Regional Geology

Regional and local geology have been well described by Condor (2009) and by Bengoechea (2009), from Western Mining (1996) which this summary has been compiled.

The San Albino-Murra Concession covers over 20 kilometers strike extent of a belt of Paleozoic metamorphic rocks within a structural trend known as the Guayape Suture Zone. The dominant rock type is metasedimentary phyllite and schist with subordinate massive pelite and possibly some sandy layers. In the areas of gold mineralization graphitic schist is extensively present. The metasediments are locally intruded by massive granite bodies and felsic to intermediate dykes, the most significant being a granite-quartz monzonite batholith that forms the Dipilto-Jalapa mountain range to the north of the project area. The granite-quartz monzonite has been isotopically dated as Upper Cretaceous.

Goeser (1996) states that the sequence of events within the metamorphic terrain is readily apparent. A first regional foliation and concordant quartz veins (S1) indicate an initial stage of compression. Recumbent folding of S1 structures may or may not indicate a subtle, second compression event, although there are no foliation or crenulations as yet seen to verify this. Vertical to sub-vertical normal faults, fractures, shear, and quartz veins are denoted S2. S2 structures severally disrupt and displace S1 foliation and quartz veins. A second extensional event, S3, has characteristics and sub-perpendicular to S2. S3 structures are possibly conjugates of S2. Judging from small-scale mines and the frequency of sulphide content of specific quartz veins, S1 veins seem to be primary carries of gold and silver mineralization hosted in the meta-sedimentary rocks in the northwestern region of Nicaragua.

Topographic trends indicate a dominant north-east striking foliation, interpreted as the axis of maximum compression in the suture zone. There is outcrop evidence of considerable structural thickening of the schist package, such as over thrusting and tight folding. Western Mining Corporation's geologists identified structures relating to compression and subsequent extension and suggested the following sequence of events (Monthly Exploration Report, Jan 1996):

1. Compression (S1) forming regional penetrative foliation and concordant quartz veins.

2. Continued or subsequent compression leading to recumbent folding of S1 foliation.

3. Extension (S2) forming vertical and sub-vertical normal faults, fractures, shears, and quartz veins offsetting S1 structures.

4. Conjugate set or second extensional event (S3?) forming near perpendicular faults and fractures to S2 structures.

Mapping by Condor Resources has demonstrated variations in the direction of the structural components between the northern and southern parts of the concession area. When interpreting these variations it is suggested that there is a possible 400 meter net rise in structural position over a distance of 15 kilometers from the south-west (San-Albino block) to north-east (Murra block). Most of the mineralized veins in the south-western San Albino block and Potrerillos Concession appear to strike at 2400 (south-west) and dip towards the northeast, while mineralized structures at a higher altitude in the north-eastern Murra block are orientated either near horizontal, striking north-south or southeast.

The gold, silver, and sulphide-bearing quartz veins are interpreted as of probable late stage.

The volcanic rocks cropping out on the southern region of the concession represent isolated outcrops of the Tertiary volcanic rock that cover most of Nicaragua; and in the area lithologies consist of deeply weathered andesites and basalts.

The hydrothermal gold mineralization in the concession region occurs along a belt parallel to the contact zone of the intrusive with the host phylites, in quartz veins, quartz pods and lenses deposited in the phyllite, free gold stringers sometime fill the small quartz fractures. Free gold also have been observed disseminated in the phyllite. The mineralized vein structures generally consist of white quartz; thickness, strike length, and depth are controlled by the hosted phyllite structural conditions.

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