La Bufa Property
| Location: | Guadalupe y Calvo district, Chihuahua, Mexico |
| Area: | 2,291.3 hectares (5,661 acres) |
| Commodities: | Gold, silver, lead, zinc |
| Ownership: | Option to earn up to 60% |
| Status: | Exploration |
Outstanding Location
The La Bufa property covers three concessions (La Bufa, La Bufa 1, La Bufa 2) and lies within the Sierra Madre Occidental along a north-south trend encompassing numerous gold-silver mines and deposits. Key mining projects include Mulatos, Dolores, Ocampo, and El Sauzal. Access to the property is excellent via paved highway. Power, water, and labor are available at the adjacent town of Guadalupe y Calvo.
High-grade Historical Production
Historical production (1834-1939) in this district came largely from high-grade epithermal quartz breccia veins at the Rosario mine. Past production is estimated at 2 million ozs gold and 28 million ozs silver with ore averaging 37 gpt (1.08 opt) Au + 870 gpt (27 opt) Ag with excellent metallurgy.
Surrounding the Key Targets and Extensions
The La Bufa property surrounds the area of past production and its possible strike extensions. To the south, La Bufa covers at least 1700 meters of vein system strike length. Multiple quartz veins crop out intermittently and range in thickness from 1 meter to 3+ meters within a complex fault zone up to 70+ meters wide. To the north, the property covers a large area of exploration potential. Host rocks are “Lower Volcanics” (Tertiary) comprised largely of dacitic tuffs.
Past Drilling
Minor core drilling on the La Bufa property in the 1970’s and in 2004 encountered encouraging intercepts on the order of 6 to 9 gpt Au + 324 to 447 gpt Ag. Multiple ore-grade intercepts were encountered in one hole. Minor underground workings and stopes (now collapsed) are also present on the property.
Upcoming Exploration
Lincoln Gold has conducted aerial photography over the entire district and has produced a high-quality topographic base map. The base map was used for a soil sample survey and detail geologic mapping over the southern extension of the vein system. Numerous targets have been identified and will be drill tested in 2008. At least 15 core holes are planned for a total of 6000 metres of drilling.
Joint Venture Agreement
Lincoln Gold entered into a joint venture with Almaden Minerals Ltd. on the La Bufa property in summer 2005. Under the agreement, Lincoln Gold can earn up to a 60% interest in the property over a 4 year period by spending US$3.0 million in work expenditures and by giving Almaden 450,000 Lincoln shares.