 | 
906-1112 W. Pender St.
Vancouver, B.C. V6E 2S1
Telephone: 604-681-8600
Toll Free: 1-866-FPM-8601
Fax: 604-681-8799
| | |
 
CORRALITOS GOLD-SILVER-LEAD-ZINC (Au,-Ag-Pb-Zn) PROPERTY, MEXICO
Introduction
Corralitos is a carbonate hosted gold-silver-lead-zinc (Au-Ag-Pb-Zn) property with significant historic gold production. It is located 80 kilometers northeast of Nuevo Casas Grandes, Chihuahua State, Mexico. Road access is excellent and area of the property concession is 11,445 hectares and measures about 9 by 11 kilometers.
Ownership/Status
First Point optioned the Corralitos Property from Teck Cominco ("TC") Limited in 2007. First Point can earn a 100% interest in the property by spending US$2 million on exploration over 5 years and issuing 500,000 First Point shares. On First Point vesting with 100%, TC will have a one time right to back-into the Corralitos Property and earn an initial 51% by spending $4 million. TC can increase its interest to 65% by spending a further $20 million or completing a feasibility, which ever comes first and to 70% by arranging financing for First Point's share of development costs. If TC does not make the election to back-in then it shall retain a 1% NSR.
Geology
Platform Mesozoic massive limestones and sediments are overlain by andesitic and felsic Tertiary volcanics and intruded by feldspar porphyries and diorite intrusions. Gold, silver, zinc and lead mineralization occur in silicified zones, veins and manto-chimneys within broader zones of skarn, hornfels and pervasive sericite alteration. Corralitos is a carbonate hosted Au-Ag-Pb-Zn property.
Main Targets
Four target areas, Noria, Candelaria, Gloria North and Congreso occupy an area measuring about 5 to 7 kilometers as shown in the figure below. At least two of these, Noria and Gloria North, will be drilled in early 2008 and ongoing mapping and sampling will be completed in other parts of the project.
In the Noria Area, samples were taken mainly from old workings (pits and trenches) in a 300 by 450 meter area where recent mapping and a soil grid-controlled survey were also completed.
Noria Area |
Sample site |
Width (Meters) |
Gold (g/t) |
Silver (g/t) |
Structure A |
pit |
5.6 |
5.7 |
7 |
Structure A |
old trench |
2.4 |
5.8 |
16 |
Structure B |
old trench |
3.0 |
10.7 |
5 |
Structure C |
stripped outcrop |
9.2 |
3.7 |
17 |
Disseminated Zone |
outcrop |
3.0 |
6.3 |
13 |
The two samples shown in the table below within Structure A were taken about 40 meters apart. Structures A and C consist of strong silicification and iron oxide zones whereas Structure B contains both calcite and quartz fillings. All three structures are hosted in limestone. The Disseminated Zone occurs in strongly clay-pyrite altered mudstone of unknown dimension or strike. Except for the Disseminated Zone, the widths reported in the table are estimated true widths based on surface structural features or silicified zone orientations.
Structure A trends north-northeast and based on mapping, grab rock sample results and soil anomalies, has a strike length of about 200 meters. Based on recent trenches Structure B trends north-northeast and is probably in the range of 50 to 100m strike length. Structure C is irregular in shape and exhibits both north-northeast and northwest structural controls which aggregate a strike length of over 100 meters. Both of these targets are chimneys in form but are controlled by preferred structures. Selected float rock samples in the area of Structure C range between 9.5 to 13.9 g/t gold. Additional trenching is warranted in Structures B, C & and the Disseminated Zone in the next stage of surface work.
A very high Zn value (31%) from a dump adjacent to a shaft in the south end of the Noria area is probably from smithsonite, in a 1 to 2 meter wide shear. This sample spatially correlates with an erratic zinc-arsenic-silver (Zn-As-Ag) soil anomaly.
Several of the structures in Noria will be drilled in early 2008. Additional trenches have been completed and analytical results are pending.
There has been significant historic mining in the Candelaria Area where the workings range from 1 to 10 meters wide and extend 50 or 100 meters deep in the larger structures.
There are a minimum of 8 structurally controlled mineralized zones all trending northeast, dipping northwest at approximately 70 and 40 degrees, ranging from less than 1 to +5 meters wide and ranging from 100 to 800 meters long. In some of these structures iron oxides after sulphides occur in 0.2 to 0.3 meter wide fractures which can form sheeted stockworks and less common 0.5 to 0.75 meter wide calcite-barite veins; total widths of these targets average about 2-3 meters. Both occur in broader zones of pervasive sericite-quartz-clay -iron oxide (mainly after pyrrhotite and pyrite and perhaps base metal sulphides). This alteration envelopes the mineralized structures and measures at least 1000 meter NE and 500 to 700 meters wide. This combination of structurally controlled mineralization and pervasive alteration has been tested and most samples of the pervasive alteration are too low to be economic bulk target. Structurally controlled mineralization results range up to 8 g/t gold over 2 meters wide and >100 g/t silver (results are pending).
The Gloria Vein, has been mined in 4 or 5 open stopes measuring 40 or 50 meters deep. To the northeast shallow pits were probably exploration pits and exposed hard quartz veins. One grab sample carried up to 3 g/t Au and greater than 100 g/t Ag. (assays pending). Recent trench results are pending.
The Goria Vein will be drilled tested in early 2008.
South of the Gloria Vein are several sizeable veins with similar strike to the Candelaria veins. Some have been cursorily mapped and sampled and consist mainly of quartz and sulphides.
Silicified zones, veins, skarn, manto-chimneys and broad sericite alteration occur in the Congreso area that measures more than 500 by 3500 meters. Within this area silicified zones or patches and locally quartz veins occur in massive limestones within a north trending 1600 meter and 400 meter wide area. Individual silicified zones ranging from 5 to 20 meters wide and 100 to 200 meters long consist of very fine grained, massive to porous, silicified limestone with minor hydrothermal breccia. An eastern bounding vein has a 1500 meter strike length and consists of massive to banded quartz with local breccia textures and barite and minor galena and sphalerite. (assays pending)
In the southern margin of the property is a northwest-trending, subvertical quartz vein, 4700 meters long, several meters wide, pinches, massive vein or quartz stockwork up to 15 meters with local colloform or banded, brecciated textures. A strong magnetic anomaly lies below this area which could define a blind target.
Target Type
Carbonate-hosted (mainly limestone) deposits in North America are one of the largest producers of Ag-Zn-Pb in the world (eg Santa Eulalia, Mexico with past production of at least 400 million oz silver and 3 million tonnes of Zn and Pb each). The Corralitos Property contains several carbonate hosted targets including this exceptional Au target in the Noria area which is partly covered by Tertiary volcanics and overburden. First Point's objective is to further explore this Au target as well as other Ag-Pb-Zn targets on the Corralitos Property.
Element correlations between the areas in the Corralitos Project are listed below and indicate lateral zonation from the south to the north and northwest. An epithermal element association is noted in the Noria and Candelaria areas with only anomalous values of base metals. The Gloria vein and Congreso contain significant base metals and precious metals with no arsenic (As), antimony (Sb) or mercury (Hg). The high tungsten (W) and molybdenum (Mo) values in the southern margin vein may be reflecting the intrusion below the vein system based on a strong magnetic anomaly.
ELEMENT CORRELATIONS
Area |
Au |
Ag |
Pb |
Zn |
Cu |
As |
Sb |
Hg |
W |
Mo |
Mn |
Noria |
y |
|
|
|
|
y |
y |
y |
|
|
|
Candelaria |
y |
y |
|
|
|
y |
y |
|
|
|
y |
Gloria Vein |
y |
y |
y |
y |
y |
|
|
|
|
|
|
Congreso |
y? |
y? |
y |
y |
|
|
|
|
|
|
|
South Margin Vein |
|
|
y |
y |
|
|
|
|
y |
y |
|
Exploration Work in 2008
First Point will drill the Noria Area (1200 meters diamond core) and the Gloria Vein (1000 meters) in early 2008. Additional rock sampling, trenching and mapping will be completed in other areas of the property. Additional drilling is planned depending on the early stage drill results and ongoing surface exploration.
Previous Mining/Exploration History in the San Pedros Corralitos Camp
| 1750 | - gold discovered by the Spanish |
| 1847-1878 | - bonanza gold mining operated by Cia Minera Corralitos |
| 1898-1910 | - mining by the Candelaria Mining Co. |
| 1947- 1953 | - mining by Cia Minas de Durango |
| 1993-1994 | - Compaņia Fresnillo, SA de CV, grid controlled magnetics & radiometrics, drilling |
| 1998? | - Peņoles drilled 7 holes in the skarn |
| 2005 | - MineraTeck Cominco rock sampled the broad area & conducted an aeromagnetic survey |
Maps and Photos:
| | | |
Nickel Properties
Corralitos, Mexico, Gold-Silver-Lead-Zinc
Camporo, Honduras, Gold-Silver
Tule, Honduras, Copper-Gold
Mesas de Cuapa, Nicaragua, Gold
BHP Billiton-First Point Minerals JV
Aquila Resources
Photo Gallery
| |
)
)
)
)
)
)