PITAYA GOLD PROJECT

Summary

(Colibri’s interest currently being sold)

• Location: Sonora State, Mexico
• Size: 6564 hectares (65.64 Km²)
• Stage: Advanced Exploration
• Ownership: 24.5% (JV Partner Agnico Eagle Mining: 75.5%)
• Commodity: Gold (Au)
• Reserves: No calculation
• Geology: Caborca Orogenic Belt
• Work Completed:
  • 15,394m Drilling (Core and RC)
  • Mapping
  • Geophysics
  • Soil Samples
  • 3D Modeling
• Nearby Exploration: Fresnillio – Tajitos Project (>400K Oz Au) – 2km (E)
• Nearby Mines:
  • Fresnillio – La Herradura (>10MM Oz Au) – 20km (NW)
  • Fresnillio – Nouche Buena (>1 MM Oz Au) – 10km (W)
  • Los Almos – El Chante (>1 MM Oz Au) – 30km (SE)
  • Fresnillio – Soledad Dipolos (>400K Oz Au) – 25km (NE)

Past Exploration Activities

Exploration on the Pitaya Project has targeted down-dip projections of high grade quartz veins and associated hematite-silica breccia zones that cut Jurassic volcanic and sedimentary rocks. Scores of underground mine workings and prospect pits dating back to the Spanish occupation are focused on these veins. Geological mapping reveals that the veins were originally emplaced along steep NW and NE-trending fractures associated with the Late Jurassic megashear. Gold appears to have been mobilized and concentrated later during Laramide compression, when the veins were rotated and sheared along moderately-dipping reverse faults. A younger generation of Tertiary low-angle normal faults (detachment faults) intersects the reverse faults, resulting in dissemination of gold along shallow, undulating breccia zones.