Jocuixtita Overview
On July 16, 2009, Soho Resources announced the acquisition of the Jocuixtita Silver Project in Sinaloa, Mexico and just recently on September 13, 2011 the Company announced that it had completed a first phase exploration program. This first phase included geological mapping, surface and underground sampling of exposed mineralization followed by a diamond core drilling program testing two of the principal zones, La Salvadora and El Carmen.
LOCATION
The Jocuixtita Silver Project is located near the town of San Ignacio and approximately
120 kilometres northeast of Mazatlan, in the State of Sinaloa. Access to the property is via highway between Mazatlan and Culiacan except for the last 67 kilometres which is over gravel road.
OWNERSHIP
The Jocuixtita property consists of eleven contiguous mining concessions covering a cumulative area of 4,103 hectares. Six of the mining concessions are owned by two different vendors and are the subject of two separate purchase and option agreements. The remaining five mining concessions on 2,530 hectares adjacent to the concessions mentioned above, were staked by the Company's subsidiary Samarkand, and therefore are owned directly by Samarkand.
The Company entered into one agreement with Esteban Hernandez Rodriguez and Erelinda Acuna Acuna (the "Hernandez Option") and the second with Luis Saul Quintero Triana (the "Quintero Option"). Both agreements grant Samarkand the right to explore and acquire a 100% interest in the respective concessions. In order to maintain the right to explore and exercise the above options, Samarkand must make cumulative payments totalling US$1,010,000 (US$810,000 over a period of six years in the case of the Hernandez Option and US$200,000 over a period of three years in the case of the Quintero Option). Up to a maximum of US$372,660 of the option payments may be made by payment of Soho shares.
For the Hernandez Option, the vendors maintain a 2% NSR royalty on the applicable concessions. Samarkand may acquire 1.75% of the 2% NSR by making a cash payment of US$612,500 to the vendors of the Hernandez Option.
METALLURGY
The Jocuixtita property hosts a number of northwest and cross cutting northeast trending epithermal vein structures mineralized with silver, gold, lead, copper and zinc.
OVERVIEW
The Jocuixtita property has not been explored using modern exploration methods. The main mines within the project have been historically mined on a very small scale by previous owners. The principle structure hosting the El Carmen - La Salvadora - El Eden historic mine workings has been traced over a minimum of 3 kilometres of strike length. During a due diligence site visit, the Company observed exposed mineralised zones within this principle structure ranging from four to ten metres in width.
