“The Cordero Project is a silver-gold-lead-zinc project with a lot of similarities to Peñasquito—Goldcorp’s big mine. It has the same metal assemblage and the grades are similar or greater. The value of the rock is probably the same or better. We do have some good intercepts with gold but we haven’t gotten into the real big gold yet. But that doesn’t mean it’s not there.
“We have a mineralized belt that’s actually a district as opposed to just one deposit-type system. We have six mineralized intrusive centres so far that we’ve identified—that cover an area of about 15 kilometres by 3.5 kilometres—and it’s wide open. The areas where we’re drilling are the Pozo de Plata, the Josefina Zone and the Porphyry Zone, and it looks like all three zones hook-up all around the southern part of the Cordero Dome. It starts on the west side of the Dome and goes down around the south side, then back up the east side—we haven’t done as much work on the north part yet. Except the Pozo de Plata to the east, all of these are wide open in every direction and at depth.
“We’re getting a 43-101 resource done by IMC Engineering who did the work with M3 Engineering on Peñasquito. So they’re very familiar with these types of deposits and are experts in this area. They’ll only take on a project that they feel has a high degree of success and is large. We expect the 43-101 sometime in Q2, probably in May. On the back of that, we’re looking at a preliminary economic assessment out of M3, which we expect around August.
“Our plans for the year are to finish our Phase 3, which we’re about two thirds of the way through. We’ve got roughly 20,000 metres left in Phase 3. Also to complete the 43-101, the PEA, and plan for Phase 4 drilling if we make it that far.
“We’re very pleased with our results. We’ve had about over an 80% success ratio on our drilling. You just don’t see that. I think we’ve got about 157 holes drilled so far, and of those we had maybe 15 or 18 with not a lot of significant results in them. And some of that is drilling where we’re trying to delineate the zones. We think we’ve delineated in one area, then we step-out another 100 metres and all of a sudden you’re into it again! That happened to us in the northwest portion of the Pozo de Plata.
“We do not intend to take the project to production. We’re an exploration company. Right now we have five major mining companies that are signing CA’s and probably more are on the way. There’s a lot of interest and a lot of buzz around the project. And it’s a project for a major mining company, without a doubt. It’s a very well set-up land package. We have over 20,000 hectares. It’s a real prime plum of a property of the type that major mining companies are looking for. So we think that’s what probably will happen. That’s what’s happened to a lot of other companies recently, like Canplats Resources—which was a much smaller system. They had one mineralized intrusive—we’ve got six! Peñasquito had two mineralized intrusives. We’ve got six!
“It’s a very big, very strong system. Well mineralized and we think it’s gonna be a large system. It already is turning out to be one. We have a tremendous number of targets that we haven’t even tested yet. We have a lot of work ahead of us. So it’s a very exciting project.”
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