CHINGOLES an altered mineralised area N of Ivone - First Traverse 11 Dec 2011 Review of Assays Rado 09 Feb 2012

Overview map
Discussion:
i.
No work has been done in Chingoles area before 11 Dec 2011, except that Jose Rivera has made a traverse up steep slope into what could be eastern extension of
Chingoles Target and collected dark altered fractured rocks with epidote and green Cu oxide in fractures

ii.
iii.
iv.
v.
vi.
vii.
viii.

ix.
x.

xi.
xii.
xiii.

On 11 Dec 2011, copper oxide and black oxide (possibly copper bearing) mineralisation has been observed in a series of outcrops on WP121-131 sector of the
traverse
Geological characteristics (no tourmaline, no quartz veining, abundant epidote alteration, no grey pophyry intrusive rocks, ocoite dykes) observed in WP 124 -129
sector are sufficiently different from those in northern part of Ivone alteration-copper mineralisation complex to assign a new name to the target: Chingoles
Due to abundant epidote Chingoles an altered mineralised area is characterised by greenish colouration that is also visible on Google Earth images outlined in
bright green
Due to colluvial cover, north-east extent of Chingoles an altered mineralised area is unknown and could be significant
Catherine area with small pits with oxide copper mineralsation in fractured grey volcanic rocks may be north-west periphery of Chingoles altered mineralised area
(in other words: main potential for copper mineralsation is probably in dark fractured rocks on top of the ridge east of Catherine to be investigated by traversing a
s a matter of priority
In sector WP121-124 and in sector WP129-131, altered mineralised rocks of Chingoles altered mineralised area are in contact with altered mineralised rocks of
North Ivone target (see report North Ivone traverse 11 Dec 2011)
Ivone Cu outcrops and North Ivone target are of porphyry copper type, characterised by pervasive close spaced fracturing and even distribution of copper; in drill
holes 1 and 2 the copper content was sub-economic (average for entire 250m long hole 2 was 0.14% Cu, with best 38m interval averaging 0.19% Cu) but in
depression located to the north in fractured bedrock hidden under colluvium copper contents may be higher (economic) so that drilling in the depression (=North
Ivone target) is waranted (see report North Ivone traverse 11 Dec 2011 which will be written in next day or two)
Chingoles altered mineralised area is also characterised by pervasive close spaced fracturing so that distribution of copper may also be fairly even, however the
target may not be of classic porphyry copper type and there are specularite and magnetite veins as well as ocoite dykes that remind of Gordita (Martina) or Mina
Justa (a major discovery made by Rio Tinto in Peru in 1999-2001 which I a fully familiar with because it was made by my team current resource 300Mt @ 0.7% Cu)
Classic theory in published literature makes a big distinction between a classic poprhyry copper deposit and a deposit like Mina Justa that is being classified as
IOCG type but in reality there may be less of a difference (I believe that copper was originating from Jurassic-Cretaceous Volcanics and was remobilised in several
stages, with Mina Justa type copper mineralsation being result of early stages of remobilisation and classic poprhyry copper mineralisation being results of
additional later stages of remobilisation
Based on above considerations, a lot of copper mineralsation may be found in the area of Ivone Cu outcrops, North Ivone target in the depression, Chingoles
altered mineralised area, Catherine altered mineralised area and extensions north to Lucy altered mineralised area
Most of the copper mineralisation observed in Chingoles target to date (in sector WP124-129) is black copper oxide lining in closely spaced fractures but at two
sites (WP126 and WP128) green coper oxides have been observed
The only historic working in Chingoles altered mineralised area is a very small prospecting pit at WP128 this can be explained by bulk low grade disseminated
dispersed nature of mineralisation (in other words: absence of high grade structures)

For Ivone Cu outcrops and North Ivone target in the depression see reports:
New targets in northern part of IVONE - traverse 11 Dec 2011,
Water potential in fractured rocks 29 Oct 2011,
Results of first 4 drill holes at Ivone and proposal for next two drill holes corrected 25 July 2011,
Ivone Assays 29 march 2011 and Ivone Area 3 Magnetic Data Interpretation 15 march 2011
For Catherine area see report:
PHOTOS CATHERINE 28 OCT 2011.

Map of Chingoles altered mineralised area:

Comments on copper mineralisation:
i.
Most of the mineralisation observed in Chingoles altered mineralised area to date (in sector WP124-129) is black oxide lining in closely spaced fractures with
unknown amount of copper in black oxide (up to 285pmm Cu see assay table on next page)
ii.
at two sites (WP126 and WP128) green copper oxides have been observed
iii.
The only historic working in Chingoles target area is a very small prospecting pit at WP128

Assay Table (for more detail for samples SIV 307 317 see Geological Observations and Descriptions for Samples by Waypoint on next page):

Assyas for samples from:

Samples SIV 307 317 from South part of Ivone (see report IVONE - south part - traverse 11 Dec 2011)
Samples SIV 305-306 (WP 112) in depression NE of North Ivone (see report New targets in northern part of IVONE - traverse 11 Dec 2011)
Samples SIV 307 317 from Chingoles altered mineralised area
Sample SIV 318) of white dyke at North Ivone (see report New targets in northern part of IVONE - traverse 11 Dec 2011)
Comments on assays of Samples SIV 307 317 from Chingoles altered mineralised area:
In porphyry copper systems there is lateral metal zoning:
copper core
zinc - manganese halo
Elevated zinc and manganese values in samples SIV 308-317 are representative of zinc - manganese halo. The fact that some copper is present (including some high values
in some narrow fracture zones characterised by green copper oxides, such as in samples SIV 314 and also SIV 312) confirms that in Chingoles area there is a zinc manganese halo that surrounds the core of a porphyry copper system.
As discussed in report New targets in northern part of IVONE - traverse 11 Dec 2011, in colluvium covered depression in northern part of Ivone alteration-copper
mineralisation complex, there is a large porphyry copper type target which warrants testing by drilling through colluvial cover. The presence of a zinc - manganese halo with
some copper in Chingoles altered mineralised area confirms this interpretation, so that the target in colluvium covered depression in northern part of Ivone is high priority
for drill testing.

Geological Observations and Descriptions for Samples by Waypoint:

WP

Lat WGS84

Long WGS84

N WGS84

E WGS84

Elev

Samples

Description
colluvium on steep slope: rare blocks of porphyry breccia with tourmaline matrix and some early qtz veins;
rest grey volcanic from high slopes

113

-29.23692198

-70.56127899

6764755

348270

2794

114

-29.23628203

-70.56219396

6764825

348180

2810

115

-29.23585203

-70.56382801

6764870

348020

2804

116

-29.23517704

-70.56453603

6764944

347951

2807

117

-29.234925

-70.56484097

6764972

347921

2803

118

-29.23431203

-70.56566197

6765039

347840

2800

119

-29.23362203

-70.566415

6765114

347766

2794

o/c of banded porphyry dyke - surrounded by coluvium

colluvium on steep slope: rare blocks of porphyry with early qtz vein stockwork and some tourmaline;
some epidote rich rocks, rest grey volc fr high slopes

120

-29.23293798

-70.56698103

6765189

347710

2792

colluvium incl. blocks - all epidote rich volcanic rocks - reminds of Martina (=Gordita)

121

-29.23265501

-70.567176

6765220

347690

2787

122

-29.23231001

-70.567436

6765258

347664

2789

123

-29.23176602

-70.56772803

6765318

347635

2779

SIV309

o/c: altered rock with early qtz vein stockwork and close spaced fracturing - minor black Cu? oxide (sampled)
o/c: altered rock with early epidote-qtz vein stockwork , minor specularite and close spaced fracturing
- minor black Cu? oxide
o/c: altered rock with early epidote-qtz vein stockwork , minor specularite and close spaced fracturing
- minor black Cu? oxide (sampled)

124

-29.231373

-70.56900501

6765360

347511

2757

SIV310

extensive o/c on saddle: altered rock with epidote and specularite veins (sampled); close spaced fracturing

125

-29.23083404

-70.56988302

6765419

347424

2750

SIV311

126

-29.23096798

-70.57004102

6765404

347409

2761

SIV312

127

-29.23175697

-70.57040404

6765316

347375

2735

SIV313

128

-29.232035

-70.56991696

6765285

347423

2733

SIV314

129

-29.23252601

-70.56994999

6765231

347420

2716

SIV315

extensive o/c on a steep rise: altered rock with epidote vein stockwork; close spaced fracturing (sampled)
extensive o/c on top of steep rise: altered rock with epidote vein stockwork; close spaced fracturing
- some green Cu ox in fractures (sampled)
base of o/c on steep rise: altered rock with epidote vein stockwork; close spaced fracturing
- some black Cu? ox in fractures (sampled)
base of o/c on steep rise: altered rock with epidote vein stockwork; close spaced fracturing
- in a small pit black and green Cu ox in fractures (sampled)
small o/c on steep slope: altered rock with epidote vein stockwork; close spaced fracturing
- some black Cu? ox in fractures (sampled); an 'ocoite' dyke

130

-29.23292801

-70.56932302

6765187

347482

2710

SIV316

small o/c of coarse grained porphyry with medium spaced fracturing - some black Cu? Ox (sampled)

131

-29.233415

-70.569291

6765133

347486

2699

SIV317

larger o/c of coarse grained porphyry with medium spaced fracturing - some black Cu? Ox (sampled)

132

-29.23425604

-70.56926896

6765040

347489

2682

133

-29.23638999

-70.570139

6764803

347408

2637

colluvium on steep slope: rare blocks of porphyry breccia and grey porphyry; rest grey volcanic from high slopes
colluvium on steep slope: rare blocks of porphyry with early qtz vein stockwork and some tourmaline;
rest large rocks of grey volcanic from high slopes
colluvium on steep slope: rare blocks of porphyry with early qtz vein stockwork and some tourmaline;
rest large rocks of grey volcanic from high slopes
SIV307

SIV308

small o/c of silicified limonitic rock fractured (sampled) - surrounded by coluvium

colluvium on steep slope

valley with running water, grass, gardens and trees with small birds called 'chingoles'
- that is how the name for the new target has been chosen

Photos:

WP 128 - sample site SIV314: base of o/c on steep rise: altered rock with epidote vein stockwork; close spaced fracturing - a small pit black and green Cu ox in fractures (sample bag number was changed to
SIV314 in the camp after the photo was taken)

WP127 sample site SIV313: base of o/c on steep rise: altered rock with epidote vein stockwork; close spaced fracturing - - some black Cu? oxide with dendritic texture in fractures (sampled)

Panoramic view looking north from Ivone drill hole 1 across the depression with North Ivone Target toward Chingoles Target

Conclusions and Recommendations:

Elevated zinc and manganese values in samples SIV 308-317 are representative of zinc - manganese halo. The fact that some copper is also present confirms that in
Chingoles area there is a zinc - manganese halo that surrounds the copper bearing core of a porphyry copper system.
As discussed in report New targets in northern part of IVONE - traverse 11 Dec 2011, in colluvium covered depression in northern part of Ivone alteration-copper
mineralisation complex, there is a large porphyry copper type target which warrants testing by drilling through colluvial cover. The presence of a zinc - manganese halo with
some copper in Chingoles altered mineralised area confirms this interpretation, so that the target in colluvium covered depression in northern part of Ivone is high priority
for drill testing.
Rado 23 Dec 2011