LS-Epithermal 2013 07 AMA

Exploration Alliance
www.explorationalliance.com
Understanding Low Sulphidation (LS) Epithermal Deposits
Chris Wilson, PhD, FAusIMM (CP), FSEG

Principal Consultant: Exploration Alliance
Andrew Tunningley, MGeol, MAusIMM (CP), FSEG

Principal Consultant: Exploration Alliance
Association of Mining Analysts: London, July 2013

Why are LS Epithermal Deposits Important?
Kupol – 12.75 Mt @
9.73 g/t Au, 120 g/t Ag
Sleeper – 327 Mt @
0.33 g/t Au, 3.87 g/t Ag
Hycroft – 1134 Mt @ 0.35 Hishikari –
g/t Au, 13.44 g/t Ag 4 Mt @ 60-70 g/t Au
Ada Tepe – 7.29 Mt @
2.37 g/t Au, 1.03 g/t Ag 2 Mt @20-25 g/t Au
Guanajuato – Historic Production

of 4 Moz Au, 1 Boz Ag Lihir –
870 Mt @ 2.0 g/t Au
FDN – 25.4 Mt @ 8.21 g/t

Au, 11.0 g/t Ag (P+P, Dec.
2012) Waihi – 4.81 Mt @
5.62 g/t Au
Unless shown, all deposits shown with Measured and Indicated Resources as of December
2011: Company Websites and BGS data
LS Epithermal deposits are major sources of gold and silver. Lead and zinc are common at depth and there is usually a good
correlation between silver and lead grades. Copper may be present in the deepest levels of some systems.
Association of Mining Analysts: London, July 2013 www.explorationalliance.com 2

What are Explorers Hoping For?
Tonnage (Mt) Gold (g/t) Silver (g/t) Lead (%) Zinc (%) Copper (%)
1 to >200 1 - >15 2 to >300 0-2 0–2 0-2
Example World-Class Drill Intercepts:
Hycroft, USA (Allied Nevada):

168 meters @ 0.51 g/t gold and 17 g/t silver (Feb 4, 2008)
144 meters @ 0.40 g/t gold and 36.9 g/t silver (June 25, 2008) Mainly open pit, oxide material.
212 meters @ 0.54 g/t gold and 14.2 g/t silver (Nov 1, 2007)
Kupol, Russia (Kinross):

29.9 meters @ 28.4 g/t gold and 222.9 g/t silver (NI 43-101)
12.9 meters @ 30.5 g/t gold and 378.3 g/t silver (NI 43-101) From surface, over at least 200 metres vertical.
FDN, Ecuador (Kinross):

224.8 meters @ 2.1 g/t gold and 5.8 g/t silver (NI 43-101) Underground mining only, but high grade.
La Guitarra (First Majestic):

1.6 meters @ 1.1 g/t gold and 366.0 g/t silver (NI 43-101) Combination of underground and potential open pit on
oxide material.
1.6 meters @ 1.8 g/t gold and 263 g/t silver (NI 43-101)

Global Distribution
Mesozoic - Paleozoic Belts

Cenozoic Belt Pacific
Ring of Fire
Paleozoic Belt
Pacific
Ring of Fire
The high and low sulphidation epithermal deposits associated with blue coloured belts are late Mesozoic and Cenozoic in age
(generally <120 Ma) and are associated with recent subduction zones including the present day Pacific Ring of Fire.
Deposits located in the middle of plates (grey coloured belts or metallogenic provinces) are associated with Paleozoic age (ca. 542
to 241 Ma) rocks which were formed in ancient subduction zones.

Plate Tectonic Setting
Oceanic Arc Continental Arc
Epithermal Deposits Epithermal Deposits
Clastic Sedimentary Rocks I-Type Calcalkaline Pluton Alkalic Pluton: Intermediate Felsic Rock Carbonate Rocks
Andesitic-Dacitic Volcanic Rocks Oceanic Crust: Tholeilitic Mafic Rocks S-type Calcalkalic Pluton: Intermediate Clastic Sedimentary Rocks: Reducing
Intermediate-Felsic Intrusives / Volcanics Mantle: Ultramafic Rocks Continental Crust Clastic Sedimentary Rocks: Oxidizing
Cross-section through the Earths crust showing convergent plate boundaries where oceanic crust is subducted beneath oceanic
crust (Ocean Arc setting) and continental crust (Continental Arc setting). Epithermal deposits form in these arc settings at depths
of generally <500 metres to less commonly between 1 – 2 kilometres.
Due to their formation very close to the earths surface, in regions of active volcanic activity and mountain building which are highly
susceptible to uplift and erosion, their preservation potential is very poor.

Epithermal and Porphyry Hydrothermal System
Low Sulphidation Epithermal High Sulphidation
Porphyry and Skarn

Intermediate Sulphidation
The term epithermal is derived from the Latin for shallow heat – reflecting the shallow crustal environment in which they form.
Epithermal deposits are classed as High, Low or Intermediate Sulphidation based on mineral assemblage and the pH/Eh of
mineralizing fluids. Epithermal deposits in general may overlie or be spatially related to deeper porphyry systems.

What is a Low Sulphidation Epithermal Deposit ?
150°C
Ascending fluids mix with

near-surface meteoric fluids causing them to:
• Cool
• Change chemistry
MIXING • Precipitate metals
200°C
250 m
BOILING
Hydraulic fracturing of host rock releases
Descending cool pressure. As a result fluids boil and drop metals.
meteoric fluids
Metals Leached from Host

Rocks/Basement?
250°C
500 m
Ascending hot
metal-rich fluids
Low sulphidation epithermal deposits represent the uppermost (or most distal) parts of intrusion-related hydrothermal systems. They
generally form within 500 metres of surface but may occasionally form between 1-2 kilometres deep. Metals are deposited at
temperatures below 2500C through processes of fluid boiling, fluid mixing and vapour release. Where these systems break surface they
form geysers, sinter terraces, and thermal mud pools. Modern day examples include the Yellowstone park and North Island, New
Zealand.
Bulk Tonnage or Narrow High Grade Target?
150°C
Permeable horizon:
• Laterally Extensive
• Bedding Planes and Fractures act as conduits
200°C • Disseminated Mineralisation
• Localised High Grades
250 m
250°C
500 m

LS Epithermal Deposits – A Detailed Overview for Reference !
Geyser with silica sinter

terrace and mud pools Silica flooding
and chalcedony
Kaolinite (+ alunite alteration in
some systems)
Ore Gangue Vein Textures
150°C Zeolite, Calcite, Clays Crystalline Carbonate
Smectite Rare Gold
Lattice Bladed +Bladed
Calcite, Zeolite, Agate,
Carbonate ± agate
Stibnite, Realgar
Gold in pyrite Massive Chalcedonic ±
Chlorite- Low grade Silver sulfosalts Lattice bladed
smectite Precious
Metal Interval Quartz, Calcite, Pyrite
Moss + Chalcedonic >
200°C
Pyrargite Crystalline
Kaolinite-smectite Argentite
Electrum
250 m High grade
Illite-Kaolinite Precious Quartz, Adularia, Sericite, Crystalline > Moss +
Metal Interval Argentite Pyrite Chalcedonic ± needle adularia
Electrum ± sulphide bands
Sericite
Silica adularia Crystalline Quartz + Adularia

Galena
Main Base Metal Sphalerite Quartz, Fluorite, Pyrite + Sulphide (crustiform)
Silica Interval Chalcopyrite
Argentite
Chlorite
Pyrrhotite, Arsenopyrite,
250°C Pyrite Crystalline Quartz +
500 m Carbonate
Modified after Buchanan 1981

Strong Vertical Zonation in Vein Textures indicate Depth of Erosion
2 cm
Sheeted veins
Breccia Stockwork Veins
150°C
Low grade
Precious
Metal
Interval
200°C
High grade Quartz vein showing moulds and bladed textures. These textures were originally formed of
Precious carbonate and were subsequently replaced by quartz.
Metal Stockwork Veins
250 m
Interval 2 cm
Base Metal Main quartz vein

Interval
Breccia
250°C
500 m
www.explorationalliance.com White saccharoidal (sugary) quartz vein. Note bladed carbonate texture now replaced by quartz.
The uppermost parts of epithermal veins have distinct textures such as carbonate blades and moulds which are generally replaced
by silica (forming resistant quartz veins). White saccharoidal (sugary) quartz is also common. The presence of moulds and blades
indicates that the entire epithermal system is preserved. Precious metal concentrations are generally of very low tenor in bladed
and saccharoidal quartz veins - even in systems where high grade ore shoots are present at depth.

2 cm
Sheeted veins
150°C
Low grade
Precious
Metal
Interval
200°C
High grade Stockwork of translucent to light brown chalcedonic quartz hosted in weakly clay altered tuff.
Precious
Metal
250 m
Interval 2 cm
Base Metal Main quartz vein

Interval
250°C
500 m
www.explorationalliance.com Barren quartz vein from upper parts of system. Note early amethystine quartz (purple), and
angular, open-space breccia, partly infilled with cockade quartz and marcasite.
Stockwork veins with chalcedonic and agate-like textures are common in the uppermost parts of the system and quartz-flooding of host
tuffs may be present. Breccias usually retain open space (due to low confining pressures). Sulphides include marcasite (low temperature
polymorph of pyrite) and pyrite. Precious metals (if present) are of a low tenor.

2 cm
Sheeted veins
150°C
Low grade
Precious
Metal
Interval
200°C
High grade Oxidized (limonitic) breccia with banded chalcedonic quartz infill. Some breccia fragments (clasts)
Precious show boxwork textures after dissolved sulphides.
Metal
250 m
Interval 2 cm
BOILING LEVEL
Base Metal
Interval
Main quartz vein
250°C
500 m
www.explorationalliance.com Colloform banded quartz sulphide vein formed in the boiling zone. Gold is associated with dark
‘gringuro’ or sulphide-rich bands. Each band likely represents one boiling event.
Deposition of gold and silver in high grade ore shoots is associated with the process of fluid boiling. Deposition of quartz and
gangue minerals from hydrothermal fluids heals fractures in host rocks. This results in over-pressured fluids which eventually
causes sudden hydraulic fracturing of the host rocks. Fluids boil as pressure is released and precipitate metal and gangue minerals
from solution. In mineralized systems the more times this process repeats in a given vein the higher the grade.

2 cm
Sheeted veins
150°C
Low grade
Precious
Metal
Interval
200°C
High grade Colloform banded quartz sulphide vein formed in the boiling zone. Gold is associated with dark
Precious ‘gringuro’ or sulphide-rich bands. Note late marcasite veinlet.
Metal
250 m
Interval 2 cm
BOILING LEVEL
Base Metal
Interval
Main quartz vein
250°C
500 m
www.explorationalliance.com Hydraulically-brecciated grey sulphidic quartz vein with sphalerite-galena infill. The lack of
banding and presence of base metals indicates formation below the boiling zone.
Base metal sulphides such as galena and sphalerite typically form below the boiling level. Dark grey sulphidic quartz with high grade
gold and silver may be present with base metals in a transition zone close to the base of the boiling zone. Localized changes in pressure
and temperature may cause the boiling level to migrate up and down – causing telescoping of mineral zones and vein textures.

2 cm
Sheeted veins
150°C
Low grade
Precious
Metal
Interval
200°C
High grade Quartz vein breccia infilled by grey galena and green sphalerite. The quartz appears to be a
Precious relatively early and unmineralized phase.
Metal
250 m
Interval 2 cm
Base Metal Main vein

Interval
250°C
500 m
www.explorationalliance.com Massive galena with minor clots of green sphalerite. Note late carbonate and zeolite formed as
the system cooled and surface fluids percolated downwards.
The lowest mineralized levels of a LS epithermal is dominated by lead and zinc sulphides where they may form massive quartz-poor
base metal-dominant veins. Due to confining pressure at these depths stockwork and breccia development is limited, unless porous
lithologies permit lateral and upward flow of fluids away from the main feeder structure. Chalcopyrite may be present in some systems.

Narrow Vein at Base of System

Alteration in LS Epithermal Systems is Strongly Zoned
Kaolinite±alunite 2 cm
Silica Sinter
150°C
Propylitic
200°C Kaolinite and weakly silica-altered fine-grained tuff hosting sheeted quartz veinlets displaying
fracture oxidation.
250 m
2 cm
Zoned Clay-
Sericite
Silica-Adularia
Silica
250°C
500 m
www.explorationalliance.com Strongly sericite (apple green) moderately silica-altered tuff. Minor galena is present as grey
flecks. Note fracture oxidation.
Strong alteration zonation outwards and upwards from feeder structures provides vectors to mineralization. However, propylitic and
near-surface alteration can be widespread and extend over 10’s of square kilometres making it difficult to accurately target narrow high
grade ore shoots. Silica sinters or hot springs are important indicators of the uppermost levels of low sulphidation epithermal systems,
but can form on distal faults that are a considerable distance from ore zones.

Geochemistry Changes Vertically Through System
150°C As-Sb-Hg
As-Sb-Hg
As-Sb
Barren of Precious and Base metals at surface.
Low grade Arsenic, mercury and bismuth are common
Precious pathfinder elements
Metal As±Au±Ag
Interval
200°C
High grade
Precious
Metal
Gold-rich interval where fluids “boil”.
250 m
Interval Au-Ag May or may not contain silver.
BOILING LEVEL
Au-Ag±Pb±Zn
Base Metal
Interval Pb-Zn±Ag
Base Metal-rich interval may extend to depth
Pb-Zn±Cu +/- gold-silver credits.
250°C
500 m
There is a strong vertical zonation of geochemical signature reflecting the vertical zonation in ore and gangue minerals. Major and
trace element geochemistry can be used as an indicator of level of erosion.

Low Sulphidation Exploration – Strategy and Challenges
Wilson and Tunningley

AMA, London 2013
www.explorationalliance.com 18
Global Exploration Strategy – Identify Arc Settings
Mesozoic - Paleozoic Belts

Cenozoic Belt
Paleozoic Belt
Low sulphidation epithermal deposits form in Continental and Oceanic Arc settings as subducting oceanic plates melt and generate
large intrusive complexes and associated hydrothermal circulation cells. Correct identification of Continental and Oceanic Arc
settings is a pre-requisite for successful exploration.

Preservation Potential – Is the Volcanic Sequence Preserved ?
Oceanic Arc Continental Arc
Must Preserve
Epithermal Deposits Epithermal Deposits these Rocks
Clastic Sedimentary Rocks I-Type Calcalkaline Pluton Alkalic Pluton: Intermediate Felsic Rock Carbonate Rocks
Andesitic-Dacitic Volcanic Rocks Oceanic Crust: Tholeilitic Mafic Rocks S-type Calcalkalic Pluton: Intermediate Clastic Sedimentary Rocks: Reducing
Intermediate-Felsic Intrusives / Volcanics Mantle: Ultramafic Rocks Continental Crust Clastic Sedimentary Rocks: Oxidizing
Cross-section through the Earths crust showing convergent zones where oceanic crust is subducted beneath oceanic crust (Ocean
Arc setting) and continental crust (Continental Arc setting). Epithermal deposits form in these arc setting at depths of generally
<500 metres to less commonly between 1 – 2 kilometres. Due to their formation very close to the earths surface, in regions of
active volcanicity and mountain building, their preservation potential is very poor.

Carpathian Arc-Related Epithermal and Porphyry District
www.explorationalliance.com UKRAINE Epithermal
Kremnica (2.5++ Moz Au) Porphyry

Beregovo (6.9 moz Au)
Rochovce
Baia Mare (4++ Moz
SLOVAKIA
Au)
Banksia Stiacnica (2.3+

Moz Au)
INNER CARPATHIAN ARC
PERIADRIATIC-RECSK ARC Recsk
HUNGARY Rosia Montana (17 Moz Au and

80 Moz Ag)
Rosia Poieni
Brad (11 Moz Au) ROMANIA
SOUTH APUSENI MTS

Ocna de Fler
Vekikj Krivelji
Majdanapek (8+ Moz Au + Cu)
Elatsite
Bor-Timok (9 Moz Au + Cu) Chelopech (5+ Moz Au)
BULGARIA
Trepca SERBIA
Assarel
BANAT-SREDNOGORA ARC
SUMADUA-CHALKIDIKI ARC Medet
Sofia
Lece Radka
Osogovo
250 km Krotovo
Buchim
Deposit size taken from a variety of sources. Most figures are historic production and Moz ++ indicates that cited numbers are likely under-estimate)

Preserved Volcanic Sequences Host Epithermal and Porphyry Deposits
www.explorationalliance.com Epithermal
UKRAINE Porphyry
Kremnica Rochovce
Beregovo
SLOVAKIA
INNER CARPATHIAN ARC
Banksia Stiacnica
Baia Mare
Recsk ROMANIA
Volcanic Arc
HUNGARY Rosia Montana Sequences
Rosia Poieni
PERIADRIATIC-RECSK Brad
ARC
BANAT-SREDNOGORA
ARC
250 km SOUTH APUSENI MTS
Major epithermal and porphyry deposits of the Inner Carpathian Arc. Note that epithermal deposits occur within the areas of
preserved arc-related volcanic sequences in deposit clusters.

Martha Hill Mine – Multiple Unexposed Veins and Alteration Vectors
Brathwaite et al. 2006
NOTE Lower Miocene Current Open
Andesite Pit
• Multiple veins with strong structural
control;
Favona Mine
• Most veins not exposed at surface
but alteration provides vector;
• Former high grade UG mine now

mined as open pit by Newmont.
Martha Vein
Unaltered Ignimbrite
Early Pliocene
0m 500 m Dacite
Smectite
Alteration
Illite-Smectite Alteration
-100 m The Martha Hill Mine started production in 1878 following
discovery of outcropping veins. The Mine closed in 1952 having
Adularia-Illite produced 5.6 Moz Au and 38.4 Moz Ag from 11.93 Mt of ore at
Alteration
-200 m an average recovered grade of 14.6 g/t Au. Over 160 km of
access and production drives were excavated.
Mary Vein
The mine was reopened 1987 by Newmont. Martha is now an
-300 m
open pit, and together with the Favona Underground Mine,
Royal Vein produced 108,000 oz Au and 522,129 Ag in 2010.
Martha Vein

Geological Understanding Evolves Through Life of Mine ….
500 m
Veins at Surface
Underground
Workings
Miocene Basalt
Tertiary Granite
Tailings
Outcropping veins at this LS epithermal mine in Mexico guided exploration and underground development. The lack of vein
outcrop within the area of Miocene basalt suggested that the vein system did not extend into this region as evidenced by the
location of the tailings dam. Once it was realised that the basalt was post-mineral, the prospectivity of this area was explored.

…. Leading to Increased Resources
500 m
Miocene Basalt
Linear Chargeability High.

Drilling confirmed silver-base
metal vein
Tertiary Granite
IP studies across the SE extension of the veins was conducted and chargeability anomalies were defined beneath the basalt cover.
Subsequent development indicated that these veins are pyrite and base-metal rich thereby explaining the chargeability anomalies.
Magnetite destructive alteration in the host granites indicates that ground magnetics would be an effective exploration tool.
Similarly, elevated potassium response associated with sericite development also suggests that radiometric studies would assist
with delineation of veins.

Sustained Drilling Required to Define High Grade Shoots
Quartz veins with stibnite and rhodochrosite at

surface
500 m
Post-mineralization basalt
cover
200
100
0
Gold Only
-100
High Grade Gold and Gold-Silver
-200 ore-bodies with Classic Ginguro
Textures
-300 Silver-Base Metal Rich
Long section of Mexican LS epithermal deposit
Although the vein system is over 2.5 km long, the ore bodies are discrete and lenticular, occurring on approximately 200 to 300
meter centres. Sub-economic and barren quartz veins occur between high grade ‘ore shoots’. Once a mineralized vein has been
identified, sustained drilling is required to define the high grade shoots. This requires a robust understanding of structure which
exerts a fundamental control on the distribution of the high grade zones. Note the vertical zonation from upper gold dominant to
lower base-metal dominant veins.
Typical mined grades were +1.5 g/t gold and +150 g/t silver.

Caution – The Majority of Epithermal Quartz Veins are Not Mineralized
High level epithermal textures – But is the vein mineralized at

depth ? If so where are the highest grade shoots ? Are there
veins not exposed at surface ? How do you explore under cover ?
A basic premise of exploration for Low Sulphidation Epithermal deposits is that the entire system will be preserved beneath
outcropping veins displaying upper level textures, mineralogy and geochemistry. However, many epithermal systems that do show
these signatures at surface are not mineralized at depth – even within an existing mineralized property. Moreover, high grade
mineralization typically occurs in high grade shoots that may require sustained drilling and structural understanding.
Exploration Alliance S. A.
a.tunningley@explorationalliance.com c.wilson@explorationalliance.com
Industry Proven Geologists • Most Commodities • Most Deposits Styles • All Physiographic Regimes
Exploration Alliance Consultants have Worked in over 90 Countries
‘We Have the World Covered’

Case Studies: Red Flags and Fatal Flaws
Wilson and Tunningley

AMA, London 2013
www.explorationalliance.com 29
Exploration Alliance .S. A.
Services in Brief
Underground Mine Review:

Silver-Gold Epithermal: Mexico
Grass Roots Exploration and Target Generation • Advanced Project Management • Field Logistic Services
Resource Definition Drilling • NI43-101 and JORC compliant Independent Reports • Project Review, Audit and Valuation
Geology Courses for Investors, Analysts and Managers • Tailor-Made In-House Courses As Requested
Industry Proven Geologists • Most Commodities • Most Deposits Styles • All Physiographic Regimes
Exploration Alliance Consultants have Worked in over 90 Countries
‘We Have the World Covered’

Jos Hantelmann
Shaun Adams
Principal Consultant
Regional Manager Geological Services
j.hantelmann@explorationalliance.com
s.adams@explorationalliance.com
Brodie Sutherland
Regional Manager Geological Services Andrew Tunningley
b.sutherland@explorationalliance.com Principal Consultant and Director
a.tunningley@explorationalliance.com
Donna Werbes
Manager Corporate Development Peter Pollard
d.werbes@explorationalliance.com Principal Consultant
p.pollard@pollard.com
Liliana Betancurth
Regional Manager Geological Services
l.betancurth@explorationalliance.com
Chris Wilson
Chris Wilson Principal Consultant and Director
Principal Consultant and Director c.wilson@explorationalliance.com
c.wilson@explorationalliance.com

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Exploration Alliance

Understanding Low Sulphidation (LS) Epithermal Deposits

Chris Wilson, PhD, FAusIMM (CP), FSEG

Andrew Tunningley, MGeol, MAusIMM (CP), FSEG

Association of Mining Analysts: London, July 2013

Guanajuato – Historic Production

FDN – 25.4 Mt @ 8.21 g/t

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 2

Example World-Class Drill Intercepts:

Hycroft, USA (Allied Nevada):

Kupol, Russia (Kinross):

FDN, Ecuador (Kinross):

La Guitarra (First Majestic):

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 3

Mesozoic - Paleozoic Belts

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 4

Epithermal Deposits Epithermal Deposits

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 5

Low Sulphidation Epithermal High Sulphidation

Porphyry and Skarn

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 6

Ascending fluids mix with

Metals Leached from Host

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 8

Geyser with silica sinter

Silica adularia Crystalline Quartz + Adularia

Modified after Buchanan 1981

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 9

Base Metal Main quartz vein

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 10

Base Metal Main quartz vein

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 11

Main quartz vein

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 12

Main quartz vein

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 13

Base Metal Main vein

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 14

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 15

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 16

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 17

Wilson and Tunningley

Mesozoic - Paleozoic Belts

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 19

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 20

www.explorationalliance.com UKRAINE Epithermal

Kremnica (2.5++ Moz Au) Porphyry

Banksia Stiacnica (2.3+

HUNGARY Rosia Montana (17 Moz Au and

Brad (11 Moz Au) ROMANIA

SOUTH APUSENI MTS

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 21

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 22

• Former high grade UG mine now

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 23

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 24

Linear Chargeability High.

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 25

Quartz veins with stibnite and rhodochrosite at

Long section of Mexican LS epithermal deposit

Association of Mining Analysts: London, July 2013 www.explorationalliance.com 26

High level epithermal textures – But is the vein mineralized at

‘We Have the World Covered’

Wilson and Tunningley