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