Projects

Developing a Multi-Million Ounce
Gold-Silver Deposit in Colombia

Angostura


Highlights:


  • Wholly-owned, high quality project with a Measured and Indicated Resource of 2.21 million ounces of gold at 4.57 gpt and an additional Inferred Resource of 1.03 million ounces of gold at 4.70 gpt.
  • Underground-only operation will have a much smaller surface footprint than an open pit mine.
  • The deposit remains open at depth.
  • The site is accessible year-round by road or helicopter.
  • Existing infrastructure includes a major power grid and water access.
  • Numerous satellite prospects yet to be advanced: Móngora, La Plata, Agua Limpia, Armenia and Violetal.
Eco Oro has completed more than 350,000 meters of drilling and 3,000 meters of underground development.


Resources


Based on drilling to date, Angostura contains an NI 43-101 Measured and Indicated mineral resource of 2.21 million ounces of gold at 4.57 gpt and an additional NI 43-101 Inferred Resource of 1.03 million ounces of gold at 4.70 gpt using a cut-off grade of 2.5 gpt gold.

The resource estimate is based on information from 1,068 diamond drill hoes representing 362,520 meters of drilling and over 200,000 gold samples. A total of 104 mineralized structures were included in the model.

For further details regarding the resource estimate, see the news release dated June 8, 2015 and technical report dated July 17, 2015, which are available on this website.


Category cut off grade g/t Tonnes (Mt) Au (g/t) Ag (g/t) Au (Moz) Ag (Moz)
Measured & Indicated 2.0 20.67 3.93 17.3 2.61 11.47
2.5 15.06 4.57 19.3 2.21 9.36
3.0 11.21 5.19 21.4 1.87 7.71
4 6.72 6.36 25.0 1.38 5.40
5.0 4.23 7.49 27.9 1.02 3.79
Inferred 2.0 9.17 4.08 16.7 1.20 4.94
2.5 6.85 4.70 19.0 1.03 4.19
3.0 5.16 5.33 21.3 0.89 3.53
4 3.02 6.69 25.5 0.65 2.48
5.0 1.98 7.87 28.4 0.50 1.81

The mineral resources reported above are taken from a report entitled Technical Report on the Updated Mineral Resource Estimate for the Angostura Gold-Silver Deposit, Santander Department, Colombia, prepared by Micon International Limited. A copy of the report can be downloaded here and is available under the Company's filings at www.sedar.com.

The report was prepared by Thomas C. Stubens, P.Eng., in accordance with the definitions contained in the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves Definitions and Guidelines. Mr. Stubens is a qualified person and independent for the purposes of National Instrument 43-101.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resource tonnages have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.


Drilling and Exploration


In 2010-2011, an 18-hole drill program designed to test the extent of higher-grade mineralized structures confirmed the presence of mineralization along strike and down dip. Sixteen of the 18 holes contain a total of 52 intercepts of greater than 2 g/t Au with a weighted average grade of 4.4 g/t Au and 19.7 g/t Ag. An infill drilling program was completed from June 2011 to September 2012 and included a deep drilling program designed to better delineate some of the attractive inferred resources at depth. This drill program provides a better geometric definition of the mineralized structures, required for planning of the underground mine design, and has contributed to a more robust resource model for underground development of the Angostura deposit. Results from the first 40 holes totaling 17,836 meters are available here. Detailed maps of these drill hole locations are available here. A full discussion of these results can be found in the news release dated November 30, 2011.

Results from the subsequent 56 holes totaling 22,983 meters are available here. Detailed maps of these drill hole locations are available here. A full discussion of these results can be found in the news release dated February 6, 2013.

In 2012 the infill drilling was concentrated in the western limit of the Angostura deposit going from the Diamante area through to the Silencio area, with one hole each drilled in Veta de Barro and La Alta. Results confirm higher gold grades in the infill areas than was encountered from the wider spaced drilling previously completed. Of this drilling, geotechnical and hydro geological drilling programs totaled 3,231 m in 18 holes, of which 2,714 m in eight holes were used in both geotechnical and infill programs.

Results from the infill drilling program reinforce management's expectation that the deposit has the continuity of mineralized zones and high grades required for underground mining, as well as demonstrating further upside potential at depth. Results from the geotechnical and hydro geological drilling will provide valuable information, which will ensure that Eco Oro effectively addresses any associated safety and environmental concerns of the surrounding community.