El Camino, Argentina

Location

The El Camino property is an iron-oxide-copper-gold prospect located 380 kilometres northwest of the City of Salta, Salta Province, northwest Argentina. Access from Salta (principal economic center of the region) is by good paved roads for the first 150-km and by all-weather dirt roads for the remaining part of the road to La Casualidad Mine. Access to the property from this location is presently facilitated over a 2-km long rough dirt track. The total travelling time from Salta is estimated at 8 hours.

Geology & Mineralization

Mineralization is represented by hematite ± fluorite ± quartz and copper oxides mainly in hematite rich breccias, stockworks and sheeted veinlets hosted in felsic volcanic rocks of Permian-Triassic age. Alteration forms a crudely triangular shape zone, with an asymmetrical pattern in excess of 2000 meters long and 1000 meters wide, pinching to the south. Alteration assemblages are non-common but typical of the IOGC systems, and include K-feldspathization, intense Hematite, Chlorite-Hematite, Sericite/Kaolin-Silica-Hematite, and Chlorite-K-feldspar with silica-hematite veinlets and K-feldspar Biotite/Chlorite Hematite alteration. In the core of altered zone, breccias are abundant, and include matrix supported, clasts supported and crackle breccias, with hematite rich, chlorite rich, and chlorite/biotite-k-feldspar-alunite-magnetite and CuOx-hematite matrix.

Exploration History

1996: The El Camino prospect was part of the Samenta group of claims, and was originally discovered in 1996 by Mansfield Minerals Inc.

2000-2001: In late 2000, Teck Corporation under a joint venture agreement performed a fast and small exploration program, which included a small diamond drilling campaign totalling 719 m. In February 2001, Teck decided to end the agreement and gave the property back to Mansfield.

2002-2007: Several field exploration programs were completed in the area including mapping, systematic soil sampling, and collection of prospective grab samples, Induced Polarization and Ground Magnetometry surveys, trenching and drilling.

2008: The El Camino property was transferred to Pachamama Resources Inc. as part of a restructuring of Mansfield Minerals Inc.

2012: The property was transferred to Regulus Resources Inc. as part of the merger with Pachamama Resources Inc.

Drilling

In late 2000 a short diamond drilling campaign (719m) was done by Teck Corporation at this property. Highlights from this 4-drillhole program are as follows:

Drill Hole From (m) To (m) Length (m) Ag (ppm) Cu (%) Zn (%) Pb (%) Area
FB-001 24.08 30.18 6.10 10.50 0.15 0.23 * Manifest Zone
FB-002 3.05 23.00 19.95 8.34 * 0.52 0.15 Discovery Zone
Including 5.00 11.28 6.28 17.90 * 0.81 0.39 Discovery Zone
FB-003 22.56 37.40 14.84 15.00 0.10 0.20 0.20 Discovery Breccia Zone
Including 22.56 24.24 1.68 69.00 0.37 0.35 0.40 Discovery Breccia Zone
* Denotes <0.10%