Altius

Peineta Gold-Silver Project (Chile)

Summary

The wholly-owned Peineta Au-Ag Project, comprising 7,500 hectares, is a recently staked exploration initiative of Altius’ Chilean affiliate, BLC Exploration. Properties are located in the northern extension of the Miocene Belt in the IInd Region of Chile. The Peineta Project is the result of a regional generative program aimed to identify high-grade precious metal prospects within the Miocene Belt.

The recent discovery of Gold Fields’ Salares Norte project (May 2014 Inferred Resource of 23.3 Mt @ 4.2 g/t Au & 44 g/t Ag, for 3.1 Moz Au & 34 Moz Ag) shows that the Miocene mineralization event extends to a fertile, yet underexplored epithermal gold-silver belt north of the (old) Maricunga Belt up to the Peruvian border.

Compilation work by BLC indicates that historic artisanal mining and exploration within the eastern portion of the IInd Region has been primarily focused on high-grade, small-scale copper deposits. More antiquated workings appear to have mined bonanza grade silver as well.

A thin veneer of of volcanic cover blankets the area which would have limited the success of early prospectors and artisanal workers.

Work Completed and Results

Preliminary mapping and prospecting by BLC to date has documented Au-Ag-Cu-Pb vein mineralization, mantos and skarnified volcanic units. It is unknown if all mineralization is related to a single event, or if multi-stage mineralization episodes occurred in the same host rock unit.

A total of 83 rock samples have been collected within the property. Geochemistry results from 56 of these are pending. Highlights of available results include:

Sample Au g/t Ag g/t Cu % Pb % Zn ppm
GE008165 4.0 6 0.4 0.14 435
GE008166 1.0 1,535 22.1 1.52 5,010
GE008167 3.0 310 1.8 15.90 69
GE008173 1.3 37 3.7 0.00 44
GE008177 1.5 2.2 2.2 0.00 37

Opportunity

To date, BLC’s early-stage exploration of the Peineta Project has yielded encouraging results.

Low-sulphidation quartz veins, with bladed quartz textures (indicative of boiling) and calcite/barite lenses. Vein thickness ranges between 0.2 to 1.2 meters and these veins can be traced for up to 1,500 metres. Best assay results are associated with the NNW trending veins.

Early-stage quartz veins and breccias, with minor sulphides, form vein arrays collectively up to 20 metres wide. These veins can be traced for several kilometres and are recognized on Google Earth imagery as they contrast well with the host rock. In general these veins are oriented NE or NNE and to date have yielded lower precious metal values.

Favourable host rocks for mineralization include skarnified rocks with silica and epidote alteration and apparent replacement textures within favourable Ocoite (andesite with plagioclase megacrysts) units. Veins within these host rocks tend to be wider than the less permeable (dacitic) units.

Diego Charchaflie, P.Geo., is the qualified person, as defined by NI 43-101, who supervised work programs and preparation of the technical data presented herein.

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