2010-03-16_REVISION - M1981185 (29)

Home Browse Search

Wildcat Mining Corporation Page 16 • There is a brief discussion of the May Day and Idaho properties in a U.S. Bureau of Mines Mineral Land Assessment report on the San Juan National Forest dated 1992. This document is primarily of summary of the above references. Reported assay information confirms a grade of 0.772 opt gold and 11.6 opt silver for in- place ore from the May Day vein. A number of short memoranda and letters from John Ferguson and Fred Johnson in the 1980's identify and quantify known resources in the May Day and Idaho mines. All of these resources remain today and will be the objective of initial mining operations of Wildcat Mining. More recently, in the 1990's, geology students from Fort Lewis College have used the workings of the May Day mine for field exercises. A notable contribution was made by Mark Shutty (1996) who diligently digitized some 38 historic maps of the district, dating to 1928, and compiled this information to a 3- D computer mine model, which we are yet attempting to recover. Historical Production The Anonymous 1939 report estimates past production to have been $3 million for the Idaho mine and $2 million for the May Day mine. . Mr. McCausland's report of 1941 estimates combined production from company operations of the May Day and Idaho mines as $3 -6 million up to 1916, noting that even then records were not complete and that high -grade ore was stolen by well- organized high - graders. After 1916, the mines were operated by lessees and proper records of this production do not exist. Eckel (1949) reports historic production from the May Day mine to have been 74,915 ounces gold and 758,984 ounces silver; and from the Idaho mine to have been 47,962 ounces gold and 383,004 ounces silver. Together, these two mines have been responsible for half the total metal production of the La Plata district. Historical Resource Estimates • The following table presents a summary of the more important historical resource estimates for the May Day and Idaho mines. As will be discussed in a later section, none of these estimates meet current standards of for Mineral Resource or Mineral Reserve reporting in the United States or Canada. They are best understood as an indication that identified mineralized material remains in the mine, and an indication of the grade of material potentially available for mining. The gold grades reported — 0.2 to 0.55 opt Au — are attractive for current production. January 2007 May Day — Idaho Mine Colorado