The Guaynopa project is located 290km northwest of the city of Chihuahua in the municipality of Madera and is made up of three mineral claims; La Esperanza, Tres Naciones, & Tayopa, totalling 546.67 hectares.
The 2013 drill program was a planned four hole, 1,200 m drill program focused on testing gold-copper skarn targets previously identified on the property. Only 3 drill holes totalling 619.15 m were completed due to limited gold mineralization encountered in the drill core.
The drill holes were planned to test the best surface anomalies at Tres Amigos and Las Chalas zones and did not intersect any significant mineralization. As a result, the drill program was curtailed.
The drill results indicate that the magnetometry anomaly was caused by a magnetic diorite intrusion and not a massive magnetite skarn as previously anticipated.
The results from the drill program have culminated in the decision for the Company to return the project back to the owner and to discontinue any work in the area.
The Company will focus its 2014 exploration efforts on the Acropunco Property located in Huancavelica, Peru where an initial phase of detailed sampling and mapping identified a principal anomalous area of over 6 square kilometres, consisting of hydrothermal alteration and associated gold anomalies. Phase One diamond drilling at Arcopunco is planned for first quarter of 2014 (weather and community relation permitting), consisting of an initial program of 1,500 m.
The Company’s unaudited cash balance as of December 31, 2013, was approximately $11.0 M.
