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Mexico The Yago Gold/Silver Property was optioned from Almaden Minerals Ltd (AMM-TSX) in February 2007. Under the terms of the agreement, Spire has the right to acquire a 60% interest in the property in consideration for undertaking a work program on the property aggregating US$3,500,000 and issuing an aggregate of 800,000 shares to Almaden over a five-year period.
Mr. Victor Jaramillo, P.Geo., had previously conducted exploration at the Yago Property during 2005 prior to Spire acquiring an interest in the property. Exploration included surface geological work such as mapping and trenching along several vein systems including the Sarda, Esperanza and Magnolia Veins. This program was successful in extending the continuity of the Magnolia Vein for several hundred meters, beyond previously mined areas, by systematic ground work and hand trenching. During this time, he was able to review all previous geological and mining data. Potential for extension of the known high-grade shoots to depth and for location of other shoots, within the vein systems on the property, is considered excellent. To date, only shallow exploration and mining has been carried out on the vein systems at the Yago Property. Mr. Jaramillo determined prospective locations for diamond drilling along several veins that offer excellent possibilities for the discovery of new gold/silver mineralization upon completion of the 2005 program. These potential new gold/silver bearing areas were observed to continue below known previously mined ore shoots, and high potential for identifying new mineralized zones along strike. Based on epithermal vein system models, it can be stated that there is excellent potential for gold- and silver-bearing ore shoots to extend to at least 300m
During 2005, a large dump was observed beside the Magnolia Vein adit. A grab sample taken by V. Jaramillo over an approximate area of 10m x 10m returned 7.1 g/t gold and 61.4 g/t silver. Near the Magnolia adit, an old hopper contained mineralized opaline breccia fragments with concentrations of chalcocite, and minor disseminations of chalcopyrite, pyrite, arsenopyrite and possible silver sulphosalts. The chalcocite and related mineralization appeared to be from a secondary enriched zone in this vein. A grab sample taken from the hopper returned 5.69 g/t gold, 1,245 g/t silver and 3.16% copper (Jaramillo 2005).
2007 YAGO CURRENT EXPLORATION
YAGO GOLD / SILVER PROJECT,
* Detailed topographical surveying of mineralized zones
* Hand trenching & sampling of new mineralized zones
* Site preparation for diamond drilling
2007 YAGO PLANNED PROGRAMS
* Drilling on The Esperanza and Magnolia Veins to explore new gold areas to depth and along strike * Extensive mechanical & hand trenching. * Geological mapping and sampling. * MAG & IP surveys as needed. * Delineate a gold/silver resource. * Plan for a small scale operation
* Drilling the identified vertical extensions of known gold ore shoots.
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