The SAMEX Wara Wara exploration program has focused on identifying bulk-tonnage zinc-lead-silver mantos and/or sedex type ore bodies within an old mining district. The
district lies 80 kilometers east of Potosi, Bolivia, location of the world’s largest silver deposit, Cerro Rico. Over several years a large land position has been compiled with 100% interest in several concessions totaling 3,645 hectares. The exploration objective is to discover several moderate to high-grade ore bodies within this district. Ten targets have been initially identified and are being further evaluated to design drill tests of vein zone-controlled /mantos-hosted and/or sedex, zinc-lead-silver-copper sulfide
mineralization. Based on geologic mapping and the dimensions of geophysical anomalies, these targets could individually host two to ten or more million metric tons each and cumulatively greater than 40 million metric tons.
The Wara Wara concessions lie within a 60 square-kilometer district of numerous, scattered, small mines and prospects exploiting/exploring lead-zinc-silver sulfide mineralization. The district is positioned within a geologic/metallogenic belt that extends from northern Argentina through Bolivia and into Peru. The belt is typified by folded and thrusted, lower Paleozoic siliclastic sedimentary rocks generally of deep-water depositional character. Numerous lead-zinc-silver deposits and occurrences, some of which support small to medium size mining operations, are scattered throughout the belt. More recently the existence of significantly larger ore bodies within this geologic/metallogenic belt have been discovered which support SAMEX’s exploration interest at Wara Wara. These include the Aguilar and nearby Esperanza lead-zinc-silver sulfide ore bodies (Comsur-Rio Tinto), located in the northern-most part of Argentina. The Aguilar lead-zinc-silver deposit (± 20 million metric tons/estimated 7% zinc, 3% lead, +65 grams/metric ton silver), is quartzite-hosted and likely of diagenetic or epigenetic (replacement) origin. The Esperanza ore body is clearly of sedex origin (sedimentary/exhalative, like the Sullivan ore body, BC Canada) and, once drilled out, may contain in excess of 20 million metric tons with an average grade of perhaps 9% zinc, 3% lead, and ± 60 grams/metric ton silver.
Historic production from the Wara Wara district was limited, but workings dating back to the Spanish Colonial times have been observed. Sampling over the concessions from more recent dumps revealed that the grade of ore mined in the area probably ranged between 15-25% zinc, 5-25% lead, 70-300 grams/metric ton silver, along with 2-5% copper in ore from several of the mines where chalcopyrite locally occurs in abundance. The workings are generally associated with narrow irregular veins, veined zones, and related localized mantos replacement within favorable stratigraphic intervals.
A large IP chargeability anomaly, 3,000 meters long by 600 to 1,200 meters across, discovered within the concession possibly represents significant zinc-lead-silver sulfide
mineralization at depth. The vein and mantos zinc- lead-silver mineralization at Wara Wara occurs in a Silurian-Ordovician sequence of gray siltite and shale with prominent quartzite layers. These prominent quartzite layers within the stratigraphic sequence are strongly altered (silicified with calc-silicate minerals) and sulfide mineralized with sphalerite and galena. An underlying lower sequence of Ordovician laminated black shale with numerous lead-silver vein occurrences is locally exposed. This latter unit bears similarities to the sedimentary section at Aguilar-Esperanza and is likely the host rock of sulfide mineralization indicated by the IP chargeability anomaly. Therefore the presence of concealed sedex deposits, in association with the large IP anomaly, is considered a possibility, thus elevating the potential of this prospect substantially.
Geologic mapping, sampling (over 100 chip and/or grab) and 26 line-kilometers of IP geophysical surveys have been utilized to advance the Wara Wara prospect. A full
technical report is in progress. The numerous drill targets in the Wara Wara District need to be further evaluated to better understand the depth position/dimensional extent
of sulfide mineralization and possible complicating post-mineral faults. This program will also help in prioritizing the targets in order of importance. SAMEX is eager to advance the Wara Wara prospect through the first ten hole drill phase, therefore a joint venture or private placement funding is actively being sought.
Jeffrey P. Dahl
Vice Chairman |
