Informe Baobab or-fr

TECHNICAL VISIT OROPESA & FRESIA MINE
III & IV REGION, CHILE
Página 1 de
Jorge 40
Artal Luis
Valencia
Octubre 2018
IMPORTANT NOTE This report was prepared exclusively for
Baobab Physical Commodities LLC, by Geoearth SpA. The quality
of the information, conclusions and estimates included here are
consistent with the level of effort involved in the services and
based on: i) information available in the moment of its
preparation, ii) data delivered by external sources, and iii) data
assumed, conditions and qualifications included in this report. The
purpose of this report is to be used only by Baobab Physical
Commodities LLC and is subject to the terms and conditions of
your contract with Geoearth SpA. Any other use of this report by
third parties will be at your own risk.
Contets
1. INTRODUCTION
1.1. Introduction------------------------------------------------------------------------------------------------------1
1.2. Location and access---------------------------------------------------------------------------------------------1
1.3. Scope---------------------------------------------------------------------------------------------------------------2
2. DISTRICT GEOLOGY---------------------------------------------------------------------------------------------------2
3. MINE GEOLOGY--------------------------------------------------------------------------------------------------------6
3.1. Oropesa------------------------------------------------------------------------------------------------------------6
3.2. Fresia---------------------------------------------------------------------------------------------------------------8
3.3. Manuela ----------------------------------------------------------------------------------------------------------10
3.4. Rosita--------------------------------------------------------------------------------------------------------------11
4. MINING ENGINEERING----------------------------------------------------------------------------------------------12
4.1. Oropesa-----------------------------------------------------------------------------------------------------------12
4.2. Fresia--------------------------------------------------------------------------------------------------------------18
4.3. Other Mines -----------------------------------------------------------------------------------------------------20
5. CONCLUTIONS---------------------------------------------------------------------------------------------------------20
6. RECOMMENDATIONS -----------------------------------------------------------------------------------------------21
ANEXOS
Anexo 1-------------------------------------------------------------------------------------------------------------22
1. INTRODUCTION
1.1. Introductión
Jorge Artal ( MAusIMM 230563), through Geoearth SpA was hired by the company
Baobab Physical Commodities LLC with the purpose of making a technical visit to
the Oropesa and Fresia mines, to study the geological potential they have and, how
much mineral can be extracted monthly in the time.
Oropesa, gold mine, is located in the vicinity of Andacollo Oro and Carmen de
Andacollo, near the town of Andacollo in the Coquimbo Region, and the Fresia mine ,
who has copper, gold and possibly cobalt is located in the San Juan District, close to
Freirina in the Atacama Region.
1.2. Location and Access
The mines visited are located in the III and IV Region of Chile. Oropesa is located in
the IV Region at 61Km from the city of La Serena and its access is through the D-51
route, which connects the cities of La Serena with Andacollo, from there it travels
approximately 2 km on the D-447 route., where you take a fork to the SE that leads to
the coordinates 6.650.125 N and 301.134 E, where you can find Oropesa mine.Fig 1.
Figure 1. Oropesa mine location..
Mina Fresia is located 235 km north of the city of La Serena, and its access is via Route 5 that
connects the city of La Serena with the town of Domeyko, from there the route C-500 is
traveled for approximately 23 km until the junction with the C-494 route, there follow that rut
to the north until you reach the crossroads with route C-526, through which you continue
Octubre 2018 P á g i n a 1 | 40
towards the east, passing through Cobaltera and reaching Quebradita mine, sector where Fresia
mine is located.
Figure 2:. Fresia mine location.
1.3. Scope
The scope of the work is to determine, in both mines, the type of mineral deposit, the
geological potential and what production can be obtained monthly and for how long. In
addition, a program will be delivered with those activities that must be carried out in
order to fulfill the production over time.
2. DISTRICT GEOLOGY
Oropesa
The geology of the district (Fig3) consists largely of the volcanic–volcaniclastic Quebrada
Marquesa Formation, of Barremian–Albian age. The
stratigraphy of this formation at Andacollo is shown in Table 1.
Geoearth SpA , www. Geoearth.cl . Celular +56 9 42938337
The Cerro Toro unit rests on top of the volcaniclastic facies of the Arqueros Formation
(Auterivian– Barremian). The Quebrada Marquesa rocks were extensively block-faulted
and tilted by at least two sets of normal faults—northwest (early) and north–south (late).
These two sets correspond to regional directions, and Middle Cretaceous and Tertiary ages,
respectively, can be assigned to them.
The Quebrada Marquesa Formation is intruded by a middle Cretaceous batholith varying
in composition from diorite to tonalite (Reyes, 1991).Intrusions related to the batholith
include dikes, sills, and stocks, the latter well exemplified by the presence of the
Andacollo porphyry (98 a 104 Ma, whole-rock Kl Ar ages, Reyes, 1991) of granodiorite-
tonalite composition (Llaumet, 1983).
Dikes and laccoliths are increasingly abundant to the east of the Andacollo fault
(Pichilingo and Carbonica units), where according to Muller (1986) the highest intrusion
levels were achieved (some 400 m above the Andacollo porphyry level).
Oropesa
Fresia
The geology of the San Juan district, where the Fresia, Manuela and Rosita mines are located, is
constituted by a Paleozoic metamorphic basement to the west which underlies volcanic and
sedimentary rocks from the Upper Jurassic towards the south and east (Vivallo et al., 2008, Fig.
4). Both units, the basement and volcanic and sedimentary rocks, are intruded by intrusives
from the Upper Jurassic and Lower Cretaceous.
In this district, a total of 118 vein-type deposits are recognized in an area of 5x10 square
kilometers, all related to the Atacama Fault System. These veins are grouped in the Fraguita, El
Romero, Cobaltera, Quebradita and Labrar mineralization zones (Fig. 4).
Figure 4.San Juan district geology
Samples of mineral rock explorations from primary ore (Geoexploraciones, 1983), from
collection piles of minerals, from small mines, as well as from outcrops, indicate cobalt
concentrations between 0.001% and 1.95%, together with variable contents of copper (7.9% -
0.037%), gold (1.1 gr/ton - 0.1 gr / ton), silver (8.8 gr /ton - 0.5 gr /ton), nickel (0.49% a
0.023%) and cadmium (4.7 gr /ton - 0.023 gr /ton).
Cobalt in the district has affinity with copper, nickel, arsenic and iron sulphides, therefore, its
potential as an economic mineral could be associated with the IOCG and IOA type deposits.
3. MINES GEOLOGYOropesa
The Oropesa mine is constituted by a set of three veins of 30 to 80 cm thickness, with
average grades of 2 to 3 gr/ton and with total visible length in open it of 160 m and in
surface a length of 300 m, whose main course is N40 ° W with inclinations varying from
subvertival to 85 ° W. In one of the veins that appear in the pit there is a vein of 10 cm of
5.26gr/ton (samples analyzed in the laboratory Actlabs), Fig 5. The veins sampled in the
underground gave results of lower grades of gold than on the Surface, Fig 6.
The rocks where the gold deposit is located correspond to andesites, volcanic breccias,
intruded by granodioritic dickes.
Figure 5. Grade sampled in veins of the open pit.
Figure 6. Grade sampled in veins of the underground.
In Oropesa, mineralization occurs in marginal fractures in the Carmen de Andacollo

porphyry system .
This type of mineralization has been associated, marginally, with the porphyric systems. In
fact, within the facet of the propilitic alteration of some of the systems, the presence of
radial fractures in the porphyric body is observed, which occur gold and pyrite, with grade.
This is the type of gold mineralization that will be understood as part of the porphyric
system. These fractures are filled with limonites, in some cases abundant iron and barite
and quartz are observed sporadically.
His age would possibly be Lower Upper Tertiary Cretaceo

In the satellite image of figure 7, it is observed that the sector has geological potential,
since the gold grade obtained in Oropesa is not high, there are several veins that intersect
each other and could possibly generate larger bodies and grades. Based on this hypothesis,
it is important to study the sector and determine and execute some drilling to guarantee
greater and better resources.
Figure 7, Satelial Imagen, with a lote of veins
3.2. Fresia
The Mine is located inside the Quebraditas stream, between the Constituyente y La
Quiscuda hills, where they found rocks from the quartz diorite of San Juan, which
corresponds to a composition body of diorite with amphibole and biotite of medium grain.
The rocks are altered, with the mafics partially replaced by chlorite and / or actinolite, and
argilized feldspars.
In this unit, is the Fresia vein of direction N10W / 85W with a visible length of
approximately 400 m.
According to indications of Mr. Melitón, in the sector of the shaft has a thickness of
approximately 4 m, samples were obtained (Fig. 8) of stockpile of the vein in depth (35
m), the grade gave values of 0.86. % CuT and 0.75% Cu (Ins). At this point it was not
possible to lower the shaft because the operation was stopped
This vein is characterized by presenting magnetite (martyred), quartz-tourmaline with
chalcopyrite, arsenopyrite, pyrite, bornite, cuprite, chrysocolla, atacamite and antlerite.
On the surface, this vein is composed mainly of oxidized copper minerals, with atacamite,
antelerite, some azurite and chrysocolla. The samples obtained from this sector (Fig. 9)
result in grade of 2.6% CuT and 0.09% Cu (Ins). In the sector, we also found a material
selected from iron, barite and copper vein whose chemical analysis gave values of 3.57
ppm Au and 2.2% cutting and 1.30% Cu (Ins).
0,86 % CuT –
0,75 Cu(Ins)
Figure 8.Fresia shaft, we take samples from the stockpile around the shaft
2,61 % CuT –
Figure 9. Vein with oxide cooper
3.3. Manuela
600 m east of Mina Fresia is Manuela Mine, a gold and copper vein that is located in the
San Juan quartz diorites.
This vein has an N5 - 10 ° E / 85 ° W direction, an approximate 150m length and 1m thick
on the surface. (Fig 10)
This vein have quartz, limonite quartz and some iron, and when the quartz decreases there
is a greater presence of copper, such as azurite, crisocola, antlerite and chalcopyrite.
The mine is abandoned and could not be entered, therefore, samples were only obtained
from a material chosen outside of a 1m thick and deep shaft (approx 40m) and from a
stockpile on the outskirts of a 2x2 gallarie, which could not be covered completely for
safety. (Fig 11).
The chemical analyzes for the material chosen gave values of 12.97 g / ton of Au, 0.72%
CuT and 0.23% Cu (Ins), and 2.78% CuT and 0.06% Cu (Ins)
MANUELA
FRESIA
Figure10. Located Manuela Mine and Fresia
5,38 % CuT -
0,07 Cu(Ins)
0,72 % CuT
0,25 Cu(Ins)
Figure 11. Shaft and gallery of Manuela Mine
The sector of Mina Fresia and Manuela is very interesting, since between both veins there
could be others, which together could provide an interesting production of gold, oxides and
copper sulphides.
3.4. Rosita
Copper vein with anomalous Cobal values. It has 2 to 3m thickness and is located in the
vicinity of Quebradita Mine.Fig 12.
This vein is emplaced in The Chacharal basement rocks DCch Epimethamorphic Complex
(Devonian - Lower Carboniferous), a set of metasedimentary rocks with intercalations of
marble, metacherts and padded metabasalts.
The sample obtained from the vein gives results of 1.74% CuT and 0.18 Cu (Ins) with
grade of Co 1100 ppm.
It is interesting to mention that there are areas in the vein where more copper ore is
concentrated, as can be seen in the results obtained from a hand sample whose grade is
34.18% CuT and 1.77% Cu (Ins).
1,72 % CuT - 0,18 Cu(Ins) Co 1100ppm
34,18 % CuT –
1,17 Cu(Ins)
Figure 12 Rosita Mine
4. MINING ENGINEERING
4.1. Oropesa
The deposit is composed of a system of parallel structures with gold content and which has
a length of 500 m, of which about 200 m outcrops to the surface.
The average width of the structures is 1.0 m. and depth of 100 m, which varies depending
on the topography of the sector. If we consider three veins and the geometry of a structure
with the following characteristics, we obtain the following:
Tonnes calculation for one vein with 75% recovery in mine
Deposit Open Pit Underground Total

Length 200,0 300,0 500,0 m
Width 1,0 1,0 1,0 m
High 30,0 70,0 100,0 m
Mining Recovery 75% 75% 75%
Volume 2.250 15.750 18.000 m3
Tonnes 4.000 33.000 37.000 ton
Total Tonnes 5.400,0 44.550,0 49.950,0 ton

To obtain a total volume that considers the 3 structures and that 45% of them have a
grade at least 3.0 g / ton Au, the size of the exploitable field is 49.950 tons.
Base Grade Au 3,0 g/ton

Plant Recovery 85%
Au Recovered 4.090,0 oz
If we consider an Au price of 1200 USD / oz and that the ounce payable is 62%, we
obtain that the size of the business is:
Oz pay 62%
Price Au 1.200,0 USD/oz
Income 3.042.960,0 USD
Considering an estimated longitudinal profile, we can deduce that the upper part can be
exploited by Open Pit (30 m high) and the lower part is exploited by underground mining
(70 m high), it is represented in the following figure13.
Figure 13. Oropesa underground and open pit
The access road to the mine requires repair and periodic maintenance in a length of 1,000
m, basically putting a folder of stabilized, compacted and matched.
Exploitation of Mines
The exploitation of the mine has two possibilities that can be carried out simultaneously,
which we will analyze below:
Open Pit
The operation by open pit can be carried out without major complications, accessing
bench by contour lines. It is recommended that the height of the bench be 3.0 m, which
allows the use of the loading and transport equipment available.Fig 14.
Dilution is a point to consider, which can affect the viability of the project. For these
types of deposits the RWO (Relation of waste and ore)should not exceed the ratio of 10:
1, in this analysis we will consider an RWO of 5: 1.
Figure 14. Open pit desing

Each bench is operated sequentially, extracting the ore and waste separately, the control
of operations is essential. It will generate 36,000 tons of waste, which must be deposited
in a place to be defined within the property.
According to what has been discussed, for the unit operations, the leasing service will be
hired, such as:
• Drilling and Blasting.

The contractor provides drilling equipment, compressors and mobile powder
magazine, since it has the corresponding permits. As well as skilled labor.
• Carrying and Transportation.

The contractor provides loading equipment (Excavator with inverted bucket) and
trucks of 10 m3.
• General services.
The values of the contracts have not yet been defined, but by references of operations
of this type we can infer the following total costs:
 Mineral cost equal to 10 USD/ ton

 Waste cost equal to 1 USD/ ton
 Cost of mineral transport to plant is 15 USD/ton
Therefore, if the RMO is 5: 1, the Mina cost will be 14.5 USD/ton in the Open Pit
operation.
Underground
This exploitation will be carried out through the development of levels by the structures
and which will be connected from the surface through access galleries. All these tasks
have a section of 4.0 m2.Fig 15.
Figure 15 Underground desing
Once the exploitation galleries are developed, raise are built every 25 m. The section of
the chimneys will depend on the width of the structure as shown in the figure 16. These
tasks generate a block of 25 x 25 m2, which will be exploited in a descending manner,
with cuts of 1.5 m.
Figure 16. Exploitation gallery
The unit operations will be through a service contract, which will provide labor, drilling
equipment (hand equipment), loading and transport (recommended LHD equipment of 2
and d3) to extract the ore and the waste surface. In addition, it must provide water and
compressed air services.
The cost of the estimated underground operation will be 40 USD/ton.
Production plan
The proposed production plan considers 3 years to extract the 49.950 tons available
considered for this analysis and that we detail below:
Mine Q_01 Q_02 S_01 Y_02 Y_03 Total

Open Pit 1.500 2.000 1.900 5.400
Underground 2.500 3.500 4.500 17.400 16.650 44.550
4.000 5.500 6.400 17.400 16.650 49.950
Estimated Cash Flow
If we manage to reduce the cost of undergroud from US $ 40 to US $ 30 and assume

that we can be selective and achieve 45% of the total mineral at a rate of 3.0 gr / ton, the
possible cash flow would be:
Data Unit Y_00 Y_01 Y_02 Y_03 Total
Tonnes ton 17.500 18.400 14.050 49.950
Grade Au g/ton 3,0 3,0 3,0 3,0
Oz pay oz 1.348 1.418 1.082 3.848
Price Au USD/oz 1.200 1.200 1.200 1.200
Revenue USD 1.617.000 1.701.000 1.298.000 4.617.000
investment USD 200.000 200.000
Open Pit USD 90.000 30.000 0 120.000
Underground USD 345.000 492.000 421.500 1.258.500
Plant USD 514.150 540.592 412.789 1.467.531
Shipment plant USD 257.000 270.000 206.000 733.000
Shipment mine USD 1.286.000 1.286.000
Others USD 500.000 500.000 500.000 1.500.000
Cost USD 200.000 2.492.150 1.332.592 1.040.289 5.065.031
Profit USD -200.000 -875.150 368.408 257.711 -448.031
VAN(@ 10%) USD -452.272

TIR -0,3
For this cash Flow we consideration:
 The cost of process plant is 29,38 USD/ton.

 All the analyzes are preliminary and will be subject to the update of the required
information.
 With the information available it is risky to define a cash flow and of course the size
of the business.
4.2. Fresia Mine
The deposit is composed of a system of parallel structures with mineral composed mainly
of copper oxides and sulfides, as well as something of gold. The vein extension hhas 300
meters and the width of is between 1.0 to 1.5 meters. In this analysis, 2 structures are
considered
Deposit Underground
Length 300.0 m
Width 1.0 m
High 75.0 m
Mining Recovery 60%
Volume 13,500.0 m3
Tonnes 34,000.0 ton
Total Tonnes 27,200.0 ton
Base Grade Cu 5%
Plant Recovery 80%
Cu Recovered 2.398.626,6 lb
It is projected that the upper 75 meters will be mined by underground mined. It is

recommended to generate levels every 25 meters, which can be accessed through
galleries from the surface.
The development is along the structure and is exploited with chimney and benchs. It is
estimated a cost of 40 USD/ton. The estimated daily production is 10 tons per extraction
point, resulting in a mine capacity of 1,000 tons per month.
Underground
The type of mining to be used is similar to that described above and will be carried out
through the development of levels by the structures and which will be connected from the
surface through access galleries. All these tasks have a section of 4.0 m2.
The unit operations will be through a service contract, which will provide labor, drilling
equipment (hand equipment), loading and transport (recommended LHD equipment of 2
and d3) to extract the ore and the waste In addition, it must provide water and
compressed air.
The cost of the estimated underground operation will be 40 USD/ton.
Production plan
The proposed production plan considers 3 years to extract the 27,200 tons available
considered for this analysis and that we detail below:
Mine Q_01 Q_02 S_01 Y_02 Y_03 Total

Underground 3.000 3.000 6.000 12.000 3.200 27.200
Estimated Cash Flow
Data Unit Y_00 Y_01 Y_02 Y_03 Total
Tonnes ton 12.000 12.000 3.200 27.200
Grade Cu % 5% 5% 5% 5%
Lb pay lb 1.243.417 1.243.417 331.578 2.818.412
Price Cu USD/lb 2,8 2,8 2,8 2,8
Revenue USD 3.481.000 3.481.000 928.000 7.891.000
investment USD 300.000 300.000
Underground USD 480.000 480.000 128.000 1.088.000
Plant USD 144.000 144.000 38.400 326.400
Shipment plant USD 176.000 176.000 47.000 399.000
Others USD 600.000 600.000 600.000 1.800.000
Cost USD 300.000 800.000 800.000 213.400 2.113.400
Profit USD -300.000 2.681.000 2.681.000 714.600 5.777.600
VAN(@ 10%) USD 4.445.332

TIR 8,9
Considerations.
 The cash flow does not consider gold as an economic element, since its availability
is unknown.
 The cost of process plant is 12 USD/ton.
 The cobalt content is not known yet.
 Cost of mineral transport to plant is 15 USD/ton.
 All the analyzes are preliminary and will be subject to the update of the required
information.
 With the information available it is risky to define a cash flow and of course the size
of the business.
4.3. Other Mines

Manuela
At 600 meters from Fresia, the Manuela mine is located, which has copper and gold, with
12 gr / Ton grades, in selected material. If these grades have a good continuity, the mine
could be exploited in the same way as Fresia.
If we assume that the length of the vein is 150 m, the width of 1 m and 50 m depth and its
average grade is 5 gr / ton, we could have 2150 oz of gold, therefore the set of mines
Fresia, Manuela and Rosita is an area of great potential.
Rosita
In Rosita, previous cleaning of existing pit, the existing vein can be exploited to open pit,
and to be selective you can have mineral of grades on 15% CuT
5. CONCLUTION
Considering the background obtained during the visit to the two study areas, Oropesa and
Fresia, it can be concluded that both areas have an economic interest.
Oropesa has a set of gold veins that intersect each other and that together could deliver
gold ore resources to be exploited, however, when doing a cash flow analysis assuming
that, one can be selective and consider an average grade of 3 gr / ton, as indicated by the
analysis of grades made in Annex 1, the results are marginal.
Fresia delivers interesting values in the cash flow and therefore it is profitable to exploit it,
even more so when one can consider the mining exploitation of Manuela and Rosita that
are mines that can provide gold, copper and probably cobalt to the production.
Neither of the two sectors have indicated or measured resources, less can we speak of
reserves
6. RECOMMENDATIONS
In Oropesa it is recommended not to start a mining operation without first doing a couple
of drill holes that help us determine if along these three veins the grades improve and
have a certain continuity that allow us to establish measured resources to take them to
reserve. This recommendation is based on the fact that all the analyzed samples do not
produce grades greater than 3 gr / ton
In Fresia it is recommended to start the exploitation of the Roita mine that has visible ore
and sectors that can deliver grades on 10% CuT when making a good selection in the
operation, however this operation can not be done without first regularizing the existing
pit, since it causes an area of instability. This is obtained with the development of banks
of height and berm width of 5 meters. The number of banks depends on the size of the
area involved.
In parallel you can enable the Fresia shaft to see the dimensions and grades of the vein in
depth and initiate the development of accesses to the mine that cut the structures
perpendicular (A), to reach the base of the existing pique and ( B) 50 meters higher and
to the south to generate a new level. Figure 17.
Figure 17. Access gallery.
These accesses require the construction of roads and an adequate topographic survey;
once the limits of mineralization have been defined, the structures must develop the
galleries.
This can be applied in all mines visited, seeking to exploit at the lowest possible level,
and to be profitable. The exploitation is similar in all cases.
It is also recommended to do a surface mapping of detail to establish the dimensions and
characteristics of the veins and to determine a campaign of short drilling that allows to
establish indicated and measured resources as much as possible. With this one can enter
to exploit and ensure production.
If we assume a DDH campaign of 1000m, this could have an approximate cost of US $
285,000, including drilling, chemical analysis, geology, topography, etc.
ANNEXED 1
Activation Labs
INFORME DE ANALISIS
CL18-8799
CLIENTE: JORGE ARTAL

Famnor Velasco 85 Of.804
Santiago
PROYECTO: S/N
NOMBRE LOTE: S/N
SOLICITADO POR: Jorge Artal
FECHA DE RECEPCIÓN: Martes, 09 de Octubre de 2018
TIPO DE MUESTRA(S): Roca
CANTIDAD DE MUESTRA(S): 15
FECHA DE REPORTE: Martes, 16 de Octubre de 2018
INSTRUCCIONES DE ANALISIS: Code 1A2-30 Au FA-AAS 30g
Code 7AAS-01 Cu(%) 4ACID-AAS 1g/100ml Metales Base
Code Cu (ins) Cu Insoluble
Code Cu (s) Cu Soluble H2SO4
FACTURAR A: JORGE ARTAL
Santiago
TOTAL DE PAGINAS: 3 (Incluida esta)
Alex Caniguante
Gerente Técnico Laboratorio Minerales
Este informe de análisis no debe ser reproducido, excepto en su totalidad, sin autorización de Activation Laboratorios Ltda. De no recibir
instrucciones sus rechazos de 10# ty serán descartados después de 30 días y sus pulpas 150# ty después de 60 días del envío de este informe. El
descarte, devolución y/o almacenaje será costo del cliente.El reporte emitido es representativo solo del material recibido pa ra el análisis.
Page 2 of 3
INFORME DE ANALISIS CL18-8799
RESULTADOS
Analyte Au Ag Cu Cu (s) Cu (ins)

Method Type FA-AAS ICP-OES 4ACID-AAS LIX-AAS -
Units ppm ppm % % %
Limit 0.01 0.001 0.001
1 OR-001 2.65
2 OR-002 5.26
3 OR-003 0.99
4 OR-004 0.77
5 OR-005 0.56
6 OR-006 0.59
7 OR-007 0.05
8 OR-008 2.23
9 FR-001 0.22 0.862 0.110
10 FR-002 2.608 2.517
11 FR-003 3.57 2.207 0.910
12 FR-004 2.78 5.377 5.314
13 FR-005 12.97 0.718 0.491
14 FR-006 0.08 1.741 1.562
15 FR-007 0.14 34.184 32.409
Este informe de análisis no debe ser reproducido, excepto en su totalidad, sin autorización de Activation
Laboratorios Ltda. De no recibir instrucciones sus rechazos de 10# ty serán descartados después de 30 días y
sus pulpas 150# ty después de 60 días del envío de este informe. El descarte, devolución y/o almacenaje será
costo del cliente.El reporte emitido es representativo solo del material recibido para el análisis
Page 3 of 3
Q.C.
Analyte Au Cu Cu (s)
Method Type FA-AAS 4ACID-AAS LIX-AAS
Units ppm % %
Limit 0.01 0.001 0.001
OREAS 901 meas 0.086

OREAS 901 cert 0.083
CDN-CM-24 (4ACID) meas 0.357
CDN-CM-24 (4ACID) cert 0.365
CDN-CM-38 meas 0.96
CDN-CM-38 cert 0.94
OR-004 original 0.77
OR-004 pulp duplicate 0.79
FR-001 original 0.862
FR-001 pulp duplicate 0.877
FR-004 original 5.314
FR-004 pulp duplicate 5.314
bk < 0.01
bk < 0.001
bk 0.001
Activation Labs
INFORME DE ANALISIS
CL18-8799
CLIENTE: JORGE ARTAL

Santiago
PROYECTO: S/N
NOMBRE LOTE: S/N
SOLICITADO POR: Jorge Artal
FECHA DE RECEPCIÓN: October-09-18
TIPO DE MUESTRA(S): Roca
CANTIDAD DE MUESTRA(S): 15
FECHA DE REPORTE: October-19-18
INSTRUCCIONES DE ANALISIS: Code 1F2 Digestion total 4 acidos ICP-OES (optico)
FACTURAR A: JORGE ARTAL
Santiago
TOTAL DE PAGINAS: 11 (Incluida esta)
Alex Caniguante
Gerente Técnico Laboratorio Minerales
Page 2 of 11
RESULTADOS
Analyte Ag Al As Ba Be Bi Ca Cd
Method Type IC P-O E S ICP-OES ICP-OES ICP-OES ICP-OES IC P-O E S ICP-OES ICP-OES
U nits ppm % ppm ppm ppm ppm % ppm
Limit 0.3 0.01 3 7 1 2 0.01 0.3
1 OR-001 < 0.3 6.36 14 397 <1 <2 0.36 < 0.3
2 OR-002 0.5 5.80 44 284 <1 4 0.23 < 0.3
3 OR-003 0.5 7.30 13 454 <1 <2 0.24 < 0.3
4 OR-004 < 0.3 6.36 7 258 <1 <2 0.42 < 0.3
5 OR-005 1.1 6.83 53 74 <1 <2 4.10 < 0.3
6 OR-006 0.4 6.46 9 44 <1 <2 3.89 < 0.3
7 OR-007 < 0.3 6.54 5 74 <1 <2 0.97 < 0.3
8 OR-008 0.5 6.51 15 312 <1 <2 0.39 < 0.3
9 FR-001 1.4 4.93 32 219 <1 <2 5.09 < 0.3
10 FR-002 0.8 6.84 17 400 <1 <2 3.08 < 0.3
11 FR-003 9.5 0.67 2784 160 <1 124 4.76 < 0.3
12 FR-004 19.0 3.15 1098 120 1 <2 2.97 2.4
13 FR-005 3.5 2.23 1200 51 <1 <2 2.84 < 0.3
14 FR-006 2.0 4.96 1404 238 <1 <2 0.51 < 0.3
15 FR-007 5.4 2.85 452 66 <1 <2 0.20 < 0.3
Page 3 of 11
RESULTADOS
Analyte Co Cr Cu Fe Ga Hg K Li
Method Type IC P-O ES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES
U nits ppm ppm ppm % ppm ppm % ppm
Limit 1 1 1 0.01 1 1 0.01 1
1 OR-001 15 48 282 4.97 14 <1 1.54 8

2 OR-002 7 51 395 14.54 13 <1 0.83 7
3 OR-003 7 18 104 10.07 17 <1 0.99 3
4 OR-004 36 22 142 6.05 15 <1 0.10 11
5 OR-005 7 24 236 3.56 9 <1 0.55 7
6 OR-006 18 21 56 5.12 10 <1 0.42 5
7 OR-007 22 30 372 4.55 13 <1 1.92 7
8 OR-008 9 12 270 5.86 12 <1 0.64 7
9 FR-001 48 48 8321 9.54 13 2 1.99 29
10 FR-002 97 34 > 10000 6.26 14 <1 1.97 12
11 FR-003 371 12 > 10000 34.54 2 4 0.27 1
12 FR-004 125 34 > 10000 7.26 7 166 0.47 2
13 FR-005 142 43 7685 15.43 6 8 0.44 1
14 FR-006 1100 40 > 10000 6.82 11 2 0.72 9
15 FR-007 1004 143 > 10000 4.16 8 <1 0.28 10
Page 4 of 11
RESULTADOS
Analyte Mg Mn Mo Na Ni P Pb Sb
Method Type ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES IC P-O E S ICP-OES ICP-OES
U nits % ppm ppm % ppm % ppm ppm
Limit 0.01 1 1 0.01 1 0.001 3 5
1 OR-001 0.22 537 3 1.54 4 0.030 49 <5

2 OR-002 0.14 334 5 2.02 9 0.067 132 <5
3 OR-003 0.23 393 1 3.25 10 0.050 14 <5
4 OR-004 1.53 3744 <1 3.67 64 0.058 9 <5
5 OR-005 0.24 657 3 3.26 7 0.061 29 <5
6 OR-006 0.56 932 1 3.73 26 0.071 16 <5
7 OR-007 1.32 729 2 1.18 15 0.063 7 <5
8 OR-008 0.30 825 4 3.36 5 0.061 25 <5
9 FR-001 1.76 385 2 0.50 81 0.353 5 6
10 FR-002 1.83 1143 <1 0.79 55 0.078 5 <5
11 FR-003 0.32 35491 11 0.14 60 0.017 6 77
12 FR-004 0.71 907 2 0.23 137 0.180 13 194
13 FR-005 0.45 759 11 0.17 129 0.706 11 118
14 FR-006 1.41 263 2 1.55 114 0.133 10 <5
15 FR-007 1.81 154 1 0.10 198 0.091 6 9
Page 5 of 11
RESULTADOS
Analyte S Sc Sr Te Ti Tl U V
Method Type IC P-O E S ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES
U nits % ppm ppm ppm % ppm ppm ppm
Limit 0.01 4 1 2 0.01 5 10 2
1 OR-001 0.07 41 49 <2 0.34 <5 < 10 298

2 OR-002 0.54 27 127 8 0.53 <5 < 10 387
3 OR-003 0.25 20 127 4 0.51 <5 < 10 336
4 OR-004 0.01 15 89 7 0.35 <5 < 10 185
5 OR-005 3.06 20 90 5 0.46 <5 < 10 194
6 OR-006 3.90 15 106 3 0.36 <5 < 10 179
7 OR-007 2.09 14 144 3 0.30 <5 < 10 131
8 OR-008 0.13 16 96 4 0.40 <5 < 10 218
9 FR-001 1.45 14 110 3 0.39 <5 < 10 128
10 FR-002 0.05 17 70 9 0.25 <5 < 10 98
11 FR-003 0.04 7 174 4 0.05 <5 15 327
12 FR-004 0.06 13 63 <2 0.16 <5 27 298
13 FR-005 0.16 9 52 <2 0.12 <5 < 10 281
14 FR-006 0.041 8 65 6 0.27 5 < 10 72
15 FR-007 < 0.01 11 14 15 0.22 <5 24 81
Page 6 of 11
RESULTADOS
Analyte W Y Zn Zr
Method Type IC P-O E S ICP-OES ICP-OES ICP-OES
U nits ppm ppm ppm ppm
Limit 5 1 1 5
1 OR-001 <5 6 49 33
2 OR-002 10 5 25 51
3 OR-003 8 5 40 56
4 OR-004 <5 7 171 64
5 OR-005 7 9 27 47
6 OR-006 5 10 35 69
7 OR-007 <5 7 70 38
8 OR-008 8 4 38 42
9 FR-001 <5 25 32 30
10 FR-002 <5 24 62 27
11 FR-003 7 82 84 8
12 FR-004 <5 43 223 9
13 FR-005 <5 35 113 15
14 FR-006 <5 34 30 31
15 FR-007 <5 15 39 30
costo del cliente.El reporte emitido es representativo solo del material recibido para el análisis.
Page 7 of 11
Q.C.
A n alyte Ag Al As Ba Be Bi Ca Cd
Method Type IC P-O E S ICP-OES ICP-OES ICP-OES ICP-OES IC P-O E S ICP-OES ICP-OES
Units ppm % ppm ppm ppm ppm % ppm
Limit 0.3 0.01 3 7 1 2 0.01 0.3
GXR-4 meas 3.8 6.09 92 151 3 9 1.18 0.5

GXR-4 cert 4.0 7.20 98 1640 2 19 1.01 0.9
OREAS 13b meas 1.1 7.86 41 205 2 <2 6.00 < 0.3
OREAS 13b cert 0.9 57
GXR-6 meas 0.5 12.68 238 > 1000 1 <2 0.26 < 0.3
GXR-6 cert 1.3 17.70 330 1300 1 0 0.18 1.0
DNC-1a meas < 0.3 8.69 <3 236 <1 <2 8.27 < 0.3
DNC-1a cert 118
GXR-1 meas 33.7 1.92 360 819 1 1018 0.96 1.7
GXR-1 cert 31.0 3.52 427 750 1 1380 0.96 3.3
FR-005 original 3.6 2.24 1199 53 <1 <2 2.84 < 0.3
FR-005 pulp duplicate 3.4 2.22 1202 50 <1 <2 2.83 < 0.3
bk < 0.3 < 0.01 <3 <7 <1 <2 < 0.01 < 0.3
Page 8 of 11
Q.C.
A n alyte Co Cr Cu Fe Ga Hg K Li
Method Type IC P-O ES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES
Units ppm ppm ppm % ppm ppm % ppm
Limit 1 1 1 0.01 1 1 0.01 1
GXR-4 meas 16 57 7060 3.59 15 <1 3.42 11

GXR-4 cert 15 64 6520 3.09 20 0 4.01 11
OREAS 13b meas 81 8386 2701 9.82 16 <1 2.21 18
OREAS 13b cert 75 8650 2300
GXR-6 meas 15 62 80 6.27 29 <1 1.65 39
GXR-6 cert 14 96 66 5.58 35 0 1.87 32
DNC-1a meas 57 181 111 7.79 10 <1 0.21 5
DNC-1a cert 57 270 100 5
GXR-1 meas 7 15 1271 27.18 14 5 0.12 9
GXR-1 cert 8 12 1110 23.60 14 4 0.05 8
FR-005 original 141 46 7906 15.38 6 9 0.44 1
FR-005 pulp duplicate 143 41 7463 15.48 6 7 0.44 1
bk <1 <1 <1 < 0.01 <1 <1 < 0.01 <1
Page 9 of 11
Q.C.
A n alyte Mg Mn Mo Na Ni P Pb Sb
Method Type ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES IC P-O E S ICP-OES ICP-OES
Units % ppm ppm % ppm % ppm ppm
Limit 0.01 1 1 0.01 1 0.001 3 5
GXR-4 meas 1.90 159 320 0.46 49 0.140 61 5

GXR-4 cert 1.66 155 310 0.56 42 0.120 52 5
OREAS 13b meas 3.21 1235 12 1.44 2425 0.185 24 <5
OREAS 13b cert 9 2247 0.189
GXR-6 meas 0.72 1046 <1 0.10 30 0.038 92 <5
GXR-6 cert 0.61 1007 2 0.10 27 0.035 101 4
DNC-1a meas 6.26 1076 <1 1.21 278 0.027 10 <5
DNC-1a cert 247 1
GXR-1 meas 0.23 915 15 0.07 47 0.062 709 18
GXR-1 cert 0.22 852 18 0.05 41 0.065 730 122
FR-005 original 0.46 765 11 0.17 129 0.703 8 123
FR-005 pulp duplicate 0.45 752 11 0.16 129 0.709 14 114
bk < 0.01 <1 <1 < 0.01 <1 < 0.001 <3 <5
Page 10 of 11
Q.C.
A n alyte S Sc Sr Te Ti Tl U V
Method Type IC P-O E S ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES ICP-OES
Units % ppm ppm ppm % ppm ppm ppm
Limit 0.01 4 1 2 0.01 5 10 2
GXR-4 meas 1.98 9 237 <2 0.32 <5 < 10 98

GXR-4 cert 1.77 8 221 1 3 6 87
OREAS 13b meas 1.32 28 536 <2 0.72 <5 < 10 334
OREAS 13b cert 1.20
GXR-6 meas 0.03 28 50 <2 0.38 <5 < 10 171
GXR-6 cert 0.02 28 35 0 2 2 186
DNC-1a meas 0.07 32 142 9 0.30 <5 < 10 152
DNC-1a cert 31 144 148
GXR-1 meas 0.273 <4 312 11 0.03 <5 37 93
GXR-1 cert 0.257 2 275 13 0 35 80
FR-005 original 0.16 10 52 <2 0.12 <5 < 10 280
FR-005 pulp duplicate 0.16 9 51 <2 0.13 <5 10 282
bk < 0.01 <4 <1 <2 < 0.01 <5 < 10 <2
costo del cliente.El reporte emitido es representativo solo del material recibido para el análisis.
Page 11 of 11
Q.C.
Analyte W Y Zn Zr
Method Type IC P-O ES ICP-OES ICP-OES ICP-OES
Units ppm ppm ppm ppm
Limit 5 1 1 5
GXR-4 meas 43 13 77 42
GXR-4 cert 31 14 73 186
OREAS 13b meas <5 19 127 74
OREAS 13b cert 133
GXR-6 meas <5 11 134 85
GXR-6 cert 2 14 118 110
DNC-1a meas <5 14 63 39
DNC-1a cert 18 70 38
GXR-1 meas 173 26 805 26
GXR-1 cert 164 32 760 38
FR-005 original <5 35 114 15
FR-005 pulp duplicate <5 35 111 14
bk <5 <1 <1 <5
costo del cliente.El reporte emitido es representativo solo del material recibido para el análisis

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TECHNICAL VISIT OROPESA & FRESIA MINE

III & IV REGION, CHILE

1.2. Location and Access

Figure 1. Oropesa mine location..

Figure 2:. Fresia mine location.

stratigraphy of this formation at Andacollo is shown in Table 1.

Figure 4.San Juan district geology

Figure 5. Grade sampled in veins of the open pit.

In Oropesa, mineralization occurs in marginal fractures in the Carmen de Andacollo

His age would possibly be Lower Upper Tertiary Cretaceo

Figure 9. Vein with oxide cooper

Figure10. Located Manuela Mine and Fresia

Figure 11. Shaft and gallery of Manuela Mine

Figure 12 Rosita Mine

Deposit Open Pit Underground Total

Total Tonnes 5.400,0 44.550,0 49.950,0 ton

Base Grade Au 3,0 g/ton

Figure 13. Oropesa underground and open pit

Figure 14. Open pit desing

• Drilling and Blasting.

• Carrying and Transportation.

 Mineral cost equal to 10 USD/ ton

Figure 15 Underground desing

The cost of the estimated underground operation will be 40 USD/ton.

Mine Q_01 Q_02 S_01 Y_02 Y_03 Total

Estimated Cash Flow

If we manage to reduce the cost of undergroud from US $ 40 to US $ 30 and assume

Profit USD -200.000 -875.150 368.408 257.711 -448.031

VAN(@ 10%) USD -452.272

For this cash Flow we consideration:

 The cost of process plant is 29,38 USD/ton.

4.2. Fresia Mine

Total Tonnes 27,200.0 ton

It is projected that the upper 75 meters will be mined by underground mined. It is

Mine Q_01 Q_02 S_01 Y_02 Y_03 Total

Estimated Cash Flow

Profit USD -300.000 2.681.000 2.681.000 714.600 5.777.600

VAN(@ 10%) USD 4.445.332

4.3. Other Mines

CLIENTE: JORGE ARTAL

Analyte Au Ag Cu Cu (s) Cu (ins)

OREAS 901 meas 0.086

CLIENTE: JORGE ARTAL

1 OR-001 15 48 282 4.97 14 <1 1.54 8

1 OR-001 0.22 537 3 1.54 4 0.030 49 <5

1 OR-001 0.07 41 49 <2 0.34 <5 < 10 298

GXR-4 meas 3.8 6.09 92 151 3 9 1.18 0.5

GXR-4 meas 16 57 7060 3.59 15 <1 3.42 11

GXR-4 meas 1.90 159 320 0.46 49 0.140 61 5

GXR-4 meas 1.98 9 237 <2 0.32 <5 < 10 98

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