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Lipeņa/Bonete
43-101 Resource Estimate Report
Pastos Grandes
Disclosure
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Lipeña/Bonete Copper-Gold Project, Bolivia Location The Lipeña/Bonete copper-gold project is located in southwest Bolivia. The Bonete mining concession entirely surrounds the Lipeña project and both areas total 5,975 hectares. The property is located 25 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. Recently, the airport at Uyuni has opened and there are almost daily flights from La Paz. The project is approximately 2.5 hours by vehicle from Uyuni.
Project 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 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. The results yielded significant mineralization over large intervals. In 2011, the Company completed a diamond drill program for a total of 3,954.5 metres in 12 holes. Selected intercepts are highlighted below. For a complete list of significant drill holes, please click here. Lipeña Zone:
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 predominantly gold orientated and the mineralization is very close to surface. New World retained the services of a qualified independent geologist to provide an independent National Instrument 43-101 compliant resource estimate, "Resource Estimate Lipeña Project, South Lipez Province Bolivia" dated November 25, 2008. This report can be viewed on SEDAR or on New World's website. Due to the increase in commodity prices since the date of this initial NI 43-101 compliant resource estimate, significant tonnage has been added to the resource as well the increase in the overall copper equivalent grade. The increase is solely due to the effect of updated commodity prices on the cut-off grade and that the actual block model has not been re-estimated as there had been no new sampling carried out. The additional tonnage also increases the number of ounces of gold in the indicated category by 7%, from 224,466 to 240,193, and in the inferred category by 47% from 63,717 to 93,763 ounces. Indicated Resources Estimate: 5.7 million tonnes of 1.67% copper equivalent (1.0% copper equivalent cut-off for underground resources and 0.4% cut-off for open pit resources) 240,193 ounces of gold, 152 million pounds of copper,& 3.6 million ounces of silver Inferred Resources Estimate: 4.8 million tonnes of 1.0% Copper Equivalent (1.0% copper equivalent cut-off for underground resources and 0.4% cut-off for open pit resources) 93,763 ounces of gold, 91 million pounds of copper,& 3.7 million ounces of silver Open Pit Resource Estimate
Underground Resource Estimate
Notes:
The two other zones; La Mosa and the Central Zones have undergone less drilling and contain significant gold values with lesser amounts of copper mineralization. The La Mosa zone is located on top of a small hill and may be 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. Geology 
The regional geology consists of a sequence of Miocene andesitic to daciticvolcanics 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 predominantly 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 fine-grained and has only been observed in polish sections. The geological characteristics of the project has been suggested to be 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 possible copper gold deposit of large tonnage and low grade at depth will require additional geophysical surveys and drilling. Agreement The Company earned its 75% interest in the Lipena copper-gold project on May 1, 2010 by paying US$350,000, issuing 5,850,000 common shares with a value of $1,870,500 to Empresa Minera Marte S. R. L. ("Marte") and incurring exploration expenditures of U$2,280,000 over a period of six years. On September 14, 2012, the Company optioned 37.4% of its 75% interest in the Lipeña project through an amended option agreement. Under the terms of the amended option agreement, Marte will: • earn 17.4% interest by making US$750,000 cash payment (Paid). • earn the remaining 20% by spending US$1,250,000 in mineral exploration expenditures on the Lipeña copper-gold over the next 12 months. Completion of this transaction will result in Marte holding 62.4% of the project and New World will hold 37.6% Luis Mercado, an officer of Marte, is a director and the largest shareholder of New World. The amended option agreement constitutes a related party transaction pursuant to Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101 -- Protection of Minority Securities Holders in Special Transactions ("MI 61-101"). The amended option agreement is exempt from the formal valuation and minority shareholder approval requirements pursuant to Part 5 of MI 61-101 by virtue of the financial hardship exemption set forth in Sections 5.5(g) and 5.7(e), respectively. The terms of the amended option agreement were negotiated by the independent directors of the Company, and Mr. Mercado declared his interest in the transaction and abstained from voting on it. Additionally, New World has signed a joint venture agreement with Corporación Minera de Bolivia (COMIBOL) with respect to 5,875 hectares of COMIBOL's Bonete mining concession. The relevant portion of the concession surrounds the Company's Lipeña copper-gold project in south-eastern Bolivia. Under the agreement, New World is entitled to a 60% interest and will act as operator of the joint venture. COMIBOL is the Bolivian government entity that controls all mineral exploration on state owned lands. Future Plans The Bonete concession is on care and maintenance until further notice. Marte will be in charge of the administration of the Lipeña project and will incur US$1.25 million in exploration expenditures over the next twelve months. The Company is presently evaluating several possible projects in mining-friendly jurisdictions and hopes to release more information on this initiative in the coming weeks. Lipeña/Bonete Gallery |
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