Mineros S.A. directly holds a 99.9975% interest in the Hemco Property through its interest in its subsidiary, Hemco Nicaragua S.A. Mineros holds a 99.995% interest in Hemco Nicaragua directly, and a further 0.0025% interest indirectly through Mineros Aluvial S.A.S. BIC (Mineros Aluvial), a wholly owned subsidiary of Mineros. The remaining 0.0025% interest in Hemco Nicaragua is held by Mercantil Colpatria S.A. (Colpatria), a major shareholder of Mineros. Hemco Nicaragua holds a 100% interest in the majority of the concessions that constitute the Hemco Property.
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Summary:
At the Hemco Property, the majority of mineralization consists of volcanic hosted gold-silver + copper, lead, and zinc epithermal quartz veins of intermediate sulphidation type. Three groups of mineralized, northeast trending veins, called the Panama Group, Pioneer Group, and Constancia Group, respectively, occur within andesitic and agglomerate units. Each group hosts up to 70 principal veins or vein segments, which collectively define a 20 km long mineralized corridor and host the Panama gold and Pioneer gold and silver deposits. The Porvenir polymetallic deposit is hosted within adjacent volcanic rocks.
The Porvenir, Leticia, and San Antonio deposits are within the Constancia Group.
The majority of mineralization within the concession area consists of volcanic hosted gold-silver ± copper, lead, and zinc epithermal quartz veins of intermediate sulphidation type.
There is a vertical zonation of metals, and base metal contents are higher at depth, although, in general, gold grades appear to stay constant except in those areas near surface where residual gold has been liberated by the oxidation of pyrite and weathering/disintegration of host rock.
The epithermal veins at Bonanza are characterized by moderate to intense propylitic alteration of the andesite wall rocks locally accompanied by argillic alteration and silicification. There are several variations in style of mineralization among the veins.
In the Bonanza district, all of the veins are interpreted to lie in the middle to deeper levels of an epithermal system. On the basis of base metal content, the Porvenir, Leticia and San Antonio veins in the Constancia Group are interpreted to be deeper relative to the Pioneer and Panama groups.
The Porvenir gold vein system comprises five main veins, part of the Constancia Group. The five main veins at Porvenir are Porvenir Norte, Oro Fino, Real McKoy, Elena, and Porvenir Sur.
The Porvenir deposit consists of polymetallic mineralized veins that are spread over a strike length of approximately 2,200 m and have a maximum depth of 400 m below surface. These veins have a northeast 55°- 65° southwest striking orientation and dip to the northwest from 50°-80° with a thickness ranging from 0.8 to 16.0 m.