Questcorp Mining Inc.

La Union

Overview

  • La Union is a 2,604 ha, road accessible, high-grade gold carbonate replacement project lying at the edge of the Sonoran Gold Belt (SGB) of northern Mexico. Richest gold belt with several multi-million oz gold deposits lie in this area of the SGB including: San Francisco (1.4M oz M+I)1 , and La Herradura (5.5M oz P+P; 6.7M oz M+I)2.
  • Questcorp. is earning a 100% interest from Riverside Resources Inc., subject to a 2.5% NSR royalty, in La Union by making cash payments of $100K; issuing, in stages, 19.9% of the issued and outstanding capital of the Company; completing $5.5M in exploration expenditures over the next four years; and completing the current financing of at least $1.5 million.
  • Riverside has been exploring La Union since 2019, identifying 8 target zones. Three are drill ready and permitted and will be immediate focus of the upcoming Questcorp exploration program.

1. https://magnagoldcorp.com/projects/san-francisco/
2. https://www.fresnilloplc.com/media/mumbsyvj/44314-fres-annual-report-2023-web.pdf

Geology/History

  • Pre-Cambrian to Cambrian sedimentary sequence up to 1,000 m thick. Three key 150m to 250m units in sequence: black limestone, quartzite, and grey limestone which is host to mineralization. Targets are chimneys and mantos with underlying porphyry potential.
  • Past underground production by Penoles* and others produced ~50K ounces of gold, with an additional ~25K oz from areas to N and S.
  • Surface grab and chip channel sampling by Riverside in 2021 with 13 of 103 samples returning significant grades: gold from 0 to 83.2 g/t, silver from 1.1 to 4816 g/t, lead from background to 10.3%, zinc from background to 30%.

Drill Targets

Three key targets identified for initial drill program:

  • Plomito target with 83.2 g/t Au, 176 g/t Ag, 3.85% Pb, 19.8% Zn and 5.34% Cu grades.
  • La Famosa target with 59.4 g/t Au, 833 g/t Ag, 5.8% Pb and 4.2% Zn grades.
  • La Union target with 9.9 g/t Au, 53.6 g/t Ag and 2.5% Zn grades.

La Famosa and Union underground mines were operated during 1950s by subsidiary of Peñoles. This underground operation followed two identified ore body: the Sproul and the Emma ore body, which were both mined for eight levels with approximately one million tons of high grade, polymetallic oxides ore produced, averaging 7-20 g/t Au, 300 g/t Ag, 10-20 % Pb and 5 % Zn.

2024 Phase I Program

Phase I Program

  • Drill a total of 10 holes at an average depth of 300m to test the three target areas
  • Complete gravity and EM surveys at Target 1
  • Continue exploration at remaining 5 targets to develop and prepare them for drilling

Footages

Chip channel sampling
Core Drilling at Union Mine target. Program on track with exploration moving ahead
Drilling video Union hole 5. Zoom in at Famosa target drilling