Target: Cu-Mo-Au-Ag Location: Sonora, Mexico Size: 240 km2 Status: 1.5% NSR with First Majestic Silver Corp Stage: Drill Stage
Cumobabi consists of 240 square kilometres of contiguous mineral tenure located 130 kilometres north east of Hermosillo, the capital of Sonora State, Mexico, and only 60 kilometres south west of the smelter at Nacozari. Access to the project is by highway and secondary roads.
First Majestic Silver Corp. completed its 100% earn-in for the project in September 2018, with a cash payment of US$1.5 million in cash for a net smelter royalty (“NSR”) for both Ermitaño (2% NSR) and Cumobabi (1.5% NSR) projects.
Cumobabi covers the majority of the Cumobabi breccia district and surrounds the past producing Cumobabi mine. Geology underlying the project consists of Cretaceous andesite volcanic centres intruded by Laramide age equivalent intrusive rocks including granodiorite and quartz-feldspar porphyries.
The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.
El Chileno Target - Located on the northern boundary of the past producing Cumobabi mine, El Chileno is characterized by an extensive kilometre scale phyllic alteration halo with local potassic alteration of a quartz feldspar porphyry. Limited drilling by Kennecott returned 38 metres grading 0.14% copper from within the potassic zone. The target remains untested by drilling to the north.
Jurahui Target - Covers a significant 10 square kilometre area of coincident copper and molybdenum in stream sediment geochemistry, magnetic low signature and clay/iron oxide alteration as interpreted from satellite imagery. Limited surface mapping has delineated large areas of strong argillic and phyllic alteration in the area along with significant limonite stockworking. Before Evrim’s exploration with partner First Quantum, the area had seen no systematic exploration including soil sampling, rock sampling, mapping, geophysical surveys or drilling.
Portreritos - An example of a recent breccia discovery within the district and is located at the southeast end of the Jurahui target. Here Cu and Ag mineralization is associated with quartz tournmaline breccia developed within phyllic and potassically altered granodiorite. Drill results include: 26 metres of 0.55% copper, 4 g/t silver and 9.15 metres @ 2.65% copper and 21 g/t silver.
Large portions of the property have not seen systematic exploration despite evidence of porphyry mineralization and alteration at El Chileno and Jurahui. Cumobabi consists of a dominant ground position in a proven porphyry and breccia district.
The exploration at Cumobabi in 2011 consisted of a property wide reconnaissance program aimed at identifying targets and/or areas for drill testing. Exploration in 2011 consisted of mapping, geochemical sampling and ZTEM geophysics over the entire 407 square kilometre property.
The 2012 exploration program consisted of approximately 100 line-kilometres of pole-dipole Induced Polarization geophysics in conjunction with detailed geological mapping to define new drill targets and refine drill targets previously identified in the 2011 program. Compiled data was analyzed to determine which drill targets warrant testing in 2013.
In 2013 Evrim and former exploration partner FQM ( Akubra ) Inc. (“FQM”) completed five widely-spaced drill holes totaling 2,943 metres. The program at Cumobabi tested geological, geochemical and geophysical targets generated by the 2012 exploration program. The program also comprised additional IP surveying totaling 38 line-kilometres in two blocks northeast and northwest of the 2012 survey.
Cumobabi is an excellent opportunity to apply conventional exploration methods to make a new porphyry discovery in the Sonora porphyry Cu-Mo belt.
The content of this page has been reviewed by Dave Groves, Vice President of Exploration for the Company. Mr. Groves is a Qualified Person as defined under the terms of National Instrument 43-101.