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OSOS 1 Gold Property

Value Proposition The never-before-drilled Osos 1 property is currently producing high-grade gold ore from artisanal mining ( Figure 1), and holds significant potential for up-scaling to a profitable mid-sized conventional underground mining operation. It is located in an easy-to-access mining-supportive jurisdiction, and is also prospective for the discovery of an economic lower grade / higher tonnage gold or gold plus copper deposit.
Location Within the El Oro province of southern Ecuador, 35 kilometers south-southeast of the port city of Machala and 10 kilometers southwest of Lumina Gold’s Cangrejos Project and (Figures 2 and 3). Access to the property is by paved and gravel roads.
Property
A single mining concession covering an area of 229 hectares (Figure 4).
Target Summary Gold in veins and breccias variously hosted by porforitic andesites, quartzites and other metamorphic rocks, in close association with a large dioritic intrusion (Figures 5 and 6).
Ownership Option to purchase 100%.

Plans Moving Forward

Map and sample all safely-accessible underground workings, and integrate results with historical surface mapping and sampling with a view to targeting approximately six diamond drill holes on the main gold-bearing structures/areas of the property.

Local Resources and Infrastructure:

The city of Machala (population ~250,000) is the closest major centre in Ecuador. It can provide basic goods and services for the early stages of exploration and mining. It is located along the Pan-American Highway linking Guayaquil, Ecuador with Lima, Peru. Regular daily flights from Quito arrive at Machala’s new airport located near the town of Santa Rosa.

History

Since 1992 Odin Mining and Exploration have been active in the Cangrejos- El Guayabo – Osos area in collaboration first with Newmont Mining (1994 to 2001), and then from 2006 to 2009 with Kinross Gold Corporation. An airborne magnetics survey over the property was conducted by Newmont in 2000, and Kinross’ work included geological mapping and soil and rock sampling. All these historical results are available to Amlatminas and Mr. Francisco Soria, the current owners of the Osos 1 concession, and hence to Astorius.

Property Geology and Mineralisation

The property geology is constituted of metamorphic rocks with tertiary intrusive systems accompanied by mineralization veins and quartz-tourmaline breccia as well as stockwork zones with quartz containing disseminated chalcopyrite (Figure 6).

Veins with north east direction have been found of 1 meter width with quartz, arseno-pyrite and chalcopyrite, and gold with values of over 10 grams per ton.

Extensive argillic, silicic and propyllitic alteration is observed on the property (Figure 7).

Figures