Gold-Silver
Location and Access
The property is located Guanajuato State, central Mexico, six kilometers from the town of Victoria and 70 km from the city of Queretaro.
Land Status
The property consists of approximately 9644 hectares and covers a structural window (exposure) of the same rocks which elsewhere host multi-million ounce deposits within the same northwest-striking structural corridor.
Exploration Targets
Include high-grade gold-silver vein deposits and disseminated bulk-tonnage gold-silver deposits. Premium also believes the potential exists to discover a highgrade root system and mineralization below impermeable post-mineral cover from which the mineralization and alteration at Bonanza emerges.
Mineralization
Preliminary mapping and sampling by Premium confirmed the presence of three major quartz veins, Victoria and Macrina I-Macrina II, as well as areas of argillic alteration and quartz stockwork. Seventy four samples were collected from surface outcrops and bedrock float across this area, as well as over exposed veins in the trench and on surface.
There are several world-class, multi-million ounce precious metals deposits located within the same geological and structural setting as Bonanza, including:
- Metallica Resources’ Cerro San Pedro deposit, located 145 km to the southeast of Bonanza, contains a reserve of 1.52 million ounces of gold and 62.1 million ounces of silver (84.8 million tonnes grading 0.93 g/t gold and 22.5 g/t silver, using prices of $475/oz gold and $8/oz silver at a cut-off grade of 0.20 g/t gold) and is projected to produce 89,000 oz gold and 2.1 M oz silver per year (see http://www.metal-res.com/s/CerroSanPedro.asp).
- 27 km northeast of Bonanza is the historic Mineral de Pozos Mining District, where historic production in the district is estimated at 1,200,000 tons with average grades of 1.35 kg/ton Ag, and 8.5 g/ton Au, and some veins with bonanza grades of 2.5 kg/ton silver and 40 g/ton gold.
- 49 km northwest of Bonanza is Starcore International Ventures Ltd.’s San Martin Mine, with total proven and probable mineral reserves estimated at 0.9 million tonnes at a grade of 47 g Ag/t and 4.05 g Au/t.
- 106 km northeast of Bonanza is the Guanajuato Mining District, a world-class vein deposit famous for its prodigious silver production.
- Bonanza is 85 km northeast of the San Anton de las Minas mining district, where San Anton Resource Corporation announced a 43-101 compliant mineral resource estimate of 10.19 million ounces of gold equivalent at a 0.3 g/t Au eq. cut-off which consists of 4 million ounces of gold, 171 million ounces of silver and 448,000 tonnes of copper.
Bonanza was previously explored by the Consejo de Recursos Minerales (Geological Survey of Mexico, CRM) as the Victoria Project. CRM carried out a grid-based rock chip sampling program which returned values of zero to 3.2 g/ton gold and from 5 to 40 g/ton silver, as well as geophysics, (induced polarization and resistivity), and a drill program of four holes totaling approximately 800 meters. Based on this exploration, over an area of 2.5 km by 2.0 km, and using a depth of continuity of 100m, CRM estimated the potential for 50,000,000 tons with an average grade of 0.4 to 0.8 g/t gold and 15 to 40 g/t silver, which represents approximately one to two million ounces of gold equivalent. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources nor is the issuer treating the historical estimate as current mineral resources. The historical studies have not been examined by a qualified person and updated with current exploration results nor is the issuer treating the historical studies as current and the historical estimates should not be relied on, but are being presented to demonstrate target potential.