Cuance and Los Hojanchos
Everton is fully funding exploration on the Cuance and adjacent Los Hojanchos concessions and has already spent US$1 million of a committed US$1.17 million exploration program. After the completion of this drill program, the Company will have earned a 50% interest in the Cuance and Los Hojanchos concessions from GlobeStar Mining. Everton can earn an additional 20% by funding a feasibility study to bring the project into production.
Most of the field work conducted on the Cuance concession is related to the Las Tres Bocas target on the Loma el Mate concession since the soil and the IP anomalies extend onto both concessions. During the year, Everton and its JV partner Globestar have extended the zone of enriched multi-element soil anomalies on Cuance by over 1.5 km SE of the Las Tres Bocas target located on the adjacent Loma El Mate concession (JV with Linear Gold). The new multi-element soil anomalies include: gold, copper, zinc, lead, and pathfinders cadmium, arsenic and barium, and are equally as strong as the soil anomalies that resulted in a high-grade drill intercept of 11.58 meters of 2.74 g/t Au, 96.73 g/t Ag, 1.87% Cu and 8.62% Zn at the Las Tres Bocas target (press release dated May 17, 2006). These soil anomalies are also on trend with the soil anomalies identified on the adjacent Los Hojanchos concession (JV with Globestar). The soil survey was a continuation of exploration efforts that commenced in the summer of 2005 and as of year-end, 1,332 soil samples were collected on the Cuance concession, including 661 samples taken since September 2006. Exposures of mineralized quartz-sericitic schists which are similar to the Maimon Formation around the Las Tres Bocas area have been identified, mapped and sampled.
In December 2007, Everton and its partner commenced a 6-hole (1,150 m) diamond drill program on the Cuance concession. The drill program follows the completion of regional soil geochemistry, mapping and trenching over an area considered to be part of the Maimón Formation; host rocks to the Cerro de Maimón project. Two trenches, T1 and T2, totalling 182 meters have been completed over an area of coincident cadmium, barium, gold and copper geochemical anomalies. Trench T1 cut strong argilic-silica alteration and intersected 1.07 g/t Au over 22 m, including 2.01 g/t Au over 9 m, which has been interpreted as a sulphide gossan. Trench T2 cut quartz, sulphide and oxide veinlets including 0.82 g/t Au over 12 m, which may represent stringer mineralization.
Everton is fully funding exploration on the Cuance and adjacent Los Hojanchos concessions and has already spent US$1 million of a committed US$1.17 million exploration program. After the completion of this drill program, the Company will have earned a 50% interest in the Cuance and Los Hojanchos concessions. Everton can earn an additional 20% by funding a feasibility study to bring the project into production.
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