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The Lipeña Copper-Gold-Silver Project and Bonete Mining Concession, Bolivia
The Lipeña Project and the Bonete Mining Concession are located in southwest Bolivia. The Bonete Mining Concession entirely surrounds the Lipeña Project and both areas total 5,975 hectares. The property is located 15 km west of the small town of San Pablo de Lipez and is accessible year round by a series of gravel roads. Access to San Pablo de Lipez is by a network of roads through Uyuni or from the east through Tarija. Alternatively there is an airstrip located on the outskirts of San Pablo de Lipez. Geology 
The regional geology consists of a sequence of Miocene andesitic to dacitic volcanics and volcaniclastics intruded by younger dacitic to rhyodacitic and lesser microgranite dykes. The entire region displays prolific zones of alteration, and contains several historical workings.Within the Lipeña Project a propylitic and argillized alteration zone covers approximately 1,400 x 750 metres (1.0 km2); it is elongated along a 290º strike (N70ºW). The copper gold and silver mineralization is hosted within a tourmaline quartz breccia with angular to subrounded hetrolithic argillic and potasic altered clasts. A late stage low sulphidation epithermal event is sporadically exposed as cryptocrystalline and vuggy quartz veining within the breccias. The primary mineralogy of the breccia consists of tourmaline, quartz, chalcopyrite, specular hematite, pyrite, chalcocite, magnetite, and +/- barite. Gold is very fine-grained and has only been observed in polish sections. The geological characteristics of the project are analogous to the uppermost section of the breccias of the giant copper -- molybdenum porphyries at Rio Blanco and El Teniente in central Chile. The occurrence of a copper gold porphyry system of large tonnage and low grade at depth is very plausible, however the actual depth and location of this hypothetic mineralization is still unknown. Agreement New World Bolivia S.A. ("New World Bolivia"), a subsidiary of New World Resource Corp. has entered into an option agreement for a joint venture with Empresa Minera Marte S.R.L. ("Marte") a subsidiary of Empresa Minera Unificada S.A. ("EMUSA") to acquire an undivided 75% interest in the Lipeña Project. EMUSA acquired the Lipeña Project in 1997. Under the option agreement (the "Agreement"), New World Bolivia has the right to acquire a 75% interest in the Lipeña Project by making payments to the Marte, consisting of cash and the issuance of shares, and by incurring "qualifying" (exploration) expenditures on the property over a five year period. New World Bolivia has amended the Agreement whereby New World Bolivia has an option to accelerate the option period and acquire an additional 10% interest in the Lipeña Project. New World Bolivia has until May 1, 2010 to make an election to accelerate its option period. Additionally, New World Resource Corp. has signed a joint venture agreement with Corporacion Minera de Bolivia ("COMIBOL") with respect to COMIBOL's interest in the Bonete Mining Concession. Under the agreement, the company is entitled to 60% interest and will act as operator of the joint venture. Exploration Previous work has located three main zones of magmatic hydrothermal breccias, which have been named: La Mosa, Central and Lipeña from northwest to southeast. At surface these appear to be separate bodies, however the drill data suggests that they are likely related at depth and have been localized along a large west -- northwest trending structure. From 2006 to 2007, the Company has completed two diamond drill programs, for a total of 5,512 metres in 13 holes. These drill programs were designed to complete the following goals; verify the results of drilling by previous operator - a subsidiary of Battle Mountain Gold Corp. (1994 to 1996 - 12,690 metres in 44 holes (31 RC, 13DDH)), and to expand the known mineralized deposit in modest step-outs from historical intercepts. In the Lipeña zone a tourmaline-bearing breccia pipe, at least 100 to 150 metres in diametre is exposed. This breccia is thought to have been formed through magmatic hydrothermal processes. It is polymictic and has predominantly centimetre-sized fragments of volcanic rocks which show quartz/sericite/clay/chlorite alteration. Breccia matrix is tourmalinized and silicified with common open spaces. Chalcopyrite and calocite occur within the breccia matrix as well as dissementated pyrite and chalcopyrite within potastic altered clasts. The current knowledge indicates that the Lipeña breccia zone has at least 450 metres in vertical extent and it is open at depth. Further drilling is required to determine its accurate shape and the distribution of the ore minerals. Very little drilling to date has occurred in the La Mosa and Central zones. It appears that the La Mosa zone is predominatly gold orientated and the mineralization is very close to surface. New World Resource retained "Qualified Person" Ron Simpson, P.Geo of GeoSim Services Inc. to provide an independent National Instrument 43-101 compliant resource estimate. "Resource Estimate Lipeña Project, South Lipez Province Bolivia" dated November 25, 2008. Below is the resource estimate, the full report can be viewed on SEDAR. The following tables present the mineral resource estimates for the Lipeña deposit at a range of cut-off grades. For the potential open pit resource a base case cut-off grade of 0.4% copper equivalent is reported assuming a break-even cost of approximately $25/tonne. For the underground portion a base case cut-off grade of 1% copper equivalent is used assuming break-even cost of approximately $50/tonne. Potential Open Pit Mineral Resource
Potential Underground Mineral Resource
The geological characteristics of the project are akin to the uppermost section of a copper gold porphyry system. The occurrence of a copper gold deposit of large tonnage and low grade at depth is plausible, additional geophysical surveys and drilling is required. The two other zones; La Mosa and the Central Zones have seen less drilling and are enriched in gold with lesser amounts of copper mineralization. The La Mosa zone is defined by a small hill and would be very amenable to an open pit mining scenario. In the La Mosa Zone an interval near surface, of 127.2 metres from 36 to 163.2 metres returned 1.3g/t gold included 10.9 metres of 7.5 g/t gold. In the Central Zone a diamond drill hole intersected 71 metres of 1.2 g/t gold from 78 to 149 metres. During December 2009, New World commenced an extensive review and integration of the Lipeña and Bonete models. The Company appointed Mira Geoscience Ltd. to work with New World's exploration team to merge pre-existing geophysics, geochemical, geological, and resource block models into an integrated interactive 3D model. With the aid of a newly generated and interactive 3D modeling system, additional drill targets are being identified so that future drilling will further define all three zones with the Lipeña project and also the surrounding Bonete concession. This new modeling tool is also expected to generate targets in the hunt for the porphyry that is believed to be associated with the known hydrothermal magmatic breccia system. |
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