Santa Ana Silver Project


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Overview

The Santa Ana project was acquired by Red Eagle Mining in June, 2016. Drilling was completed by the previous owner, Condor Precious Metals Inc. (Condor).

Santa Ana covers the core of the historic Mariquita Silver District, one of Colombia's most prolific colonial silver mining camps with production dating back to the sixteenth century. Santa Ana comprises 669 hectares of the historic Mariquita Silver District, one of Colombia's most prolific colonial silver mining camps with production dating back to the sixteenth century. The property is located approximately 190 kilometres ENE of Bogota in Tolima, Colombia.

A summary exploration report on the Santa Ana Property dated April, 2013, coauthored by Doublewood Consulting Inc. and Antediluvial Consulting Inc., cited the following archival information from historical Spanish documents regarding past production at Santa Ana:

"The La Porfia, El Dorado, La Manta and La Obdulia mines are located within the property as part of the historic colonial Santa Ana silver mines. The average smelter return for silver ore during those days was "4 marcos per quintal" (approximately 17 kg/t Ag) according to official reports of Hacienda Santa Fe (year 1585) also reporting widths exceeding 1 1/2 varas (4 1/2 feet). More veins were discovered in the Santa Ana (today Falan) and Frias region following exploration during the XVI Century, adding 14 new mines to the district, all of them producing over 1 marco of silver per quintal (approximately 4.3 kg/t Ag)."

The Santa Ana Property polymetallic silver-gold veins are characteristic of a low-sulphidation epithermal system defined by quartz-(adularia)-(sericite) veining with silver-gold (including sulphosalt) mineralization and associated elevated levels of sphalerite and galena. The mineralized veins generally strike north to south and dip between 45° and 85° to the west or northwest. Vein thicknesses vary from less than 10 cm up to 2 m with an average of approximately 0.5 m.

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