Project Highlights

LocationChiapas State, Mexico
Ownership100%
StatusAdvanced gold exploration project with gold resources of 1.04 Moz M+Ind and 0.70 Moz Inf

The 100% owned Ixhuatán Project, located in Chiapas State, Mexico, is an advanced gold project with exploration and development upside.

The Ixhuatán Project consists of the 4,176 hectare Rio Negro concession which is valid until May 10, 2051. The Project is located immediately southwest of the Santa Fe mine and is accessible by roads running five kilometres east of the town of Rayon, Chiapas. Rayon is situated 120 kilometres south of Villahermosa, Tabasco State. The Ixhuatán Project is an exploration project which hosts the Campamento deposit, the Cerro La Mina prospect, and numerous other exploration targets. The property is not subject to any royalties, back-in rights, payments or other agreements and encumbrances.

A historical mineral resource estimate was completed for the Campamento deposit in accordance with NI 43-101 with an effective date of June 22, 2006. At a cut-off grade of 0.5 g/t gold, the estimate includes:

  • Measured and indicated mineral resources of;
    •  1.04 million ounces of gold (17.6 million tonnes at 1.8 g/t Au), and
    • 4.4 million ounces of silver (17.6 million tonnes at 7.8 g/t Ag)
  • Inferred mineral resources of; 
    • 0.7 million ounces of gold (21.8 million tonnes at 1.0 g/t Au), and
    • 2.3 million ounces of silver (21.8 million tonnes at 3.2 g/t Ag)

The mineral resource estimate is considered historical in accordance with NI 43-101. Further details regarding historical estimates can be found under Resources & Reserves.

To date, over 89,000 meters of drilling has been completed in 342 drill holes by Linear Gold Corp. (2004 to 2007) and Kinross Gold Corp. (2007-2009). The Project includes a number of gold-silver exploration target areas as outlined below.

Ixhuatán Project - Exploration Target Areas
 

    Highlight Intersections
Zone # Holes Hole ID From To Width Au g/t Ag g/t Cu ppm Mo ppm
Cerro la Mina 87 IXCM08-51
IXCM07-44
including

1.5
256.0
266.0

602.9
298.0
274.0

601.4
42.0
8.0

0.68
2.09
6.15

2.71
NA
NA

2802
4706
8470

288
NA
NA

Central 37

IXCA08-12
IXCA08-17

71.0
8.0

138.1
40.3

67.1
32.3

0.35
0.49

2.56
4.17

121
83

38
4

San Isidro 26 IXSI07-08
IXSI07-03
IXSI07-03

392.6
56.0
176.0

552.6
160.0
236.0

160.0
104.0
60.0

0.24
0.37
0.84

0.52
4.30
3.39

648
311
86

34
22
31
Caracol 29 IXNA09-18 252.0 301.1 49.1 0.19 7.92 43 12
Laguna Chica 20 IXLC08-11 155.0 165.0 10.0 1.66 21.66 126 6
Cacate 7 IXCT09-04 9.0 25.0 16.0 0.46 0.82 56 3

Source: Technical Report titled “2011 Summary Report on the Ixhuatán Advanced Stage Gold Project, Chiapas State, Mexico” (the “2011 Summary Report”) with an effective date of May 18, 2011. The Company has not verified these drilling results and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these drilling results relevant to assess the mineralization and economic potential of the property. 

Further details for the Ixhuatán Project are provided in the Technical Report titled “2011 Summary Report on the Ixhuatán Advanced Stage Gold Project, Chiapas State, Mexico” with an effective date of May 18, 2011 (the “2011 Summary Report”), prepared by Philip K. Seccombe, PhD, MAIG of Equity Exploration Consultants Ltd. and Gary H. Giroux, P.Eng. The 2011 Summary Report was prepared for Cangold Limited (“Cangold”) who previously optioned the property from Brigus Gold Corp. The report provided an updated review of the Ixhuatán Project and included the mineral resource estimate from the NI 43-101 Resource Estimate Report (effective date of June 22, 2006) since no further holes had been drilled in the resource area since 2006. The 2011 Summary Report is available on Fortune Bay’s website and filed on SEDAR (www.sedar.com) under Cangold’s issuer profile.

The technical and scientific information for the Ixhuatán Project has been reviewed and approved by Dale Verran, M.Sc., P.Geo., Chief Executive Officer for Fortune Bay Corp., who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

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