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Corex collectively holds the rights to acquire a 100% interest in thirteen contiguous mining concessions consisting of approximately 1,500 hectares, collectively known as the "Caliche" Property. The Caliche property has numerous historic small-scale gold mining operations and is located in Sonora State, Mexico.
During the first quarter of 2007, Corex initiated geologic mapping and sampling on the Caliche property and has defined numerous gold and silver bearing structures that warrant additional geologic work. Gold-silver mineralization is hosted in quartz feldspar porphyry, siltstones-sandstones-arkoses, and phaneritic intrusive rocks. The target exhibits favorable alteration over several square kilometers. The structural setting is dominated by northwest trending right lateral wrench faults, synthetic strike slip faults and antithetic, northeast trending left lateral wrench faults.
Corex has initiated a 12,000m Phase 1 drill program on the Caliche property to follow up on positive results from the mapping, sampling and trenching exploration work.
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