Tuesday, April 26, 2011 12:58:42 PM
Rochester Resources Ltd. holds a 70% interest in the Santa Fe gold/silver Project comprising 3,823 hectares of exploration and mining concessions located east of the capital city of Tepic, in the state of Nayarit, Mexico. The terms of the agreement require that Rochester fund 100% of all costs associated with the exploration and development of the property and pay US$10,000/month to the minority owners until the property goes into production. No royalties or other costs are associated with the acquisition.
The information available from previous sampling, combined with reconnaissance geologic field work suggests there is potential to develop additional ore sources for the nearby Mina Real mill. Mineralization at Santa Fe appears to occur over a favorable horizonan interface indicating a particular position in a stratigraphical sequence substantially greater than at the Mina Real Project, and ranges from high-level discrete veins to broad zones of alteration containing multiple veins.
The Company currently has identified 26 vein structures project- wide and these veins are described in the following three sub-areas of the Santa Fe Project - Clavellinos Area, San Jose Area, and the Samuel Area.
Current Programs
The Santa Fe Property is seen as having significant geological potential. To date, 17 veins have been located on the 50% of the property which has been prospected and mapped. The Santa Fe area is seen as a potential source of future production. At this time management’s objective is to defer the exploration and development at Santa Fe until development and cash flow from Mina Real provides internal cash flow to fund costs.
The Company commissioned a 43-101 report on the Santa Fe Property but completion is on hold for the current time as work focuses on the Mina Real Property.
Theoretical Cross-section of Clavellinos Area's three primary vein systems and proposed Phase 1 drill program.
Red thatched area represents an approximate 40 metre wide mineralized breccia zone mapped from surface
Dark red area is vein systems approximately 1m to 3m wide
Green lines are proposed drill holes
Vein systems within 200 metres of each other
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