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Risk to Reward – Exploration and Development of theGiant Fruta del Norte Epithermal Au/Ag DepositGiant Fruta del Norte Epithermal Au/Ag Deposit
Cordillera del CóndorEcuadorEcuador
Karl Roa – Exploration Geologist
PRESENTED AT AMEBC ROUNDUPPRESENTED AT AMEBC-ROUNDUPVancouver, CanadaJanuary 21st 2010
…..back in the Jurassic
Laminated sinterStromatolite texture
Champagne Pool, Wai-o-Tapu, Taupo Volcanic Zone, New Zealand
FDN CORE
ECUADOR – THE UNDISCOVERED COUNTRYECUADOR – THE UNDISCOVERED COUNTRY
JUNINJUNIN
QUIMSACOCHA
CORRIENTE COPPER BELT
RIO BLANCO
FDNZARUMA
YANACOCHACOPPER
GOLD
PIERINA
ALTO-CHICAMA
ANTAMINA
TOROMOCHO
DEPOSIT PHYSIOGRAPHY AND CURRENT EXTENT OF FDN
PLAN SOLIDS
FDN4
PLAN - SOLIDS
NNLas Peñas Fault Zone
FDN3
CP-08-2192008 DEEPDRILLING
FDN3
1.3
km
ULT
ZO
NE
FDN1CP-06-51DISCOVERYHOLE 2006
EAST
FA
U
N
FDN2
HOLE 2006
FAU
LT
FDN2
WES
T FA
B-LP
FRUTA DEL NORTE – BLIND TARGET – PATH-FINDER GEOCHEMISTRY
Peñas Fault
SuarezFormation
Peñas FaultZone
Misahuallí Formation
FDNFDN Juxtaposed
Silicified - As, Sb, Hg, marcasite, BM
Project timeline - FDN
1996-1998 Climax Mining Bonza-Las Peñas/Ubewdy – IP/drilling
Project timeline FDN1993-1996 Artisanal miners (alluvial, limited hard rock activity south of FDN)
Feb 2006 FDN blind target predicted and discovered (Steve Leary + Ecuador team)
Nov 2007 Inferred Resource Estimate –13.7 m oz 7.23 g/t Au (2.3 g/t Au cap)
Jan-Apr 2008 50, 25 m infill drilling on central, high grade zone (3300N-3600N)
March 2008 FDN exploration team wins the international discovery award PDAC
Jan-Apr 2008 Exploratory basin drilling, Regional geochem, Aeromag, Met, Geotech etc
April 2008 MINING MANDATEMINING MANDATEApril 2008 MINING MANDATEMINING MANDATE
Sept 2008 Kinross Gold Corp take over
Insert footnote hereInsert footnote here
p p
Nov 2009 Drilling at FDN recommences – Pre-feasibility Stage (Q1 2010)
• Gamble on property acquisitions in the unexplored post-war Cordillera del Condor - Aurelian
Measuring Success Risk in Ecuador
• Gamble on property acquisitions in the unexplored, post-war Cordillera del Condor - Aurelian
• No modern mining – government cautious of modern mineral development
• Oil sector–Damaging legacy / multi-billion dollar lawsuits (multi-nationals) / revocation of blocks
E i t /S i l NGO ti Ill l i i ll ti Bi di it i th C dill
• Aurelian 2006 equity – Junior TSX-listed explorer needed a discovery to remain solvent
Reward
• Environment /Social – NGO scrutiny, Illegal mining pollution – Bio diversity in the Cordillera
Reward• Ambitious recon program over 95,000 ha – generated multiple Au and Cu anomalies
• Exploration Philosophy (The Leary Model) – Revised timing of Pull Apart Basin Development
• Discovery of a mineralized district trending along the Peñas Fault Zone
• Discovery hole (CP-06-51) 237.25 m @ 4.14 g/t Au (section 3300N) in central high grade zone
• FDN – a coherent orebody, drill to thrill – superb geology
y g g
• No budget constraints (working capital $75 m)
• No micro management (8 rigs, a lot of targets, excellent applied science + results)
• Take over always on the horizonTake over always on the horizon
• Stellar stock market performer – Aurelian Market Cap > US$1b
• A future for modern mining in Ecuador – an inevitable step forward (question of time)
DEVELOPMENT OF FDN
UPGRADE RESOURCE CATEGORY:-
G S GFDN 64%
20,000 m INFILL DRILLING + MET TESTING
PROJECT PARAMETERSUNDER CONSIDERATION
• LOW ENVIRONMENTAL FOOTPRINT
• 2000-4000 TPD U/G OPERATION(INITIAL)
• GRAVITY/POX/CIL
DEEP EXPLORATORY DRILLINGFDN – FUTURE INITIATIVES
OBJECTIVES• Testing for the displaced
other half of FDN.(Potential multi-million
ounce extension)
• DEEP DRILLING 2008
CP-08-200 (abandoned)
CP-08-219 (1434 m)
• ALTERNATE STRATEGIES
1: Within FDN block
• Exploration of the footwall• Footwall veins
2: From underground
Infill drilling typically Explored into footwall of FDN 500-800 m ?
e.g. 53 g/t Au - 3000 g/t Ag(CP-07-151)
• Exploration East of FDN Insert footnote hereInsert footnote here
1434 m?• Porphyry Copper targets Insert footnote here
• Sandia 1.2% Cu grabsPapaya – 6% Cu outcrop
Tranca Loma 73 m @ 0.3% Cu
?Camp – 116 m @ 0.35 % Cu
More on the Fruta del Norte epithermal gold/silver deposit
2010 SIMEXMIN Ouro Preto Brazil• 2010 – SIMEXMIN, Ouro Preto, Brazil• 2014 – SEG, Keystone CO.
www.fdngold.com2016 E i G l• 2016 – Economic Geology
A tradition of prospectingA tradition of prospecting –The Big Panning Man, Zamora, Ecuador
Roundup J 21st 2010January 21st 2010