La Frazada
Snapshot
Size: 299 hectares
Location: Nayarit, Mexico
Target: Silver Zin Lead (Epithermal Veins)
Development Stage: Resource Definition
Location and Access: The La Frazada Project is located in the Mexican state of Nayarit. Specifically, the Project is located within the central portion of the Mexican state of Nayarit, approximately 55 km northwest of Tepic, the capital of the state of Nayarit and 300 km to the northwest of the city of Guadalajara, the second largest city in Central Mexico. The Project is situated in the El Zopilote mining district within the Region de Ruiz mining area.
Summary: La Frazada was mined in the late 1890’s until about 1910 when the Mexican revolution effectively stopped all activity. Two parallel quartz veins with galena and sphalerite have been traced for over 1800m along strike and host mineralization in three known mineralized shoots. These resources were near surface and within the existing mine workings that are accessible today.
Geology: The La Frazada property lies along the contact between the Upper and Lower Volcanic series on the western edge of the Sierra Madre Occidental geological province. Specifically, the regional and property geology consists of volcanic rocks of Tertiary age, which include andesites of the Lower unit and lava flows, ignimbrites, tuffs and breccias of rhyolite and dacite composition of the Upper unit. All the rock sequences are affected by stocks of granodiorite, diorite and andesite porphyry. The contact between the Upper and Lower Volcanic series has been and continues to be highly prospective for precious metal mineralization, as a majority of the other known gold and silver mines and prospects in the belt occur close to, or just below, the contact interval.
The La Frazada Project consists of two parallel quart-veins and breccias which outcrop intermittently along a 3 km strike length within the property boundaries. Silver, zinc and lead mineralization appears associated with the quartz veins and a breccia at the footwall and hangingwall of the La Frazada and La Jabalina veins. Within the property, there are a series of underground workings which are presently accessible over a strike length of 3,000 m.
Exploration Upside: The down dip and along strike extent of the historically worked veins is not fully understood and further exploration has potential to lead expansion of existing resources. Based on the resource estimation previously completed by channel sampling significant tonnage and grade improvements can likely rapidly be made by modern drilling methods and more robust resource confidence.
Additionally preliminary samples from the host rock within altered zones returned low silver values that are associated with a stockwork and veinlet zones. This may be part of an extension structural process along the main vein system and may represent potential low grade bulk tonnage resource potential.
Figure 1: Location and Claims disposition of the La Frazada Property.
Historic Resource
Historical 2008 Mineral Resources Estimate on the La Frazada Property
(60 g/t Silver Cut-off Grade) Based on data available as of October 2008
Resource Classification | Tonnes (x 1,000) |
Grade | Silver (x 000 oz) |
Gold (oz) |
Lead (x 000 lb) |
Zinc (x 000 lb) |
Cu (x 000 lb) |
||||
---|---|---|---|---|---|---|---|---|---|---|---|
Silver (g/t) |
Gold (g/t) |
Lead (%) |
Zinc (%) |
Cu (%) |
|||||||
Measured | 304 | 259.8 | 0.197 | 0.876 | 2.36 | 0.095 | 2,537 | 1,900 | 5,866 | 15,782 | 635 |
Indicated | 279 | 240.5 | 0.141 | 0.862 | 2.52 | 0.089 | 2,156 | 1,300 | 5,297 | 15,498 | 546 |
Total Measured + Indicated | 583 | 250.5 | 0.170 | 0.869 | 2.44 | 0.092 | 4,693 | 3,200 | 11,163 | 31,280 | 1,181 |
Inferred | 534 | 224.9 | 0.178 | 0.923 | 2.62 | 0.089 | 3,859 | 3,100 | 10,860 | 30,769 | 1,046 |
Lodestar Battery Metals states with equal prominence that it is not treating the historical estimate as current mineral resources or reserves. At this time, a qualified person has not done sufficient work on behalf of Lodestar to classify the historical estimate as current mineral resources or reserves. Investors should not rely on the historical estimate as a current mineral resource estimate until it has been verified and supported in a technical report in accordance with NI 43-101.
Source and date of the historical estimate, including any existing technical report | Information relating to these historical estimates is summarized from the following technical reports: Lewis, William, J., (2008, Amended 2009), Technical Report and Preliminary Mineral Resource Estimate for the La Frazada Silver property, El Zopilote Mining District, Nayarit, Mexico, 99 p. completed for Silvermex Resources Limited. |
Relevance and reliability of the historical estimate | The Reports were compiled in accordance with Canadian Institute of Mining (2005) standards and best practices for Mineral Resources, adhering to NI 43-101. Silver One established QAQC programs that were reviewed by the independent QP who accepted the data and results as suitable for mineral resource estimation at that time. |
Key assumptions, parameters, and methods used to prepare the historical estimate | The database contained the assay results from a total of 729 samples; 233 belonging to the La Jabalina West vein; 384 to the La Frazada vein and 112 samples corresponding to the La Jabalina East-Tiro Real vein.. The mineral resource estimate used a block model method with a cut-off grade of 80 g/t Ag, 0.75% Pb and 1% Zn.. |
Resource categories used | In accordance with NI 43-101 as defined in 2011, the La Frazada historical estimate used the terms inferred, indicated and measured mineral resource having the same meanings ascribed to those terms by the CIM Definition Standards on Mineral Resources and Mineral Reserves (August 2004). |
More recent estimates or data available to the issuer | There are no more recent estimates available to the project. |
Work needed to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves | An independent Qualified Person has not done sufficient work to review the historical data and historical estimate to determine what further work would be required to write an updated current Technical Report in accordance with NI 43-101. It is envisaged that this will involve an update/refinement to the geologic model and grade interpolation methods. |