deposit and has made recommendations during the course of the project
that have assisted the evaluation of the Property. Mineralization at Namiquipa is described as of the low
sulphidation epithermal polymetallic Ag-Au style. Although Au is not prominent in the Namiquipa data base,
the Zn equivalent is included in some resource inventories. Many polymetallic Ag-Au deposits display
zonation patterns which include dominant Cu-Au at depth (typically of the initial quartz-sulphide Au + Cu style
grading to higher crustal level Ag + Zn>Pb and highest level Ag-rich mineralization (Figure 8). Veins and veinbreccias commonly comprise early quartz and pyrite followed by sphalerite > galena with lesser chalcopyrite
and Ag sulphosalts, and later stage carbonate. Sphalerite color provides a good indication of levels in the
hydrothermal system as compositions vary from deeper level high temperature Fe-rich dark sphalerite,
through brown, red and yellow, to Fe-poor white sphalerite formed under low temperature conditions at
highest crustal levels. Carbonate varies with the acidity of the bicarbonate waters from which it was deposited
(Corbett, 2007; Leach and Corbett, 2008), with rhodochrosite most commonly present in better mineralized
systems.
Early quartz-pyrite mineralization is evident at Namiquipa commonly as fluidized fine grained silica-pyrite
breccias which have penetrated to high crustal levels within the host. Many veins examined to date at
Namiquipa contain red-yellow sphalerite indicative of moderate temperatures of formation. These veins
contain Ag mineralization within or associated with sphalerite-galena commonly as Ag sulphosalts such as
tennantite-tetrahedrite minerals such as the Ag end member, freibergite, and so there is a Zn:Ag correlation.
In the northern portion of the prospect (DDH’s NAM47 & 18) the main Princesa vein displays a clear transition
from initial red through to yellow sphalerite. Of greatest interest is that immediately
main vein in DDH
NAM47, elevated Ag (3540 g/t) is associated with the mineral assemblage pyrite-white sphalerite-argentite
with local kaolin. This low temperature mineralization formed elsewhere in elevated crustal settings (Corbett,
2007), is classed as the epithermal end member of polymetallic Ag-Au veins (Figure 9), and should be
targeted at Namiquipa. This low temperature mineralization overprints yellow sphalerite and barite, both
typical of polymetallic Ag veins, and local kaolin. This observation has direct impact on recommendations for
future exploration at the Property.
Page 19
Figure 9 Zonation within polymetallic Ag Style epithermal mineralisation (Cobett, 2012).
ITEM 9:
EXPLORATION
Work by Cerro has included surface mapping, geochemistry, surface geophysics and drilling
9.1
Surface Mapping
Cerro undertook confirmation mapping of the project area to validate, and locate with GPS, work completed
by the previous mine operators Mina Rio Tinto SA de CV.
9.2
Soil Geochemistry
A program of soil geochemistry has been initiated to trace the known mineralization to the north and explore
for unknown structures.
An orientation program in the central north of the drill area was successful in
identifying anomalous zones of silver and lead to the east of the Princesa Vein. Samples of sieved -80 mesh
Page 20
soil have been collected on a 100 x 20 metre grid and submitted to ALS for assay using method MEICP-41.
The program continues to target zones east and north of the known vein systems.
9.3
Geophysical Surveying
Zonge International Inc. completed Ground Magnetics over the Project Area and a Complex Resistivity
Induced Polarization survey across the central portion of the Namiquipa Prospect in May 2011. The CRIP
program was extended to the north and south in June 2012.
9.3.1
Magnetics
The objective of the magnetic survey was to identify concentrations of magnetic minerals in the subsurface
that could be correlated with metallic mineralization and to delineate structural trends on both a local (in the
vicinity of the CRIP survey) and a regional scale. The mapped mineralized veins in the CRIP survey area are
located in a broad, smoothly varying area of moderately low magnetic signature. However, there are some
very subtle features in the gradients in the vicinity of and in between the mapped veins. Regional structural
trends over the entire survey area indicate a dominant set of N-NE trending magnetic lineaments. Other
structural trends appear as NW trending and E-NE trending lineaments. Magnetic basement appears low in
the central survey area and uplifted to the north and south.
The survey consisted of 119 lines of total magnetic field data collected on east-west lines ranging from 2 to
5.3km in length, with the average line length 3.6 km. Line spacing was 100 meters over most of the survey
grid except the central area (in the vicinity of the CRIP survey) where line spacing was 50 meters (Figure 10).
A total of 434 line-km of ground magnetic data were collected. Magnetic data were acquired with an opticallypumped GEM-19 Overhauser
magnetometer manufactured by GEM Systems. The Overhauser
magnetometer is a proton-precession magnetometer that uses radio frequency signals to achieve high
sensitivity and low power consumption, making it useful for minerals mapping applications. The GEM system
was integrated with a Trimble GPS accurate to about 1.5 m. A similar magnetometer was used as a base
station magnetometer to monitor diurnal changes during the survey. The GEM-19 Overhauser magnetometer
uses less power than proton precession magnetometers, has higher sensitivity, and can withstand high
magnetic gradients.
The magnetics identifies a central zone of low frequency response which corresponds with the Namiquipa
alteration and mineralization (Figure 5) surrounded by zones high tenor high frequency response.
contacts between these zones are sharp suggesting faulted boundaries.
The
Northwest and northeast
discontinuities are evident throughout the magnetic patterns.
Page 21
Figure 10 Total Extent of Ground Magnetic Survey - data Reduced to Pole
Page 22
9.3.2
Complex Resistivity Induced Polarization
Zonge International Inc. completed a Complex Resistivity Induced Polarization survey across the central
portion of the Namiquipa Prospect in May 2011. This program was extended to the north and south in June
2012 (Figure 12).
Pole-dipole CRIP data were collected along 7 lines for a total coverage of 10.8 km using a receiver dipole “aspacing” of 50 m. Line separation was nominally 350 meters. Data were collected for N-spacing of N= 1 to 9
with partial coverage from N = 10 to 15. The survey was performed in the frequency domain at fundamental
rd
th
frequency of 0.125 Hz and utilized the 3 and 5 harmonics in order to use a 3-pt decoupling technique. The
collinear pole-dipole survey electrode array consists of an asymmetrical setup of a fixed infinite remote
transmitter (TX) electrode, and on-line roving TX electrode.
The results of the CRIP survey indicate a large IP anomaly in the depth range of 100-300 meters in the
central survey area that is correlated with high-angle resistive features in places, and conductive features in
other. The chargeability anomaly is located on the Princesa Vein and although the surface projection of the
anomaly is centred on NAM-013, 039 and 061 the core of the anomaly in Long Section (Figure 11) is located
close to the southern growth fault and is intersected by drill-holes NAM-003 (33 meters containing 2.2% Zn)
and NAM-059 (23 meters of 1.3% Zn).
Figure 11 IP Long Section overlying Geology
Page 23
Figure 12 Resistivity Model Level 1850 and Location of Survey Lines
Page 24
ITEM 10:
10.1
DRILLING
Cerro Resources Drilling
A total of 86 diamond drill-holes for 32,507 meters have been drilled into the Namiquipa Deposit in the period
March 2011 to June 2012. Drill-holes are located on a nominal 50 line meter spacing over a strike length of
1000 meters (Figure 13). Drilling has tested the down-dip extension of the historic workings from 200 to 500
meters with a nominal toe spacing of 100 meters.
Drilling at the southern end of the field has intersected quartz veining transecting clastic sediments and
andesites but with alteration features more compatible with near surface meteoric fluids.
Drilling at the northern end of the field, north of the North Shaft Fault, has intersected a comparable
stratigraphic sequence of ignimbrites but with little alteration and mineralization. Stratigraphic correlations
suggest a 70 meter displacement, north-block down.
Drilling was completed by Major Drilling Mexico SA de CV using track mounted top drive diamond core rigs.
Holes were collared in HQ, reamed to HWT for 6 to 12 meters of casing and then continued in HQ tool till
drilling conditions necessitated a reduction to NQ. Generally this occurred when old stopes were intersected.
10.2
Drill-hole Surveying
10.2.1 Hole Collar Surveying
Drill-hole collars are survey using Differential GPS with an Trimble TSC2 series recorder which has
centimetre accuracy. Collar coordinates are read in Zone 13 WGS 84 UTM format.
10.2.2 Down-hole Surveying
Drill-hole loci are surveyed using a Reflex single-shot electronic instrument at 50 m intervals down hole. The
down-hole survey data, including magnetic field and temperature readings, are recorded by the drillers and
manually entered into the drill database. More recently the survey data was extracted directly from the
survey tool in CSV format.
Results are plotted and visually scanned for consistency.
Values may be
adjusted arbitrarily to the average of adjacent readings if the magnetic field and/or temperature value(s)
indicate erroneous readings.
Page 25
Figure 13 Drill-hole Location
Page 26
10.3
Data Capture
Drill data is stored in a series of EXCEL files containing drill-hole name, interval depths, and the parameters
particular to that file. Geological logging data is recorded on paper and manually transferred to digital form
Excel data files are routinely checked for data errors prior to importing into GEMS (Gemcom). GEMS is a
modern comprehensive geological database and modeling software program utilizing Access as the
database.
10.4
Logging & Sampling Protocols
10.4.1 Geological Logging
All core preparation is completed on-site at a purpose built facility by geologists assisted by trained
technicians under the supervision of a senior geologist. The core is measured, metre marked, photographed
(both wet and dry) and logged for basic geotechnical properties of recovery, RQD, fracture density and rock
strength. Density determinations are made at five metre intervals down the hole.
Geological logging is then completed by geologists, prior to half core sawing and sampling for assay. The
geological logs record all pertinent data related to lithology, alteration, structure and mineralization. Separate
from-to intervals are recorded with each category of observation. Under lithology the rock is described and
named; under alteration, superimposed mineral assemblages are recorded along with the nature of their
occurrence; under structure, meso and macro scale structural features are identified are where possible their
orientation measured; under mineralization, economic minerals are identified, their occurrence described,
and volume estimated. Paper logs are scanned
10.4.2 Density Measurements
Density measurements are made at 5 m intervals along the core using the specific gravity principle. Half core
samples of approximately 10cm length are weighed in air then coated in candle wax to seal voids. The
samples are then re-weighed in air and water and the weights recorded automatically into the specific gravity
(SG) database along with the drill-hole name and sample depth. The SG is calculated as:
SG = Wpw / { [Wa/(Wa/(Wa-Ww))] – [(Wa-Wpw)/Dw] }
W pw
weight in air pre waxing
Wa
weight of the waxed sample in air
Ww
weight of the waxed sample in water
Dw
density of candle wax = 0.93
Page 27
Weights are collected using an OHAUS Explorer Pro model EP 6101 scale with a load capacity of 6kg and a
resolution of 0.1g. The unit is capable of weighing both on and below the stage. The scale is calibrated
before each use using standardized weights supplied by Ohaus.
Communication between the unit and a
Foxpro database on the computer is controlled by Tec-IT TWedge version 2.4 programmable software.
A total of 5,728 determinations have been collected from the drill core for an average value of 2.43±0.17 t/m
3
within a data range from 1.21 to 5.72.
Averaging the data by 50 meter elevation slices (Table 4) shows the gradual effect of reducing oxidation with
3
depth as the average SG values increase from 2.31 to 2.51 t/m .
Table 4 Analysis of SG data by Depth
Number
Average
675
2.31
1850
1800
749
2.36
1800
1750
747
2.39
1750
1700
728
2.43
1700
1650
706
2.46
1650
1600
655
2.47
1600
1550
544
2.50
1550
1500
434
2.50
1500
1450
247
2.50
1450
1400
137
2.51
1400
1300
66
2.51
SG by Depth
2.55
2.50
SG t/m3
Elevation
From
To
1900
1850
2.45
2.40
2.35
2.30
0
5
10
15
Depth
Multiple regression of the SG data against assay value (specifically silver, lead and zinc) indicates a strong
correlation of SG value with grade. The accuracy of the regression function improves with grade tenor such
that for samples with a lead or zinc grade in excess of 0.1% the standard deviation of the estimated value is
48% of the data standard deviation whist for samples with a lead or zinc values in excess of 1% the standard
deviation of the estimated value is 60% of the data standard deviation.
The equation and statistical comparison of the regression of SG against silver, lead and zinc grades for
samples with lead or zinc grades in excess of 0.5% is presented in Table 5.
Page 28
Table 5 Summary of SG Regression Statistics
SG = 2.5031 + 0.0002*Ag(ppm) + 0.0199*Pb(%) + 0.0233*Zn(%)
SG values
2.598249
Standard
Deviation
2.567421E-01
Estimated SG
2.598249
1.373050E-01
2.516
3.504
6.651878E-07
2.169470E-01
-1.108
0.804
Mean
Deviation
Minimum
Maximum
1.410
4.270
10.4.3 Core Cutting
The core is sawn in half using a MK® water cooled manual feed core-saws with a 14” diamond tipped blade.
The core is cut to optimize the primary vein orientations where applicable.
10.4.4 Core Sampling
Drill data was generally sampled on one metre intervals except for high grade veins that were stratigraphically
sampled with a minimum interval of 0.2 meters (1,058 samples in a total of 23,698). For various reasons,
such as poor recovery or make-up lengths to keep sampling intervals on meter marks, 4.5% of the sample
lengths were greater than 1 meter.
Although 95.5% of the sampling has been completed on standardised one metre intervals there is still a
component of non-uniform volume support introduced by the variation in core size from HQ to NQ.
At this
stage of the evaluation this error is considered small as 88% of the assay samples were drilled by HQ tool
and only 12% by NQ tool. For high grade samples (those with AgEq values in excess of 100 g/t) the ratio is
89%:11%.
10.5
Relationship of Drill Intersection to True Width
The majority of drill-holes have been drilled at angles between 55 and 65° (Figure 14). As the vein systems
dip at approximately 75° this gives an intersection angle of approximately 45° which equates to a true width of
approximately 70% of the quoted drill intersection. True width calculations have no impact on the resource
estimation as the drill-hole data is composited to standard lengths and then treated as point data for
interpolation purposes.
Page 29
1%1%
11%
COLLAR DIPº
9%
55
60
12%
65
70
15%
51%
75
80
85
Figure 14 Summary of Drill-hole Collar Dips
ITEM 11:
11.1
SAMPLE PREPARATION, ANALYSES AND SECURITY
Assaying Methods
All samples were prepared and assayed by ALS Group (ALS), a wholly owned subsidiary of Campbell
Brothers Ltd. Sample preparation occurred at their Sample Preparation facility in Chihuahua and assaying at
the Vancouver laboratory. ALS is registered in North America under ISO 9001:2000 and ISO 17025.
At the Chihuahua facility rock samples are placed in metal trays and dried in an oven at 120ºC for 3-4 hours.
The dried sample is then run through a Boyd Crusher to produce a product 70%<2mm. The sample is rifflesplit to a Pulp Master (~200g) and a Coarse Reject. The Pulp Master is pulverized in a Ring Pulverizer to a
product 85%<200# using a 250g bowel. A split of the pulp is dispatched to Vancouver by UPS overnight
transport.
Samples are assayed using method code ME-ICP61, a four acid digest with an ICP-AES reading for 33
elements (Figure 15). Assay over-runs are repeated using method ME-OG62, an ore grade analysis using a
four acid digestion and a reading using equipment suitable to the element.
Page 30
Figure 15 Elements Assayed under Method ME-ICP61
11.2
QAQC
Standards and duplicate assays are routinely run by ALS as part of their internal quality control program.
In addition a structured QAQC assay program consisting of blanks, duplicates and standards is a
fundamental part of the Cerro assay process. The distribution of blanks, standards and duplicates within the
2011-12 drill program is summarized in Table 6.
11.2.1 Duplicate Samples
From drill-hole NAM-061 onwards duplicate samples were routinely submitted for assay along with the
standards. The duplicates are created by the laboratory at the sample preparation stage by cutting a second
sample from the primary crush. This is annotated as a “D” sample and reported separately.
Four hundred and sixty nine (469) core samples were duplicated by the laboratory as a check on sample
homogeneity. Summary statistics for the data are presented in Table 7. The average Relative Percentage
Error (RPE) for silver was 0.7%, 1.3% for lead and 0.6% for zinc, both with small standard deviations (Table
7). These results are well within acceptable limits for homogeneity. The data is also presented as a scatter
plot with an almost perfect 45° regression line (Figure 16).
Page 31
Table 6 Distribution of QAQC Samples
Quartz
Number /
Hole
2.3 ± 2.1
Number of Holes
with Zero Blanks
9
Maximum
Number per Hole
8
Rhyolite Chip
5.3 ± 1.8
0
9
ALL
3.3 ± 2.9
9
9
Duplicate
Number /
Hole
Maximum
Number per Hole
ALL
17.9 ± 4.1
Holes sampled with
Duplicates
NAM-061-076;
Blank
26
047 & 052 in part
36
Number /
Hole
1.9 ± 1.3
Number of Holes
with Zero Standards
10
Maximum
Number per Hole
6
131A
1.7 ± 1.1
10
5
133A
1.7 ± 1.2
12
6
134A
1.6 ± 1.2
17
4
ALL
5.6 ± 4.3
7
15
Standard
Table 7 Duplicate Sample Statistics
Number
Mean
Original
469
9.6
Standard
Deviation
94.8
Duplicate
469
9.8
RPE
469
Original
Description
Ag
Pb
Zn
Minimum
Maximum
0.2
1995
97.0
0.2
2040
0.7
13.8
-50.0
55.6
469
929
8372
1
159500
Duplicate
469
929
8485
1
162500
RPE
469
1.3
12.3
-66.7
95.4
Original
469
1011
5587
4
98900
Duplicate
469
1001
5473
3
97200
RPE
469
0.6
6.0
-24.0
50.9
Page 32
Ag
Pb
Zn
Figure 16 Duplicate Sample Statistics
11.2.2 Standard Reference Samples
A suite of proprietary standards from ORES Pty Ltd (Melbourne, Australia) have been used throughout the
drill program. These include ORE131a (low grade silver and sulphide), ORE133a (medium to high grade
silver and sulphide), ORE134a (high grade silver and sulphide) and ORE36 (zinc sulphide).
Standards are submitted on a rotating basis at the rate of 1 in 40 (2.5%). Based on drill length there has
been a maximum of 15 standards submitted in one drill-hole, with an average of 1 or 2 of each standard (total
4 to 8) being submitted in each hole (Figures 17, 18). Seven holes, from the first phase of drilling, did not
have standards included in the submission.
Page 33
As the 10g Standard sachets can be too small for routine analysis and re-analysis two sachets are generally
included in the sample bag. In the case of silver 12 samples have been returned with NSS [insufficient
sample], 30 for lead and 43 for zinc. There has been an increasing frequency of this happening in the latter
part of the drill program.
Distribution of STANDARDS by Drillhole
Number per Drillhole
16
12
ALL
8
ORE131
ORE133
ORE134
4
ORE36
0
0
10
20
30
40
50
60
70
80
Drillhole Number
.
Figure 17 Distribution of Standards by Drill-hole
Distribution of STANDARDS in Drillholes
30
Number of Holes
25
20
ORE131
15
ORE133
10
ORE134
5
ORE36
0
0
1
2
3
4
5
6
7
8
Number of Standards per Hole
Figure 18 Distribution of Standards within Drill-holes
Page 34
(Table 8, Figures 19, 20)
ORE131a
1
Silver values range from 29 to 34ppm with a mean of 31.5 ± 1.0 ppm. The average grade is 102% of the
expected mean. Lead values range from 1.55 to 2.03% with an average grade of 1.67 ± 0.06%, equivalent to
97% of the expected mean. Similarly, zinc values range from 2.57 to 3.37% with an average grade of 2.78 ±
2
0.10% which is 98% of the expected mean. RPE statistics confirm this close association of the standards
with their product specifications.
Two anomalies occur in the Pb & Zn RPE plots corresponding with samples [131680 – NAM005 141.5m] and
[151680 – NAM057 245.5m] which are over-estimated by 10 and 20% respectively. Examination of the other
standards that were included in these work orders shows no consistent pattern of over-estimation and
suggests that these results are random.
This is confirmed by the average ratio of standard value to
specification being close to 100% for lead and zinc in both work orders. The slight underestimation of silver
in work order CH11257676 is not consistent with general trends as ORE134A generally assays lower than
ORE131A.
1
Mean ± Standard Deviation
The Relative Percentage Error [RPE] is used to measure the variability between samples. An unbiased comparison has an
average RPE of zero with a minimal spread about this average. The RPE is calculated as :
2
RPE =
AVERAGEVAL UE - val1
* 100%
AVERAGEVAL UE
which for two samples reduces to :
RPE =
val 2 - val 1
* 100%
val 2 + val 1
The RPE is equivalent to the HARD plot (Half Average Squared Deviation) of other workers. The RPE statistic provides a
measure of the precision of the data and the graph over time or sample number indicates whether there are systematic
trends in the data.
Page 35
Table 8 OREAS 131a Statistics
SAMPLE
RPE
Element
Number
Ag
81
Pb
81
Zn
81
Mean
31.5
16708
27838
StdDev
1.0
632
1027
Minimum
28.8
15550
25700
Maximum
33.9
20300
33700
Number
81
81
81
Mean
0.86
-1.48
-0.85
StdDev
1.59
1.80
1.77
Minimum
-3.52
-5.04
-4.81
Maximum
4.63
8.27
8.71
Mean
30.9
17200
28300
LCI
30.2
16900
27900
UCI
31.5
17500
28800
102%
97%
98%
STANDARD
RATIO of Sample to
Standard
Page 36
Ag
35
34
Ag
ppm
33
32
31
30
29
28
125000
130000
135000
140000
145000
150000
155000
145000
150000
155000
145000
150000
155000
Sample ID
Pb
20000
Pb
ppm
19000
18000
17000
16000
15000
125000
130000
135000
140000
Sample ID
Zn
ppm
ZN
32000
31000
30000
29000
28000
27000
26000
25000
125000
130000
135000
140000
Sample ID
Figure 19 OREAS 131a
Page 37
Ag RPE
25
Ag
RPE %
15
5
-5
-15
-25
125000
130000
135000
140000
145000
150000
155000
145000
150000
155000
145000
150000
155000
Sample ID
Pb RPE
25
Pb
RPE %
15
5
-5
-15
-25
125000
130000
135000
140000
Sample ID
Zn RPE
25
Zn
RPE %
15
5
-5
-15
-25
125000
130000
135000
140000
Sample ID
Figure 20 OREAS 131a RPE plots
Page 38
ORE133a
The medium grade standard, ORE133a, averages 96ppmAg, 4.52%Pb and 9.91%Zn compared with the
Standard specifications of 100ppmAg – 4.90%Pb – 10.87%Zn, which is an underestimation of 96%, 92% and
91% respectively.
This association is evident on the RPE curves with the spread of data occurring
dominantly on the negative side of the graph axis.
SAMPLE
RPE
Element
Number
Ag
127
Pb
127
Zn
127
Mean
96.0
45173
99054
StdDev
12.9
11927
26105
Minimum
0.0
0
0
Maximum
128.0
62800
134000
Number
127
127
127
Mean
-2.87
-7.10
-7.64
StdDev
12.50
24.26
24.11
Minimum
-100.00
-100.00
-100.00
Maximum
12.28
12.34
10.42
Mean
100
49000
108700
LCI
98
48100
106800
UCI
101
49900
110700
96%
92%
91%
STANDARD
RATIO of Sample to
Standard
Page 39
Ag
ppm
Ag
120
115
110
105
100
95
90
85
80
130000
135000
140000
145000
150000
155000
160000
165000
Sample ID
Pb
54000
Pb
ppm
52000
50000
48000
46000
44000
130000
135000
140000
145000
150000
155000
160000
165000
160000
165000
Sample ID
Zn
ppm
ZN
114000
112000
110000
108000
106000
104000
102000
100000
130000
135000
140000
145000
150000
155000
Sample ID
Page 40
Ag RPE
25
Ag
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
155000
160000
165000
155000
160000
165000
155000
160000
165000
Sample ID
Pb RPE
25
Pb
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
Sample ID
Zn RPE
25
Zn
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
Sample ID
Page 41
ORE134a
The high grade standard, ORE134a, averages 181ppmAg, 11.66%Pb and 15.45%Zn compared with
manufacturer’s specification of 201ppmAg, 12.79%Pb and 17.27%Zn.
This represents a 10%
underestimation in silver, lead and zinc.
All metals display a tight distribution around the median value. There are no temporal trends and except for 2
recent samples there are no other outliers.
SAMPLE
RPE
Element
Number
Ag
116
Pb
116
Zn
116
Mean
180.6
116586
154483
StdDev
53.3
34403
45381
Minimum
0.0
0
0
Maximum
255.0
172000
207000
Number
116
116
116
Mean
-9.02
-8.35
-9.21
StdDev
26.59
26.77
26.51
Minimum
-100.00
-100.00
-100.00
Maximum
11.84
14.70
9.03
Mean
201
127900
172700
LCI
196
123400
169500
UCI
205
132300
175900
90%
91%
89%
STANDARD
RATIO of Sample to
Standard
Page 42
Ag
210
205
Ag
ppm
200
195
190
185
180
130000
135000
140000
145000
150000
155000
160000
165000
155000
160000
165000
155000
160000
165000
Sample ID
Pb
Pb
ppm
135000
130000
125000
120000
130000
135000
140000
145000
150000
Sample ID
ZN
180000
Zn
ppm
175000
170000
165000
160000
130000
135000
140000
145000
150000
Sample ID
Page 43
Ag RPE
25
15
5
RPE %
Ag
-5
-15
-25
130000
135000
140000
145000
150000
155000
160000
165000
155000
160000
165000
155000
160000
Sample ID
Pb RPE
25
15
RPE %
Pb
5
-5
-15
-25
130000
135000
140000
145000
150000
Sample ID
Zn RPE
25
Zn
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
165000
Sample ID
Page 44
ORE36a
The zinc standard, ORE36, averages 9.9ppmAg, 0.55%Pb and 3.80%Zn compared with manufacturer’s
specification of 10.2ppmAg, 0.58%Pb and 4.19%Zn. Zinc is underestimated by 10% on average and lead by
5%. Silver is within 2% of the manufacturer’s specification.
SAMPLE
RPE
Element
Ag
Pb
Zn
Number
140
140
140
Mean
9.9
5512
38019
StdDev
0.5
191
12387
Minimum
8.8
4900
0
Maximum
11.2
6120
61900
Number
140
140
140
Mean
-1.21
-2.49
-9.33
StdDev
2.68
1.73
29.20
Minimum
-7.22
-8.33
-100.00
Maximum
4.82
2.77
19.27
Mean
10.17
5790
41900
LCI
9.77
5640
41100
UCI
10.58
5930
42600
98%
95%
91%
STANDARD
RATIO of Sample to
Standard
Page 45
Ag
12
Ag
ppm
11
10
9
8
130000
135000
140000
145000
150000
155000
160000
165000
155000
160000
165000
155000
160000
165000
Sample ID
Pb
6000
Pb
ppm
5800
5600
5400
5200
5000
130000
135000
140000
145000
150000
Sample ID
ZN
44000
Zn
ppm
43000
42000
41000
40000
39000
130000
135000
140000
145000
150000
Sample ID
Figure 25 OREAS 36a
Page 46
Ag RPE
25
Ag
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
155000
160000
165000
155000
160000
165000
155000
160000
165000
Sample ID
Pb RPE
25
Pb
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
Sample ID
Zn RPE
25
Zn
RPE %
15
5
-5
-15
-25
130000
135000
140000
145000
150000
Sample ID
Page 47
11.2.3 Blanks
From drill-hole NAM-062 the original, finely pulverized Quartz blanks that had been used for the majority of
the program were replaced by locally sourced rhyolite rock chips (Figure 27). The rhyolite provides a more
realistic test of the inter sample contamination at the pulverizing stage of sample preparation by scouring the
bowl and hence assimilating any contaminant material left from the previous sample. Although the quartz
powder was pulverized the fineness of the material would have reduced its ability to scour and hence clean
the bowl.
th
As blanks are generally submitted on every 40 sample (2.5%) the number of blanks per drill-hole obviously
reflects the drill-hole depth. There are only 9 cases where blanks were not submitted with a drill-hole. In
early sampling there was an attempt to submit blanks on an irregular basis following high grade material but
this program lost momentum due to the number of inclusions. In general there are 3 to 4 blanks submitted
with each drill-hole. Figures 29, 30 present comparisons of the blank value with the preceeding sample value
for silver, lead and zinc in each of the Quartz and Rhyolite materials.
For silver in quartz there is one anomalous blank [150325 – NAM054 123.5m] of 2.4g/tAg following a 0.5ppm
value. This sample is weakly anomalous in lead, 71 over 21ppm but not in zinc, 90 over 82ppm.
Blank sample [136025 – NAM018 112.6m] returned values of 2.7ppm Ag,
448ppm Pb and 7ppm Zn
following an ore grade sample of value 428ppm Ag, 4.96% Pb and 592ppm Zn.
This represents a
contamination of approximately 1% (0.63% for silver, 0.90% for lead and 1.18% for zinc.
Distribution of BLANKS by Drillhole
Number per Drillhole
10
Quartz
Rhyolite
8
6
4
2
0
0
10
20
30
40
50
60
70
80
Drillhole Number
Figure 27 Distribution of Blanks by Drill-hole
Page 48
Number of Holes
Distribution of BLANKS in Drillholes
Quartz
16
14
12
10
8
6
4
2
0
0
2
4
6
8
10
Number of BLANKS per drillhole
Figure 28 Distribution of Blanks within Drill-holes
The presence of lead contamination in Quartz blanks follows a regular monotonic increasing pattern when
plotted in logarithmic scale (Figure 29). This represents a contamination of approximately 1% regardless of
sample tenor.
A similar monotonic increasing pattern occurs in Zinc when plotted in logarithmic scale; this has a gradient of
approximately 1%. The group of anomalous samples on the right of the graph with Blank values of 402ppm
zinc regardless of preceeding sample values are tentatively explained as a batch of contaminated blanks.
In the Rhyolite Blanks there have been no examples of silver contamination regardless of preceding sample
tenor.
Lead and zinc in the Rhyolite blanks display a similar 1% contamination trend to that seen in the Quartz
blanks. The one anomalous value in this grouping is sample [158268 - NAM072 201.25m] where the assay
results for the Blank value and the preceeding sample have obviously been swapped around during sampling
or at the laboratory as the Blank has been returned with values of 48.3ppmAg, 1.81%Pb, 7.16%Zn following
a drill sample of 0.2ppmAg, 106ppmPb and 119ppmZn.
There is some variation in the material as evidenced by:

the slight increase in tenor of copper in recent time (NAM-046 – 061),

the presence of anomalous Zn values (all at 402ppm) in drill-holes 1 to 30,
Page 49
Ag
Ag
PRECEEDING SAMPLE VALUE
QUARTZ
600
500
400
300
200
100
0
0
0.5
1
1.5
2
2.5
3
BLANK VALUE
Pb
Pb
QUARTZ
1000000
100000
10000
1000
100
10
1
0.1
0.1
1
10
100
1000
BLANK VALUE
Zn
Zn
QUARTZ
100000
10000
1000
100
10
1
0.1
1
10
100
1000
BLANK VALUE
Figure 29 Comparison of Blank vs Preceding Sample Value - in Quartz
Page 50
Ag
Ag
RHYOLITE
600
500
400
300
200
100
0
0
10
20
30
40
50
60
BLANK VALUE
Pb
RHYOLITE
Pb
1000000
100000
10000
1000
100
10
1
0.1
1
10
100
1000
10000
100000
BLANK VALUE
Zn
RHYOLITE
1000000
100000
10000
Zn
1000
100
10
1
1
10
100
1000
10000
100000
BLANK VALUE
Figure 30 Comparison of Blank vs Preceding Sample Value in Rhyolite
Page 51

the presence of (relatively) high Be, Fe, K, La, Mn, Na, P, Sr, Ti and V in drill-hole NAM-061,

a U-shaped trend in lead values from early highs to lows to later highs
The tenor of these trends are not considered significant to impact on the usefulness of the Quartz Blanks. A
similar analysis for the Rhyolite Blanks indicates no obvious temporal trends.
11.5
Sample Security
Drill core was collected from the drill site at the end of each 12 hour shift by Minera Tasmania staff and
stacked at the Core Shed waiting processing. The Core Shed and offices are manned 24 hours per day by
operating staff or night watchman. Following logging and sampling drill samples were bagged in lots of 10
with the company name and sample sequence written clearly on the bag. The bags were collected (and
receipted) from site by ALS staff and driven directly to the Chihuahua facility.
11.6
Assay Database
Assay data is emailed to the project office by ALS as CSV files. These files are manually merged into a
HOLEID/SN file that contains the drill-hole name, sample from-to and the unique sample number allocated to
that sample. QAQC samples are also listed in the file in sample number sequence. The file is stored in
EXCEL format. A check column in the worksheet contains a conditional test that the fields in the two sample
number columns are identical.
11.7
Statement of Adequacy
The authors believe that all sampling, sample preparation, sample security and analytical procedures conform
to industry best practice and are adequate to give a representative picture of the nature of the mineralized
body and its host rocks. The QAQC program has not indicated any significant errors. The variation is random and is
within laboratory error of ± 10%.
ITEM12:
DATA VERIFICATION
All manual data entry is proofed on completion; where possible, conditional checks are built into the data
entry spread-sheets to check for misallocation of data. Data merges are synchronized on a unique sample
number and are checked with conditional codes. Drill-hole data is plotted in plan and section and viewed for
spurious results. Recovery, Rock Quality Designation (RQD) and density data are plotted and viewed for
internal consistency. Geological logs are printed and proof read by senior geologists.
Page 52
Further verification checks were conducted by T. Carew during and after a site visit in October. 2012. A field
check of the collar locations of a number of randomly selected drill holes (5%) with a hand-held GPS unit was
satisfactory. A randomly selected sample of nine drill holes (10%) from the database were checked against
the original assay certificates and work orders for any miss-matches in assay data and drill hole intervals, and
no errors were found. A check sample was selected at random from the core on site and independently
submitted to ALS for assaying. The results were essentially identical to the original assay values for same
interval sampled.
ITEM 13:
MINERAL PROCESSING AND METALLURGICAL TESTING
No detailed metallurgical test work has been completed.
ITEM 14:
14.1
MINERAL RESOURCE ESTIMATES
Resource Estimation Database
The database used for this study consists of 86 drill-holes as summarized in Appendix A and B. The drill data
was collected solely by Minera Tasmania during 2011-2012 using diamond drilling techniques. Plan maps of
the underground workings were scanned and digitized. 3D models of the workings and veins were created in
GEMS (Figure 7). No underground assay data was used in the study.
14.2
Geological Modeling
Geological modelling and grade estimation was completed using MicroMODEL®, originally supplied by
Pincock, Allen & Holt Inc. of Denver, Colorado and upgraded by Computer Aided Geoscience Pty Ltd.
14.2.1 Model Boundary
A three dimensional block model was defined over the project area with a southeast corner at 269,636 East,
3,229,628 North, 1,300 Elevation and an orientation of 025°TN. All survey data is in UTM format based on
the WGS84 UTM Zone 13 Projection. The model dimensions are listed in Table 12.
Page 53
Table 12 Model Definition
Origin
1,300 RL
Orientation
Bench
Row
3,229,628 N
025
Columns
269 636 E
Number
70
Size (m)
10
165
10
300
2
0
14.2.2 Topography
A topographic mesh to cover the block model area was interpolated using a direchlet triangulation of handheld GPS elevations collected during the ground magnetic survey. The accuracy of this data is generally ± 3
meters horizontal and 1 meter vertical. One meter contours generated from the triangulation compare well
with the detailed surveying of the drill collars.
14.2.3 Geology
Assay data was manually coded with a three digit parameter to highlight changes in the style of
mineralization that was being intersected by the drill-holes. The parameter used digit 1 to represent silver,
digit 2 for lead and digit 3 for zinc. The nominal cut-offs applied to the parameter values of 0,1 and 2 are
summarized in Table 13. These cut-off values were selected from an analysis of the sample statistics (see
below). Under this system a code of 111 referred to high grade silver-lead-zinc whereas 221 indicated low
grade silver-lead with high grade zinc.
Code 000 was un-mineralized. Initial strict coding by assay value
was manually overwritten in part to bulk out the mineralization zones based on geologic context.
Table 13 Cut-offs for Mineralization Coding
Metal
Ag
Code 0
Ag < 10
Code 2
10 <= Ag < 40
Code 1
Ag => 40
Pb
Pb < 150
150 <= Pb < 1000
Pb => 1000
Zn
Zn < 500
500 <= Zn < 2500
Zn => 2500
The interpretation of this data concluded:
1. The zinc mineralization had the most extensive geographic distribution, with lead occurring as
discrete zones within the zinc, and silver superimposed on both but showing a greater preference for
lead.
Page 54
2. A paragenetic sequence of zinc rich mineralization over-printed by lead and then by silver is
suggested from the metal associations.
Figure 31 Proposed Paragenetic Sequence
3. High grade mineralization (code 111) was common close to the margins of the zinc distribution.
4. A sub-horizontal distribution of low grade silver with no lead or zinc (code 200) occurred over the top
of the zinc distribution.
5. Internal mapping of the individual zones was not considered feasible at the current drill density.
A total mineralization boundary was mapped on each drill section that included all silver, lead and zinc
mineralization (codes 1 or 2); this generally reflected the overall zinc distribution. Sectional interpretations of
the total mineralization boundaries, as defined by drill-hole intercepts were cut by 10 meter bench slices and
interpreted in plan view to define the extent and geometry of the mineralization. These plan interpretation
was further zoned into conformable structural elements that matched the overall orientations of the America
system - Zone 1, the Princesa North system - Zone 2, and the Princesa South system – Zone 5 (Figure 32).
The rock model was then coded using a point in polygon routine to determine appropriate coding for each
block in the model. Material outside the mineralization was coded as 999.
Within each of the zoned structural elements Indicator Kriging was used to map the distribution of high
grades for each of silver, lead and zinc. Rock codes were then re-classified from 1, 3, 5 to 11, 13 or 15 where
the indicator variable suggested that the probability of high grade material occurring was greater than 50% for
silver, 60% for lead and 75% for zinc. The varying levels of confidence were based on visual validation of the
indicator models against drill-hole plots.
The Indicator models were built using Ordinary Kriging working within geologically defined ellipsoids for each
of the structural elements. Comparable search parameters were used for both the geologic definition as well
as the grade interpolation.
Page 55
Figure 32 Geological Zones on the 1800 Level
Page 56
Table 14 Geology Codes
Geology Description
America system
Princesa North system
Princesa South system
Grade Zone
Low
Composite Code
1
Model Code
1
High
11
11
Low
3
3
High
13
13
Low
5
5
High
15
15
999
999
Other
14.3
Sample Statistics
A total of 20,319 samples have been assayed for the Namiquipa evaluation. The metal populations are
generally log-normal and in the case of lead and zinc, distinctly multi-modal (Figure 33).
Silver has an average sample grade of 8 ± 56 g/t Ag within a data range from 0.2 to 2,500 g/t. The population
is weakly bimodal with a threshold at around 150g/t Ag.
Lead is distinctly tri-modal with thresholds at approximately 35 and 65,000 ppm partitioning the population
into waste (55% of data), mineralized (~45%) and anomalous (0.25%). The average grade is 938 ± 6459
ppm Pb.
Zinc is also tri-modal with thresholds at 100 and 10,000 ppm, partitioning the population into waste (45% of
data), mineralized (~55%) and weakly anomalous (0.3%).
In the mineralized sub-population zinc also
displays a “break” in the distribution curve around 2500ppm.
Two silver samples were top cut to 1,770 g/t to force the resultant composite values into a standard log
distribution. The samples were NAM-009 (211-212m) with a value of >10kg/t and NAM-047 (164.6-166) with
value 3.54kg/t.
Lead and Zinc sample data were not cut as their cumulative frequency plot indicated a “lack” of anomalous
results rather than the contrary.
Page 57
Ag
Pb
Zn
Figure 33 Sample Data - Log Probability Plots
Page 58
Table 15 Summary Statistics Sample Data
14.4
Ag
Rock
Type
1,3,5
Number
Mean
20,319
8.1
Standard
Deviation
55.5
Pb
1,3,5
20,319
938
6,459
378
0.8
200,000
Zn
1,3,5
20,319
1,831
10,540
863
2
300,000
Log Mean
Minimum
Maximum
4.5
0.2
2,500
Compositing and Statistics
The optimal composite length for this mineralization is calculated at 1.75 meters based on a Bench Height
Analysis [BHA] study. The BHA progressively increases the composite length looking for the first significant
reduction in variance that does not impact on the mean grade. This reduction in variance indicates that all
the micro scale grade trends are incorporated into the basic sample unit (Table 16, Figure 34).
Table 16 Bench Height Analysis Summary for Silver
Composite
Length (m)
Number
Mean
Value
Variance
Minimum
Maximum
1
20288
7.7281
2239.304
0.2
2500.002
1.5
13522
7.7319
1726.617
0.2
1790.335
2
10127
7.7294
1638.816
0.2
1849.236
2.5
8107
7.726
1388.732
0.2
1326.801
3
6748
7.7239
1261.405
0.2
1135.024
VARIANCE
Variance (ppm2)
2500
2000
1500
1000
500
0
0
0.5
1
1.5
2
2.5
3
3.5
Composite Length m
Figure 34 BHA - Change in Variance
Page 59
Drill data was down-hole composited to 2 meter intervals. A rock code was assigned to each composite
based on its geographic location in the rock model. Summary statistics were calculated for each of the major
elements (Table 17, Figure 35).
Silver is essentially a uni-modal log normal population with an arithmetic mean of 18.4 ± 60 within a data
range from 0.2 to 1,335 g/t Ag. The log estimate of the mean is 16.8 g/t Ag.
Lead is also essentially uni-modal log normal. Its data range is from 2.4ppm to 11.98% and has a mean of
2,380 ± 7,015 ppm Pb. The log estimate of the mean is 2,315 ppm Pb.
Similarly, zinc is also essentially uni-modal log normal. The arithmetic average is 4,764 ± 12,922 within a
data range from 3ppm to 16.27%. The log estimate of the mean is 4,403.
Table 17 Summary Statistics Composite Data
Ag
Rock
Type
1,3,5
Number
Mean
Standard
Deviation
Log Mean
Minimum
Maximum
2,764
18.4
60
16.8
0.2
1,335
Pb
1,3,5
2,776
2,380
7,015
2,315
2.4
119,750
Zn
1,3,5
2,776
4,764
12,922
4,403
3
162,694
Page 60
Ag
Pb
Zn
Figure 35 Composite Data - Log Probability Plots
Page 61
14.5
Variography
Total and down-hole log and linear variograms were calculated for mineralized composites of silver, lead and
zinc. Although the linear variograms were poorly defined they were used to estimate the nugget effects and
sills used in the Ordinary Kriging routines (Table 19). The log variograms were better defined and were
useful for determining relative variances and ranges. The down-hole log variograms indicate an average
down-hole width of the mineralization of around 30 meters. Indicator variograms suggest overall geologic
continuity ranges of 75 to 100 meters (Table 18).
14.6
Grade Modeling
Block grades for silver, lead and zinc were interpolated using Ordinary Kriging acting within an oriented and
scaled search ellipsoid. Grades were only interpolated within the interpreted mineralized outline.
The ellipsoids were defined with reference to geology and variography and scaled to suit the data distribution.
A maximum search range of 125 meters was used (Table 20).
Composites were selected by sector search (6 sectors at 5 samples per sector) for a maximum of 30
samples. Blocks were interpolated using composites of comparable code. Point interpolations were made at
the block centre using the same scaled ellipsoid to calculate the anisotropic distance weights. A minimum of
four points was required for a determination.
14.7
Model Validation
The models were validated by visual comparison of model sections against drill-hole section plots. The tenor
and orientation of the grade trends were considered to adequately reflect the original data.
This visual comparison is supported by statistical comparison of composite and model statistics (Tables 21)
which show that the model grades are, on average, within 10-15% of the original data, that they have similar
distributions and do not suffer too greatly from regression effects.
Visual checks were made of the block model at all stages of construction to verify that the appropriate
flagging and domaining was undertaken. Visual checks comparing the drill-hole data to the estimated block
grades was also undertaken. No obvious errors were noted.
Page 62
Table 18 Indicator Variograms for High Grade / Low Grade Partitioning
Down-hole
Total
Ag
Pb
Zn
Page 63
Table 19 Log Variograms for Mineralized Composites
Down-hole
Total
Ag
Pb
Zn
Page 64
Table 20 Summary of Search Parameters
Search
Type
Maximum
Search
Range
1
Sector
11
Entity
Ellipsoid Dimensions
Ellipsoid Orientation
Block
Code
Data
Code
Strike
Dip
XStrike
Strike
Strike
Plunge
Dip
125
125
125
20
030
0
75
1,3,5
1,3,5
Sector
125
125
125
20
030
0
75
11,13,15
11,13,15
3
Sector
125
125
125
20
015
0
75
1,3,5
1,3,5
13
Sector
125
125
125
20
015
0
75
11,13,15
11,13,15
5
Sector
125
125
125
20
350
0
75
1,3,5
1,3,5
15
Sector
125
125
125
20
350
0
75
11,13,15
11,13,15
Table 21 Summary Statistics Model Data
Ag g/t
Pb %
Zn %
Rock
Type
1, 3, 5
11,13,15
1, 3, 5
11,13,15
1, 3, 5
11,13,15
Number
Mean
Standard
Deviation
Minimum
Maximum
185,417
17.32
29.95
0.001
703.9
186,128
0.20
0.36
0.001
4.03
183,128
0.40
0.64
0.001
7.16
Page 65
14.8
Resource Classification
The resource is classified as Inferred. Although there is good continuity of the host geology and of the
primary mineralized structures the grade variability is not well understood at the current drill spacing.
Within the CIM definitions an “Inferred Mineral Resource” is that part of a Mineral Resource for which quantity
and grade or quality can be estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill-holes.
At Namiquipa the current drill spacing is sufficient to define broad geological continuity but not adequately
define the grade trends and variability.
14.9
Resource Estimate
Geologic and grade continuity is inferred from similarity of geology, grade tenor and intercept thicknesses in
adjacent drill-holes.
The resource summary was calculated as the tonnage weighted average of block grades whose values
satisfied a variety of cutoff grade determinations. The deposit is open at depth. The resource is estimated at
4.6 million tonnes grading 103 g/t silver, 0.9% lead and 1.7% zinc at a cutoff grade of 154 g/t silver equivalent
(Table 22).
Silver equivalent grades were calculated using the 12 month average metal prices of
calculation. Sensitivity of this resource to cutoff grade is listed in Table 23.
Page 66
Table 22 Mineral Resource Estimate for the Namiquipa Project
Resource
Category
Inferred
Tonnes
M
4.6
AgEq
g/t
154
Ag
g/t
103
Pb
%
0.91
Zn
%
1.66
Ag
Moz
15
Pb
‘000 t
41
Zn
‘000 t
76
Footnotes:
1. Mineral resource estimated according to CIM definitions
2. Mineral resources are reported at a cut-off grade of 100 AgEq g/t.
3. The Silver equivalent grades (“AgEq”) have been calculated using the 12 month average metal prices of
calculation.
4. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate
of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
Table 23 Resource Summary by Cut-off Grade
Cut-off Grade
AgEq g/t
175
Tonnes
M
1.2
AgEq
g/t
234
Ag
g/t
191
Pb
%
0.76
Zn
%
1.44
Ag
Moz
8
Pb
‘000 t
9
Zn
‘000 t
18
150
1.7
214
165
0.86
1.64
9
15
28
125
2.5
189
142
0.81
1.61
11
20
40
100
4.6
154
103
0.91
1.66
15
41
76
75
7.6
127
79
0.88
1.54
19
67
117
The Silver equivalent grades (“AgEq”) have been calculated using the 12 month average metal prices of
US$31.50/oz Silver; US$0.89/lb Zinc; and US$0.92/lb Lead. Metal recoveries are not considered in this calculation
14.10 Resource Estimate Risk
Given that sample collection and assay methods have been demonstrated to satisfy “industry best practice”
the estimation risk is principally a function of the drill spacing. Macro scale geology and grade continuity is
considered reasonable with broad zones of alteration and mineralization appearing in similar positions on
adjacent sections. Meso scale grade continuity has yet to be substantiated.
Page 67
ITEM 23:
ADJACENT PROPERTIES
There are no adjacent properties.
ITEM 24:
OTHER RELEVANT DATA
There is no other relevant data known by the authors
ITEM 25:
INTERPRETATION AND CONCLUSIONS
Exploration methodology satisfied industry best practice.
QAQC of assay data indicates no significant concerns with grade accuracy or precision.
Modelling of the current drill distribution is a realistic approximation of the known metal distribution.
The resource of 4.6 million tonnes is a realistic estimate of the currently defined resource. This resource will
change as infill drilling gives better definition of volumes and grade distribution.
ITEM 26:
RECOMMENDATIONS
Future exploration at the Property should be focused in two areas:
1. Continued surface exploration by reconnaissance mapping and rock-chip sampling to identify new
vein structures and mineralization elsewhere in the tenement area ;
2. Expansion of soil geochemistry grids to the north and south of the drilled area. The northern area
exhibits strong characteristics for a deeper low sulphidation target capped by the upper ignimbrites.
The southern area has had limited drill testing.
Estimated cost for this program is US$25,000.
Page 68
ITEM 27:
REFERENCES
Acuna, A Carlos Jurado, 1988, Resource Estimates.
Unpublished company report prepared for Minera
Namiquipa, SA de CV, dated July 31, 1988
Corbett, G.J., 2007, Controls to low sulphidation epithermal Au-Ag: Talk presented at a meeting of the
Sydney Mineral Exploration Discussion Group (SMEDG) with powerpoint and text on SMEDG website
www.smedg.org.au
Corbett, G.J., 2011, Comments to aid exploration at Namiquipa, Northern Mexico: report to Cerro Resources
July 2011.
Corbett, G.J., 2012, Further Comments to Aid Exploration at the Namiquipa Project, Chihuahua, Mexico.,
January 2012.
Cumming, C, Stratigraphic framework for Namiquipa Chihuahua State, Mexico : A report prepared for Cerro
Resources, June 2012
Flemming, A, Technical Report on the Namiquipa Silver Property, Chihuahua State, Mexico, November 2010
Masterman G, Phillips K, Stewart H, Laurent I, Beckton J, Cordery J, Skeet J; Palmarejo silver-gold project,
Chihuahua, Mexico: Discovery of a Ag-Au deposit in the Mexican Sierra, (2006)
Shafelbine RH, 1955; Company Minera Venturosa SA; Namiquipa, Chihuahua, Mexico. Confidential internal
report by G H Shafelbine, Manager for Minera Venturosa
Page 69
Appendix 1 DRILL-HOLE COLLAR SUMMARY
NAM-001
Drill
Type
DDH
NAM-002
DDH
270494
3230656
1916
280
60
420.6
NAM-003
DDH
270429
3230160
1903
260
65
369.1
NAM-004
DDH
270464
3230040
1912
230
60
402.3
NAM-005
DDH
270492
3229889
1930
208
65
301.8
NAM-006
DDH
270490
3229891
1929
245
60
278.0
NAM-007
DDH
270296
3229826
1911
250
60
347.5
NAM-008
DDH
270404
3230428
1904
250
65
283.5
NAM-009
DDH
270439
3230111
1905
260
65
494.2
NAM-010
DDH
270246
3230344
1894
270
60
418.3
NAM-011
DDH
270017
3230306
1885
270
65
307.9
NAM-012
DDH
270106
3229929
1899
270
60
353.6
NAM-013
DDH
270250
3229671
1902
270
60
399.3
NAM-014
DDH
270464
3230201
1904
268
65
435.9
NAM-015
DDH
270497
3229764
1932
264
60
152.4
NAM-016
DDH
270497
3230290
1901
270
60
368.8
NAM-017
DDH
270500
3229761
1932
265
80
155.5
NAM-018
DDH
270518
3231014
1930
240
60
210.3
NAM-019
DDH
270241
3229577
1911
270
60
252.1
NAM-020
DDH
270519
3231015
1930
240
75
286.5
NAM-021
DDH
270312
3229923
1910
270
60
326.7
NAM-022
DDH
270520
3231021
1930
310
60
298.7
NAM-023
DDH
270467
3230166
1905
260
66
469.4
NAM-024
DDH
270502
3230200
1907
268
65
445.0
NAM-025
DDH
270529
3231213
1932
310
60
334.7
NAM-026
DDH
270286
3229670
1906
270
60
539.5
NAM-027
DDH
270671
3231275
1940
310
55
326.1
NAM-028
DDH
270672
3231274
1940
310
70
390.1
NAM-029
DDH
270461
3230546
1911
280
60
435.9
NAM-030
DDH
270284
3229671
1905
270
65
643.1
Hole ID
1900
Collar
Azimuth
275
Collar
Dip
65
Total Depth
(m)
283.5
Easting
Northing
RL
270422
3230235
Page 70
NAM-031
Drill
Type
DDH
NAM-032
DDH
270322
3229505
1924
270
70
389.8
NAM-033
DDH
270459
3230450
1906
253
60
347.5
NAM-034
DDH
270460
3230450
1906
250
70
405.4
NAM-035
DDH
270323
3229505
1924
90
60
465.2
NAM-036
DDH
270459
3230491
1908
270
70
393.6
NAM-037
DDH
270444
3230113
1905
265
75
516.9
NAM-038
DDH
270663
3229488
1930
270
60
329.2
NAM-039
DDH
270497
3230290
1901
270
70
509.0
NAM-040
DDH
270662
3229488
1930
90
60
478.0
NAM-041
DDH
270511
3229745
1931
36
55
594.4
NAM-042
DDH
270768
3229493
1935
90
65
402.3
NAM-043
DDH
270498
3230362
1901
270
60
405.4
NAM-044
DDH
271029
3229493
1943
270
60
333.8
NAM-045
DDH
270594
3231049
1943
240
70
405.4
NAM-046
DDH
271009
3229494
1944
90
65
228.6
NAM-047
DDH
270570
3230881
1932
280
65
509.0
NAM-048
DDH
270318
3228868
1926
270
60
246.4
NAM-049
DDH
270454
3230776
1918
280
60
417.6
NAM-050
DDH
270339
3228677
1928
270
60
298.7
NAM-051
DDH
270410
3228678
1935
270
60
378.0
NAM-052
DDH
270502
3230766
1921
280
60
182.9
NAM-053
DDH
270503
3230766
1921
290
75
387.1
NAM-054
DDH
270616
3228405
1938
290
60
402.3
NAM-055
DDH
270572
3230881
1932
290
75
403.4
NAM-056
DDH
270254
3228510
1926
260
60
405.4
NAM-057
DDH
270460
3230546
1910
280
70
395.5
NAM-058
DDH
270494
3230656
1916
285
75
411.5
NAM-059
DDH
270463
3230040
1911
260
70
506.0
NAM-060
DDH
270481
3230596
1913
280
60
454.2
NAM-061
DDH
270452
3230286
1897
270
60
335.3
NAM-062
DDH
270585
3230935
1938
280
60
338.4
Hole ID
1922
Collar
Azimuth
270
Collar
Dip
60
Total Depth
(m)
301.8
Easting
Northing
RL
270275
3229506
Page 71
NAM-063
Drill
Type
DDH
NAM-064
DDH
270553
3230821
1927
280
60
387.1
NAM-065
DDH
270631
3230794
1929
280
60
393.2
NAM-066
DDH
270631
3230794
1929
280
70
490.7
NAM-067
DDH
270635
3230792
1930
225
60
560.4
NAM-068
DDH
270481
3230596
1914
285
75
463.3
NAM-069
DDH
270552
3230646
1918
280
75
539.0
NAM-070
DDH
270438
3231094
1918
310
60
451.1
NAM-071
DDH
270478
3231056
1924
310
60
277.4
NAM-072
DDH
270503
3230703
1920
285
60
350.5
NAM-073
DDH
270452
3230713
1916
285
55
306.9
NAM-074
DDH
270669
3230857
1938
268
70
591.3
NAM-075
DDH
270479
3230895
1923
275
60
262.1
NAM-076
DDH
270176
3229925
1901
260
60
554.7
NAM-077
DDH
270024
3229798
1899
260
60
402.3
NAM-078
DDH
270173
3230211
1891
270
60
329.2
NAM-079
DDH
270404
3230728
1914
280
55
216.4
NAM-080
DDH
270383
3230618
1911
280
55
167.6
NAM-081
DDH
270451
3230835
1919
280
55
207.3
NAM-082
DDH
270332
3230739
1910
280
55
134.1
NAM-083
DDH
270405
3230489
1906
270
60
301.8
NAM-084
DDH
270431
3230331
1898
270
55
402.3
NAM-085
DDH
270236
3230449
1900
292
75
420.6
NAM-086
DDH
270237
3230449
1900
112
85
222.5
Hole ID
1938
Collar
Azimuth
280
Collar
Dip
75
Total Depth
(m)
420.6
Easting
Northing
RL
270585
3230935
Total
32,151
Page 72

Namiquipa-Initial-Inferred-Resource

Transcription

Similar documents

Robert Been - Chiricahua Gallery

Direct Deposit Authorization

Go to www.jiminypeak.com and click on Employee Login

Quiz 5 Key

View full Powerpoint

student buffet - Botanas Restaurant

MILITARY DISCOUNTS

Food packaging containing engineered nanoparticles

WesTex Federal Credit Union

Silver Fin – The Dolphin`s Cry for Help (Vol.5)