Colpayoc 43101 Jan2012 Compile

COLPAYOC GOLD PROJECT
TECHNICAL REPORT

Cajamarca Department, Peru
Latitude: 7 8 32 South
Longitude: 78 36 50 West

Effective Date: December 21, 2011

Dean D. Turner, C.P.G.
Exploration Geotechnologies, Inc.
Littleton, Colorado
Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 I
TABLE OF CONTENTS
Section Page
1.0 SUMMARY 1
2.0 INTRODUCTION 6
2.1 Purpose and Terms of Reference 6
2.2 Sources Of Information 7
2.3 Personal Inspection 8
2.4 Units and Currency 8
3.0 RELIANCE ON OTHER EXPERTS 9
4.0 PROPERTY DESCRIPTION AND LOCATION 10
4.1 Mineral Concessions, Option Agreements, and Royalties 11
4.2 Surface and Access Agreements 12
4.3 Exploration Permits 12
4.4 Other Agreements or Encumbrances 12
4.5 Environmental Liabilities 12
4.6 Other Factors or Risks 12
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
14
6.0 HISTORY 17
6.1 Exploration by Newcrest Peru S.A. 18
6.2 Exploration by Granges Inc. 19
6.3 Exploration by Balaclava Mines Inc. 20
6.4 Exploration by Minsur S.A. 20
6.5 Comments on Historical Exploration Results 20
7.0 GEOLOGICAL SETTING AND MINERALIZATION 21
7.1 Regional Geology 21
7.2 Local Geology 24
7.3 Mineralization at the Colpayoc Project 29
7.3.1 Porphyry-Gold Mineralization: Daylight Gold Zone 29
7.3.2 Porphyry-Gold Mineralization: Montura Zone 32
7.3.3 Structurally Controlled Ag+Au+Mn+/Zn+/Pb+/Cu Mineralization: Cerro Rico
Zone
33
7.3.4 Epithermal Silver and Polymetallic Skarn: Rayo Grande Target 34
7.3.5 Porphyry Gold-Copper Target: Alpaca Zone 36
8.0 DEPOSIT TYPES 37
9.0 EXPLORATION 39
9.1 Ground Magnetics 39
9.2 Geological Mapping and Geochemical Sampling 40
9.3 Rock Geochemistry 42
9.4 Trench Chip Channel Geochemistry 44
9.4.1 Granges Daylight Zone Historical Dozer-Cut Trench Sampling 44
9.4.2 Estrella Cerro Rico Trench Sampling 47
10.0 DRILLING 51
10.1 Discussion of Historical Drilling 51
10.1.1 Newcrest Diamond Drilling 51
10.1.2 Balaclava Reverse Circulation Drilling 53
10.2 Discussion of Estrella Diamond Drilling 54
10.3 Estrella Diamond Drilling Procedures 55
10.4 Estrella Daylight Zone Drilling 56
10.5 Estrella Drilling at Other Prospects 58
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY 60
11.1 Sample Security 60
Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 II
11.2 Sample Preparation and Analysis 61
11.3 Quality Assurance/Quality Control (QA/QC) Program 61
11.4 Diamond Drill Hole QA/QC Results 61
12.0 DATA VERIFICATION 66
12.1 Independent Core Samples 66
12.2 Independent Field Check of Surface Sampling, and Geological Mapping
68
12.2.1 Daylight Zone 68
12.2.2 Other Prospects 71
12.3 Independent Drill Assay Database Audit 71
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING 72
13.1 Historical Metallurgical Test Work 72
13.2 Estrellas Cyanide AA Assays 73
14.0 MINERAL RESOURCE ESTIMATES 75
14.1 Daylight Zone Drill Hole and Trench Sample Databases 75
14.2 Daylight Zone Geologic and Grade Shell Models 76
14.2.1 Definition of Porphyry Gold Mineralized Domain 76
14.2.2 Oxide-Mixed Model 78
14.2.3 Geochemical Models 79
14.3 Compositing 81
14.4 Variography 83
14.5 Block Model and Density Assignments 84
14.5.1 Block Model Definition 84
14.5.2 Density Assignments 85
14.6 Grade Estimation and Resource Reporting 85
14.7 Resource Model Validation 90
14.8 Discussion of Daylight Zone Inferred Resources 90
15.0 MINERAL RESERVE ESTIMATES 91
16.0 MINING METHODS 91
17.0 RECOVERY METHODS 91
18.0 PROJ ECT INFRASTRUCTURE 91
19.0 MARKET STUDIES AND CONTRACTS 91
20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY
IMPACT
91
21.0 CAPITAL OPERATING COSTS 91
22.0 ECONOMIC ANALYSIS 91
23.0 ADJ ACENT PROPERTIES 92
24.0 OTHER RELEVANT DATA AND INFORMATION 92
25.0 INTERPRETATION AND CONCLUSIONS 93
25.1 Colpayoc Exploration Potential 93
25.2 Daylight Zone Inferred Mineral Resource 95
25.3 Concluding Remarks 96
26.0 RECOMMENDATIONS 97
27.0 REFERENCES 99

CERTIFICATE OF QUALIFIED PERSON 100
DATE AND SIGNATURE PAGE 101

Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 III

LIST OF FIGURES
Pg.
Figure 2.1 Peru Location Map Colpayoc Project.
6
Figure 4.1 Colpayoc Land Status Map.
10
Figure 4.2 Colpayoc Community Agreement Location Map.
13
Figure 5.1 Colpayoc Property Location, Access, and Nearby Infrastructure.
15
Figure 6.1 Overview Map of Primary Area for Colpayoc Historical Exploration (taken from
Reeder, 2004). Note entire map within EGC option area.
17
Figure 6.2 Newcrest Geologic Map and Au, Cu, and Mo Rock Geochemistry (taken from
Newcrest, 1996).
19
Figure 7.1 Tectonic Provinces and Mineral Districts of Peru.
21
Figure 7.2 Regional Geology of the Cajamarca Region and Location of the Colpayoc Gold
Project, Northern Peru.
23
Figure 7.3 Geology of the Colpayoc Project, Cajamarca District, Peru.
24
Figure 7.4 Daylight Zone Geology and Drill Collars on Magnetics.
30
Figure 7.5 EGCs Daylight Zone Drill Hole Intercepts (EGC, 2011).
31
Figure 7.6 Montura Zone Magnetics Showing Interpreted Porphyry Intrusion and Newcrest
Drill Collars.
33
Figure 8.1 Schematic Cross Section of a Porphyry System (Cox, 1986).
37
Figure 9.1a RTP Magnetic Survey Overview.
39
Figure 9.1b Analytic Signal Magnetic Survey Overview.
39
Figure 9.2 Ground Magnetics Compilation Analytic Signal and Targets.
40
Figure 9.3 Location of EGCs Surface Rock Geochemical Samples.
41
Figure 9.4 EGC and Historical Rock Geochemistry for Principal Target Areas: Au, Ag, Cu,
Mo.
43
Figure 9.5 Log10 Au & Cu Histograms for Granges Trench Channel Samples.
45
Figure 9.6 Granges Trench Channel Sample Gold.
46
Figure 9.7 Granges Trench Channel Sample Copper.
47
Figure 9.8 EGC Cerro Rico Trench CR-01 Results.
49
Figure 9.9 EGC Cerro Rico Trench CR-03 Results.
50
Figure 10.1 Overview of Colpayoc Target Areas and Drilling.
51
Figure 10.2 Daylight Zone Drilling and Geology.
57
Figure 10.3 Estrella Daylight Zone Drill Hole and Surface Trench Gold.
58
Figure 11.1 CRM QC Plots for Gold
62
Figure 11.2 CRM QC Plots for Copper and Silver.
63
Figure 11.3 Blank QC Plots for Gold.
64
Figure 11.4 Duplicate QC Scatter Plots for Gold (arithmetic and log-log).
65
Figure 12.1 EGC Versus Independent Core Sample Scatter Plot.
68
Figure 12.2 Independent Chip Channel Sample Locations From the Daylight Zone.
70
Figure 13.1 Summary of Granges Historical Metallurgical Test Work.
74
Figure 14.1 Daylight Zone Trench Data and Drill Hole Collars.
75
Figure 14.2 Daylight Zone Log10 Histogram for Drill Hole Gold.
77
Figure 14.3 Daylight Zone 0.10 g/t Gold Domain Solid Model.
78
Figure 14.4 Daylight Zone Oxide-Mixed Solid Model.
79
Figure 14.5 Daylight Zone Log10 Histograms for Cu, Pb, Zn, and Mo.
80
Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 IV
Figure 14.6 Daylight Zone Cu, Pb, Zn, and Mo Grade Shell Models.
81
Figure 14.7 Daylight Zone Log 10 Histogram for 3 meter Composite Gold.
82
Figure 14.8 Down-hole and Directional Gold Variogram Models
84
Figure 14.9 Block Model Fence Diagram Oblique View With Drill Holes and Trench
Samples.
88
Figure 14.10 Block Model Example E-W Cross Sections and Level Plans.
89
Figure 25.1 Cajamarca Region Geology and Mineral Deposits (after Gustafson et al., 2004).
94
Figure 25.2 Colpayoc Property Regional Geology, Magnetic Anomaly, and Rock Au-Cu-Mo
Anomaly.
95

Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 V
LIST OF TABLES
Pg.
Table 4.1 Colpayoc Property Concessions. 11
Table 4.2 Community Surface Access Agreements for Exploration. 12
Table 7.1 Drill Hole COL-14 Results Showing Polymetallic Base Metal Mineralization 35
Table 9.1 Length Weighted Statistics for Granges Trench Channel Samples. 45
Table 9.2 Cerro Rico Significant Mineralized Silver-Gold Intervals. 48
Table 10.1 Historical Newcrest Core Hole Collar Information. 52
Table 10.2 Historical Newcrest Core Hole Drill Intercepts. 53
Table 10.3 Historical Balaclava RC Hole Collar Information. 54
Table 10.4 Historical Balaclava RC Hole Drill Intercepts. 54
Table 10.5 Estrella 2010-2011 Diamond Drill Hole Collar Information. 55
Table 10.6 Estrella Daylight Zone Diamond Drill Hole Intercepts. 57
Table 12.1 Original Drill Core Samples and Independent Duplicate Samples. 67
Table 12.2 Historical Trench Samples and Independent Duplicate Samples. 69
Table 13.1 Summary of Granges Historical Metallurgical Test Work 72
Table 14.1 Gold Directional Variogram Model Parameters 84
Table 14.2 Daylight Zone Inferred Resources at a 0.3 g/t Gold Cutoff. 86
Table 14.3 Daylight Zone Inferred Resource Sensitivity By Cutoff Grade. 87
Table 26.1 Proposed 2012 Work Program Budget for Colpayoc Project. 98

Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011 VI
LIST OF PLATES
Pg.
Plate 5.1a Daylight Zone Looking Northeast to Yanacocha Mining Complex.
16
Plate 5.1b Daylight Zone Looking Northwest Towards Cerro Rico.
16
Plate 7.1 Weathered Surface of Massive Limestone at Colpayoc
25
Plate 7.2 Montura Porphyry-Style Mineralized Stockworks.
25
Plate 7.3 Outcrop of the Daylight Porphyry with strong silica stockwork.
26
Plate 7.4 Daylight Porphyry with Poly-Phase Veinlets and Diatreme/Pebble-Dike.
27
Plate 7.5 Volcanic Rocks on Top of Cretaceous Limestone.
28
Plate 7.6 View Northeast: Strong J ointing in Limestone.
28
Plate 7.7 View West Across the Daylight Porphyry Zone.
30
Plate 7.8 Montura Gold Zone Stockwork.
32
Plate 7.9 Cerro Rico Zone J asperoid in Fault Zone.
34
Plate 7.10 Cerro Rico Zone - Trench CR-03
34
Plate 7.11 CPD-04, 21.7m, Manganese Replacement in Clastic Sedimentary Rocks and
Conglomerate.
35
Plate 7.12 Rayo Grande Target, COL-14, 84.0 m, Polyphase Diatreme/Hydrothermal Breccia
with Clasts of Massive Sulfide.
36
Plate 9.1 Examples of Granges Trench Exposures from October, 2011.
44
Plate 9.2 Cerro Rico Manganese Enriched Silica Replacement.
48
Plate 10.1 San Nicholas Mine, Core Storage for Newcrest Colpayoc drill core (EGC, 2010).
53
Plate 10.2 EGC Core Drilling at Colpayoc (Yanacocha in Background).
54
Plate 11.1 EGC Cajamarca Field Office, Logging, and Storage Facility.
60
Plate 12.1 Independent Drill Core Review and Sampling at EGCs Cajamarca Facility.
67
Plate 12.2a Daylight Zone FeOx Stained Porphyry Stockwork.
69
Plate 12.2b Daylight Zone Porphyry Contact with Limestone Unit.
69
Plate 12.3 Independent Chip Channel Sampling of Daylight Zone Trenches.
70
Plate 12.4a Montura - looking south along road track exposing altered porphyry.
71
Plate 12.4b Montura - porphyry alteration in vicinity of Newcrest hole CPD-01. Sample 33079
3m @ 0.28 g/t Au and 194 ppm Cu.
71
Plate 12.4c Rayo Grande from road cut exposing weakly altered clastic units dipping
obliquely into slope.
71
Plate 12.4d Cerro Rico silicified and Mn stained zone. Sample 33081 @ 146 g/t Ag, 1.36%
Zn, and >5% Mn.
71

Estrella Gold Corporation NI 43-101 Technical Report - Colpayoc Project, Peru Dec 21, 2011

1
1.0 SUMMARY
This report was prepared in compliance with National Instrument 43-101, Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) on
behalf of Estrella Gold Corporation (Estrella or EGC) for the Colpayoc gold project, located
in Cajamarca Department, Peru. The purpose of the report is to provide a technical assessment
of EGCs exploration results through the completion of the 2011 drill program, and provide an
update to the mineral resources initially reported in 2010 (SRK, 2010). Further, this report
proposes future work programs to advance this property of merit.
The Colpayoc property is approximately 650 kilometers north-northwest of the capital city of
Lima, Peru in the Western Cordilleras Cajamarca Mining District of the Peruvian Andes. The
regional geology is dominated by a thick sequence of Mesozoic marine sedimentary rocks that
are overlain by a thick and extensive sequence of volcanic rocks of Eocene to late Miocene age.
These volcanic rocks are widely altered in the vicinity of the regions numerous epithermal and
porphyry mineral deposits and mining operations, including the Yanacocha district. Yanacocha
has combined production and resources of more than 70 million ounces of gold, making it the
largest gold camp in South America. The Yanacocha epithermal district and many of the
porphyry deposits in the region, including Colpayoc, are located within the regional scale,
northeast trending Chicama-Yanacocha structural zone. This tectonic zone is over 50 kilometers
wide, and has been interpreted as a major control on magmatic and metallogenic activity in the
region.
The early exploration successes at Yanacocha in the 1980s highlighted the regions exploration
prospectivity, with the first known work programs in the Colpayoc area occurring from 1994 to
1998. Exploration documented during this time period was conducted by Newcrest Peru S.A.
(Newcrest), Granges Inc. (Granges), and Balaclava Mines Inc. (Balaclava). The historical
exploration consisted of geological mapping, geochemical sampling, a ground magnetics survey,
and reconnaissance drilling. This work resulted in the discovery of the porphyry gold prospects
at the Daylight Zone and the Montura target (then called the Southern Porphyry), as well as
skarn and associated mineralization elsewhere on the property.
Colpayoc is approximately 10 kilometers west of the town of Cajamarca with a base elevation of
about 3000 meters, and rolling topography reaching above 4100 meters. The climate is sub-
alpine, and would allow year-round operating activity. Access, infrastructure and available
workforce are adequate to support the development of a mineral deposit at Colpayoc.
Estrella initially established their Colpayoc property position in 2007, and the consolidated land
package consists of nine metallic mineral concessions either 100% EGC owned or under
exclusive option agreement. The concessions are centered at 7 8 32south latitude and 78
36 50 west longitude, and as registered with the Peruvian government cover 5,774.49 hectares
(57.74 square kilometers). The La Paskana 1 & 2 concessions are 100% directly owned by
Estrella Gold Peru S.A.C., a wholly owned subsidiary of Estrella. The El Ferrol 15-18 and CH
concessions are owned by a private Peruvian corporation. Estrella has an exclusive Option and
Mining Lease Agreement to acquire a 100% interest in these concessions, subject to a 2% NSR
royalty. The Francisco J ose IV and V concessions are owned by private individuals that are
Peruvian nationals. Estrella has an exclusive Option and Mining Lease Agreement to acquire a
100% interest in these concessions, subject to a 2% NSR royalty. All of the propertys mineral

2
concessions are in good standing according to Peruvian mining law, and there are no back-in
rights, other agreements, encumbrances, or known environmental liabilities. Estrella has the
required permits to conduct its exploration programs.
Estrella has conducted programs of historical data compilation and review, geological mapping,
geochemical sampling, a ground magnetics survey, and drilling since initially optioning the
Colpayoc property. This work has augmented and expanded on the historical work results,
resulting in the establishment of the Daylight Zone inferred gold resource in 2010 and as updated
in this 2011 report, as well as the advancement of new targets elsewhere on the property. These
additional targets include Montura, Cerro Rico, Rayo Grande, and other mineralized zones.
Together, these prospects represent a group of gold and polymetallic targets resulting from a
porphyry-skarn-replacement magmatic environment that is characteristic for this region of
northern Peru.
The focus of EGCs exploration programs, as well as previous operators, has been on the
Daylight Zone gold porphyry deposit. The Daylight Zone porphyry is over 600 meters in
diameter as delineated from magnetics data and geologic mapping. The geology consists of a
quartz-biotite-feldspar porphyry with sericite-pyrite-quartz-magnetite alteration, and a younger
hornblende porphyry with intense quartz-magnetite stockwork. Historic dozer cut trench results
taken over approximately 2,450 meters, identified a continuous 300 by 350 meter zone of
mineralization greater than 0.1 g/t gold. This gold zone, with associated anomalous copper, is
bounded by contacts with limestones to the east and west, and projects under cover to the north
and south. Over 2,200 meters of drilling has confirmed the continuity of the Daylight Zone gold
mineralization to a depth of approximately 170 meters. This drilling consists of ten EGC core
holes (1556.3 meters), one Newcrest core hole (147.6 meters), and three Balaclava reverse
circulation holes (500 meters) in the prospect area. Much of the Daylight Zone has been drilled
at spacings of 35 meters to over 75 meters, but the deposits lateral and depth extents have yet to
be drill defined and remain open for expansion.
The Daylight Zone mineral resource estimate was updated based upon new EGC 2010-2011 core
drilling, and the historical drilling and surface trench sampling. Geologic and grade shell models
were based upon: 1) drill log and surface mapped lithology and alteration, 2) a statistically
derived gold mineralized envelope, and 3) three-dimensional multi-element geochemical models
of metals associated with the gold mineralization (i.e., copper, lead, zinc, and molybdenum). In
particular, the geochemical anomalies from drilling were strongest for copper (average=833
ppm) and zinc (average=700 ppm). The geologic and geochemical data were integrated to
develop a grade shell model for the gold mineralized zone.
An important component of the Daylight Zone resource estimate was the modeling of the oxide
and mixed oxide-sulfide material. EGCs oxide-mixed interpretations were cross checked against
cyanide-AA versus fire assay gold ratios (CN-AA/FA) from three select drill holes. The CN-
AA/FA ratios average from 74% to 86%, but there were wide ratio variations (i.e., 40-100%) in
the oxide zone that may illustrate the difficulty of defining the metallurgical characteristics of the
Daylight Zone from visual drill logging alone. The occurrence of near-surface lenses or zones of
mixed oxide-sulfide material in the broader interpretation of the upper oxide zone is an issue that
must be carefully reviewed and considered.
The three meter assay composites in the Daylight Zone averaged 0.45 g/t gold. These data were
characterized by a Log10 symmetric distribution that reflects a geologic population of

3
mineralization that is characteristic for a low grade, porphyry gold system. An inflection in the
distribution occurs at approximately 1.6 g/t gold (max =2.09 g/t Au), and this was used as a cap
grade. The gold mineralization is interpreted to have a significant degree of grade continuity,
with maximum variogram ranges on the order of 100 meters. This is consistent with the spatial
continuity expected in a porphyry system. Gold grades were interpolated with Ordinary Kriging,
and entirely classified as inferred to reflect several factors that influenced the confidence in, and
risks to, the resource estimate. A 2.21 density was globally assigned based upon EGCs early
stage measurements on altered Daylight Zone core samples. Colpayocs Daylight Zone inferred
resources are reported in the table below at a 0.3 g/t gold cutoff.

Daylight Zone Inferred Resources at a 0.3 g/t Gold Cutoff, December 2011.
Category
Tonnes
(000)
Gold (g/t)
Gold Grams
(000)
Gold Ounces
(000)
Oxide 17,883 0.51 9,070 292
Mixed 1,397 0.47 654 21
Total 19,280 0.50 9,724 313
Totals may not sum to 100% due to rounding.

Three separate validation exercises established that the Daylight Zone inferred resource estimate
is robust with the given assumptions, and represents the porphyry gold mineralization as
currently understood. Primary factors resulting in the inferred classification relate to the
definition of the oxide-mixed zones, and the potential for oxide copper mineralization in a low
grade gold deposit that would utilize conventional heap leach processing. As well, even though
EGC has made progress in defining the in situ densities by alteration type, the range of density
values reported is low, and requires further work to establish confident tonnage estimates. The
2011 Daylight Zone resource model defines a low grade, porphyry hosted gold deposit, with an
opportunity to upgrade the resource classification, as well as add to the resource tonnes and
contained gold ounces through additional drilling.
In addition to the Daylight Zone, the Colpayoc property hosts at least five gold porphyry,
polymetallic skarn, and polymetallic replacement exploration targets. The Montura prospect is
directly to the southwest of the Daylight resource, and has outcropping quartz stockwork and
altered porphyry that has only been reconnaissance tested by historical Newcrest drilling.
Newcrest drill hole CPD-01 intersected 44 meters (0-44m) of 0.32 g/t gold in a 300 meter hole
that has been re-logged by EGC as stockworked volcanics, silicified exoskarn and silicified
intrusives to the total depth drilled. Other Newcrest holes in the Montura target encountered
significant alteration and mineralization. Moreover, from the historical Newcrest rock sampling,
the Daylight and Montura zones coalesce into a single gold-copper-molybdenum anomaly that
covers more than a 1.5 square kilometer area.
Elsewhere on the Colpayoc property there is evidence of intrusive-related replacement and
skarn styles of precious and base metals mineralization at the Cerro Rico, Rayo Grande, and
Alpaca prospects. These mineralized zones have undergone simple one or two-hole drill tests
that returned mineralized to geochemically anomalous silver, gold, zinc, lead and copper
intercepts. In total, there is approximately a six square kilometer area with various styles of
alteration and mineralization that coincides with a broad, semi-circular magnetic feature over
two kilometers in diameter that may represent the roots of a porphyry system at depth (see

4
Figure below). Perhaps most notable is that the majority of EGCs consolidated land position
remains under-explored or unexplored.

Colpayoc Property Regional Geology, Magnetic Anomaly, and Historical Rock
Geochemistry Anomalies.

A 12 month exploration program is recommended for EGCs Colpayoc project that totals
approximately US $1.7 million. There are two principal goals of the recommended program: a)
evaluate Colpayocs exploration potential over the entire land package of more than 50 square
kilometers, and b) build on the current resource base at the Daylight Zone. The systematic
property wide evaluation includes an airborne magnetics/radiometerics survey, stream sediment
sampling, and geological mapping. At the prospect scale, the budget includes drilling intended
to expand the gold resource at the Daylight Zone, and explore the system at depth. As well,
metallurgical test work of the Daylight Zone mineralized material is a critical requirement to

5
establish its amenability to conventional heap leach processing. Finally, the budget includes
drill and surface assessment of the Montura porphyry target as a priority, with follow-up on the
other targets as additional work justifies.
Estrellas exploration programs have established Colpayoc as a project of merit that includes an
inferred gold resource at the Daylight Zone with potential for resource upgrade and expansion, as
well as a number of priority porphyry gold, and porphyry related skarn and replacement targets
for exploration follow-up.
EGC has adhered to Best Practice guidelines of the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) for its exploration and drilling programs. The authors independent
verification work confirmed that the EGC exploration results are representative and reproducible.


6
2.0 Introduction
2.1 Purpose and Terms of Reference
This technical report was prepared in compliance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) on
behalf of Estrella Gold Corporation (Estrella or EGC) for the Colpayoc property located in
northern Peru (Figure 2.1). Estrella is an issuer on the TSX Venture Exchange, and its common
shares trade under the symbol EST. The purpose of this report is to provide a technical
assessment of EGCs exploration results through completion of the 2011 drill program, and to
update the mineral resources initially reported in 2010 (SRK, 2010). Further, the report proposes
future work programs to advance this property of merit.

Figure 2.1: Peru Location Map Colpayoc Project.


7
At the request of Mr. Keith A. Laskowski, President, CEO and Director of Estrella, Dean D.
Turner, an independent C.P.G., was commissioned in September, 2011 to update Estrellas NI
43-101 Technical Report for the Colpayoc project. The previous report, with an effective date of
April 22, 2010, was authored by A. Moran, J . Aiken, and J . Pennington of SRK Consulting
(SRK, 2010). SRKs 2010 technical report was produced for Estrella under what was then the
current name of Canadian Shield Resources, Ltd. (Canadian Shield). Canadian Shield
changed its name to Estrella Gold Corporation in August, 2010. This report, with an effective
date of December 21, 2011, substantially updates the previous technical reports resource
estimate, as well as exploration results from over a years additional work on the property.
At EGCs request, the scope of the report includes the following:
Compile and review the exploration and technical data related to the property current up to
the effective date of the report.
Conduct a field visit of the Colpayoc property and review the geology, channel sampling
sites, drill site locations, and drill core stored in Cajamarca. This review included the
collection of independent check samples.
Independently update and expand on the previous NI 43-101 Colpayoc technical report in
accordance with current NI 43-101 and CIM Best Practices reporting guidelines.
Provide interpretations and conclusions based upon the data and field reviews, update the
mineral resource estimate, and provide work recommendations for further exploration
assessment of the property.

2.2 Sources of Information
This report is based on technical data and other information provided by EGC. Estrella provided
access to the technical data in its possession, and in the opinion of the author, enabled a proper
technical assessment of the Colpayoc property. EGC has warranted to the author that full
disclosure has been made of all material information and that, to the best of EGCs knowledge
and understanding, such information is complete, accurate and true. Regardless, readers of this
report must appreciate that there is an inherent risk of error in the acquisition, compilation and
interpretation of mineral exploration data.
Additional relevant material was acquired independently by the author from a variety of sources.
The references at the end of this report list the sources consulted. This material was used to
expand on the information provided by EGC and, where appropriate, confirm or provide
alternative assumptions to those made by Estrella.
In summary, the principal sources of information used for this report include:
SRKs 2010 NI 43-101 technical report,
A report from EGCs Peruvian legal counsel, Cecilia Gonzales and Patricia Gargurevich
of Estudio Grau Abogados, on the title opinion and land status of the mineral concessions
that constitute the Colpayoc property,
Public disclosures made by EGC,

8
A series of digital data files of various types representing EGCs exploration database
compilations for the Colpayoc property,
Internal technical summaries and reports written by various EGC personnel and
consultants, as well as documents obtained from previous operators that conducted work
on the property,
Various other EGC source documents, email correspondence, and verbal communications
with EGC personnel, and
Government reports, and published technical and scientific literature in the public
domain.
The true nature of any body of mineralization is never known until the last tonne of ore has
been mined out, by which time exploration has long since ceased. Exploration information relies
on the interpretation of a relatively small statistical sample of the deposit being studied; thus a
variety of interpretations may be possible from the fragmentary data available. As a result, the
reader should note that the statements and diagrams in this report are based on the best
information available at the time, but may not necessarily be absolutely correct. Such statements
and diagrams are subject to change or refinement as on-going exploration makes new data
available, or new research alters prevailing geological concepts. Within this context, appraisal of
all the information mentioned above forms the basis for this report.

2.3 Personal Inspection
The author spent four days, from October 11th to October 14th, 2011, performing Colpayoc
project reviews in the field, at the Cajamarca core and field office facility, and at EGCs Lima
office. Additional details of the authors personal inspection are given in Section 12 (Data
Verification) of this report. Another one-half day was spent at EGCs Golden, Colorado office
performing data reviews.

2.4 Units and Currency
All units of weight and measurement in this report are metric, unless otherwise noted. Units of
currency are in US dollars, unless otherwise specified.

9
3.0 Reliance on Other Experts
The opinions expressed in this report are based on information supplied by Estrella. The author
has exercised due care in reviewing and compiling the supplied information, including a detailed
review of the technical data for the Colpayoc property. The accuracy of the results, and
conclusions from this review, rely on the accuracy of the supplied data. The author has relied on
this information and has no reason to believe that any material facts have been withheld, or that a
more detailed analysis may reveal additional material information. Technical reports, maps and
data produced by EGC are of a reliable and relevant nature, and are supported by the authors
property review. However, the author does not accept responsibility for any errors or omissions
in the supplied information, and does not accept any consequential liability arising from
commercial decisions or actions resulting from them.
The title to, and status of, the Colpayoc property was researched and an opinion provided that
was current as of December 21, 2011 by EGCs Peruvian counsel Cecilia Gonzales and Patricia
Gargurevich of Estudio Grau Abogados. From this review, the concessions that constitute the
Colpayoc property are in good standing as required by Peruvian mining law.
The author is not qualified to provide comment on legal issues, including status of land tenure or
environmental compliance associated with the property referred to in this report. Assessment of
these aspects has relied on the report from Estudio Grau Abogados. This report has been
prepared with the understanding that the property is, or will be, lawfully accessible for
exploration, development, mining and processing, and this understanding is based on information
provided by EGC and the opinion given by Estudio Grau Abogados.
From the foregoing paragraph the independent author offers no opinion: a) as to the validity of
the mineral title claimed and the description of the property, b) on the environmental status of the
property, c) on whether the necessary permits are in place to carry out exploration and
exploitation on the property, and d) on the legal status of the option agreements.
The author hereby acknowledges EGCs Peruvian team for assistance with field review, core and
channel sampling, GIS and database technical support, and report preparation. This team
includes Stan Myers, J ose Quijano Vargas, and Alex Tadeo (geologic staff); Milagros
Malzamora (GIS and database support); and J oanna Liu, Henry Quinte, and Selene Orbegozo
(administrative support).


10
4.0 Property Description and Location
The Description of the Colpayoc Property is based upon information provided in reports from
Estrella and Estrellas Peruvian legal counsel, Cecilia Gonzales and Patricia Gargurevich of
Estudio Grau Abogados. All dollar amounts are USD unless otherwise specified.

The Colpayoc property is comprised of nine metallic mineral concessions that are in good
standing according to Peruvian mining law. These concessions, as registered with the Peruvian
government, cover 5,774.49 hectares (57.74 square kilometers). However, the concessions
cover a surface area of 5154.89 hectares (51.55 square kilometers) due to the La Paskana
concessions that overlap with older concessions. This overlap was necessary to secure the La
Paskana boundary areas (Laskowski, personal communication, 2011). The nine concessions that
make up the Colpayoc property are shown on Figure 4.1 and listed in Table 4.1 with annual tax
and concession maintenance fees (i.e., alternative penalty fees for non-production).

Figure 4.1. Colpayoc Land Status Map.


11
Table 4.1. Colpayoc Property Concessions Maintenance Fees (EGC, 2011).

4.1 Mineral Concessions, Option Agreements, and Royalties
The Colpayoc project mineral concessions are within the Cajamarca Mining Division, and
located on Peruvian National Topographic System (NTS) map Cajamarca 15F. The Colpayoc
concessions are centered at approximately UTM E 764000, UTM N 9210000 (PSAD 56, Zone
17S) or 7 8 32south latitude and 78 36 50 west longitude.
The La Paskana 1 & 2 concessions are 100% directly owned by Estrella Gold Peru S.A.C., a
wholly owned subsidiary of Estrella Gold Corporation. The concession fees for 2012 total
$4,560. The El Ferrol 15-18 and CH concessions are owned by Sociedad Minera Chetilla
S.R.L., a Peruvian corporation. Estrella has an exclusive Option and Mining Lease Agreement
to acquire a 100% interest in these concessions, subject to a 2% NSR royalty. The Option and
Mining Lease Agreement was established on J uly 2, 2007 and was amended on February 2,
2009, J uly 19, 2010 and renewed and extended on December 21, 2011. The Agreement expires
on December 31, 2012 and requires additional payments of $1,500,000. The concession fees for
2012 total $82,192 and the Agreement stipulates an additional $180,000 work commitment,
however if all payments are made the work commitment is eliminated. The Francisco J ose IV
and V concessions are owned by Francisco J ose Santolalla Myer and Ines Teresa Garcia
Vidaurre, Peruvian nationals. Estrella has an exclusive Option and Mining Lease Agreement to
acquire a 100% interest in these concessions, subject to a 2% NSR royalty. The Option and
Mining Lease Agreement was established on J une 28, 2007 and was amended on October 26,
2007, December 29, 2008, October 1, 2009 and J uly 2, 2010. The Agreement expires on J une
28, 2012 and requires additional payments of $1,305,000. The concession fees for 2012 total
$15,661 and the current agreement includes additional work expenditures totaling $980,000; the
parties are in advanced negotiations to modify the work condition.
In accordance with Peruvian law, once in production the mineral concessions comprising the
Colpayoc property will also be subject to a federal royalty levied on the operating profit
obtained by the mining agents. The royalty is calculated quarterly with a minimum 1%. The
royalty amount is based on a profitability using a sliding scale. Royalties generally fall in the
range of 1-3% but may reach as high as 12% for highly profitable operations. The amount
effectively paid as royalty is deductible as an expense for corporate Income Tax.


12
4.2 Surface and Access Agreements
Surface access and mining agreements have been established with the relevant communities
providing Estrella with access for exploration (Table 4.2 and Figure 4.2).
Table 4.2. Community Surface Access Agreements for Exploration.
Community Start Date Expiration Date
Communidad Llullupuquio May 30, 2011 November 28, 2012
Sexcemayo Ltd. II August 8, 2010 August 8, 2012
Cushunga August 15, 2010 August 15, 2012
Carhuaquero September 14, 2010 September 14, 2012

The surface areas which contain the main zones of mineralization are located within the lands of
the Llullapuquio Cooperative, which is a registered corporation made up of local land owners.
Estrellas Agreement with Communidad Llullupuquio allows the Company to access the
property over existing roads and trails and conduct surface exploration. It also allows the
construction of new roads, trenches and drill pads with the proper permits obtained from the
Peruvian Ministry of Mines.
4.3 Exploration Permits
Estrella has obtained a Phase I Exploration Permit which authorizes the Company to construct
drill pads, based on the Declaration de Impacto Ambiental (DIA) dated December 2, 2010.
EGC currently has permitted drill pads, and is able to conduct additional exploration drilling at
this time. The Company is now in the process of extending the current DIA and applying for the
Phase II permit. Estrella has commenced the studies necessary to apply for the Phase II
Exploration Permit, which requires an Environmental Impact Assessment (EIA). It is anticipated
by Estrella that the Phase II permit will be awarded in the 2
nd
or early 3
rd
quarter of 2012.
4.4 Other Agreements or Encumbrances
There are no back-in rights, or other agreements or encumbrances on the properties.
4.5 Environmental Liabilities
There are no environmental liabilities to which the property is subject to.
4.6 Other Factors or Risks
There are not additional factors or risks that affect the exploration program at the Colpayoc
project at this time, as given from the information provided by EGC and Estudio Grau
Abogados.

13

Figure 4.2. Colpayoc Community Agreement Location Map.


14
5.0 Accessibility, Climate, Local Resources,
Infrastructure and Physiography
The Colpayoc property is located in northwestern Perus Cajamarca Department. The project is
approximately 10 kilometers west of the town of Cajamarca (Figure 5.1), and about 650
kilometers north-northwest of the capital city of Lima, Peru. There are a number of daily flights
between Cajamarca and Lima, and the area can also be reached by a paved highway in five to six
hours driving time from the costal town of Trujillo.
The gravel road from Cajamarca to the property takes about a one hour drive in good weather.
There is an internal network of roads on the property constructed by previous operators that
allow access to prospects and areas of previous exploration work. The roads are unpaved and
prone to washouts during the rainy season. Drill rig access to most locations on the property is
possible with minor road maintenance or construction, and pad preparation.
The project is located in the northern Peruvian Andes, with the base elevation at about 3000
meters, with the rolling topography reaching above 4100 meters. The climate is sub-alpine, and
would support year-round operating activity. There are rainy and dry seasons, with the rainy
season in this part of the Andes occurring from December to April. Temperature extremes range
from greater than 25 degrees C to less than -10 degrees C. The vegetation covering the area
consists of mountain grasses and shrubs, with the occasional occurrence of low scrub trees
(Plate 5.1).
The region is a sparsely populated agricultural area used by local farmers for livestock grazing.
The nearest airport is in Cajamarca, one of the largest cities in Peru and a hub of mining activity
related to the Yanacocha complex located just over 15 kilometers due north of the city. EGCs
project housing and core logging facilities are located in Cajamarca. The local work force is
adequate to support EGCs exploration activities, and a labor force from the surrounding region
could readily support a mining operation.
Industrial high voltage lines cross near the property, and power for larger mining operations
would be available from the national grid. Mobile phone coverage is available from Peruvian cell
phone providers. The water supply in the area is sufficient to support future mining operations.
Areas for potential tailings storage, waste disposal, heap leach pads, and processing plants are
available within the leases currently held by Estrella.

15

Figure 5.1. Colpayoc Property Location, Access, and Nearby Infrastructure.


16

Plate 5.1a. Daylight Zone Looking Northeast to Yanacocha Mining Complex.

Plate 5.1b. Daylight Zone Looking Northwest Towards Cerro Rico.


17
6.0 History
This section on Colpayoc historical exploration work substantially relies on the summaries by
Cinits and Ewert (1997) and Reeder (2004).
Modern day exploration work in the Cajamarca mining region dates back to the 1983 joint
venture between BRGM and Newmont Mining Corporation (Newmont) that led to the
discovery of the Yanacocha deposit. Yanacocha started production in 1993, and quickly
became, and has remained, South Americas largest gold producer (see further discussions in
Sections 7 and 8 of this report).
The success at Yanacocha highlighted the regions exploration prospectivity, with the first
known work programs over the Colpayoc area occurring from 1994 to 1998. Exploration was
conducted during this time period by Newcrest Peru S.A. (Newcrest), Granges Inc.
(Granges), and Balaclava Mines Inc. (Balaclava). This earlier work provides an important
foundation of data that still remains relevant for Estrellas current work programs. The last
record of pre-Estrella activity comes from Reeders 2004 summary report prepared for Sebastian
Reidl (Reidl). According to Reeder, Reidl had optioned the property from Francisco J ose
Santolalla and J orge J ulio Santolalla for a series of cash payments, but there is no record of
follow-up work programs that were actually conducted.
Figure 6.1. Overview Map of Primary Area for Colpayoc Historical Exploration
(taken from Reeder, 2004). Note entire map within EGC option area.
Montura
Prospect
Daylight
Zone
Rayo
Grande

18
Estrellas (then Canadian Shields) Option and Mining Lease Agreements were initially signed in
J une and J uly, 2007. Since then, Estrella has compiled the available historic data, and
conducted surface and drill exploration programs.
The historical ownership of the Colpayoc concessions and the descriptions herein are taken
from Cinits and Ewert (1997), Reeder (2004), and SRK (2010). The concessions that make up
the current Colpayoc property are not identical to those historically reported. The historical work
conducted by previous operators was focused on the Daylight Zone (previously known as the
Northern Porphyry), and the area containing the Montura (previously known as the Southern
Porphyry) and Rayo Grande prospects, all within the current EGC Colpayoc property boundary.

6.1 Exploration by Newcrest Peru S.A.
(refer to Figure 6.1)
The first documented exploration work at Colpayoc was conducted from late 1995 to mid-1996
by Newcrest Peru S.A. Newcrest optioned the Colpayoc Property from Compania Minera San
Nicolas (San Nicolas) in 1995 based on positive results from a regional stream sediment
sampling program (Cinits and Ewert, 1997; Reeder, 2004; SRK, 2010). Newcrest conducted
surface mapping, sampling and a magnetics survey, and followed up with widely spaced,
reconnaissance diamond drilling at the Montura and Daylight Zone prospects.
Newcrests work included a detailed rock chip survey over an area covering about two square
kilometers. These samples were analyzed for Au, Ag, Cu, Pb, Zn, and Mo. Although the author
has performed only a cursory overview of the Newcrest results, it is clear that their rock
sampling work highlighted porphyry and skarn altered mineralization enriched in gold, copper,
and molybdenum from the region containing EGCs Montura, Daylight, and Rayo Grande
prospects (Figure 6.2).
Newcrest also ran a ground magnetic survey over the property prior to drill testing in 1996. This
geophysical dataset has subsequently been merged with more recent EGC ground magnetics
survey results and re-processed. Further discussion is given in Section 9 (Exploration) of this
report.
Eight diamond drill holes totaling 1,241.7 meters were completed by Newcrest at the Montura,
Daylight, and Rayo Grande prospects. The best results from the program returned 147.6 meters
of 0.40 g/t gold (CPD-06) at the Daylight Zone, although mineralized to geochemically
anomalous results were returned from the other holes. Newcrest dropped the option on the
property in 1996. Newcrests historical drill results are discussed further in Section 10 (Drilling)
of this report.

19

Figure 6.2. Newcrest Geologic Map and Au, Cu, and Mo Rock Geochemistry (taken
from Newcrest, 1996).

6.2 Exploration by Granges Inc.
The Colpayoc concessions were optioned from San Nicolas in 1996 by Granges, and a program
of trenching, geological mapping and sampling was conducted. The work focused on the
Daylight Zone (Northern Porphyry) based on the results of Newcrests hole CPD-6 and the
surface alteration of the outcropping diorite (SRK, 2010).
Granges dozer cut trenches totaling approximately 2,450 meters, and took 1,150 chip channel
samples over the Daylight Zone. This trench sampling program outlined a 300 by 350 meter
gold mineralized area over the Daylight porphyry. Highlights from the trenching were
summarized by Cinits and Ewert (1997), and included 0.53 g/t Au over 122 meters in trench T-7,
0.47 g/t Au over 98 meters in trench T-8, 0.65 g/t Au over 206 meters in trench T-9, and 0.51 g/t
Au over 158 metres in trench T-10. The Granges trench results are discussed further in Sections
9 (Exploration) and 14 (Mineral Resource Estimates) of this report.
Granges also conducted metallurgical sampling and testing. This work is discussed further in
Section 13 (Metallurgical Testing) of this report.
Granges dropped their option on the Colpayoc concessions later in 1996.
Montura
Daylight
Rayo
Grande
GEOLOGY GOLD
COPPER MOLYBDENUM

20

6.3 Exploration by Balaclava Mines Inc.
Balaclava optioned the Colpayoc concessions from the then current owners, Compania Minera
Colpayoc S.A., in 1997 and conducted surface sampling and drilling on the property (Reeder,
2004). The surface work included seven hand-dug trenches to expose the porphyry-limestone
contact at the Daylight Zone for mapping, but they were not sampled (Campbell, 1997).
Subsequently, Balaclava drilled three RC holes at the Daylight Zone during 1998, and
intersected porphyry style gold mineralization in all three holes. The results of Balaclavas
drilling are discussed further in Sections 10 (Drilling) and 14 (Mineral Resource Estimates) of
this report.
Balaclavas option was terminated after the 1998 drill program.

6.4 Exploration by Minsur S.A.
Minsur S.A. reportedly optioned the Colpayoc property in 2002 and completed a limited
program of sampling and trenching (Laskowski, 2011, personal communication). Trenches
were constructed one kilometer northwest of the Daylight Zone, however none of the exploration
results are available. Minsur withdrew from the property in 2003.

6.5 Comments on Historical Exploration Results
Cinits and Ewert (1997) summarized the analytical procedures by the various historical
operators. Newcrest used SGS Laboratories Peru S.A. (SGS) for the analysis of the core samples.
The method used for gold was a 50 gram fire assay with AAS finish, and silver, copper, and
molybdenum by AAS. Granges also used SGS in Lima for analysis of their trench samples. All
samples collected by Balaclava were analyzed by Bonder Clegg Laboratories in Lima, Peru.
Reeder (2004) collected independent samples during his 2003 site visit, as summarized by the
following:
Six samples from the Southern Porphyry (Montura) confirmed that the gold mineralization averaged over
0.18 gram Au/tonne. Three samples taken from the Northern Porphyry (Daylight Zone) returned higher
gold values, averaging 0.71 grams Au/tonne. Given that reputable companies such as Newcrest,
Granges and Balaclava conducted the exploration and that the project is still at an early stage, it is the
authors (Reeder) opinion that the results obtained by the author (Reeder) are consistent with the
previous work.
The author of this report notes that Cinits and Ewert (1997) also took independent samples, and
Newcrest reported on their own internal QC standard sample results. The work of Reeder, Cinits
and Ewert, and Newcrest is further reinforced by the current authors independent sampling
(discussed in Section 12 of this report), and tends to validate the historical results reported.


21
7.0 Geologic Setting and Mineralization
Section 7 is based on a summary provided by Estrellas Keith Laskowksi, and his work is hereby
acknowledged.
7.1 Regional Geology
The Colpayoc project occurs in the Cajamarca Mining District, which is located in the Western
Cordillera of the Peruvian Andes. The Western Cordillera is situated between the Coastal belt,
containing the Mesozoic Coastal Batholith, and the Eastern Cordillera, primarily formed from
extensive sequences of younger volcanics that form the high peaks of the Andes mountain chain
(Figure 7.1).
Figure 7.1. Tectonic Provinces and Mineral Districts of Peru.


22
The geology of this part of the Western Cordillera contains a thick sequence of Mesozoic marine
sedimentary rocks. In the Cajamarca region there is more than 2000 meters of Lower to Upper
Cretaceous strata, beginning with arenites of the Collarisquizga Formation, overlain by
increasingly calcareous strata of the Inca, Chulec, Pariatambo, Yumagual, and Mujarron
Formations, and ending with the Cajamarca Formation (Benavides-Caceres, 1956). The Inca and
Chulec Formations are primarily a series of calcareous sandstones, sandy limestones, calcareous
shales and marls with occasional interbedded iron rich, fine-grained shales. The Pariatambo
Formation is made up of black, carbonaceous shales and thin bedded limestones which are
overlain by medium bedded, dark grey limestones and fossiliferous shales in the Yumagual,
Quilquinan and Cajamarca Formations. These units are overlain by a thick and extensive
sequence of volcanic rocks of Eocene to late Miocene age. The area of volcanic rocks includes
several volcanic fields of pyroclastic, flow and domal rocks of rhyolitic to andesitic composition.
Most of the volcanic rocks are widely altered in the vicinity of the regions numerous mineral
deposits and mining operations.
The Cajamarca region hosts 14 porphyry deposits and 19 epithermal deposits of varying
importance, some of which are portrayed in Figure 7.2. The volcanic host rocks are mainly
Miocene age, however the most reliable age dates are from the Yanacocha volcanic complex,
which is dated at 12.511.8 Ma. The Yanacocha district has combined production and resources
of more than 70 million ounces of gold, making it the largest gold camp in South America (Teal
& Benavides, 2010).
Volcanic rocks post-dating the altered and mineralized rocks are scattered across the region, and
appear to be younger than the 9.0 Ma Quechua volcanic event. All of the mineral deposits have
a dated age of formation ranging from 1910 Ma (Noble and McKee, 1999). The epithermal Au
systems, such as Yanacocha dated at about 11.0 Ma, seem to be younger than the mid-Miocene
dates of 16-15 Ma for some of the porphyry systems within the area, such as Minas Conga. The
Yanacocha epithermal district and many of the porphyry deposits are located along the southeast
margin of the volcanic field, within the regional scale northeast trending Chicama-Yanacocha
structural zone. The 50 kilometer wide Chicama-Yanacocha tectonic zone has been interpreted
as a major control on magmatic activity in the region. The Colpayoc gold project is located
within this highly mineralized belt that extends southwest from Yanacocha.


23

Figure 7.2. Regional Geology of the Cajamarca Region and Location of the Colpayoc Gold
Project, Northern Peru.


24
7.2 Local Geology
The geology of the Colpayoc project area has been mapped by INGEMMET, a Peruvian
government agency, and supplemented by detailed geological mapping by prior owners of the
property (Figure 7.3). Estrella geologists have completed initial mapping at more detailed scales
in the Daylight and Cerro Rico zones, and have updated the 1:10,000 scale mapping in select
areas. The Colpayoc property is underlain by a Cretaceous marine sedimentary sequence
including massive, thick bedded limestone in outcrop (Plate 7.1), which has been folded into a
northwest trending syncline verging both northwest and southeast.

Figure 7.3. Geology of the Colpayoc Project, Cajamarca District, Peru.


25

Plate 7.1 Weathered Surface of Massive Limestone at Colpayoc.

Folding was followed by, or contemporaneous with, a mid-Miocene magmatic event that
emplaced a granodioritic intrusive complex into the limestone sequence. Ground magnetics
outline an area roughly two kilometers in diameter that indicate the intrusive is present at depth
underlying much of the southern portion of the property. Historic scout drilling by Newcrest
demonstrates that some areas along the perimeter of the magnetic anomaly (granodiorite
intrusion) have formed exoskarn alteration in the host limestone (Plate 7.2).

Plate 7.2 Montura Porphyry-Style, Mineralized Stockworks.

The magnetics data also suggests that multiple diorite porphyry stocks have intruded the
granodiorite. However, only the Daylight Zone and the Montura porphyries have been

26
confirmed. The Daylight Zone porphyry is about 600800 meters in diameter as interpreted
from the magnetics data and surface geologic mapping (Plates 7.3 and 7.4). The Daylight Zone
contains a quartz-biotite-feldspar porphyry with sericite-pyrite-quartz-magnetite alteration, and a
younger hornblende porphyry with intense quartz-magnetite stockwork. The Montura porphyry
target is located 600 meters southwest of the Daylight Zone, and is about 300 meters in diameter
based on the magnetics data. The magnetics data, surface geochemistry and alteration strongly
suggest the Montura and Daylight porphyries may be connected at depth.
The Alpaca and Crater Zones have similar magnetic signatures, and may also be connected at
depth. It remains a possibility that all four, the Daylight, Montura, Alpaca and Crater porphyries
may merge at depth as a large porphyry system. The magnetics data also suggests that buried
intrusives may also be present at the Cerro Rico and Rayo Grande zones, as well as other areas.

Plate 7.3. Outcrop of the Daylight Porphyry with Strong Silica Stockwork.

The Daylight porphyry is cut by a series of east-northeast trending, northwest dipping andesitic
dikes, which occupy fault zones. The andesite dikes are altered, but do not contain gold
mineralization, indicating that they are post-mineral, but experienced the waning stages of the
hydrothermal alteration system. Importantly, they demonstrate a fourth phase of magmatic
activity.
The restricted region extending from the Cerro Rico Zone eastward contains the remnants of
continental rhyodacitic volcanic rocks (Plate 7.5). The volcanics are about 50100 meters in
thickness, and are similar in appearance to the volcanics mapped south of the Colpayoc property.

27
The volcanics are weakly altered where associated with mineralized fault zones such as at the
Cerro Rico Zone. These volcanics represent the youngest rock type on the property, and exhibit
a flow breccia texture near the base and a well layered, ash-flow texture in the upper portions.
The local structure at Colpayoc exhibits well developed, belt-parallel northwest trending faults
and folds as evidenced by the sedimentary sequence, and readily apparent in the stockwork vein
orientations in the Daylight porphyry. Northwest structures are cut by a set of northeast trending
transverse faults which parallel the Chicama-Yanacocha structural trend through the
Yanacocha district. These northeast structures are also common within the stockwork zone at
Daylight, and clearly evidenced in the high resolution imagery which shows offsets of the
sedimentary strata. The northeast trending structures are focused and well developed in some
areas, and well documented in the limestone sequence where piano-key jointing is evident
(Plate 7.6). The youngest structural events are a limited number of north-northwest structures
that appear to be extensional in nature, resulting in down-dropping of the limestone on the east
side of the Daylight Zone, possibly dropping part of the porphyry system beneath the limestone
cover.

Plate 7.4. Daylight Porphyry with Poly-Phase Veinlets and Diatreme/Pebble-
Dike.


28

Plate 7.5 Volcanic Rocks on Top of Cretaceous Limestone.

Plate 7.6. View Northeast: Strong Jointing in Limestone.


29
7.3 Mineralization at the Colpayoc Project
The Colpayoc project hosts multiple exploration targets within a property position that covers
over fifty square kilometers. At least three distinctive types of mineralization have been
identified. Most of the work has been focused on the porphyry gold mineralization located in the
southeastern portion of the property at the Daylight and Montura Zones. Exploration potential
also exists for skarn-hosted silver-gold-copper mineralization at Rayo Grande and Alpaca.
Structurally controlled polymetallic mineralization is another target type. Silver-gold-zinc-lead-
copper-manganese replacement mineralization occurs within and adjacent to silicification
(jasperoid formation) in a northwest trending fault zone which has been traced for more than two
kilometers at the Cerro Rico Zone.

7.3.1 Porphyry-Gold Mineralization: Daylight Gold Zone
The Daylight Zone hosts mineralization within an altered diorite intrusive characteristic of a
porphyry system, and is in contact with Cretaceous calcareous sedimentary rocks on two sides.
The intrusive host rock is a plagioclase- hornblende porphyry which is exposed over 450 meters
east-west and about 500 meters north-south. The contacts with surrounding limestone are likely
a combination of faulted and intrusive, but the contacts are obscured, and their true nature is the
subject of ongoing interpretation. Daylight Zone mineralization occurs as a classic gold
porphyry system, hosted within an altered plagioclase-hornblende porphyry intrusion. Magnetics
data indicates the intrusion may extend several hundred meters to the east of the contact with the
limestone, and the porphyry system likely extends beneath cover rocks in several other areas.
The porphyry contains three types of stockwork and veining, including early quartz-sulfide,
sulfide, and quartz-magnetite/magnetite stockworks. The entire gold (copper) mineralized zone
is hosted within sericite-clay iron-oxide altered intrusive with variable intensity of stockwork and
veining. The intrusion and mineralized zone are oxidized to depths ranging from 50 to over 150
meters, and the majority of the rocks are oxidized products of mainly phyllic/sericite-pyrite
alteration. At the surface, sericite alteration contains a significant component of kaolinite
resulting from the weathering of pyrite and sericite. The porphyry contains an 80100 meter
diameter diatreme breccia near the center of the outcropping area, which is also typical of a
porphyry system.
The Daylight intrusion has early quartz+/pyrite+/chalcopyrite stockworks, pyrite stockworks,
and younger disseminated and stockwork magnetite alteration zones. Gold is closely correlated
with magnetite content, making ground magnetics an important exploration tool. Historic trench
results (~2,450 meters) identified a continuous zone of anomalous gold mineralization
approximately 300 meter wide (east-west) by 350 meters long (north-south), bounded by
contacts with the adjacent limestones (Plate 7.7). Gold values from trench chip channel samples
within, and beyond the limits of the Daylight Zone, averaged 0.26 g/t Au, with a maximum of
2.99 g/t Au. The surface sampling also returned anomalous Cu averaging 535 ppm, with a
maximum of 0.61%. EGC and historic drilling totaling over 2,200 meters confirmed the
continuity of the mineralized zone to depth, averaging 0.43 g/t gold and 833 ppm copper within
the Daylight Zone (Figure 7.5). The gold mineralization remains open for expansion laterally
and to depth.

30

Plate 7.7. View West Across the Daylight Porphyry Zone.

Figure 7.4. Daylight Zone Geology and Drill Collars on Magnetics.

31

Figure 7.5. EGCs Daylight Zone Drill Hole Intercepts (EGC, 2011).


32
7.3.2 Porphyry-Gold Mineralization: Montura Zone
The Montura gold-porphyry system identified is approximately 600 meters southwest of the
Daylight Zone. Montura contains a strong ground magnetics anomaly resulting from
disseminated and veinlet magnetite within a 300 by 250 meter porphyritic intrusive body
outlined by the magnetics (Figure 7.6) The porphyry has well-developed quartz and iron-oxide
stockwork with variable magnetite veinlets and disseminated magnetite within sericite-clay-iron
oxide altered porphyritic intrusive (oxidized) (Plate 7.8). Newcrests reconnaissance rock
sampling defined a coherent Au-Cu-Mo anomaly over Montura, with anomalous gold samples
returning from 0.1 g/t to over 1.0 g/t Au. Newcrest drilled six core holes to the north of the main
target area and intersected porphyry and skarn Au-Cu mineralization, including CPD-01 that
returned 44 m @ 0.32 g/t gold (from 0-44.0 m).
Newcrests scout drilling did not test the magnetic high that is interpreted by EGC to constitute
the core of the Montura porphyry gold system (Figure 7.6). The Montura Zone is a distinct
porphyry target, but may be part of a larger porphyry system that coalesces with the Daylight
Zone to the northeast, and is a high priority target for follow-up.

Plate 7.8. Montura Gold Zone Stockwork.


33

Figure 7.6. Montura Zone Magnetics Showing Interpreted Porphyry Intrusion and
Newcrest Drill Collars.

7.3.3 Structurally Controlled Ag+Au+Mn+/Zn+/Pb+/Cu Mineralization: Cerro Rico Zone

The Cerro Rico Zone is located two kilometers northwest of the Daylight Zone and contains
folded Cretaceous limestone, locally in fault contact with younger altered volcanic rocks. The
fault zone has been traced at least 2.5 kilometers along its west-northwest strike, and ranges from
140 meters in width. The zone exhibits silicification, localized jasperoid development, and
base-metal replacement mineralization (Plate 7.9). Estrella completed a trenching program on a
small portion of the northwest trending structural zone, based on high-grade hand samples
collected at surface. High-grade silver and significant gold values were encountered, including
trench CR-01 with 8m @ 372.5 g/t Ag and 3.9 g/t Au, and trench CR-03 with 5.8m @ 872.6 g/t
Ag and 0.7 g/t Au. Two drill holes were completed in the vicinity of the high grade silver
mineralization on the southeast end of the structural zone, with variable results. The Cerro Rico
Zone is a polymetallic replacement target that remains prospective for follow-up exploration.


34
Plate 7.9. Cerro Rico Zone Jasperoid in Fault Zone.

Plate 7.10. Cerro Rico Zone - Trench CR-03

7.3.4 Polymetallic Skarn: Rayo Grande Target
The Rayo Grande Zone is located 1.5 kilometers west of the Daylight Zone and is defined by a
strong magnetic anomaly interpreted as a skarn target. The Rayo Grande surface geology
consists of Cretaceous clastic and calcareous sedimentary rocks. No significant detailed
mapping or surface sampling has been completed in the area to date. Newcrest drilled one core
hole (CPD-04), located on the southwest side of the magnetic anomaly, which intersected clastic

35
sedimentary rocks containing significant silver mineralization near surface; the silver
mineralization was associated with high concentrations of manganese (Plate 7.11). The hole was
drilled to a depth of 102.5 meters and returned 42.0 m @ 54 g/t Ag (from 6.0- 48.0 m), but has
not been followed-up.

Plate 7.11. CPD-04, 21.7m, Manganese Replacement in Clastic Sedimentary
Rocks and Conglomerate.

Estrella drilled core hole COL-14 about 400 meters north of CPD-04 within the magnetic
anomaly. The drill hole intersected calcareous sedimentary rocks with broad zones of oxidation
and silicification associated with fault zones. The hole also intersected several anomalous zones
of gold and polymetallic base metal mineralization (Table 7.1).

Table 7.1. Drill Hole COL-14 Results Showing Polymetallic Base Metal Mineralization.
From To Interval Gold g/t Lead - % Zinc % Copper %
26.5 28.0 1.5 m 0.09 g/t 0.21%
77.2 88.0 10.8 m 0.17 g/t 0.13 %
141.5 147.5 6.0 m 0.21 g/t 0.16 % 0.18%
150.8 157.0 6.2 m 0.23 g/t 0.11% 0.29%

The drill core had irregular zones of hornfels development, and variably silicified and oxidized
fault zones that host the mineralized intervals. The core also contained two narrow zones of
structurally controlled diatreme breccia from 77.288.0 meters with elevated gold and zinc. The
breccia has poly-phase angular clasts of silicified sedimentary rocks, including some massive
pyrite fragments, indicating the presence of a hydrothermal breccia and potential mineralization
at depth (Plate 7.12). EGCs single core hole at Rayo Grande contains evidence of copper, zinc,
lead, and gold mineralization possibly related to a skarn or porphyry target at depth.

36

Plate 7.12. Rayo Grande Target, COL-14, 84.0 m, Polyphase
Diatreme/Hydrothermal Breccia with Clasts of Massive Sulfide.

7.3.5 Porphyry Gold-Copper Target: Alpaca Zone
The Alpaca Zone is located approximately 300 meters north of the Daylight Zone and is defined
by a magnetic anomaly that is approximately 300 meters long by 50 meters wide. At the surface,
the geology consists of weakly altered massive limestone. Two EGC drill holes were completed
to test the magnetic anomaly. Hole COL-13 was drilled in the northern portion of the anomaly
and was completed to a depth of 162.3 meters entirely within limestone. Yet the hole did
intersect broad zones of variably silicified and oxidized fault zones containing elevated gold,
lead and zinc. The assays included 1.4m @ 1.31 g/t Au, 3.1 g/t Ag, and 0.57% Pb, 6.1m @ 0.40
g/t Au, 0.22% Pb, and 0.09% Zn, as well as 5.9m @ 0.29 g/t Au, 0.11% Pb, and 0.05% Zn. Hole
COL-15 was completed approximately 100 meters south and 40 meters east of COL-13
intersecting limestone over its entire length, and encountered only one interval of elevated zinc
from 9.212.5 meters.
EGCs drilling at Alpaca identified structurally controlled zones of elevated gold, zinc, and lead,
indicating that the area was subjected to hydrothermal fluid flow. Although the alteration and
mineralization was limited within narrow zones of hornfels and marble, these results are
permissive to suggest a porphyry source at depth.


37
8.0 Deposit Type
Section 8 is primarily based on a summary provided by Estrellas Keith Laskowski, and his work
is hereby acknowledged.
Colpayoc hosts gold (copper) porphyry deposits with associated skarn and replacement
mineralization that are typical of the metallogenic environment in northern Peru. These deposits
are often found in intermediate intrusive systems, such as diorites. The porphyries of the
Cajamarca region occur as a series of high-level intrusive apophyses and related zones of
tectonism and brecciation that have been exposed to hydrothermal solutions and emplacement of
multiple zones of stockwork fractures.
Porphyry deposits are present along the entire axis of the South American Cordillera. Two age-
differentiated Cretaceous-Tertiary porphyry belts are present in Peru and Chile. In general, the
porphyry deposits in Chile are copper rich, with relatively low gold content. The proportionate
gold content increases further north along the Andes, with the northern Peru porphyries
containing a significantly higher gold credit.

Figure 8.1 Schematic Cross Section of a Porphyry System (Cox, 1986).

The Colpayoc porphyry system is similar to a group of gold-enriched porphyry deposits
currently undergoing exploration or in production throughout northern Peru and Colombia.
These deposits include the Cerro Corona deposit (Goldfields, Peru), located about 40 kilometers
north of Colpayoc. Other analogous deposits include La Colossa (AngloGold Ashanti,
Colombia) and La Mina (Bellhaven Copper & Gold, Colombia). In each of these deposits, gold
mineralization is associated with a <1.5 kilometer diameter porphyry which cross-cuts a larger,
slightly older intrusive, also of dioritic composition. Gold is intimately associated with a

38
younger, hydrothermal event that produces disseminated and stockwork/fracture hosted
magnetite with gold mineralization. Gold porphyry deposits generally are on the order of 50
150 Mtonnes in size, restricted due to the relatively constrained pipe-like nature of the systems.
These deposits are considerably smaller than the porphyry copper systems of the southwestern
United States and Chile, which are typically >300 Mtonnes.
Although references have been made between Colpayoc and deposits of the nearby Yanacocha
district, there are fundamental distinctions. Yanacocha is a volcanic hosted epithermal gold
system, capping a gold-copper system at depth (Gustafson et. al., 2004). In contrast, Colpayoc is
a gold-copper porphyry system that intrudes the Mesozoic sedimentary rocks of the region. The
difference between the epithermal mineralization at Yanacocha and the porphyry mineralization
at Colpayoc could be due to the depth of erosion and corresponding vertical exposure of the
systems.
The Daylight and Montura Zones have many of the characteristics of a classic gold porphyry
system, and are hosted within altered plagioclase-hornblende porphyry intrusions. The
porphyries contain three types of stockworking and veining, including early quartz-sulfide,
sulfide, and quartz-magnetite/magnetite stockworks. The gold mineralized zones are hosted
within a sericite-clay iron-oxide alteration suite. At the surface, the porphyries display sericite
alteration combined with a significant component of kaolinite resulting from the weathering of
pyrite and sericite. The Daylight porphyry is the best understood, and has early
quartzpyritechalcopyrite and pyrite stockworks, in addition to younger disseminated and
stockwork magnetite alteration zones. The Montura Zone contains disseminated and veinlet
magnetite within a porphyritic intrusive body. The gold is closely correlated with magnetite
content at both the Daylight and Montura prospects.
Colpayoc is being explored principally for the porphyry gold deposit type, as well as associated
polymetallic skarn and replacement deposit types. The porphyry mineralization has been drilled
at the Daylight and Montura prospects. In addition, skarn style mineralization is targeted at the
Montura, Alpaca and Rayo Grande Zones. Structurally controlled polymetallic replacement
style mineralization is located at the Cerro Rico Zone and distal to the central porphyry targets.


39
9.0 Exploration
Estrella has conducted programs of historical data compilation and review, geological mapping,
surface geochemical sampling, a ground magnetics survey, and drilling since originally
optioning the Colpayoc property in 2007. This work has augmented and expanded on the
historical work results, resulting in the establishment of the Daylight Zone gold resource and the
advancement of new targets elsewhere on the property. These additional targets include
Montura, Cerro Rico, Rayo Grande, and other mineralized zones. Together, these prospects
represent a group of mineralized targets typical of a porphyry-skarn-replacement geologic
environment.

9.1 Ground Magnetics
The initial step taken by Estrella to assess the property wide exploration potential for porphyry
targets was to conduct a ground magnetics survey focused over the Daylight Zone, with partial
coverage of the Montura Zone. Approximately 68 line kilometers were surveyed by Fugro
Ground Geophysics of Lima, Peru in J une, 2008. The lines were oriented northeast-southwest
and spaced at 200 meters, with station spacings of 10 meters. Subsequently, EGCs data was re-
processed and merged with a re-processed version of Newcrests historical (1995) ground
magnetics survey. Newcrests survey consisted of 36 line kilometers oriented north-south, with
100 meter line spacing and 10 meter station spacing.
The re-processing, merging, and filtering of the combined magnetic datasets was conducted by
Lima based independent geophysical contractor B. Lubbe in 2011. Lubbe produced a number of
processed products, including RTP and 3D analytic signal grids (Figure 9.1).

Figure 9.1a. RTP Magnetic Survey
Overview.
Figure 9.1b. Analytic Signal Magnetic
Survey Overview.
Lubbe identified a series of magnetic anomalies for follow-up (Figure 9.2). Lubbe noted that the

40
magnetic high anomalies at the Daylight and Montura Zones were coincident with the porphyry
alteration identified from surface work and drill testing, and may also represent peripheral
skarns. Lubbe suggested that the magnetic high at the Rayo Grande, Cerro Rico and Crater
Zones were also possibly related to intrusive driven skarn alteration.
Going forward, EGCs ground magnetics dataset will continue to be an important exploration
tool for identifying porphyry and related target types at Colpayoc.

Figure 9.2. Ground Magnetics Compilation Analytic Signal and Targets.

9.2 Geological Mapping and Geochemical Sampling
Estrella has undertaken surface geologic mapping and geochemical sampling programs at
various scales over the Colpayoc property. The priority has been at the Daylight Zone and Cerro
Rico, although work has been conducted at Rayo Grande and other target areas as well. Most
recently, follow-up work has focused on the Montura porphyry zone; the results from this
program were pending as of the effective date of this report.
The Colpayoc geology consists of Cretaceous aged limestone and clastic units, as well as the
Tertiary age intrusives that cut, and volcanic units that overlie, these sequences. These geologic
units have been identified and mapped at various scales by previous operators, as well as by
Estrella. At the small scale, EGCs geologic mapping has consisted of field checking of
historical geologic maps, and augmenting and refining these maps with updated field

41
observations at 1:10,000 scale. At the larger scale, special attention was given to updating the
Daylight Zone mapping at 1:1000 scale, as well as 1:500 scale trench mapping at Cerro Rico.
The geological map products are included in EGCs map folio sets.
As with the previous geological mapping, Estrella has used historical data as a base for
additional geochemical sampling. EGC has collected on the order of 114 rock samples property-
wide and 150 trench chip channel samples at Cerro Rico. In combination with the EGCs
historical data compilation, the rock database consists of 453 samples (Figure 9.3).
Figure 9.3. Location of EGCs Surface Rock Geochemical Samples (Top) and
Combined with Historical Samples (Bottom).


42

EGC also collected 282 soil samples, however most samples were collected from the incorrect
soil horizon and the results were deemed unreliable (Laskowski, 2011, personal communication).
The soil data is not considered further in this report, but additional review is suggested to
determine if there is salvageable information in this dataset.

9.3 Rock Geochemistry
EGCs rock geochemical compilation for Colpayoc spans multiple sampling campaigns that
started with Newcrest in 1995. The rock sampling has been directed to the principal target areas,
which span from the Daylight and Montura Zones in the south, to Cerro Rico in the north.
For the EGC work, rock sample weights were commonly between 3 to 5 kilograms. The rock
sampling protocols were implemented to provide representative, unbiased samples to
characterize the mineralized zones. Field notes on the local geologic and structural conditions
were typically recorded and accounted for during sample acquisition. There was continuous
professional supervision of the sampling programs by EGC geologists.
For the historical rock samples, EGCs work, as well as independent sampling by the author and
others tends to confirm the results generated by previous operators. Although there are inherent
issues related to merging various generations of geochemical sampling, the exercise was useful
in determining broad overall trends related to mineralization (Figure 9.4).
From the Colpayoc rock sampling, coherent copper (100-250 ppm) and molybdenum (10-25
ppm) anomalies distinctly outline the Daylight and Montura porphyry targets. The Daylight and
Montura rock samples are also gold enriched, defining coincident, but more tightly defined
anomalies at 100 ppm (0.1 g/t). Cerro Rico and Rayo Grande are marked by anomalous silver.
In the case of Cerro Rico, the northwest trending silver anomaly is higher grade at 75-100 ppm,
reflecting the structurally controlled replacement mineralization at the contact between the
limestone and felsic volcanic units. At Rayo Grande, the silver anomaly at 10-25 ppm is
broader, and is interpreted to reflect underlying porphyry and/or skarn related mineralization at
depth. Taken as a whole, the Colpayoc rock data outlines porphyry, skarn and replacement type
targets for exploration follow-up.

43

Figure 9.4. EGC and Historical Rock Geochemistry for Principal Target Areas: Au, Ag, Cu,
and Mo (DZ = Daylight Zone, M=Montura, CR = Cerro Rico, and RG = Rayo Grande).

DZ
M
CR
RG
DZ
M
CR
RG
DZ
M
CR
RG
DZ
M
CR
RG

44
9.4 Trench Chip Channel Geochemistry
Colpayoc trench chip channel sampling is represented by the historical work conducted by
Granges on the Daylight Zone, and Estrellas more recent program at Cerro Rico.

9.4.1 Granges Daylight Zone Historical Dozer-Cut Trench Sampling
EGC has compiled the historic Granges Daylight Zone trench chip channel sampling data, and
registered the locations to the current base maps through field checking and verification.
Confirmation of the data by independent sampling, and agreement with near-surface EGC core
drilling results establish that the Granges data is relevant for exploration level assessment.
EGCs compilation of the Daylight Zone trenching consists of 1,150 samples totaling
approximately 2,450 meters of chip channel sampling. Most of the trenching is oriented west-
northwest, but there are shorter trenches oriented north-northeast, particularly at the northern and
southern contacts of the porphyry system. The standard channel sample length was 2 meters,
with 4 meter samples taken toward the contact of the altered and mineralized porphyry with
surrounding wall rocks. The average sample length was 2.1 meters. The dozer-cuts remain in
good condition, and provide readily accessible exposures for mapping and sampling (Plate 9.1).

Plate 9.1. Examples of Granges Trench Exposures from October, 2011.

EGCs Granges database has assay values for gold and copper, as well as silver, lead, and zinc.
The length weighted statistical summaries for all five elements are given in Table 9.1. From the
statistics, the average for gold is 0.26 g/t and for copper 535 ppm. The samples are also enriched
in lead (average =281 ppm) and zinc (average =567 ppm). Of note, the silver data has higher
grade outliers (i.e., >10 ppm, up to 145 ppm Ag) which may or may not be meaningful; this
should be followed up with further review.

45

Table 9.1. Length Weighted Statistics for Granges Trench Channel Samples.

The Log10 histograms for gold and copper clearly display bimodal distributions (Figure 9.5).
These populations are interpreted to represent the mineralized and altered porphyry system
versus the less altered wall rocks (Figures 9.6 and 9.7). Note from Figure 9.7 that weak copper
mineralization continues outside of the 0.1 g/t gold envelope, particularly to the south and west.
The Granges Daylight Zone sampling is an important dataset, and was used for the resource
estimate discussed in Section 14.

Figure 9.5. Log10 Au & Cu Histograms for Granges Trench Channel Samples.


46

Figure 9.6. Granges Trench Channel Sample Gold.


47

Figure 9.7. Granges Trench Channel Sample Copper.

9.4.2 Estrella Cerro Rico Trench Sampling
The Cerro Rico Zone is located two kilometers northwest of the Daylight Zone. The geology
consists of folded Cretaceous limestones in variable fault contact with younger altered volcanic
rocks. The fault zone is entirely hosted in limestone away from the remnant volcanic rocks, and
has been traced on surface for at least 2.5 kilometers along its west-northwest strike. The zone
exhibits variable alteration, with jasperoid development and base-metal silica replacement
mineralization (Plate 9.2).
Estrella conducted trench chip channel sampling totaling 231.8 meters from three trenches. The
trenches are located over a distance of 260 meters of strike length, with two trenches (CR-01 and
-02) 58 meters apart, and the third trench CR-03 located 220 meters to the southeast. The hand-
dug trenches were excavated in an area containing historic manganese prospect pits. The
trenches were oriented northeast and east-west to yield approximate true width intercepts. In
total, 100 continuous chip channel samples were taken, with an average length of 2.3 meters.
High-grade mineralized intervals are given in Table 9.2 and Figure 9.8 and 9.9. In addition, the
mineralized zones are enriched in both lead (max =2.8%) and zinc (max =1.86%). Discussion

48
of EGCs drill testing of the Cerro Rico Zone is given in Section 10.

Plate 9.2. Cerro Rico Manganese Enriched Silica Replacement.

Table 9.2. Cerro Rico Significant Mineralized Silver-Gold Intervals.
Trench Width (m) Ag g/t Au g/t Comments
CR-01 8.0 372.5 3.9 Also 5.5m @ 7.8 g/t Ag & 2.1 g/t Au.
CR-02 56.5m zone of elevated Au & Ag 0.02-0.64 g/t Au & Ag up to 13.3 g/t Ag.
CR-03 5.8 872.6 0.7
includes 1.8 1515 0.8
CR-03 4.8 420.3 0,.2
Also 3.8m @ 84.6 g/t Ag and 0.9 g/t Au.


49

Figure 9.8. EGC Cerro Rico Trench CR-01 Results.


50

Figure 9.9. EGC Cerro Rico Trench CR-03 Results.


51
10.0 Drilling
Historical Colpayoc reconnaissance exploration drill campaigns were conducted in 1995 and
1998 by Newcrest and Balaclava, respectively. Estrellas 2010-2011 diamond drill programs
were focused on the Daylight Zone resource definition, but also included reconnaissance drilling
at other prospects on the property. In total, there has been approximately 3600 meters of core
drilling (i.e., 1241.7m by Newcrest and 2357.2m by Estrella) and 500 meters of reverse
circulation drilling (Balaclava) on the Colpayoc project (Figure 10.1). Drill intercepts within the
porphyry targets at the Daylight Zone and Montura prospects represent true thicknesses within
broad, low grade envelopes of mineralization. The true thickness of intercepts from the
reconnaissance drilling on structural targets at Cerro Rico, Alpaca, and Rayo Grande is
unknown.

Figure 10.1. Overview of Colpayoc Target Areas and Drilling.

10.1 Discussion of Historical Drilling
10.1.1 Newcrest Diamond Drilling
The first Colpayoc drill program was completed in 1995 by Newcrest, and consisted of eight
core holes totaling 1241.7 meters (Table 10.1). One core hole, CPD-06, was drilled at the
Daylight porphyry zone. The other seven holes were drilled at the Montura and Rayo Grande

52
targets, located south and west of the Daylight Zone, respectively. The Newcrest core is stored
off-site at the San Nicholas mine, approximately 40 kilometers north of the property (Plate 10.1).
The Newcrest drilling intersected anomalous to significant mineralization in all eight holes
(Table 10.2). CPD-06 intersected gold mineralized intercepts at the Daylight Zone from surface
to the total depth of 147.6 meters. Five Newcrest holes were drilled at the Montura porphyry
target, with three holes (CPD-01, -02, and -05) returning significant to anomalous gold and
geochemically elevated copper intercepts. These three holes trace an east-west, 500 meter arc
that is situated on the flanks of a magnetic high (refer back to the magnetics map in Figure 9.2).
The two Montura holes to the north were anomalous in gold or copper, and are situated outboard
from the magnetic high. CPD-01 intercepted 44 m @ 0.32 g/t gold (from 0-44.0 m). CPD-03,
located between the Montura and Rayo Grande targets, intersected narrow (i.e., 24 m)
intercepts of 0.1-0.3 g/t gold, as well as anomalous silver. CPD-04, located on the southeast
flank of a magnetic high at Montura, intersected a wide zone of silver mineralization (6.048.0,
42 meters @ 54 g/t) with a high-grade zone that assayed 4 m @ 244 g/t silver from 28.032.0 m
(true width unknown), with elevated values in gold and copper. CPD-05 at Montura intercepted
56 m @ 0.19 g/t gold (from 26.082.0 m) and CPD-07 intercepted 133m @ 0.13 g/t gold (from
8.0 141m).
The Newcrest drill coverage is at the reconnaissance scale, and the results suggest extensive and
varying metallogenic signatures within an overall porphyry intrusive context. Due to the broad
scale of anomalous gold content, further follow-up and study of the historical drill results at the
Montura and Rayo Grande prospects is recommended. This review may add a perspective of
metal zoning and target vectoring, particularly when integrated with surface geological,
geophysical, and geochemical survey results.

Table 10.1. Historical Newcrest Core Hole Collar Information.
Hole ID East (m) North (m) Elev (m) TD (m) Azim Incln Zone
CPD-01 763448 9209806 3882 300.0 0 -90 Montura
CPD-02 763148 9209807 3889 101.6 0 -90 Montura
CPD-03 762977 9210133 3926 189.0 130 -65 Montura-Rayo Grande
CPD-04 762601 9210091 3975 102.5 0 -90 Rayo Grande
CPD-05 763647 9209733 3850 160.0 220 -70 Montura
CPD-06 763800 9210225 3828 147.6 0 -90 Daylight
CPD-07 763481 9209957 3893 141.0 220 -65 Montura
CPD-08 763717 9209853 3864 100.0 0 -90 Montura


53

Table 10.2. Historical Newcrest Core Hole Drill Intercepts.
Hole ID From (m) To (m) Length (m) Au g/t Comments
CPD-01 0 44 44 0.32
Also 0.10% Cu 0-44m. Anomalous 272-
300m, 28m@ 0.20 g/t Au & 0.09% Cu.
CPD-02 44 64 20 0.33
Broadly anomalous 0-86m, 86m @ 0.25
g/t Au.
CPD-03 No significant intervals Anomalous Ag in tuffs and intrusive.
CPD-04 No significant intervals
6-48, 42m @ 54 g/t Ag, with 4m @ 244 g/t
Ag (28-32m).
CPD-05 26 32 6 0.35
72 78 6 0.34
Broadly anomalous 26-82m @ 0.19 g/t Au
& 0.07% Cu.
CPD-06 2 8 6 0.32
Broadly anomalous 0-147.6m @ 0.41 g/t
Au, 82-147.6m @ 0.13% Cu.
50 147.6 97.6 0.53
CPD-07 No significant intervals
Broadly anomalous 8-141m, 133m @ 0.13
g/t Au.
CPD-08 No significant intervals Weakly anomalous 0-100m @ 0.04% Cu.

Plate 10.1. San Nicholas Mine, Core Storage for Newcrest Colpayoc
Drill Core (EGC, 2010).

10.1.2 Balaclava Reverse Circulation Drilling
Balaclava completed three reverse circulation holes for a total of 500 meters in 1998 that were
designed to test the Granges trench results and Newcrest hole CPD-06 at the Daylight Zone
(Table 10.3). Gold results from this drilling correlated well with the values in the Granges
trenching and the Newcrest hole, and penetrated porphyry mineralization from surface to the end
of each hole (Table 10.4). Further discussion of the Balaclava results is given in Daylight Zone
resource estimation section of this report (Section 14).

54
Table 10.3. Historical Balaclava RC Hole Collar Information.
RCD-01 763965 9210300 3794 165.0 270 -60 Daylight
RCD-02 763914 9210239 3809 165.0 265 -60 Daylight
RCD-03 763824 9210096 3841 170.0 70 -60 Daylight

Table 10.4. Historical Balaclava RC Hole Drill Intercepts.
RCD-01 0 102 102 0.77 Also anomalous 0-102m @ 0.13% Cu.
RCD-02 0 114 114 0.79 Also anomalous 0-114m @ 0.15% Cu.*
RCD-03 0 170 170 0.56 Also anomalous 0-170m @ 0.12% Cu.*
*Copper intercepts taken from SRK (2010), not available for verification.

10.2 Discussion of Estrella Diamond Drilling
EGCs core drilling program commenced in December 2010, with the completion of three holes,
and restarted in late J une, 2011 for an additional twelve holes. Holes completed include ten at
the Daylight Zone, two at Cerro Rico, two at Alpaca, and one at the Rayo Grande prospect. The
first three holes were drilled by Longyear with an LF-70, and the remaining twelve holes were
drilled by Bradley MDH with a LD-250 rig (Plate 10.2). The core diameter was principally HQ,
with reduction to NQ as required by drilling conditions.
From 2,300 meters of EGC core drilling, just over 2,000 meters (87%) were sampled and
assayed. The average sample length was 1.73 meters and ranged from a minimum of 0.20 to
maximums typically of 2.0-3.0 meters. The core was sawn, with one half retained and the other
half submitted for assay analysis at ALS Chemex in Lima.

Plate 10.2. EGC Core Drilling at Colpayoc (Yanacocha in Background).


55
10.3 Estrella Diamond Drilling Procedures
The general protocol for EGCs core sampling and logging is given below.
Core was quick log reviewed at the rig by an EGC geologist, labeled, and placed in core
boxes.
Core boxes were taken to the Cajamarca core storage building at the end of each drill shift.
The core was cleaned, and detailed geological and geotechnical logs were recorded and the
assay sample intervals marked.
Core box photos, as well as detailed photos from specific intervals, were taken.
Samples were marked with a split line for sawing, which was chosen to avoid sampling bias,
The marked core was cut with a diamond saw along the split line. One half of the core (~4
kg in weight) was bagged, tagged and prepared for shipment to ALS Chemexs sample
preparation and analytic facilities in Lima, Peru (ISO 9001:2000 accredited). Standards and
blanks were added to the package.
One half of the core was retained in the core box, and archived in core storage.
Groups of five core samples were placed in nylon rice sacks, secured with zip lock ties, and
shipped to the Chemex-Lima prep lab via commercial air and/or ground carrier.
Sample shipment frequency was on the order of 2 to 3 times a week.
The holes were collared and drilled at orientations to provide approximate true width
intercepts for a given zone, particularly for structurally controlled targets at Cerro Rico and
Alpaca. All of the drilling was oriented as angle holes, with inclinations that ranged from -50
to -70. Down-hole surveys were determined with an EZ-Shot instrument for the Longyear
drilling. A surveying instrument was not available for the Bradley MDH drilling, and only acid-
etched inclinations were recorded. Collar coordinates were determined with a hand-held GPS.
A table of collar information is provided below (Table 10.5).

Table 10.5. Estrella 2010-2011 Diamond Drill Hole Collar Information.
COL-01 763965 9210270 3795.7 202.5 270 -50 Daylight
COL-02 763850 9210270 3817.3 169.1 270 -50 Daylight
COL-03 763965 9210240 3799.4 91.0 270 -50 Daylight
COL-04 763963 9210198 3807.3 140.0 270 -50 Daylight
COL-05 763956 9210147 3810.1 158.0 270 -50 Daylight
COL-06 763900 9210300 3804.9 135.5 270 -50 Daylight
COL-07 763937 9210330 3796.4 153.6 270 -50 Daylight
COL-08 763853 9210340 3806.7 147.5 270 -50 Daylight
COL-09 763846 9210152 3834.3 205.6 270 -50 Daylight
COL-10 763800 9210225 3828.0 153.5 270 -50 Daylight
COL-11 762060 9211730 3787.6 150.0 232 -45 Cerro Rico
COL-12 761980 9211812 3766.2 150.0 232 -50 Cerro Rico
COL-13 763630 9210800 3771.3 163.5 270 -50 Alpaca
COL-14 762450 9210500 3889.8 170.4 220 -70 Rayo Grande
COL-15 763713 9210653 3786.7 167.0 270 -50 Alpaca


56
Overall, the EGC core recovery was high, and it is concluded that the quality of the drill samples
is acceptable for representative assay analysis.
Estrellas diamond drilling and sampling procedures provided reliable and representative
samples. The core drilling was conducted to yield approximate true width intercepts across
structures, and there was reasonable care taken to assure that the sampling was unbiased.
Detailed core logging of geologic and structural conditions were noted and accounted for during
sample acquisition. There was continuous professional supervision of the core sampling
programs by EGC geologists.
EGCs drilling at the Daylight Zone consistently intersected the targeted gold porphyry
mineralization, and at the other exploration target areas intersected alteration and geochemically
anomalous gold values, as well as other metals. Summaries of significant Estrella drilling results
are given in the prospect summaries in the following sections.

10.4 Estrella Daylight Zone Drilling
EGCs diamond drilling program at the Daylight Zone consistently confirmed the vertical and
lateral continuity of the gold mineralized porphyry zone with step-out and in-fill drilling (Figure
10.2 and Table 10.6). This mineralization was logged as clay, sericite-clay, and chlorite
alteration zones with varying degrees of quartz stockworking. Importantly, the gold is intimately
related to magnetite, both as secondary disseminated and fracture filling. EGC drilled ten
Daylight Zone holes for 1556.3 meters, and combined with Newcrests single 147.6 meter hole,
the core total sums to 1703.9 meters in the prospect area.

57

Figure 10.2. Daylight Zone Drilling and Geology.

Table 10.6. Estrella Daylight Zone Diamond Drill Hole Intercepts.
COL-01 0.5 120.8 120.3 0.49 Anomalous in Au & Cu to TD.
COL-02 0.3 101 100.7 0.67 Anomalous in Au & Cu to TD.
COL-03 0.0 91 91.0 0.55 Anomalous in Cu to TD (91m).
COL-04 0.0 140 140.0 0.55 Anomalous in Cu to TD (140m).
COL-05 3.5 73.2 69.7 0.72
95.9 157.0 61.1 0.58
Anomalous in Cu to TD (158m).
COL-06 66.0 83.0 17.0 0.35
120.5 135.5 15.0 0.30
Anomalous in Au & Cu to TD (135.5m).
COL-07 1.3 140.5 139.2 0.47 Anomalous in Au & Cu to TD (153.6m).
COL-08 0.0 22.5 22.5 0.65 Anomalous in Cu to 123m.
COL-09 0.3 44.0 43.7 0.40
104.0 129.5 25.5 0.62
140.1 148.0 7.9 0.62
Anomalous in Au & Cu to TD (205.6m).
COL-10 10.0 63.0 53.0 0.57
78.5 91.5 13.0 0.34
Anomalous in Cu to TD (153.5m).


58
All of EGCs holes were west-directed, and the porphyry contact with limestone units to the east
and southwest remains open. The porphyry system also remains open to the north and south as
indicated by the geologic mapping (refer back to Figure 10.2), although Balaclavas trench
results suggest that surface exposed gold mineralization closes off in those directions (Figure
10.3). It is important to note that all drilling at the Daylight Zone has ended in alteration and with
at least anomalous levels of porphyry gold mineralization. Further drill testing is necessary to
delineate the zone at depth. Additional discussion of the EGC Daylight Zone drill results is
given in Section 14 of this report.

Figure 10.3. Estrella Daylight Zone Drill Hole and Surface Trench Gold.

10.5 Estrella Drilling at Other Prospects
EGC conducted reconnaissance exploration drilling at three target areas outside the Daylight
Zone in 2011 including the Cerro Rico, Alpaca, and Rayo Grande prospects (refer back to Figure
10.1). In general, this drilling intersected narrow, geochemically anomalous to weakly
mineralized zones. The drilling consisted of simple reconnaissance tests, including either a
single hole (Rayo Grande), or two holes spaced at 100 to over 150 meters apart along each
structural trend (Cerro Rico and Alpaca). As a result, the drilling is not definitive, and with
additional work the targeting could be refined with the goal of justifying further follow-up.

59
Cerro Rico Zone. Two core holes (COL-11 and -12) were drilled at the Cerro Rico replacement
zone target totaling 300 meters. COL-11 was planned to drill beneath the high grade silver
mineralization identified in EGC trenches (i.e., 5.8 m @ 872 g/t Ag), however the hole was
possibly located on the east side of a fault which apparently offset the mineralization. COL-12
was located approximately 100 meters northwest of COL-11 and did not reach the target zone.
Geochemically anomalous assays were returned from the EGC drilling, with the best intervals
given as:
COL-11: 1.7 meters @ 0.18 g/t Au and 0.8 g/t Ag (18.5-20.2m),
COL-12: 2.0 meters @ 0.25 g/t Au and 35.7 g/t Ag (2-4m) and
2.0 meters @ 0.54 g/t Au and 3.7 g/t Ag (39.1-41.1m).
Of note is that both holes intersected zones enriched in iron (i.e., >3-4%) and manganese (>
0.05-0.1%), particularly in the first 20 to 55 meters. This enrichment may be supergene, and
would correspond to field observations from outcrops and trenches of silicified, manganese and
silver enriched mineralization at the surface.
Alpaca Zone. Two core holes (COL-13 and -15) were drilled at the Alpaca target totaling 330.5
meters. EGCs drilling was designed to test a strong magnetic high coincident with the surface
mapped contact between limestone and intrusive along approximately 170 meters of strike
length. However, both holes cut only limestone, and did not intersect porphyry or skarn units at
depth. COL-13 encountered zones of weak to moderate clay and iron-rich alteration in the
limestones. Thin zones of gold-silver mineralization include:
COL-13, 1.0 meter @ 0.33 g/t Au and 10.1 g/t Ag (103.7-104.7m) and
1.4 meters @ 1.31 g/t Au and 3.1 g/t Ag (113.6-115.0m).
COL-15 was entirely in fresh limestone, and was only assayed for the upper 51.5 meters of its
167.0 total depth.
Rayo Grande Zone. A 170.4 meter core hole (COL-14) was drilled at Rayo Grande to test a
magnetic high interpreted as a buried porphyry/skarn target beneath Cretaceous clastic rocks.
The hole did not reach the target, but intersected a hydrothermal breccia with silica and
anomalous gold including 10.8 meters @ 0.17 g/t Au (77.2-88m), and a second intercept in
weakly hornfelsed clastic rocks that returned 24.5meters @ 0.13 g/t Au (141.5-166m).


60
11.0 Sample Preparation, Analyses, and Security
Estrellas sample security, preparation, analytical, and QA/QC procedures for the Colpayoc
project meet CIM Best Practice guidelines, and are adequate for a property at the current stage of
exploration evaluation. The exploration and drill samples were representative, with care given to
avoid high grading or introducing other biases during the sampling process. All sampling was
conducted under the supervision of an EGC geologist. Details of the sampling procedures,
quality control measures, and methods of sample splitting and reduction before dispatch to ALS
Chemex for sample preparation and analysis are given in the respective sections of this report for
surface (Section 9) and drill core (Section 10) sample types. All surface exploration and drill
samples were submitted to the ALS Chemex laboratory in Lima, Peru (ISO 9001:2000
accredited) for sample preparation and assay and geochemical analysis. Estrella is independent
of ALS Chemex.

11.1 Sample Security
The chain of custody and security of EGCs exploration samples started with prompt and secure
delivery from the field to the companys logging and storage facility in Cajamarca. The facility
is a well-secured residential building with the open area surrounded by a gated and locked fence
(Plate 11.1). The facility is monitored by company hired personnel.

Plate 11.1. EGC Cajamarca Field Office, Logging, and Storage Facility.

The handling of exploration samples was under the control and supervision of an EGC geologist.
Core samples were boxed and transported to Cajamarca on a daily basis. Drill samples were
bagged and groups of four to five samples were placed in a large nylon rice sack that was
secured with zip lock ties in preparation for shipping. Shipment of samples to the ALS Chemex
Lima lab was via commercial air and/or ground carrier every one to three days. Archived core
boxes are kept in Cajamarca, and coarse rejects and pulps are retained by Chemex until return to
EGC for storage.

61
11.2 Sample Preparation and Analysis
The sample preparation of rock and core samples consisted of:
Logging, drying (at <120 C if necessary) and weighing of the sample as delivered.
Fine crushing of rock chip and drill samples to better than 70% -2mm (CRU-31).
Riffle split 1 kilogram sub-sample (SPL-21).
Pulverize a 250 gram split to better than 85% passing minus 75 micron (PUL-31).
The rock and core samples were analyzed for gold and a multi-element geochemical suite.
Specifics include:
Fire assay from 30 gram charge for gold, with an AA finish (Au-AA23). Gold overlimit
values (i.e., >10 ppm) were fire assayed with a gravimetric finish.
The ME-ICP41 technique (i.e., aqua regia digest and ICP analysis) was used for the other
elements. Silver overlimit samples (i.e., >100 ppm Ag) were re-analyzed with aqua
regia digestion and an AA assay.

11.3 Quality Assurance/Quality Control (QA/QC) Program
Estrella implemented a QA/QC program that was particularly systematic for the 2010-2011 core
drilling campaigns. The QA/QC program included the use of standard, blank, and duplicate QA
samples. On average, these QA sample types were inserted as approximately 5-20% of the total
samples submitted for analysis. The laboratory QA results were monitored and QC issues
addressed so as to ensure a reliable and accurate assay database.
A series of certified reference material (CRM) standards from Rocklabs (Auckland, New
Zealand) and CDN Resource Laboratories Ltd. (Canada) were used for the Colpayoc QA/QC
programs. These CRMs spanned the range of expected gold values from geochemically
anomalous to high-grade mineralized levels, and included certified samples for copper and
silver as well.
Blank QA samples were inserted to identify cross contamination issues that may have been
introduced during the sample preparation process. The blanks consisted of coarse, fresh quartz
material.
Field duplicates were taken for each exploration sample type. For rocks, approximately twice
the normal sample weight was taken, and the duplicate samples split from the field sample. The
drill core duplicates were taken from the coarse rejects.

11.4 Diamond Drill Hole QA/QC Results
The diamond drill hole QA samples passed all of the QC tests for CRM, blank, and duplicate
samples. The CRM QC charts demonstrate excellent laboratory accuracy and precision for the
gold assays, as well as for the copper and silver analyses. The CRMs represented in Figure 11.1
and 11.2, as well as other CRMs used in the EGC programs, consistently assayed within the two
standard deviation bounds.

62
Figure 11.1. CRM QC Plots for Gold.


63

Figure 11.2. CRM QC Plots for Copper and Silver.


64
The QA blank samples show acceptable low level performance for gold (Figure 11.3).
Deviations from the baseline blank value are negligible, excepting one outlier at 28 ppb Au.
This one high blank value, at 5-6 six times the 5 ppb detection limit, is not considered
meaningful, especially considering that the reporting cutoff of 0.3 g/t Au is an order of
magnitude higher than the spurious blank assay. Sample preparation cross contamination is not
judged to be a problem from review of the blank QA samples.

Figure 11.3. Blank QC Plots for Gold.

The duplicate core sample analyses demonstrate a strongly linear correlation, particularly on the
Log-Log scatter plot (Figure 11.4). This linear relationship holds for values ranging from the
low to high end. This correspondence is expected considering the consistent, low-grade gold
grades of the Colpayoc porphyry mineralization. The QC results from the CRM, blank, and
duplicates samples confirm that Estrellas drill core sampling protocols yielded reproducible and
representative gold assays.

65

Figure 11.4. Duplicate QC Scatter Plots for Gold (arithmetic and log-log).


66
12.0 Data Verification
The author conducted both field and office based data verification exercises for the Colpayoc
project. In the field, select sampling sites were confirmed, the geological mapping and drill logs
reviewed, and duplicate chip channel and core samples taken. In EGCs Lima office maps,
reports, and digital databases were reviewed. The data verification conducted in both the field
and office established the accuracy, reproducibility, and adequacy of the technical data used as
the basis for this report.

12.1 Independent Core Samples
The author performed independent verification of drill core sampling results during the property
and core logging facility visit conducted October 12-14, 2011. As a part of this work, the drill
core and corresponding logs were reviewed, and it appears that EGCs geological logging was
reasonably accurate and representative. However, there were cases observed where the
delineation of oxide and mixed oxide-sulfide zones needed further review and refinement.
Drill sample intervals were selected from four EGC core holes as being representative of the
Daylight Zones alteration and mineralization. The archived half-core for the selected intervals
were quarter sawn, or where the core was broken, about one half of the remaining material was
taken. The core was cut and/or sampled by technicians under the supervision of the author (Plate
12.1). The samples were placed in plastic bags identified by sample number and also by tickets
removed from a sample book. The sample descriptions were recorded in the sample book. The
filled sample bags were sealed and placed in labeled nylon rice sacks, along with the authors
QA samples consisting of blanks and CRM standards. The nylon rice bags were closed-off with
plastic zip-locks, and shipped to the ALS Chemex laboratory in Lima for sample preparation and
analysis.
Gold was analyzed by fire assay with an AAS finish, and multi-element analyses were
determined with aqua regia digestion and ICP/AES techniques (i.e., the same techniques
routinely used by EGC). The CRM standards returned assays that passed the QC tests, and the
blank samples also passed the QC tests.
The gold analyses show good correspondence between the original EGC sample results and the
independent sample assays (Table 12.1 and Figure 12.1). The original EGC samples averaged
0.74 g/t gold in comparison to 0.72 g/t gold for the independent samples, which corresponds to a
2.7% difference. As well, there is excellent linear correlation as demonstrated by the scatter plot
and an R**2 of 0.94.
The authors independent samples of the drill core demonstrate an excellent reproducibility of
the EGC assay results. The correlation between the original and independent duplicate core
samples establishes that EGCs drill sample assay results are reproducible within the context of
geologic variance expected for a porphyry gold deposit.

67

Plate 12.1. Independent Drill Core Review and Sampling at EGCs Cajamarca
Facility.

Table 12.1. Original Drill Core Samples and Independent Duplicate Samples.
Drill Hole
Original EGC
Sample
Ind. Duplicate
Sample
Hole ID From To Length Sample No Au g/t Sample No Au g/t
COL-02 29.0 31.0 2.0 35579 1.08 33082 1.07
COL-02 31.0 33.0 2.0 35580 0.53 33083 0.43
COL-02 33.0 35.0 2.0 35581 0.77 33084 0.80
COL-02 51.0 53.0 2.0 35590 1.02 33085 1.10
COL-02 73.8 75.9 2.1 35603 0.61 33087 0.50
COL-03 9.5 11.0 1.5 35662 0.58 33089 0.56
COL-03 57.0 59.0 2.0 35686 0.55 33090 0.54
COL-03 80.0 81.0 1.0 35701 0.26 33091 0.42
COL-05 29.5 31.2 1.7 53105 1.75 33092 1.62
COL-05 31.2 33.0 1.8 53106 1.03 33093 1.01
COL-05 50.0 51.0 1.0 53117 0.90 33094 0.94
COL-05 69.3 72.0 2.7 53130 0.54 33095 0.62
COL-10 47.1 48.2 1.1 53614 0.50 33097 0.53
COL-10 50.0 52.0 2.0 53616 0.22 33098 0.23
COL-10 90.0 91.5 1.5 53641 0.63 33100 0.40


68

Figure 12.1. EGC Versus Independent Core Sample
Scatter Plot.

12.2 Independent Field Check of Surface Sampling and Geological Mapping
The author conducted a field review of the project area accompanied by EGC geologists J ose
Quijano Vargas and Alex Tadeo. The principal objectives included spot checking the projects
surface sampling results and review of the geological mapping for the Daylight Zone. However,
brief field checks were also made at the Montura, Rayo Grande, and Cerro Rico target areas.

12.2.1 Daylight Zone
The best exposures of the Daylight Zones geology are given by the network of historical dozer
trenches cut by Granges. Three trenches were selected for review and chip channel check
sampling. In general, from the trench traverses the geological mapping accurately reflected the
altered porphyry and surrounding limestone contacts and characteristics (Plate 12.2). However,
it does not appear that EGC has done much detailed follow-up mapping to characterize features
such as stockwork densities or fracture and structural orientations that may be related to
mineralizing controls; this work should be included in future programs.

69

Plate 12.2a. Daylight Zone FeOx Stained
Porphyry Stockwork.
Plate 12.2b. Daylight Zone Porphyry
Contact with Limestone Unit.

The authors chip channel sampling was conducted at a total of six different sites in three
trenches (Figure 12.2). These sites were selected based upon geographic coverage and historical
Granges sampling results that reflected typical gold grade ranges for the surface exposed
porphyry. It must be kept in mind that the precise locations of the previous Granges samples are
unknown. However, from the geometries of the sample locations and their relationship to well-
preserved dozer excavations in the field, they can logically be placed to within 4-6 meters of an
assumed sampling site. Similarly, the location of the authors independent samples are an
estimate given by a) the error of a hand-held GPS, b) features observed in the field from high-
resolution imagery, and c) the relationship to known features such as drill collars. It follows
that precise duplicate check sampling of the Granges trenches is not practical, and in fact not
possible with the records available from the historical work.
The trench chip channel samples were taken by EGC technicians under the authors supervision
(Plate 12.3). After the selected area was cleaned, 2 meter chip channels were taken using a pick
and rock hammer to yield on the order of 4-6 kilograms per sample. The locations and assay
results from these independent samples were subsequently compiled in the office, and adjacent
two meter samples composited for comparison with the Granges samples averaged over the same
interval and from the same approximate location (Table 12.2).

Table 12.2. Historical Trench Samples and Independent Duplicate Samples.
Trench ID Length (m)
Granges
Au g/t
Sample No
Independent
Au g/t
Comment
TR-8 (A) 8 0.57 33051-54 0.66 NW of COL-10
TR-10 (G) 6 0.63 33060-62 0.70 SE of COL-08
TR-10 (G) 4 1.12 33064-65 0.90 SE ~90m from COL-08
TR-10 (G) 8 0.86 33066-69 0.82 SE ~110m from COL-08
TR-9 (B) 6 0.81 33071-73 0.70 Adjacent to COL-03
TR-9 (B) 4 1.41 33074-75 1.60 NW ~80m from COL-03

70
The comparison between the independent and Granges samples is notably good, and on a length-
weighted basis yielded the same average grade of 0.84 g/t gold. This exact correspondence is
due more to coincidence than sample reproducibility, but still suggests that the Granges results
appear to be representative of the surface exposed gold mineralization in the Daylight Zone.
Notwithstanding, future work should include a program of field surveying and systematic re-
sampling of the trenches.
Plate 12.3. Independent Chip Channel Sampling of Daylight Zone Trenches.

Figure 12.2. Independent Chip Channel Sample Locations From the Daylight Zone.


71
12.2.2 Other Prospects
Brief field stops and cursory geological observations were made at the Montura, Rayo Grande,
and Cerro Rico prospects. Representative photos are presented in Plates 12.4a-d.

Plate 12.4a. Montura - looking south
along road track exposing altered and
stockworked porphyry.
Plate 12.4b. Montura - porphyry
alteration in vicinity of Newcrest hole
CPD-01. Sample 33079 3m @ 0.28 g/t Au
and 194 ppm Cu.
Plate 12.4c. Rayo Grande from road
cut exposing weakly altered clastic units
dipping obliquely into slope.
Plate 12.4d. Cerro Rico silicified and
Mn stained zone. Sample 33081 @ 146 g/t
Ag, 1.36% Zn, and > 5% Mn.

12.3 Independent Drill Assay Database Audit
An independent audit of EGCs drill assay database was conducted consisting of a random 10%
check of the gold assays versus digital ALS certificates of analysis. The check found zero errors
or discrepancies for the drill assay records, and confirmed the quality of the drilling assay
database used for the Daylight Zone resource estimate.


72
13.0 Mineral Processing & Metallurgical Testing
There has been no recent metallurgical test work performed on material from the Colpayoc
property. There is a summary of historical test work results, but the documentation provided
cannot be used to support any conclusions on the metallurgical characteristics of the deposit.
Estrella performed cyanide AA gold analyses in late 2011, to get a preliminary suggestion of the
metallurgical characteristics, but this work is not conclusive. A metallurgical test program of the
Daylight Zone mineralized material should be considered on a priority basis.

13.1 Historical Metallurgical Test Work
Preliminary metallurgical test was performed by SGS Peru S.A. for Granges Exploration as
documented in the A.C.A. Howe report (1997):
The test was for cyanidation by both agitation and column methods and was based on a composite of 60
rock samples weighing approximately 2 kilograms each and having an average grade of 0.85 g/t gold.
Microscopic analysis of the sample indicated that it was totally oxidized and composed of magnetite and
limonite in a gangue of quartz, calcsilicates and aluminosilicates.
Table 13.1 is a summary taken from the Howe report.
Table 13.1. Summary of Granges Historical Metallurgical Test Work.
Cyanidation
Type
% passing
-200 mesh
Time
(hours)
Au
Recovery
(%)
Acid
Consumption
(kg/tn)
NaCN
Consumption
(kg/tn)
Agitation 36 24 85.4 7 0.87
Agitation 50 24 87.9 7 0.90
Agitation 65 24 89.5 7 0.91
Agitation 80 24 93.5 7 1.19
Column 36 24 95.9 7 1.17
No original source documents for the Granges metallurgical testing were available for review.
There also is no indication of where the 60 samples came from that were used for the Granges
metallurgical work. SRK stated in their 2010 report that the samples came from the Daylight
Zone, but the author has not seen any documentation to verify SRKs assertion. From SRKs
(2010) discussion of the Granges test work:
The results can only be an indication of surface mineralization (oxide) reaction to cyanide and is only an
indication as to the results. This testing would have to be repeated. The results indicate 85 to 95%
recovery from several cyanidation tests; however, SRK does not have the backup data to verify this
information. SRK recommends a program of metallurgical testing to determine several characteristics:
1. Bottle roll tests to determine the cyanidation amenability of gold mineralization, and the determination
of significance (if any) to associated low-level copper mineralization (is it a cyanide consumer?). This
should be done on oxide, mixed oxide-sulfide, and sulfide mineralized material
2. Bench scale flotation tests on sulfide mineralized material
3. Simple column tests to determine leach rates and ultimate recovery of oxidized mineralized material;
to determine initial amenability to potential heap leach processing.
The author agrees with SRKs recommendations as given above, especially the bottle roll tests.

73

13.2 Estrellas Cyanide AA Assays
Estrella conducted a limited program of analyzing 2010-2011 drill pulp composites with
cyanide-soluble AA (CN-AA) techniques from three Daylight Zone holes (COL-02, -07, and -
10). The procedure involved a) compositing individual drill interval pulps into groups of 3-4
samples to approximate combined sample lengths of 4-6 meters, b) taking a 30 gram split from
the drill pulp composite, and c) analyzing for gold by cyanide leach with an AAS finish (method
code Au-AA13). The entire procedure from pulp compositing to analysis was conducted at ALS
Chemex in Lima, Peru.
The CN-AA gold assays do not represent metallurgical test work, but they do give a preliminary
indication of the relative recoveries that could be expected from different material types at the
Daylight Zone (Figure 13.1). Comments on the results are given below.
COL-02. For the entire hole, the length-weighted CN-AA/FA ratio is 74%. The hole is
logged within the oxide zone from 0-121.5 meters, and mixed oxide-sulfide from 121.5 to
the total depth. Of note is that some intervals within the broader near-surface oxide zone
were logged with trace to weak amounts of pyrite along with moderate iron oxides. In
many cases, this appears to account for some of the lower CN-AA/FA ratios in the
material logged as oxide. The mixed oxide-sulfide material deeper in the hole had ratios
similar to the oxide intervals.
COL-07. The entire hole is logged as oxide, and has a length-weighted CN-AA/FA ratio
of 86%. The ratios range from 56% to over 100%, with no obvious reason for the
variance from a first-pass review of the drill log.
COL-10. The entire hole is logged as oxide, and has a length-weighted CN-AA/FA ratio
of 78%. The ratios range from 31% to over 100%, and as with COL-02, there are
intervals within the broader oxide zone logged as having trace to weak amounts of pyrite
along with iron oxides.
Although the CN-AA/FA ratios from EGCs work give overall drill hole averages ranging from
74% to 86%, there can be wide variations from any given interval. In particular, this work may
have illustrated the difficulty of defining the metallurgical characteristics of the Daylight Zone
from visual drill logging alone. The occurrence of near-surface lenses or zones of mixed oxide-
sulfide material in the broader interpretation of the upper oxide zone must be carefully reviewed
and considered.


74

Figure 13.1. Summary of Granges Historical Metallurgical Test Work.


75
14.0 Mineral Resource Estimate
The Daylight Zone inferred mineral resource is an update to the original resource reported in the
2010 technical report (SRK, 2010) based upon EGC drilling and additional exploration
conducted in 2010-2011. The Daylight Zone geologic and resource models are supported by the
authors independent checks and assessment of the drill and trench data, quality
assurance/quality control results, and geologic interpretation of the porphyry gold mineralized
zone. This section reports on the modeling procedures and assumptions, grade estimation
parameters, and resulting mineral resource estimate and classification.

14.1 Daylight Zone Drill Hole and Trench Sample Databases
The Daylight Zone geologic model and gold resource estimates were based upon the drill hole
and trench sample databases provided by EGC in November, 2011. The drill database represents
over 2,200 meters of core and reverse circulation drilling, details of which are described in
Section 10 of this report. The trench database has 1,150 samples taken from approximately
2,450 meters, and outlines a 300 by 350 meter gold mineralized zone as described in Section 9.
Figure 14.1 is a plan map representing the drill collar and trench sample locations used for
resource modeling of the Daylight Zone.
Figure 14.1. Daylight Zone Trench Data and Drill Hole Collars.

76
The EGC drilling represents over a three-fold increase in drill meters as compared to the total
used for the 2010 resource (i.e., approximately 650 meters). The drill data were provided by
EGC as 1) drill collars in UTM meters as determined by hand-held GPS, 2) down-hole survey
records, 3) assays consisting of gold and multi-element geochemistry, and 4) geologic logs.
EGC has followed CIM Best Practice guidelines for drilling, sampling, assaying, QA/QC, and
data verification. As a result, the quality of the drill database used to estimate the Daylight Zone
gold resources is judged to be reliable, accurate, and reproducible for mineral resource
assessment.

14.2 Daylight Zone Geologic and Grade Shell Models
The Daylight Zone geologic and grade shell models were developed from: 1) logged lithology
and alteration, 2) a statistically derived mineralized envelope from gold assays, and 3) three-
dimensional multi-element geochemical models of metals associated with the gold
mineralization. These data were integrated to develop a grade shell model for the gold
mineralized zone.

14.2.1 Definition of Porphyry Gold Mineralized Domain
EGC provided east-west cross sectional interpretations for lithology, alteration, and oxidation at
variable 40-70 meter spacings. These interpretations were reviewed with the drill data and
surface mapping, and it was determined that the Daylight Zone drilling was almost entirely in the
altered diorite porphyry intrusive. The exception was limited to two holes (COL-02 and COL-
10) that reached total depths in altered post mineralization dikes at the western margin of the
Daylight Zone.
Since all of EGCs core holes were west directed, the limits of the porphyry system at depth
remain undrilled to the north, east, south, and southwest. Further, the attitude and nature of the
porphyry contact (i.e., structural or intrusive)with the wall rocks is currently not well understood.
As a result, the definition of the Daylight mineralized porphyry was best modeled by a grade
shell approach.
Univariate statistical review of the Daylight Zone drill hole gold assays was used to interpret a
threshold for a grade envelope representing the mineralized domain. The gold frequency
distribution was reviewed with Log10 histograms and length-weighted statistics (Figure 14.2).
The histogram is notable as a bimodal distribution, with a distinct log symmetric distribution
representing a majority of the population, with a second population defined by a negative tail at
0.10 g/t (ppm) gold. The Daylight Zone gold zone is also outlined in plan view by the historic
trench data at a 0.10 g/t gold threshold. Accordingly, 0.10 g/t gold was interpreted as the
threshold to guide the delineation of the Daylight Zone gold mineralized envelope.
The 0.1 g/t gold envelope was initially interpreted on east-west cross sections spaced at 50
meters, and on grid lines selected to approximate the overall drill pattern. The relatively simple
geometries of the Daylight Zone gold mineralization resulted in consistent and correlateable
interpretations on section. Subsequently, the model was refined on east-west sections at 25
meter spacing.

77
The gold envelope interpretation polygons were used to construct a solid model of the
mineralized domain. This solid was reconciled with the drill and trench data to ensure that there
was no miscoding of sample intervals relative to the model. As well, the model was sliced as
long sections at a north-south orientation, and as bench plans to check the consistency of the
interpretations. The reconciled and adjusted interpretations were used to build the final solid
model, that was in turn utilized to code drill composites and the block model for geostatistical
analysis and grade interpolation (Figure 14.3).

Figure 14.2. Daylight Zone Log 10 Histogram for Drill Hole Gold.


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Figure 14.3. Daylight Zone 0.10 g/t Gold Domain Solid Model.

14.2.2 Oxide-Mixed Zone Model
An important component of the Daylight Zone resource estimate was the assignment of gold
mineralized material into either an oxide or mixed oxide-sulfide category. EGC cross sectional
interpretations were used to build a solid model of the mixed material, with tonnages outside of
the solid assigned as oxide. The solid model was also reviewed and reconciled in long section
and plan view (Figure 14.4).
From the solid model, it appears that the mixed material is most prevalent in the western one-
third to one-quarter of the Daylight Zone starting at depths of approximately 30 to over 50
meters. The EGC interpretation of the mixed zones tends to have poddy to elongated, near-
vertical shapes to depth, particularly towards the center of the deposit. These geometries could
reflect structural or other geologic controls, but presently are poorly understood. Further, the

79
authors review of the Daylight Zone core indicates that some of the shallower drill intercepts
modeled as oxide included lenses of sulfide material as well. This observation was further
reinforced by the cyanide gold analyses described in Section 13. As a result, it is a high priority
to revisit the oxide-mixed model in light of further core review, and as augmented by a more
extensive program of cyanide AA gold analyses. Regardless, the current oxide-mixed model is
based upon a best efforts interpretation given the current level of knowledge.

Figure 14.4. Daylight Zone Oxide-Mixed Solid Model.

14.2.3 Geochemical Models
In addition to gold, a number of other metals from the multi-element database were
geochemically anomalous in the altered porphyry zone, most notably copper, lead, zinc and
molybdenum (Figure 14.5). Length-weighted drill interval average grades for copper (833 ppm)
and zinc (700 ppm) are relatively high, while lead (181 ppm) and molybdenum (17 ppm) occur
at lower levels.
First pass grade shell models were generated for Cu at 200 ppm, Pb at 300 ppm, Zn at 1000 ppm,
and Mo at 25 ppm (Figure 14.6). The models suggest that there is a broad halo of Cu peripheral
to and including the gold zone, Pb-Zn rims the core of the gold zone, and Mo is concentrated at

80
the core of the gold zone. All of these metal relationships are consistent with the porphyry gold
grade model, and supports the validity of using the 0.1 g/t Au solid for resource estimation.

Figure 14.5. Daylight Zone Log10 Histograms for Cu, Pb, Zn, and Mo.


81

Figure 14.6. Daylight Zone Cu, Pb, Zn, and Mo Grade Shell Models.

14.3 Compositing
Run length composites were calculated from the combined drill and trench assay database at a
three meter interval length. This length represents one-half of an assumed six meter bench
height. Review of the data established that the average interval length was 2.1 meters for the
surface trenching and 1.73 meters for the EGC core drilling. Non-representative composites
with less than 50% of the three meter interval represented by assay data, or less than 1.5 meters
in combined length, were discarded.
The gold mineralized zone solid model was used to code the assay composites in preparation for
geostatistical analysis and block modeling. Composites were determined to be within the
modeling domain based upon the location of the composite centroid. For boundary cases where
a composite was incorrectly assigned, the interpreted model was adjusted, and a valid assignment
made. The composite frequency distribution for the gold mineralized zone was characterized
with univariate statistical analysis and a Log10 histogram (Figure 14.7).
Pb
Mo
Cu
Zn

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Figure 14.7. Daylight Zone Log 10 Histogram for 3 meter Composite Gold.

From the histogram, the altered porphyry and gold mineralized domain defines a log symmetric
distribution with a slight negative skewness. The average grade is 0.45 g/t gold, and the
coefficient of variation (CV) is a relatively low 1.15. These statistical parameters represent a
geologic population of mineralization that is characteristic for a low grade, porphyry gold
system. The low CV reflects a mineralized zone that does not have a significant high grade
outlier population, and supports linear estimation techniques such as Ordinary Kriging for grade
interpolation.
The gold composites were reviewed in more detail to determine if a cap grade was justified. An
inflection in the distribution occurs at approximately 1.6 g/t gold (max =2.09 g/t Au), and this
value was used as the cap grade.


83
14.4 Variography
(refer to Figure 14.8)
Variography was conducted on the three meter composites for the Daylight Zone gold domain.
Initially, a down-hole variogram was calculated to define the nugget effect, as well as the shape
of the variogram model at distances closer than the average drill hole spacing (i.e., down-hole
composite pair distances start at three meters as opposed to the drill grid spacing of 30 to over 75
meters). The definition of the down-hole variogram model parameters provided a basis for
proceeding with directional variogram analysis.
The down-hole general-relative variogram was modeled to determine the nugget and sill
parameters. The double spherical model yielded a nugget C0 of 0.12, a primary sill C1 of 0.12 at
a range of 60 meters, and a secondary sill C2 of 0.19 at 100 meters, for a total sill of 0.43. This
yields a nugget to sill ratio of 28%, suggesting that 72% of the gold variance has a spatial
component, with the balance of the spatial variance due to nugget effect.
Directional variograms stepping at 15 degree increments of azimuth, and 10 degree increments
of plunge were calculated to determine the primary, secondary, and tertiary directions of spatial
continuity. The directional variograms were also modeled as double spherical. The nugget was
defined at C0 =0.07, with sill parameters given by C1 =0.13 and C2 =0.25, for a nugget to sill
ratio of 16%. Of the total 84% spatial variance along the primary, secondary, and tertiary
directions, 34% is defined in the first 30-75 meters, with the 66% balance of spatial variance
within the 100 meter secondary range. This implies that there is significant gold grade continuity
along strike and down dip.
The primary direction is oriented at an azimuth of 340, with the secondary direction at 70 and
dipping 35 southeast. The tertiary direction is defined perpendicular to the plane defined by the
strike and dip. The total range for all three directions is from 90-115 meters, defining a model
that is nearly isotropic. The variogram directions and ranges are summarized in Table 14.1.
The gold mineralized domain provided a composite population that yielded robust variograms,
with clearly definable model parameters. The porphyry gold mineralization at the Daylight Zone
is interpreted to have a significant degree of grade continuity, as expected with this deposit type.
The nearly isotropic model is consistent with the spatial continuity expected in a porphyry
system, and is consistent with EGCs geologic mapping and logging that has not identified any
clear-cut preferred directions of the mineralizing controls.

84

Figure 14.8. Down-hole and Directional Gold Variogram Models.

Table 14.1. Gold Directional Variogram Model Parameters
Direction Azimuth Inclination Range 1 (m) Range 2 (m)
Primary 340 0 50 100
Secondary 70 -35 75 115
Tertiary 250 -55 30 90

14.5 Block Model and Density Assignments
14.5.1 Block Model Definition
The Daylight Zone block model was constructed to cover the extent of the gold mineralized
domain. The block model was oriented parallel to the axes of the projects UTM coordinate grid.
The 6m x 6m x 3m (x, y, z) block size was kept constant from SRKs 2010 resource model.
These are appropriate dimensions based on the current drill hole and trench sample spacing, a
half bench height of three meters, and a selective mining unit size suitable for a small-scale open

85
pit operation. In summary, the following parameters were used for the definition:
Origin: 763,500 east, 9,209,900 north, 3550 elev.
Maximum Extent: 764,200 east, 9,210,500 north, 3900 elev.
Parent Block Size: 6 x 6 x 3 meters (x by y by z)
The topographic surface provided by EGC was based on five meter contours derived from a
government published source map (i.e., quad H-1), and provided sufficient detail for the
current level of resource definition. The topography and drill collars have not been confirmed by
field survey work (i.e, DGPS); accurate DGPS surveys are recommended. The topography was
used to define the top of bedrock in the block model. Soil/colluvial thickness was not
represented in the database, and therefore was not considered in modeling. From field
observations and review of the drill logs, the development of a soil horizon does not appear to be
significant at the Daylight Zone.
Block codes were assigned according to the gold zone and oxide-mixed solid models. The
relatively small blocking scheme allowed a high degree of precision in assigning the geologic
codes to blocks at the solid model contacts.

14.5.2 Density Assignments
EGC had preliminary, paraffin-coated density measurements on nineteen select core samples
from the Daylight Zone performed by SGS Laboratories Peru S.A. The samples were chosen
from various alteration types:
clay (n=3), average density =1.75,
clay-sericite (n=6), average density =1.98,
sericite-clay (n=5) , average density =2.21, and
chlorite (n=5), average density =2.65.
The clay densities were derived from near-surface (9-23.6m) samples that appear to be affected
by a combination of both alteration and weathering processes. The other alteration types are
interpreted to be due to hypogene processes. However, EGCs initial logging and interpretation
of the alteration zones did not consistently break-out the clay, clay-sericite, and sericite-clay
zones. As a result, confident assignment of density by alteration type was not practical. Instead,
a weighted average density of 2.21 was calculated based upon the relative percentages of logged
intervals for each alteration type within the Daylight Zone. The 2.21 density was globally
assigned to the block model.
The results of EGCs 2011 density work are a first attempt, and the density of 2.21 g/cc may be
an under-estimate considering the typical characteristics of an altered porphyry. Further studies
are required to confidently establish the densities to be assigned according to rock and alteration
type.

14.6 Grade Estimation and Resource Reporting
Gold grades were interpolated with Ordinary Kriging, search ellipsoids oriented according to the
variogram model directions, and search distances based upon the variogram model ranges. Two

86
estimation passes were conducted, with the first pass restricted to within one-half the variogram
range, and the second pass extended to the full variogram range. This approach resulted in block
estimates from the first pass using relatively close samples, and the second pass filled in the
unestimated blocks. The number of composites for estimation was set to a minimum of three and
a maximum of twelve. A maximum of three composites was allowed from a single drill hole or
trench. Ordinary Kriging (OK) grade estimation was constrained within the mineralized grade
shell domain (Figures 14.9 and 14.10). The primary estimation inputs included the three meter
composite database, the variogram models, and the search ellipsoid configurations.
The Daylight Zone mineral resources were classified to reflect several factors that influenced the
confidence in, and risks to, the estimate. These factors include the confidence of grade and
tonnage estimates relative to sample spacing and the interpretation of continuity from geological
observations and geostatistical measures, specific gravity determinations, verification of
historical data sources, accuracy of drill collar locations and the topographic surface, and
metallurgical characteristics. The Daylight Zone mineral resources are all classified in the
inferred category.
The resources have been reported at a 0.3 g/t cutoff that is taken as the minimum grade that
would potentially be considered for a small scale, open pit operation (Table 14.2). The variables
used for reporting include: ordinary kriged gold in g/t, tonnage reported as metric tonnes, and
oxide-mixed sulfide categorization.

Table 14.2. Daylight Zone Inferred Resources at a 0.3 g/t Gold Cutoff.
Category
Tonnes
(000)
Gold (g/t)
Gold Grams
(000)
Gold Ounces
(000)
Oxide 17,883 0.51 9,070 292
Mixed 1,397 0.47 654 21
Total 19,280 0.50 9,724 313
Totals may not sum to 100% due to rounding.

The models three meter block height was re-blocked to a full six meter bench height to
determine the effect of adding in edge dilution to the resource. At the 0.3 g/t reporting cutoff,
the tonnes, average grade, and contained gold ounces were within 1% of each other. Due to the
early stage of project assessment, a pit optimization algorithm was not applied to the in situ
resource. As the project advances, it is recommended that the resources be reported within an
open pit mining configuration to add confidence to the resource statement.
EGCs ten core holes at the Daylight Zone resulted in a 254 percent increase in the inferred
resource tonnes, a 15% decrease in the average gold grade, and a 216% increase in the contained
gold ounces as compared to the 2010 resource estimate (SRK, 2010). The increase in tonnes is
due to the drill definition of mineralization at depth, in contrast to the 2010 resource that was
substantially based upon the surface trenching. The decrease in the average grade reflects what
appears to be a pattern of lower gold grades at depth.

87
The mineral resources were also tabulated at a range of cutoffs (Table 14.3). A continuation or
increase of the currently high price for gold may in part eventually justify the lowering of the
nominal cutoff grade for Daylight Zone resource reporting.

Table 14.3. Daylight Zone Inferred Resource Sensitivity By Cutoff Grade.
TOTAL OXIDE AND MIXED
Cutoff
Au g/t
Tonnes
(000)
Gold
(g/t)
Gold
Grams (000)
Gold
Ounces (000)
0.1 28,839 0.41 11,900 383
0.2 26,094 0.44 11,468 369
0.3 19,280 0.50 9,724 313
0.4 13,087 0.58 7,575 244
0.5 8,545 0.65 5,534 178
OXIDE
Cutoff
Au g/t
Tonnes
(000)
Gold
(g/t)
Gold
Grams (000)
Gold
Ounces (000)
0.1 25,161 0.43 10,742 345
0.2 23,176 0.45 10,427 335
0.3 17,883 0.51 9,070 292
0.4 12,408 0.58 7,167 230
0.5 8,110 0.65 5,235 168
MIXED
Cutoff
Au g/t
Tonnes
(000)
Gold
(g/t)
Gold
Grams (000)
Gold
Ounces (000)
0.1 3,678 0.31 1,158 37
0.2 2,918 0.36 1,041 33
0.3 1,397 0.47 654 21
0.4 680 0.60 407 13
0.5 435 0.69 299 10


88

Figure 14.9. Block Model Fence Diagram Oblique View (Azim = 279, Incln = -8) with Drill
Holes and Trench Samples. E-W Sections and Level Plans @ 50m Spacing.


89

Figure 14.10. Block Model Example E-W Cross Sections and Level Plans.


90
14.7 Resource Model Validation
Three techniques were used to evaluate the validity of the gold zone block model:
1. Comparison of the gold composites to the block model in cross section, long section, and
plan illustrated that the geologic modeling zone, variogram ranges and anisotropies, and the
two-pass search scheme yielded block grade estimates that accurately characterize the
deposits gold mineralization.
2. An inverse distance to the third power estimate was run using with similar parameters as
used for the OK model. At a range of cutoffs, the tonnes and average grades were within 1%
to 3% of each other.
3. A nearest neighbor estimate was run using a single composite to estimate each block with
similar parameters used for the OK model. The nearest neighbor model was within 1% of
the kriged block model grade. This bias check at a zero cutoff confirms that gold is not being
spuriously smeared during the OK estimation process.
From the three separate validation exercises, it is concluded the Daylight Zone inferred resource
estimate is robust, and represents the porphyry gold mineralization as currently understood.

14.8 Discussion of Daylight Zone Inferred Resources
Since the drill definition of the gold mineralization is often within the variogram range, much of
the work necessary to increase the Daylight Zone mineral resource from the inferred to indicated
category can be achieved by a combination of metallurgical characterization, field surveying, and
systematic confirmation sampling of the historical trenches. Primary factors resulting in the
inferred classification relate to definition of the oxide-mixed zones, and the potential for low
levels of oxide copper mineralization in a low grade gold deposit that would utilize conventional
heap leach processing. As well, even though EGC has made significant progress in defining the
in situ densities by alteration type, the wide range of density values requires further work tied to
the modeling of the alteration domains in order to establish confident tonnage estimates.
The 2011 Daylight Zone resource model defines a low grade, porphyry hosted gold deposit.
There is clearly an opportunity to upgrade the resource classification, as well as add to the
resource tonnes and contained gold through additional drilling. The 2011 resource model update
establishes the Daylight Zone gold deposit as a candidate with potential merit for an open pit
mining operation.


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15.0 Mineral Reserve Estimates
Colpayoc is not an advanced property and therefore this section does not apply.

16.0 Mining Methods

17.0 Recovery Methods

18.0 Project Infrastructure

19.0 Market Studies and Contracts

20.0 Environmental Studies, Permitting and
Social or Community Impact

21.0 Capital and Operating Costs

22.0 Economic Analysis

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23.0 Adjacent Properties
There are no exploration properties directly adjacent to the Colpayoc project. Previous operators
at Colpayoc (Newcrest and Balaclava) examined the Chamis property located approximately 4 to
5 kilometers to the northeast. Newcrest drilled five widely spaced holes, and Balaclava
conducted reconnaissance and trench sampling programs at Chamis. According to the summary
given in the A.C.A. Howe report (1997):
The style of mineralization on the Chamis property is very similar to that on Colpayoc hosting a Teritary
aged multi-stage dioritic to dacitic stock which has intruded and skarnified surrounding Cretaceous aged
limestone and shale. Auriferous (+- copper) quartz-magnetite stockwork outcrops on surface over an
area of about 400 metres by 400 metres. Below the surface the extent of the mineralization is poorly
defined and remains open in several directions.
Although the Chamis property is not adjacent to Colpayoc, its proximity and geological
similarities highlight that other gold-in-porphyry exploration targets occur in the nearby area.
The 1997 Howe report was produced for Balaclavas public filing on the Vancouver Stock
Exchange. The author of this report has not verified the Chamis information from the Howe
report.

24.0 Other Relevant Data and Information
The items set forth in this report constitute all the data known or available to the author relating
to the Colpayoc property. This report reflects the state of knowledge as of the effective date.


93
25.0 Interpretation and Conclusions
The Colpayoc property hosts porphyry gold related alteration and mineralization in Tertiary-age
intrusive rocks, as well as associated skarn and replacement styles of mineralization in
Cretaceous-age limestone and clastic units. Estrellas Colpayoc property position covers over
50 square kilometers within the Chicama-Yanacocha trend. However, EGCs exploration work,
as well as that of previous operators, has principally focused on the Daylight Zone resource.
Reconnaissance exploration sampling and drilling has been conducted in a surrounding area of
approximately 8.5 square kilometers in the south-central region of the EGC property position.
This area includes the Montura, Cerro Rico, Rayo Grande, and Alpaca prospects. There is
significant potential to not only add to the propertys gold resources with additional drilling, but
as well to make new discoveries of porphyry related mineralization.

25.1 Colpayoc Exploration Potential
Colpayocs location within the ChicamaYanacocha structural corridor provides a foundation for
understanding the exploration potential of EGCs property. The northeast trend of this +50
kilometer wide belt of Miocene magmatism is genetically linked to the metallogenesis that is a
hallmark of the Yanacocha District and the Cajamarca region. Colpayoc is 10-15 kilometers to
the southwest of, and along trend with, the Yanacocha mining complex. From a regional scale,
there are a series of ChicamaYanacocha parallel geomorphic lineaments arrayed at distances of
5-7.5 kilometers (refer back to Figure 5.1). Geologically, Colpayocs location relative to the
ChicamaYanacocha belt is given in Figure 25.1.
The mineralization at Colpayoc is broadly similar to other porphyry systems in the region with
regard to host rocks, alteration style, metal suites and tenor (i.e., Michiquillay, El Galeno, Minas
Conga, Cerro Corona, etc.). The exploration focus has been on developing the inferred
porphyry gold resource at the Daylight Zone. However the Montura prospect directly to the
southwest has outcropping quartz stockwork and altered porphyry that has only been
reconnaissance tested by historical Newcrest drilling. As an example, Newcrest drill hole CPD-
01 intersected 44 meters (0-44m) of 0.32 g/t gold in a 300 meter hole that has been re-logged by
EGC as stockworked volcanics, silicified exoskarn and silicified intrusives to the total depth
drilled. Other Newcrest holes in the Montura target encountered significant alteration and
mineralization. Moreover, from the Newcrest rock sampling, the Daylight and Montura zones
coalesce into a single gold-copper-molybdenum anomaly that covers more than a 1.5 square
kilometer area. Clearly, the apparent continuum of alteration and mineralization between the
Daylight Zone resource and the Montura prospect is a priority for follow-up.
Elsewhere on the Colpayoc property there is evidence of intrusive-related replacement and skarn
styles of precious and base metals mineralization at Cerro Rico, Rayo Grande, and Alpaca.
These mineralized zones have undergone simple one or two-hole drill tests that have returned
mineralized to geochemically anomalous silver, gold, zinc, lead and copper intercepts. In total,
there is approximately a six square kilometer area with various styles of alteration and
mineralization that coincides with a broad, semi-circular magnetics feature (Figure 25.2). The
geochemistry covers only a limited area; the majority of the prospective target region has not
been evaluated. As well, 1.5 kilometers along northwest trend from Cerro Rico there is a
magnetic anomaly truncated at the edge of the survey limits, but with no indication of sampling

94
or mapping follow-up. In total, there is magnetics coverage of approximately 15 square
kilometers from a total land package of over 50 square kilometers. The geochemical sampling
covers an even smaller area.

Figure 25.1. Cajamarca Region Geology and Mineral Deposits (after Gustafson et
al., 2004).


95

Figure 25.2. Colpayoc Property Regional Geology, Magnetic Anomaly, and Rock Au-Cu-
Mo Anomaly.

25.2 Daylight Zone Inferred Mineral Resource
Drilling and surface sampling at the Daylight Zone has delineated a porphyry gold resource
within a 300 by 350 meter surface exposed zone that has been drilled to approximately 170
meters vertical depth. The drill database used for the current inferred resource consists of over
2,200 meters of drilling. The majority (i.e., 71%) of the Daylight Zone core drilling is from
EGCs 2010-2011 campaigns, and is judged to be of high quality. EGCs drill results are
consistent with those from the historical core and reverse circulation drilling. The historical
surface sampling totals approximately 2,450 meters of dozer cut chip channel samples, and the
assay results appear to be reproducible from independent sampling.

96
EGCs interpretation of the altered and gold mineralized porphyry from cross sections and
surface mapping was used to develop a grade shell model at a 0.1 g/t gold threshold for the
Daylight Zone. The gold mineralization as characterized by variography shows excellent
continuity (ranges on the order of 90-100m). An oxide-mixed model and copper-lead-zinc-
molybdenum geochemical models were also generated. The majority of the Daylight Zone has
been interpreted as oxide. Drill core review and preliminary CN-AA gold analyses indicate that
there are potentially lenses and pods of sulfide material in the upper levels of the mineralized
zone; this issue needs further review. From the geochemistry, the Daylight Zone shows
anomalous base metal zonations associated with the gold mineralization that are characteristic
for a porphyry system. The copper (drill avg=800 ppm) and zinc (drill avg=700 ppm) anomalies
are at elevated levels, and the potential impact of oxide copper on metallurgical processing
should be evaluated.
The Ordinary Krige resource estimate for the Daylight Zone shows strong gold grade continuity,
and cross checks with drill composite grades, an inverse distance model, and a nearest neighbor
model validate the kriged model. The resource is entirely classified in the inferred category, and
at a 0.3 g/t gold cutoff totals 19.28 million tonnes averaging 0.50 g/t gold and yielding 313,000
ounces of contained gold. Of this total inferred resource, 17.883 million tonnes averaging 0.51
g/t gold are oxide, and 1.397 million tonnes averaging 0.47 g/t gold are mixed oxide-sulfide.
The inferred category could be upgraded if the metallurgical characteristics of the mineralized
material prove to be favorable. In addition, there is potential to expand the mineralized zone,
and it remains open to the north, east, south, and southwest. Furthermore, the roots of the zone
have not been drilled, and the mineralized system is open to depth.

25.3 Concluding Remarks
EGCs exploration programs have established Colpayoc as a property with a porphyry gold
resource that has upside potential for expansion. Perhaps more importantly, the a) geologic
setting, b) distribution of porphyry and porphyry related alteration, c) broad Au-Cu-Mo
geochemical anomalies, and d) multiple concealed targets identified from the magnetics data
suggests that EGCs property position hosts a number of exploration opportunities in a district
scale area of over 50 square kilometers.

97
26.0 Recommendations
Estrellas exploration programs have established Colpayoc as a project of merit that includes an
inferred gold resource at the Daylight Zone. There is upside potential for resource upgrade and
expansion, as well as a number of priority porphyry gold, and porphyry related skarn and
replacement targets that have been sampled and reconnaissance drilled. As follow-up to these
successes, a 12 month exploration program is recommended that totals approximately US $1.7
million as summarized below and outlined in Table 26.1.
1) Core drilling programs of 3,500 meters to: a) expand the resource at the Daylight Zone
and test the mineralized system to depth, b) conduct exploration drilling at the Montura
Zone, including a test of continuity with the Daylight Zone, and c) continue drill testing
of other target areas (i.e., Rayo Grande, Cerro Rico, etc).
2) IP surveys to assist in drill targeting at Daylight, Montura and other target areas.
3) Metallurgical studies including bottle roll tests and cyanide AA assays of drill pulps to
characterize the Daylight Zone mineralized material.
4) Rock and channel sampling programs over known mineralized zones, as well as new
target areas. This includes verification sampling of trenches at the Daylight Zone.
5) Soil sampling programs over an extended area covering the Daylight and Montura Zones
and periphery, as well as other target areas.
6) Property wide 1:10,000 scale geologic mapping, and more detailed 1:1000 scale geologic
mapping of the Daylight and Montura Zones, as well as other targets.
7) Airborne magnetics and radiometrics survey over the entire property to identify new
targets for follow-up.
8) DGPS survey of roads, drill collar locations, and other geographic features.
9) Continue with required EIA studies.
There are two principal goals of the recommended programs: a) evaluate Colpayocs potential as
a 50 square kilometer district-scale play within the context of the Chicama-Yanacocha structural
trend, and b) build on the current resource base. The systematic property wide evaluation
includes an airborne magnetics/radiometerics survey, stream sediment sampling, and geological
mapping. The budget also includes work intended to expand the gold resource at the Daylight
Zone, and explore the system at depth and to the south with the Montura Zone. This exploration
drilling will in part be guided by IP surveys, trenching, and soil sampling intended to
demonstrate the continuity of these two zones, followed by drill testing.
At the Daylight Zone, the current resource has the upside for converting from the inferred to the
indicated category by completing metallurgical studies, systematic re-sampling of the historic
trenches, and surveying of drill collars and trench locations. In addition to the metallurgical
studies, detailed petrographic/spectral studies should be undertaken to determine the alteration
assemblages and modes of occurrence for the gold mineralization.

98

Table 26.1. Proposed 2012 Work Program Budget for Colpayoc Project.
ITEM DESCRIPTION COST USD
Airborne
Magnetics/Radiometrics
Property-wide (54 sq km) $ 40,000
Stream Sediment Geochem Property-wide (54 sq km) $5,000
Geologic Mapping/Sampling
1:10,000 property wide and 1:1000
prospect
$75,000
Soil Sample Geochem
Sampling over region covering
Montura & Daylight Zones
$50,000
Rock & Trench Sample
Geochem
Prospect & exploration sampling,
including Daylight Zone trench
confirmation
$75,000
IP Surveys
25 line km at Montura-Daylight,
Montura, Rayo Grande, etc.
$125,000
Resource & Exploration
Drilling
2500m DDH at Daylight Zone &
Montura @$300/m
$750,000
Exploration Drilling
1000m DDH at Rayo Grande & other
targets @ $300/m
$ 300,000
Metallurgical Studies
Daylight Zone CN AA, bottle rolls,
density determinations, petrography
$65,000
DGPS Field Survey of drill
holes, trenches, and roads
Includes drill holes, Daylight Zone
trenches, and roads
$5,000
EIA Study To acquire Phase II permit $40,000
Contingency
Various additional project costs @
10%
$153,000
GRAND TOTAL $ 1,683,000

Exploration funding is also proposed for the Rayo Grande, Cerro Rico and other prospect areas.
The work programs will consist of systematic mapping and rock sampling, followed by soil
sampling, trenching, and IP surveys. Drill test funding is allocated to follow-up on encouraging
results. As a requirement to acquire the Phase II permit, it is critical to continue with the required
EIA study.

99
26.0 References
Estrella Gold Corporation, 2011, Personal Communications and Proprietary Internal Reports.
Chavez, Fernando N. 1996, Proyecto Colpayoc Cajamarca, Peru, Informe Geolgico. Private
Report prepared for Granges Inc., Peru.
Cinits, R. and Ewert, W., 1997, Geological Report on the Colpayoc and Chamis Properties.
ACA Howe International Ltd., Private Report for Balaclava Mines Inc.
Cox, D.P., and Singer, D.A., 1986, Grade and Tonnage Model of Porphyry Cu-Mo, in Mineral
Deposit Models: U.S. Geological Survey Bulletin 1693, p. 76 - 81.
Fugro Ground Geophysics, 2008, Informe del Estudio Geofsico Por el Mtodo Prospeccin
Magntica Proyecto Colpayoc. Private Report Prepared for Canadian Shield Resources.
Gustafson, Lewis B. et al., 2004, Porphyry-Epithermal Transition, Cajamarca Region, Northern
Peru. Economic Geology Sp. Pub. 11, pp 279-299.
Newcrest Peru S.A., 1996, Cerro Colpayoc Scout Drilling Project Data and Interpretation,
Internal Company Report, 42p.
Noble, D.C. and McKee, E.H., 1999, The Miocene Metallogenic Belt of Central and Northern
Peru. Economic Geology Sp. Pub.7, pp155 194.
Noble, D.C., McKee, E.H., Mourier, T. and Megard, F., 1990, Cenozoic Stratigraphy, Magmatic
Activity, Compressive Deformation, and Uplift in Northern Peru. Geological Society of
America Bulletin, v. 102, pp 1105 1113.
Noble, D.C., Vidal, C.E., Perello, J . and Rodrguez, P.O., 2004, Space-Time Relationships of
Some Porphyry Cu-Au, Epithermal Au, and Other magmatic-Related Mineral Deposits in
Northern Peru. Economic Geology Sp. Pub. 11, pp313 318.
Reeder, J eff P., 2004, Summary Report on the Colpayoc Property (prepared for Sebastian Reidl)
Private Report. 13p.
Sillitoe, R.H., 2010, Porphyry Copper Systems. Economic Geology, V. 105, pp 3 41.
SRK, Moran, A., Aiken, J ., and Pennington, J ., 2010. NI 43-101 Technical Report on Resources
- Colpayoc Gold Project, Cajamarca Department, Peru 74p.
Teal, L., and Benavides, A.; 2010; History and Geologic Overview of the Yanacocha Mining
District, Cajamarca, Peru; Economic Geology, v. 105, no. 7, p. 1173-1188.

100
CERTIFICATE OF QUALIFIED PERSON
This certificate applies to a technical report on the Colpayoc Project entitled COLPAYOC
GOLD PROJECT TECHNICAL REPORT, CAJAMARCA DEPARTMENT, PERU with
an effective date of December 21, 2011 (the Technical Report) prepared for Estrella Gold
Corporation pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (National Instrument 43-101).
I, Dean D. Turner, do hereby certify that:
i) I am a consulting geologist with an office at 10607 Brown Fox Trail, Littleton,
Colorado, USA;
ii) I am a member in good standing of the American Institute of Professional Geologists
(AIPG) as Certified Professional Geologist #10998;
iii) I am a graduate of the University of Arizona with a Bachelors degree in Geosciences,
and of the Colorado School of Mines with a Masters degree in Mineral Exploration and
Mining Geosciences;
iv) I have practiced my profession continuously for over 31 years since graduation from the
University of Arizona in 1980, and have held both exploration and production
geological positions;
v) I have read the definition of a Qualified Person set out in National Instrument 43-101
and certify that by reason of my education, affiliation with a professional association
and past relevant work experience, I fulfil the requirements to be a Qualified Person for
the purposes of National Instrument 43-101;
vi) I visited the Colpayoc property and Cajamarca core logging facility from October 12-
14, 2011;
vii) I am responsible for and have reviewed and approved the material presented in this
Technical Report;
viii) I am independent of the issuer using the definition in Section 1.5 of National Instrument
43-101;
ix) I have had no prior involvement with the property that is the subject of the Technical
Report nor with Estrella Gold Corporation;
x) I have reviewed National Instrument 43-101 and Form 43-101F1 to National Instrument
43-101, and the Technical Report has been prepared in compliance with both; and
xi) As at the effective date of the Technical Report, to the best of my knowledge,
information and belief, the Technical Report contains all scientific and technical
information that is required to be disclosed to make the Technical Report not
misleading.

Signed and dated at Littleton, Colorado, on the 4
th
day of February, 2012.

Signed: Dean D. Turner
Dean D. Turner, CPG #10998, American Institute of Professional Geologists

101
DATE AND SIGNATURE PAGE
The effective date of this technical report titled Colpayoc Gold Project Technical Report,
Cajamarca Department, Peru is December 21, 2011.

Dated this February 4, 2012

Signed: Dean D. Turner
Signature of Qualified Person

Dean D. Turner, CPG #10998 (Professional Seal AIPG)
Name of Qualified Person

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COLPAYOC GOLD PROJECT

7.3.3 Structurally Controlled Ag+Au+Mn+/Zn+/Pb+/Cu Mineralization: Cerro Rico Zone

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