Vetas Gold Project

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Vetas lies within the prolific Vetas-California gold province, a belt of low to intermediate sulphidation epithermal gold-silver occurrences. The project is located near the village of Vetas, an historic mining community, approximately 45 kilometres northeast of the city of Bucaramanga, comprising of eleven mining titles totaling an area of 352 hectares. The deposits at the Vetas Gold Project comprise several systems of narrow high-grade Au-Ag veins striking northeast and northwest, with moderate to steep dips. The area has a long history of gold mining dating back to at least the seventeenth century, however there was no modern exploration at Vetas prior to that commenced by Red Eagle Exploration in September 2009.

Between November 2010 and November 2013 Red Eagle Exploration completed a total of 71,035 metres of diamond drilling in 162 holes from surface platforms. Highly encouraging results were returned from several of the known vein systems distributed throughout the project area, including:

  • 177 intersections with grades in excess of 5 g/t (0.15 oz/t) Au;
  • 100 intersections with grades in excess of 10 g/t (0.3 oz/t) Au; and
  • 33 intersections with grades in excess of 30 g/t (0.9 oz/t) Au.

Past diamond drilling results from Vetas highlight the excellent potential for high-grade gold and silver vein mineralization, including, among a multitude of other highly encouraging intersections:

  • 325 g/t (9.5 oz/t) Au over 2.09 metres;
  • 507 g/t (14.8 oz/t) Au over 0.74 metres;
  • 370 g/t (10.8 oz/t) Au over 0.82 metres;
  • 228 g/t (6.7 oz/t) Au over 1.13 metres;
  • 104 g/t (3.0 oz/t) Au over 2.45 metres; and
  • 235 g/t (6.9 oz/t) Au over 1.03 metres.

Geology

The geological setting of Vetas is the Santander Massif in the Eastern Cordillera of the Colombian Andes. The rocks that comprise the Santander Massif are amphibolite grade gneisses, migmatites, and meta-sediments of the Precambrian Bucaramanga Formation. Vetas is underlain predominately by orthogneiss of the Bucaramanga formation, cross-cutting felsic dykes, stocks of variable composition, and intrusive fingers of granitic rocks related to the Santander Igneous Complex. The Santander Massif hosts a number of important epithermal gold occurrences including Eco Oro Minerals Corp.’s Angostura deposit and AUX Resources Corp.’s La Bodega, La Mascota, Pie de Gallo, La Baja, San Celestino, Callejón Blanco and Buenavista deposits. All of these deposits are focused along the northeast trending Vetas Fault.

Deposit

The deposits at the Vetas Gold Project comprise several systems of narrow high-grade Au-Ag veins striking northeast and northwest, with moderate to steep dips. They exhibit multiple phases of quartz vein emplacement and reactivation associated with intense argillic alteration and sulphide mineralization. The vein gangue is comprised of equal proportions of chalcedonic quartz and feldspar, and the main sulphide constituent is pyrite (5% to 15%) with lesser galena, sphalerite and chalcopyrite. Fine to medium-grained visible gold is occasionally observed in association with pyrite. Higher grade mineralization often occurs within steeply plunging ore shoots controlled by vein wall flexures and structural intersections.

California Vetas Properties Map Galway Gold Resource Map

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