Location:
The Urique Project is located in western Chihuahua State, 240 km southwest of the city of Chihuahua, within the southern Sierra Madre Mineralized belt. The project is located immediately north of El Sauzal (Goldcorp.) and immediately south of Monterde (Kimber Resources). Proximal projects within the belt include: Batopilas (MAG Silver), Mulatos (Alamos Gold), San Miguel (Paramount Gold), Morelos (Garibaldi Resource Corp.).
Deposit Model:
High grade gold and silver hosted in low sulphidation epithermal veins with spatially related high sulphidation gold system potential and high silver production bulk tonnage.
Ownership:
100% Yale Resources Ltd.
Size:
The Urique Project is made up of eleven mineral concessions covering 28,881 hectares (28.89km² or 71,367 acres).
Status:
Currently under option agreement to American Sierra Gold Corp. (AMNP-OTCBB).
Geology:
The geologic setting for the Urique property is a Cretaceous age volcano-sedimentary assemblage within the Sierra Madre Occidental Geological Province. The stratigraphic sequence exposed at Urique comprises andesitic to ryolitic flows and tuffs of both the Lower Volcanic Complex and the Upper Volcanic Supergroup. Mineralization typically occurs within the Lower Volcanic Complex. Alteration is comprised mainly of silica with locally strongly pyrite and clay-sericite.
The structurally controlled vein and breccia mineralization that occurs throughout the Urique Project is similar to other low sulphidation epithermal veins in the Sierra Madre mineralized belt such as Tayoltita (Silver Wheaton) Ocampo, (Gammon Lake), and Dolores, (Minefinders). In addition, the geological setting and local alteration at Cuiteco (Urique North) and Los Alisos (Urique South) demonstrate a potential for high sulphidation epithermal gold mineralization such as that found at El Sauzal, Goldcorp's operating mine located approximately 10 kilometres to the south of southern Urique Project boundary.
Results:
El Rosario
A new gold zone was found within a previously unknown extension to the El Rosario tunnel during a program that included reconditioning, mapping and sampling program.
Highlights from the underground sampling within the Rosario tunnel include:
- 9.74 g/t gold and 356.7 g/t silver over 1.68 m,
- 2.16 g/t gold and 92.5 g/t silver over 2.93 m,
- 3.60 g/t gold and 108.2 g/t silver over 1.87 m,
- 5.65 g/t gold and 95.9 g/t silver over 0.45 m,
- 3.69 g/t gold and 112.7 g/t silver over 1.10 m, and
- 3.53 g/t gold and 243.1 g/t silver over 0.40 m.
- 1,640 g/t silver over 1.05 m,
- 441 g/t silver over 2.35 m,
- 8.8 g/t gold over 0.85 m, and
- 257 g/t silver and 0.78 g/t gold over five metres (within the host rocks).
Selected assay results from veins in the Rosario area, Urique South:
| Vein/level/sample |
Width(m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
| Vein 1 |
|
|
|
|
|
|
| Rosario level |
|
|
|
|
|
|
| 9050 |
0.65 |
0.28 |
61.8 |
0.4 |
0.1 |
0.2 |
| 9053 |
NA |
0.36 |
269.0 |
0.8 |
0.2 |
0.1 |
| Vein 2 |
|
|
|
|
|
|
| Tezcalama level |
|
|
|
|
|
|
| 6842 |
0.17 |
2.87 |
1155.0 |
1.1 |
2.7 |
0.2 |
| El Salto mine |
|
|
|
|
|
|
| 6858 |
0.22 |
4.93 |
804.0 |
0.2 |
0.4 |
0.1 |
| Vein 3 |
|
|
|
|
|
|
| Surface workings |
|
|
|
|
|
|
| 7483-84 |
0.80 |
0.28 |
405.3 |
0.2 |
0.9 |
0.9 |
| including 7483 |
0.10 |
2.14 |
3220.0 |
1.2 |
7.4 |
6.9 |
| 9010-14 |
4.37 |
0.25 |
174.7 |
0.1 |
1.9 |
0.4 |
| including 9012-13 |
1.27 |
0.32 |
290.0 |
0.1 |
0.3 |
0.1 |
| including 9013 |
0.27 |
1.30 |
1320.0 |
0.6 |
1.1 |
0.2 |
| 9014 |
0.60 |
1.46 |
457.0 |
0.7 |
0.9 |
0.4 |
| Rosario level |
|
|
|
|
|
|
| 9129 |
0.95 |
0.79 |
54.8 |
- |
0.2 |
0.1 |
| 9135 |
1.60 |
0.13 |
55.6 |
0.2 |
0.2 |
0.3 |
| Vein 4 |
|
|
|
|
|
|
| Surface |
|
|
|
|
|
|
| 9028 |
0.25 |
3.59 |
842.0 |
0.2 |
3.8 |
4.9 |
| 9030 |
0.80 |
0.41 |
48.5 |
- |
0.2 |
0.1 |
| Surface workings |
|
|
|
|
|
|
| 9044 |
1.15 |
0.27 |
82.9 |
- |
2.2 |
0.3 |
| 9045-47 |
2.65 |
0.12 |
157.0 |
0.1 |
0.4 |
0.2 |
| Tezcalama mine |
|
|
|
|
|
|
| 6838 |
0.10 |
0.35 |
1550.0 |
0.5 |
0.4 |
0.2 |
| 6840 |
0.10 |
2.24 |
524.0 |
0.2 |
1.3 |
0.2 |
| Rosario level |
|
|
|
|
|
|
| 9116 |
2.20 |
0.09 |
88.1 |
0.1 |
0.1 |
0.2 |
| 9121 |
0.36 |
0.36 |
98.0 |
0.1 |
0.5 |
1.2 |
| Vein 5 |
|
|
|
|
|
|
| Surface workings |
|
|
|
|
|
|
| 9031 |
0.80 |
0.83 |
581.0 |
0.2 |
5.3 |
0.5 |
| 9039-43 |
2.75 |
0.78 |
149.7 |
- |
0.6 |
0.1 |
| including 9041-43 |
1.55 |
1.22 |
251.3 |
- |
0.9 |
0.1 |
| including 9042 |
0.25 |
5.77 |
1450.0 |
0.2 |
4.2 |
0.2 |
| 7485-86 |
1.05 |
0.52 |
1640.8 |
0.3 |
1.1 |
0.3 |
| including 7485 |
0.20 |
1.73 |
8290.0 |
1.6 |
5.0 |
0.6 |
| 7487-89 |
2.35 |
0.52 |
440.9 |
0.1 |
1.4 |
0.2 |
| including 7487 |
0.20 |
2.78 |
3640.0 |
1.0 |
11.7 |
0.3 |
| 7490 |
0.12 |
8.88 |
1030.0 |
0.3 |
8.6 |
1.8 |
| Rosario Level |
|
|
|
|
|
|
| 9103 |
1.55 |
0.27 |
37.1 |
- |
0.1 |
0.0 |
| 9106 wall rock |
5.00 |
0.78 |
257.0 |
0.1 |
0.8 |
0.1 |
| 9108 |
1.15 |
0.13 |
38.7 |
- |
0.1 |
0.2 |
| 9113 |
1.20 |
0.71 |
109.0 |
- |
0.1 |
0.1 |
San Pedro
Initial sampling of old workings returned the following:
Sample
number |
Sample
description |
Width
(m) |
Au
(g/t) |
Ag
(g/t) |
| 108981 |
Dump |
grab |
27.2 |
482.0 |
| 108990 |
Vein |
1.1 |
6.60 |
61.3 |
| 108991 |
Vein |
1.1 |
35.3 |
401.0 |
| 108992 |
Vein |
0.2 |
28.4 |
193.0 |
The Deal:
Under the terms of the current option agreement American Sierra can initially earn 90% by paying Yale US$1,050,000, incurring US$ 2,600,000 in exploration expenditures and paying an additional US$360,000 to Yale in either cash or stock over four years.
To earn an additional 10% interest, American Sierra will be required to issue Yale 500,000 shares, complete sufficient drilling to support resource estimation within 3 years and thereafter pay Yale US$0.75 per every equivalent ounce of silver within the measured and indicated categories.
Please read news releases for complete details regarding the Urique Project.
Ian Foreman, P.Geo., is Yale Resources' Qualified Person, as defined by National Instrument 43-101, for the Urique Project.
