Dominican Republic Properties

Pueblo Viejo / Loma el Mate District

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Loma el Mate

Under an agreement with Linear Gold, the Company has the option to earn a 50% interest in the Loma El Mate property, which is contiguous to the southeast corner of the world class Pueblo Viejo Gold Mine concession. Everton has acquired its 50% interest.

A drill program was completed in November on the Las Tres Bocas target, located at the boundary of the Loma el Mate and the GlobeStar Mining’s Cuance project. The Las Tres Bocas target was first discovered in April 2005. Regional exploration of the Loma El Mate property carried out in early 2005 led to the discovery of a north west-trending zone containing gossan boulders and strongly leached meta-volcanic rocks over nearly one kilometre of strike length. Thirteen float samples were initially collected over the area, and all but two yielded anomalous gold values. Values from this first set of samples range as high as 19.8 grams per ton gold, and anomalous values of copper, silver and molybdenum are also present with values ranging up to 0.38% copper, and 11.3 grams per ton silver. Re-sampling of the 19.8 grams per ton gold gossan boulder and nearby boulders produced values of 29.4 and 17.4 grams per ton gold.

Three Hundred and eighty one soil samples and fifty six rock samples collected over the zone in April of 2005 have identified gold and copper mineralization over north west trending zone. Results from the soil program defined a 900 metre by 200 metre area of detectable gold and anomalous copper values that range up to 1.8 grams per ton gold and 0.11% copper. Of the rock samples collected, 33 contained anomalous gold values with six samples greater than 0.1 gram per ton gold with a high of 0.6 gram per ton, and ten samples of strongly oxidized meta-volcanic rocks graded better than 0.1% copper with a high value of 0.23% copper. The Las Tres Bocas anomalous zone extends from Loma el Mate onto the Cuance to the southeast where similar range of copper-in-soil anomalies are observed, bringing the zone to a strike length of 1.5 km.

A 30 km induced polarization (IP) program was conducted in September 2005 over Las Tres Bocas to follow-up the soil geochemical anomaly. In October and November 2005, a 10-hole drill program was undertaken to test coinciding IP and geochemical anomalies. Three of the holes were drilled on the Loma el Mate concession and the other seven holes were drilled on the Cuance concession to the south. Most of the drill holes intersected sulphide mineralization. Highlights of the program include a 2-metre intercept grading 3.05 g/t gold within a 6-metre zone containing 1.67 g/t Au. A 0.4 metre massive sulphide intercept from another drill hole contained 1.3 g/t Au, 106 g/t Ag, 2.47% Cu and 1.35% Zn Based on the results, follow-up exploration at Las Tres Bocas will include, in 2006, another round of drilling with some geological mapping.

In May 2006 Everton and its partner Linear Gold Corp. announced that they have cut a 10.58-metre intercept, grading 2.96 gram per tonne gold, 104.91 grams per tonne silver, 2.03% copper and 9.41% zinc, and a 4.57-metre intercept in another hole, grading 1.36 grams per tonne gold, 120.0 grams per tonne silver, 0.75% copper and 8.05% zinc at the Las Tres Bocas target, on the Loma el Mate concession in central Dominican Republic. These intersections include higher-grade sections as presented in the table below.

The 10-hole drilling program that was completed on April 28 was designed to follow-up the 3-hole program carried out in November 2005. The objective of the follow-up program was to test the continuity of a massive sulfide intercept and to test a number of Induced Polarization geophysical anomalies.

Hole TBM-07 was collared approximately 100 metres SE of hole TBM-02, where a 0.4 metres intersection of 1.3 grams per tonne gold, 106 grams per tonne silver, 2.47% copper and 1.35% zinc was cut during fall 2005 (press release of Jan. 17, 2006). Hole TBM-07 intercepted an 11 metre interval of massive pyrite-chalcopyrite-sphalerite mineralization (>75% coarse-grained sulfides). The volcanogenic massive sulfide (VMS) intercept occurs above a thick interval of strong altered and mineralized section of quartz-sericitic schist, similar to the one observed in hole TBM-02. A 5.32-metre interval of mineralized rock at the basal contact of the VMS intercept in hole TBM-07 returned poor recovery due to drilling technical difficulties and is omitted from the average grade calculations. Assays are listed in the table below:

The mineralization is hosted at the contact zone of mafic and siliceous metavolcanic rocks of the Maimon Formation.  The mineralization appears also to be spatially related to a felsic subvolcanic intrusion.

Hole TBM-12, collared 50 metres SE of hole TBM-07, returned 4.57 metres of massive sulfides mineralization, averaging 1.36 grams per tonne gold, 119.98 grams per tonne silver, 0.75% copper and 8.05% zinc, including a high grade section of 1.32 metres at 3.43 grams per tonne gold, 331 grams per tonne silver, 2.21% copper and 24.6 % zinc. The mineralization appears to dip to the East and possible to the South, as is commonly found in this district. These polymetallic results are among the highest ever found in the Dominican Republic.
Other holes in the area intercepted anomalous values of precious and base metals and provide invaluable information of the geology and structure of the discovery area that will allow for a more effective follow-up exploration program.

Follow-up work planned for the June/July 2006 includes a revision of the ground geophysics data from the 2005 IP survey, a detailed mapping and surface sampling of outcrops and showings, expansion of the ground IP survey to cover the possible NW strike extension of mineralization and another phase of core drilling to further delineate the extend of the VMS mineralization. Everton and Linear are 50%-50% partners in the Loma el Mate concession.

Please review our press releases for updates.

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