Miranda Project (Au, Ag)

The Miranda gold property covers 6,897 hectares in the Sonoran desert within a structural corridor of the Sonora-Mojave megashear ("SMM trend"). Based on the knowledge of the geology, alteration, structural controls of the mineralization and exploration experience, Zapata Exploration (“Zapata”) believes that an open-pit, leachable target is attainable within the property.

The SMM trend hosts multimillion-ounce deposits including active mines such as Fresnillo Plc’s Herradura. Soledad-Dipolos, Nochebuena in Mexico, and historic districts as Mesquite and Picacho in Arizona. Miranda lies in the south-central part of the SMM trend, adjacent to San Felix and El Antimonio mining districts on the south and east respectively. Miranda covers multiple prospects and gold occurrences including the inactive mines La Fortuna and El Gigio. Additionally, the property exhibits structures and lithologies favorable for the development of large orogenic (mesothermal) ore deposits like those occurring along the SMM trend.

Miranda is located 60 km west of Caborca and 128 km south of Sonoita (US border) in the state of Sonora. Geological mapping, soil and rock chip sampling have identified a zone of strongly fractured granitic rocks partially covered by gravel and metasedimentary and andesitic volcanic rocks. The entire rock sequence is cut by gold-bearing quartz veinlets that delineate a target area of considerable dimensions (4,000 m x 2,000 m). Of 650 rock taken in the property, nearly 100 samples contained gold between 0.5 and 16 g/t Au; 40% of the samples contained between over 0.1g/t Au (average 0.9 g/t Au). Channel samples cut with diamond saw in a stockworked granite exposed in an arroyo averaged 0.16 g/t Au over a 60-meter section. Individual samples within the stockwork range from 0.11g/t Au to 0.36 g/t Au.

Quartz, sericite, and siderite are associated with this stockwork zone which goes under gravel and sand cover to the west. This type of alteration is important because it is characteristic of the orogenic gold deposits in Sonora, forming alteration halos around the deposits.

A detailed airborne ZTEM/Magnetometry survey of the property revealed features favorable for mineralization similar to those found at the Herradura deposit 70 km to the north. Features include magnetic lows that indicate NE30 and NW70 oriented structures and low resistivity zones suggestive of disseminated sulfides.

A 4,100-soil sampling program was undertaken to explore covered areas adjacent to known gold mineralization. Results revealed anomalies around the stockworked granite and sheared metavolcanic rocks.

Favorable geophysical, geochemical, geological, alteration and mineralization features coincide in two target areas of considerable dimensions which make very compelling drilling targets.

Follow up at Miranda will entail tracing the stockwork mineralization with drilling under gravel cover to the west as well as drill-testing the sheared zones in the northern part of the property.