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  • tranthor2004 tranthor2004 Oct 1, 2012 5:33 PM Flag

    Exploration Potential

    Hi Rholls,

    Good find on the Mag project.

    Per the Mar 5 release:

    Modern ground geophysics over the mine area is expected to aid in defining the strike and dip extensions of the mineralized zones and their potential structural controls. Historic CSAMT and IP surveys in the early 1980's identified anomalies that appear to correlate well with the location of the known mineralization at the Presidio and Shafter deposits. Additional anomalous responses were also detected that have not been followed up.

    Aurcana has engaged Zonge International Inc. to conduct an orientation NSAMT (Natural Source Audio-frequency Magnetotellurics) survey over the Presidio and Shafter deposit area. Initial interpretations are expected next week. The resulting information will assist in developing a comprehensive, focused, drill program.

    I had been questioning whether Lenic would engage with such a program using a little bit more modern tech that might narrow the search for drilling. So, I went back to the budget exploration release and had forgotten about this. They were expecting results within a week back in March. Six-seven months have passed.

    Looking at the latest corporate presentation of Sept. 2012 and the Shafter exploration opps map on page 25, do you recall if the anomalous alterations had been there previously under the "untested geophysical targets"? I think they were previously there. If not, perhaps this is the result of the Zonge survey? Either way perhaps these were the follow up areas in question.

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    • An additional note.
      Presideo/Shafter seems to be more pure silver than the other regional drill results. May have a separate feeder system some distance from the sources for the other occurances in the area

      • 1 Reply to rholl49oswego
      • Per Feasibility:

        Section 7- Unknown

        Section 6 (S) - State: Minerals
        Livingstone: Surface

        Section 6 (N) - RGMC: Minerals
        Livingstone: Surface

        Section 1 - Livingston: Surface
        MacDonald: Minerals

        Section 320 - State: Minerals and Surface
        RGMC- Prospecting Lease

        Section 319 - Livingstone: Surface
        Montezuma: Minerals

        Sections 7, 3, 4(N), 3(N), 9(N) - Poindexter: Surface and Minerals

        Gleim had good drill results and seems to lie within the northern Section 6 boundary and Section 1. The trend is north of Gleim. Need to lock up Section 1 North and section 320 at the very least.

        Poindexter is the name of the rancher that was having issues with the water discharge from the mine.

        Per Big Bend Now:

        "During the water board meeting last week, Cibolo Creek Ranch owner and RGMC neighbor John B. Poindexter raised concerns over the mining company’s planned discharge of underground water and the possible environmental and economic impacts of releasing large amounts of water."

    • Hi
      Yes.Lots of potential near Presideo/ Shafter
      In prior communications they have indicated that Shafter is still open to the east.
      The western anonalies at the western end of the Presideo mine and north are interesting.
      Note that these roughly line up with the series of old small mines (silver, lead, zinc and some gold) within a mile or so to the west.
      Those old mines are on the Montezuma and Livington blocks west and northwest. Widely spaced drilling from prior owners have shown silver, lead, zinc, and gold. Gliem drill holes also showed these metals present.
      I think that Lenic is waiting for Shafter to enter commercial production and will then launch a major series of acquisitions (with a rising stock price)and exploration effort in the whole area.

      Cash flow from operations was 5.6 million in the 2nd qrt. Silver probably averaged a $2 increase from the 28 average price(2nd qrt) in the third quarter. This quarter...33 to 35 may be a conservative estimate for average prices. Just on La Negra's 600,000 production of silver equivalent... a $5 increase is a $3 million increase.
      Once Shafter starts commercial production (3.8 million ozs annually...1 million quarterly) cash flow from operations should move from the 8 Million level quarterly to over 25 million per quarter.
      Exploration/mill expansion and acquisition strategy will bloom during 2013.

      • 1 Reply to rholl49oswego
      • Per the NI 43-101 posted on SEDAR page 17:

        More recently, Aurcana staked the Aurcana 1,2,3, and El Sol clams, covering an extension of 103,170.5021 hectare to explore possible targets in the region. The present report makes reference to these areas, for information purposes..........
        Figures 4.4, 4.5, 4.6 show the location of the claims.

        Page 181 first paragraph is of interest. Page 182 spells out recommendations:

        Sample accuracy
        Additional training for drillers to achieve higher core recoveries.
        Database integrity.
        Continued aggressive underground exploration to expand resource and reserve estimates.
        Find the Bismuth that is contaminating the lead.

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