Toachi Mining has an option to earn between a 60%-75% interest in the La Plata gold-copper-zinc volcanogenic massive sulphide (VMS”) deposit in Ecuador.
- Former Cambior Inc. project from 1996-2000 and Cornerstone Capital from 2006-2007
- High grade gold-rich VMS deposit which supported a small scale mine operations from 1975-1981
- Historic resources based on drilling by Cambior and Cornerstone were estimated at 913,977 tonnes grading 8.01 grams gold per tonne, 88.3 grams silver per tonne, 5.01% copper, 6.71% zinc and 0.78% lead per tonne in the inferred category.*
- Mineralization is contained in two VMS lenses
- 2,300-hectare project in two concessions, strikes for almost 4 km and includes six priority exploration targets
* The resource estimates described above are historical estimates as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects S.2.4 (“NI 43-101”). Toachi has not completed the work required to independently analyze and verify the results of the previous operators nor has a qualified person completed sufficient work to classify the estimates as current mineral resources or mineral reserves. With respect to the Cambior estimate, the Company is also not aware of what categories were used in the estimate. As a result, Toachi is not treating these estimates as current mineral resources or mineral reserves.
The Company believes these historic results provide an indication of the potential of the property and are relevant from an on-going exploration perspective.