Developing a Multi-Million Ounce
Gold-Silver Deposit in Colombia
Móngora lies within the Angostura Project area 3 kilometres south of the Angostura deposit. Elevations range from 2,600 to 3,200 meters above sea level. Móngora has near surface oxide gold mineralization and deeper sulphide gold mineralization and was discovered in 2008. The Móngora prospect is defined by a large, over 1.5 kilometres long by 300-500 meters wide, gold-in-soil anomaly. Móngora has the potential to enhance the value of the Angostura Project, as its close proximity to Angostura opens up the possibility of developing Móngora as an early source of production in the development of the Angostura Project.
The mineralization at Móngora is similar to Angostura as it hosts higher-grade gold mineralization, including intercepts of 116 g/t Au over 2.0 meters, 22.2 g/t Au over 2.0 meters and 12.4 g/t Au over 1.6 meters, within broader zones of lower-grade gold mineralization. The gold mineralization is hosted in narrow quartz veinlets with associated pyrite in structures within three intrusives; an amphibole rich diorite, a medium grained tonalite and a quartz feldspar porphyry. Alteration assemblages include dickite and illite. At least three different structural directions hosting these veinlets are apparent, representing at least two different events. One set of the veinlets is sometimes sub-parallel to the drill core, while the other two are generally cross cut by the intercepts.
La Plata is within the Angostura Project area and comprises 78 hectares of mineral rights contiguous on the majority of its borders with existing Eco Oro holdings. La Plata lies within a mineralized belt related to the northeast-southwest trending La Baja Fault, which has given rise to a number of mineralized occurrences where gold and silver mineralization is associated with flexures along the main fault. This mineralization, which has traditionally been mined by local artisanal miners, is now the focus of more modern exploration methods by other companies in the area. Exploration carried out by Eco Oro since 2010 has identified vein and stock work mineralization associated with strong alteration hosted in a dacite-porphyry system. Drilling, comprising 18 drill holes and 7,162 meters to March 2011, has intersected anomalous gold and silver grades, and additional work is in progress to define the geometry of the mineralization. Rock samples from mine tunnels on site returned gold assays ranging from no significant gold up to 9.7 g/t Au and silver assays ranging from no significant silver up to 94.3 g/t Ag. On surface, the mineralized structures have returned grab sample values as high as 9.3 g/t Au, 2,030 g/t Ag, 2% Cu, 736 ppm Mo, 0.4% Pb and 1% Zn. Restoration activities were started in 2011 at La Plata. In December 2011, the Company received transfer of the environmental management plan (Planes de Manejo Ambiental or PMA), which the previous property owners had obtained in 1999.
Eco Oro performed limited drilling at Armenia in 1999. Also, sampling of the small mine workings was performed on several occasions. Small scale mining , first legal, and then illegal of very high grade structures was carried out until 2004. In 2006, the Company acquired the Armenia permit and the 101-68 mining licence, as well as surface rights that extend considerably beyond the previous concession limits on the Angostura deposit.
Sampling completed by Eco Oro has extended the gold-in-soil anomaly south of Móngora to the Violetal area, where hydrothermal alteration associated with porphyritic outcrops has been recognized. Elevated copper and molybdenum values were also returned from the soil sampling. In 2008, 2,819 metres in six drill holes were carried out and returned anomalous grades of copper, gold and silver. Additional work is required to define the extents of the mineralization.