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Camporo, Honduras, Gold-Silver

CAMPORO PROPERTY, HONDURAS

Introduction

Camporo (previously known as Cacamuya) property is a series of volcanic-hosted, low sulphidation, epithermal, gold-silver veins and disseminated gold mineralization deposit.

Fifty seven holes have been drilled in the Camporo Property with values as high as 104.7 grams/tonne (g/t) gold and 743 g/t silver over 6.2 meters (m) apparent true width.

The Property is 4741 hectares in size and is located in southern Honduras. The village of San Marcos de Colón on the Pan American Highway is about 15 kilometers north of the Property. Gravel roads provide access to all mineralized targets on the Property.

Property Status

First Point will own the property 100% when Breakwater Resources transfers the mineral title of the concessions into First Point's name and paying 500,000 First Point shares to Breakwater's for their current 40% interest in the property. Breakwater Resources will retain a sliding scale royalty of 0.4% to 1.2% net smelter return ("NSR") royalty based on the price of gold and silver.
Franco-Nevada retains a 0.6% NSR

Previous Exploration

1900	Central American Mining Company mined the Carmen and Esperanza veins and to a lesser extent the Cerro Chachagua and Hilo Libre veins.
1939 - 1940	Rosario Mining mapped and sampled many of the previously mined workings.
1990 - 1991	Breakwater Resources through its Honduran subsidiary American Pacific Honduras carried out soil and rock sampling exploration program.
1994 - 1998	Battle Mountain Gold (now Newmont) entered into an option agreement with Breakwater to earn a 60% interest in the property.

Geology & Mineralization

Epithermal quartz veins and disseminated, gold-silver mineralized zones are hosted by Tertiary volcanics and lesser sediments and intruded by felsic domes and feldspar porphyry intrusions in the Camporo Property. The stratigraphy consists of lower andesitic volcaniclastics and dacite flows that underlie a mudstone and limestone unit ranging from 2 to 25 meters thick and are overlain by a thick package of felsic ash tuff and unwelded ignimbrites. Felsic domes penetrate to the upper felsic ash tuff and they host the Filo Lapa disseminated gold mineralization.

Zones of mineralization occur within a two kilometer wide by more than four kilometer long, north-trending zone of intense alteration and coincident strong multi-element soil anomalies. The Cerro Chachagua, D4/D5 and Hilo Libre targets consist mainly of gold-silver quartz veins whereas the Filo Lapa target represents a high-level expression of this large-scale mineralized-alteration system and contains disseminated gold mineralization in oxidized or leached outcrops.

Filo Lapa-Cerro Chachagua: Projected Cross Section

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Exploration Targets

Four target areas warrant additional drill testing; the central and deeper portion of the Cerro Chachagua; also along strike the deeper portions of the D4/D5 area; below the disseminated gold mineralization at Filo Lapa; and northern end of the Hilo Libre.

The Cerro Chachagua quartz vein, which exhibits banded, brecciated and blade-mold textures after carbonates is an adularia epithermal low sulphidation deposit and was emplaced at shallow levels. The bonanza zone or shoots could likely extend to deeper portions of the vein particularly in the central region of the vein. Pyrite ranges from <1 to 5% whereas chalcopyrite, galena and sphalerite average less than <1%. Visible native gold was noted in the high grade intersection in hole D96-06.

Nine drill holes have tested the 700 meters strike length of the Cerro Chachagua structure and penetrated to maximum vertical depth of 150 meters. The total structure has been traced 2 kilometers strike length. Drill hole results are shown below both in table form and spatially plotted in longitudinal section. They include the most significant result of 104.7 g/t Au and 743 g/t Ag over 6.2 meters, apparent true width.

Cerro Chachagua Drill Hole Results.

Hole	From (m)	To (m)	Interval (m)	True Width (m)	Au (g/t)	Ag (g/t)
DH06-96	144.8	162.3	17.5	6.2	104.7	743
DH07-96	142.4	146.7	4.3	4.1	8.4	297
DH09-96	170.2	179.2	9.0	2.9	6.8	84
DH14-97	65.6	69.2	3.6	1.2	8.0	64
DH16-00	157.2	159.6	2.4	2.1	2.0	182
and	182.8	186.8	4.0	3.6	2.4	16
DH17-00	210.1	211.2	1.1	1.0	2.7	64
DH21-00	68.4	69.6	1.2	0.6	10.9	8
DH24-03	54.8	57.6	2.8	0.9	5.3
and	77.5	79.3	1.8	0.6	3.6
DH25B-03	24.4	25.9	1.5	1.1	8.9	90
and	65.5	67.1	1.6	1.2	2.7

Cerro Chachagua Vein - Longitudinal Section

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The Cerro Chachagua target has excellent exploration potential in the central 700 meter long portion of the vein as well as the eastern and western extensions.

The D4/D5 area, which measures 350 by 400 meters, is a relatively flat-lying zone with poor outcrop and abundant quartz vein float centered approximately 350 meters north of the Cerro Chachagua vein. The area is underlain by upper volcanics that consist of red saprolite-ash tuff, thin bedded siliceous mudstone-siltstone of the sedimentary sequence and heterolithic andesitic volcanic breccia, and at 100-150 meters depth dacite flows and dome of the lower volcanics. The dacites could host brittle controlled high-grade focused veins at depth below the near surface porous ash-tuff which is strongly altered and hosts sporadic gold values.

Cerro Chachagua-D4/D5 Cross Section

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Patches of silicification, strong sericite-clay-iron oxide alteration, colloform textured quartz vein boulders and narrow south-dipping quartz veins occur in red saprolite and minor heterolithic lapilli tuff in the D4/D5 target. About 800 meters west of the D4/D5 area are the Carmen/Esperanza workings where two subparallel moderately south dipping high-grade gold-bearing quartz veins were mined by the Central American Mining Company in the first part of the 20th century target. The Carmen/Esperanza workings could represent the western extension of the D4/D5 target.

The D4/D5 area was initially identified by a multi-element soil geochemical anomaly and later drilled and trenched. Initial drilling in 1995 by Battle Mountain intersected 18.1 g/t Au over 1.1 m and 19.2 g/t Au over 4.0 m in DH04-95 and 1.2 g/t Au over 7.6 m in DH05-95 and it has thus been called the D4/D5 Target. To date eighteen shallow drill holes, total 536 meters of core and 735 meters of RC chips, have been completed in the D4/D5 area to test of the potential for a near surface open cut target. None of these holes have tested vein targets in the more competent dacite flows at depth. Drilling to test this target is required. The significant results which are shown in the table and plan map below indicate erratically distributed high grade values within anomalous gold envelop.

D4/D5 Drill Hole Results

Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
DH04-95	23.0	24.1	1.1	18.1	10.7
and	38.4	42.4	4.0	19.2	89.0
DH05-95	33.9	41.5	7.6	1.2
RC18-03	4.5	6.0	1.5	2.3
and	16.5	22.5	6.0	1.0
RC22-03	3.0	40.5	37.5	1.0
incl.	25.5	28.5	3.0	6.7
and	31.5	33.0	1.5	3.5
RC23-03	1.5	3.0	1.5	1.3
RC24-03	32.6	36.3	3.7	1.7
and	41.8	43.3	1.5	5.3
RC25-03	10.5	37.5	27.0	2.0
incl.	27.0	28.5	1.5	26.8
RC26-03	18.0	24.0	6.0	2.7
and	45.0	48.0	3.0	7.5
incl.	46.5	48.0	1.5	10.5

First Point discovered the Filo Lapa mineralization in 2002, which is located west of and is higher than the Cerro Chachagua vein. Disseminated gold mineralization is associated with pervasive sericite-clay-iron oxide hosted in a volcanic-flow dome sequence of the upper volcanic sequence at Filo Lapa. In the east margin of Filo Lapa siliceous chimneys and sinter and significant zones of hydrothermal breccia indicate exhalative-hot spring activity during the emplacement of the disseminated gold.

Five angled RC drill holes were oriented perpendicular to the north-northeast trending multi-element rock and soil geochemical anomalies and drilled to a maximum vertical depth of 65 meters over a 160 meter strike length as shown in the map below.

Filo Lapa

Click to enlarge

Filo Lapa RC Holes

Hole	From (m)	To (m)	Interval (m)	Gold (g/t)
1	0.0	72.0	72	0.20
3	48.0	49.5	1.5	17.9
and	49.5	82.5	33	0.24
and	99.0	119.5	20.5	0.27
4	51.0.	129.0	78	0.25
5	3.0	106.5	103.5	0.26
Incl.	7.5	18.0	10.5	0.64
Incl.	91.5	106.5	15	0.53

Most of these holes intersected long intervals of disseminated sub-economic gold mineralization, including 103.5 meters of 0.26 g/t Au in hole 5. In contrast hole 3 returned 17.9 g/t gold over 1.5 meters and this intersection indicates the top end of a vein indicating a higher grade zone at depth. Additional drilling is warranted below this target area.

North of Filo Lapa a coincident multi-element soil geochemical anomaly (gold-molybdenum-arsenic) and zones of siliceous breccia and rhyolite flow domes hosted within upper volcanics extend over about 800 meters to the northeast. The molybdenum values in this target area range up to 0.13% in rocks and 545 ppm in soils.

Hilo Libre is a north trending zone of quartz veins, breccia and sinter located 800 meters north of the Carmen/Esperanza workings. In 2002 First Point drilled 450 meters in four RC holes over a 425 meter strike length at Hilo Libre Zone. The widely spaced holes tested the down dip extent of mineralization encountered in trenches and old workings in this area. The northerly drill hole intersected 7.9 g/t Au over the 4.5 meters, which was the most significant drill result. The trench above this intersection yielded 0.4 g/t Au over 2.4 meters. Nearby a composite grab sample from dump material returned of 4.4 g/t Au and later visible gold was noted in some of this material. Follow-up drilling is warranted in the northern portion of the Hilo Libre zone.

Target Type

The Camporo Property is a low-sulphidation epithermal system with both bonanza quartz-adularia veins and disseminated gold-silver, hot spring related mineralization.

The deeper-seated, high-grade, epithermal vein mineralization at the Cerro Chachagua and related targets are classic bonanza epithermal veins similar to Meridian Gold's (now Yamana's) El Peñón gold mine in Chile. There is also excellent potential for the same high- grade veins of significant width at depth both below the disseminated gold mineralization (0.2 to 0.6 g/t gold over 80 meters width in trenches and drill holes) at Filo Lapa and in the more competent dacite flows below the D4/D5 area.

The Sleeper Mine in Nevada contained 2.5 million ounces of gold and is probably the best example of a low sulphidation disseminated bulk mineable system that encloses a very high grade core of vein-controlled mineralization. Broad zones of sericite-clay-quartz-iron oxide alteration and multiple soil geochemical anomalies that envelop the Filo Lapa target and perhaps the D4/D5 area at Camporo represent this type of target.

Maps and Photos:

Camporo Location Map
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Camporo Section Alt
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Camporo Longsection Geology
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Camporo Chachagua D4D5 Geology
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Camporo Sinter
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Camporo Chimney
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Camporo dome
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This page was created on Fri Sep 10, 2010 at 1:33:52 AM Pacific Time.