Coringa project area occurs in the southeastern part of the Tapajós mineral province where past production is estimated at 30 million ounces of gold. The claims are underlain by Proterozoic granites and rhyolitic volcanics and the main structural trends are northwest and north-northwest. The Coringa shear-vein system is coincident with the north-northwest trend (345o) and dips 70o to 90o to the northeast. The main shear is 7 km long and 5 zones of vein mineralization (Valdette; Galena; Mae de Leite; Meio; Come Quieto) occur along it. Many other mineralized structures, including the Serra and Demetrio veins are also present.
At Serra, gold, silver, lead, zinc and copper mineralization has been intersected over 700 m strike with values which include 29.31g/t Au over 1.5m (DDH1) and 22.47g/t Au over 1.5m (DDH42). Two ore shoots dipping to the SE have been identified at Serra thus far.
Gold mineralization at Meio extends over at least 1.1km and is sub-vertical with an average thickness of 1.36m. Higher grade zones of mineralization plunge approximately 63° to the SE. Holes 11, 62, 65, 67 and 68 define one such zone, which has an average weighted grade of 20.73 g/t Au over 2.58m. An additional high grade zone is defined by holes 78, 79 and 81 with an average weighted average of 23.01g/t Au over 1.1m. The presence of shallow 10-12m deep historic shafts and artisanal workings along the known vein and beyond our current scope of drilling is further evidence that the mineralized structure extends towards the SE and the NW.
Gold occurs in quartz-sulphide veins which range in thickness from 0.15 to 4 metres. Chlorite-hematite alteration is distal and sericite-pyrite alteration is proximal to the veins.
An IP survey (104.7 km), together with a 99.7 line-km ground magnetic survey has highlighted at least 23 new targets which remain to be tested.