Lucent, Inc 10-K, filed Apr 15, 2025
Lucent, Inc. (LUCN)
About this 10-K
Lucent, Inc filed this 10-K on April 15, 2025, covering the fiscal year ended December 31, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 000-56397
LUCENT, INC.
(Name of Small Business Issuer in its charter)
Nevada |
| 3692 |
| 83-4057513 |
(State or Other Jurisdiction of Incorporation or Organization) |
| (Primary Standard Industrial Classification Number)
|
| (IRS Employer Identification Number) |
Steven Arenal
5151 California Ave. Suite 100
Irvine, CA 92617
949 251-1470
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Byron Thomas, Esq.
3275 S. Jones, Blvd., Ste 104
Las Vegas Nevada 89146
702-747-3103
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Byron Thomas, Esq.
3275 S. Jones, Blvd., Ste 104
Las Vegas Nevada 89146
702 747-3103
Securities registered pursuant to Section 12(b) of the Act:
Tile of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
N/A |
| N/A |
| N/A |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
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Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ | |
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes ☐ No ☒
On June 30, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $0.
As of April 14, 2025, the Company had 15,600,000 outstanding shares of common stock.
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LUCENT, INC.
TABLE OF CONTENTS
iii
FORWARD-LOOKING STATEMENTS
This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statement of the plans and objectives of management for future operations, any statements concerning proposed new products or strategic arrangements, any statements regarding future economic conditions or performance, and any statement of assumptions underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential,” “intends”, or “continue” or the negative thereof or other comparable terminology. Although the Company and its management believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements. The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risks and uncertainties, including but not limited to the Risk Factors set forth under Item 1A, and for the reasons described elsewhere in this report. All forward-looking statements and reasons why results may differ included in this report are made as of the date hereof, and we assume no obligation to update these forward-looking statements or reasons why actual results might differ.
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Overview
The Company was formed on December 5, 2017 in the State of Nevada as a “C” corporation.
Business Strategy
Lucent, Inc. has a wholly owned subsidiary Dijiya Energy Saving Technology, Inc.
Lucent’s mission is to revolutionize the AI datacenter and cloud computing industry by AI applications platform and harnessing the power of clean energy. With offices in Irvine, CA and Taipei, Taiwan, Lucent is committed to providing sustainable, reliable & high-performance solutions that empower businesses and public sectors to thrive in a digital world. Through collaboration & partnership with governments, businesses and communities, and unwavering dedication to environmental responsibility, Lucent strives to create a brighter, cleaner future for all.
On December 31, 2024, the Company entered into an Agreement for the purchase of graphite and other mineral concessions in Mexico ensuring a vital supply for the Companies future.
Our executive offices are located at 5151 California Ave. Suite 100Fourth Irvine, CA 92617. Our telephone number is 310-702-4178.
MINERAL RESOURCE POTENTIAL
With only 20% of explored area, “EL MUNDO” Gold mine has a potential of 83,100 Oz of Au, and “LOS PONCHOS” Gold Mine has a potential of 45,000 Oz of Au, for a combined potential of 128,100 Oz of Au. Both mines are located inside the Caborca Orogenic Gold Belt (COGB) of Northwestern Sonora.
Sampling campaigns and drilling are necessary to determine additional mineral resources at both gold mines.
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LOCATION
Caborca Orogenic Gold Belt (COGB)
MINERALIZATIION
The Caborca Orogenic Gold Belt (COGB) is approximately 600 kilometers long and 60 to 80 km wide, trends northwest, and extends from west-central Sonora to southern Arizona and California. COGB contains mineralized gold-rich quartz veins that contain free gold associated with white mica (sericite), carbonate minerals (calcite and ankerite), and sulfides such as pyrite and galena. Geochronologic studies exist for parts of the COGB, and previous work was concentrated in mining districts. These previous studies recorded mineralization ages of approximately 70 to 40 Ma. Therefore, some workers proposed that the orogenic gold mineralization in the region occurred during a single pulse that was associated with the Laramide Orogeny that took place during the Cretaceous to early Eocene in the western margin of North America, as described in USGS Report The Laramide Caborca orogenic gold belt of northwestern Sonora, Mexico: https://pubs.usgs.gov/publication/ofr20161008
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"El Mundo" vein with explored depths of 2 to 5 m and length of 750 m in addition to a mining development with a 25 meters shaft and a 7-meter crossing where the structure was intercepted at 6 meters.
The first sampling campaign made by Grupo Frisco (Subsidiary of Grupo Carso SAB de CV, owned by Carlos Slim) at El Mundo vein resulted in gold values of 4.75 to 17.75 g/t Au.
The second sampling campaign made by Grupo Fresnillo (Subsidiary of Fresnillo PLC, a Publicly traded London Stock Exchange company) at “El Mundo” Vein resulted in gold values of 2.5 to 8.7 g/t Au.
The “La Jani” vein samples (parallel to “EL Mundo” vein) resulted in gold values of 1.54 to 4.04 g/t Au.
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“El Mundo” vein | “La Jani” vein |
|
|
As far as “Los Ponchos”, it is suggested a second mapping campaign and boring, (with a drill rig of greater capacity to reach greater depth and quality in the samples) in addition to continuing the analysis by cyanidation by nature of the type of gold.
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Gold Mines in operation near the El MUNDO mining concession:
·La Herradura, Fresnillo PLC (LSE:FRES.L)+(OTCM:FNLPF)– 10 Million Oz of Au
·Noche Buena, Fresnillo PLC (LSE:FRES.L)+(OTCM:FNLPF) – 1.1 Million Oz of Au
·Tajitos, Fresnillo PLC (LSE:FRES.L)+(OTCM:FNLPF) – 1 Million Oz of Au
·Soledad y Dipolos, Fresnillo PLC (LSE:FRES.L)+(OTCM:FNLPF) – 450k Oz of Au
·Santa Elena, Mexus Gold US (OTCBB: MXSG) – 320k Oz of Au
·La Choya, Hecla Mining (NYSE:HL) – 310k Oz of Au
Gold Mines in operation near LOS PONCHOS mining concession:
·La Colorada, Argonaut Gold LLC (ARNGF) – 3 Million Oz of Au
·La Perla, IMR Bonanza – 1 Million Oz of Au
·San Antonio, Osisko Mining, 500k Oz of Au
·El Tambor, Mexital Mining – undisclosed Oz of Au
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PROPERTY DESCRIPTION
“El Mundo” claim has a total of 9 hectares and “Amalia” claim has 91 hectares for a total of 100 hectares, surrounded by three claims, Amalia 1, Amalia 2, Amalia 3, with a total of 1474.05 hectares that can be negotiated for purchase and with these the total Oz of gold will multiply.
Claim | Hectares | Title | Validity | Owner | |
El Mundo | 9 | 189618 | 29/05/1988 | 29/05/2038 | Ing. Tomas Ramírez López |
Amalia | 91 | 224137 | 29/11/2004 | 29/11/2054 | Ing. Tomas Ramírez López |
Los Ponchos | 45 | 236494 | 06/07/2010 | 05/07/2060 | Geo Luis Heriberto Ramírez |
Los Poncho 2 | 48 | 244341 | 11/08/2015 | 29/11/2054 | Ing. Tomas Ramírez López |
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MEXICO’S MINING and MINERALS
Mexico’s rich mining industry is among the top leading-best prospect industry sectors for U.S. companies.
As the world’s top producer of silver and twelve other distinct minerals, Mexico’s mining sector represents a leading opportunity for U.S. exporters. The industry has grown over ten percent annually since 2017. In stark contrast to other sectors that suffered from the pandemic for the last two years, Mexico’s mining production increased by 23 percent in 2021.
Mexico is a large exporter of mining products; with a trade balance surplus of USD 14.87 billion in 2021. Mexican exports of minerals and ores to the world totaled USD 18.9 billion in the same year.
The United States relies 100% on imported fluorspar, graphite, manganese, and strontium imports from Mexico and other countries.
Investment in Mexico’s mining industry has slowed as the current López Obrador Administration has placed a hold on issuing new mining concessions. The U.S. has a strong presence in Mexico’s mining industry with thirty-two companies, led by Newmont and Coeur Mining, having operations or significant investments in the country.
Metallurgy
Grupo Mexico, Met-Mex Peñoles, and Fresnillo PLC are the three main mining producers in Mexico, accounting for 82 percent of market value. They are Mexico’s largest producers of metallic ores supplying the national steel industry in Mexico. Despite their strong supply capabilities, Mexico imported USD 1.8 billion worth of metal ores from the United States in 2021 (NAICS 2122).
Exploration
The sector lacks enough suppliers of exploration services and perforation technologies. Mexican Government officials have expressed concern about the decrease in exploration investment over the last few years. In 2022, exploration will still be a priority for the Mexican Government in the mining sector.
Lithium Production
With the interest of developing of a local supply chain of processed lithium, battery manufacturers could start establishing plants in Mexico. However, it may take years to see a fully developed lithium industry. Mexico nationalized lithium mining and extraction in April 2022, giving a state-run company exclusive rights to mine lithium. The U.S. Geological Survey (USGS) reports it has identified resources of 1.7 million tons of lithium, positioning Mexico 10th globally. However, the deposits are largely held in clay substrates that are not yet accessible with current technology. Nevertheless, U.S. technology could be the key to unlocking the lithium believed to be in these deposits.
Capital Equipment
Mexico is the United States’ second-largest trade partner for construction and mining machinery, after Canada.
Barriers
U.S. suppliers to the mining industry face no commercial barriers for entering this market.
Mexico - Mining and Minerals: https://www.trade.gov/country-commercial-guides/mexico-mining-and-minerals
See Exhibit 99.1 “SUMMARY TECHNICAL REPORT” for more information.
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SITE PHOTOS
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Marketing
The Company will begin its marketing program online where our potential customers are most probably able and willing to associate.
Advertising
With limited funds, The Company will rely on management for advertising decisions. The company has developed an overall advertising scenario which it has implemented in preliminary form. As more funds become available the advertising budget will increase in a commensurate fashion.
Employees
As of December 31, 2024, we had ten (10) part time employees, including management. We consider our relations with our employees to be good.
Research and development activities and costs
We have not incurred any research and development costs to date.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
Item 1B. Unresolved Staff Comments.
As of December 31, 2024, there are no unresolved Staff Comments.
We currently rent offices in California and Taiwan. We believe these facilities are in good condition, but that we may need to expand our leased space as our research and development efforts increase.
There are no legal actions pending against us nor any legal actions contemplated by us at this time.
Item 4. Mine Safety Disclosures
Not Applicable.
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market for Common Equity
The Company trades on the OTCQB under the symbol LUCN. The high for the last two quarters of 2024 was 4.63 and the low $1.50. The Company has no equity compensation plans and there are no shares of common stock issuable upon the exercise of outstanding options or warrants to purchase, or securities convertible into, common stock of the Company. Other than the registered offering for shareholders pursuant to Registration there is no common equity being, or publicly proposed to be, publicly offered by the Company, the offering of which could have a material effect on the market price of the Company’s common equity.
Holders
As on December 31, 2024, the Company had 15,600,000 shares of our common stock issued and outstanding held by 54 share holders
Dividend Policy
We have never declared or paid any dividends on our common stock. We currently expect to retain all available funds and future earnings, if any, for use in the operation and growth of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our Board, subject to compliance with applicable law and any contractual provisions, including under any agreements for indebtedness we may incur, that restrict or limit our ability to pay dividends, and will depend upon, among other factors, our results of operations, financial condition, earnings, capital requirements and other factors that our Board deems relevant.
Securities Authorized for Issuance under Equity Compensation Plans:
The Company does not have any equity compensation plans.
Recent Sales of Unregistered Securities:
None.
Securities Authorized for Issuance under Equity Compensation Plans:
The Company does not have any equity compensation plans.
Recent Sales of Unregistered Securities:
In 2024, 10,000,000 shares were issued for the acquisition of Lucent, Inc. the company’s wholly owned subsidiary.
Item 6. Selected Financial Data.
The Index to Financial Statements and Schedules appears on page 13.
See financial exhibit 99.2 included with this 10K.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information contained in this prospectus.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not Applicable to Smaller Reporting Companies.
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Item 8. Financial Statements and Supplementary Data.
LUCENT, INC.
TABLE OF CONTENTS
DECEMBER 31, 2024
|
| Page |
Financial Statements |
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|
| F-1 | |
Statements of Operations for the Years ended December 31, 2023 and 2024 |
| F-2 |
Statements of Cash Flows for the Years ended December 31, 2023 and 2024 |
| F-3 |
| F-4 |
13
LUCENT, INC.
| December 31, 2023 |
| December 31, 2024 | ||
ASSETS |
|
|
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Current Assets |
|
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|
|
Cash | $ | - |
| $ | - |
Total Current Assets |
| - |
|
| 95,279,936 |
|
|
|
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|
Total Assets | $ | - |
| $ | - |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Liabilities |
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Current Liabilities |
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Account Payable | $ | 16,715 |
| $ | 10,920 |
Due to Related Party |
| 16,350 |
|
| 6,800 |
Total Current Liabilities |
| 33,065 |
|
| 17,720 |
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Total Liabilities | $ | 33,065 |
| $ | 17,720 |
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STOCKHOLDERS’ DEFICIT |
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Common stock; $0.001 par value, 75,000,000 shares authorized; 5,600,000 and 15,600,000 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively |
| 5,600 |
|
| 15,600 |
Additional Paid-in Capital |
| 80,415 |
|
| 80,415 |
Accumulated Deficit |
| (119,080) |
|
| (95,409,016) |
Total Stockholders’ Deficit |
| (33,065) |
|
| (17,720) |
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Total Liabilities and Stockholders’ Deficit | $ | - |
| $ | - |
The accompanying notes are an integral part of these audited financial statements.
F-1
LUCENT, INC.
| For the Years Ended December 31, | ||||
| 2023 |
| 2024 | ||
REVENUES | $ | - |
| $ | - |
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EXPENSES |
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General and Administrative Expenses |
| 8,070 |
|
| 8,000 |
Professional Fees |
| 7,275 |
|
| 7,000 |
Total Expenses |
| 15,345 |
|
| 15,000 |
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Net Loss | $ | (15,345) |
| $ | (15,000) |
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Net Loss per Common Share - Basic | $ | (0.00) |
| $ | (0.00) |
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Weighted Average Common Shares Outstanding- Basic |
| 5,600,000 |
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| 5,600,000 |
The accompanying notes are an integral part of these audited financial statements.
F-2
| For the Years Ended December 31, | ||||
| 2023 |
| 2024 | ||
Cash Flows from Operating Activities: |
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Net Loss for the Year | $ | (15,345) |
| $ | (15,000) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities |
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Increase (Decrease) in Accounts Payable |
| 5,795 |
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| 1,120 |
Net Cash Used in Operating Activities |
| (9,550) |
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| (13,880) |
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Cash Flows from Investing Activities: |
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Net Cash Provided by Investing Activities |
| - |
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| - |
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Cash Flows from Financing Activities: |
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Proceeds from related party |
| 9,550 |
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| 5,800 |
Net Cash Provided by Financing Activities |
| 9,550 |
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| 5,800 |
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Net Increase in Cash, Cash Equivalents, and Restricted Cash |
| - |
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| - |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year |
| - |
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| - |
Cash, Cash Equivalents, and Restricted Cash at End of Year | $ | - |
| $ | - |
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Supplemental Cash Flow Information: |
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Interest Paid in Cash | $ | - |
| $ | - |
Income Taxes paid in Cash | $ | - |
| $ | - |
The accompanying notes are an integral part of these audited financial statements.
F-3
LUCENT, INC.
December 31, 2024
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS
Lucent, Inc. (“the Company”, “we”, “us” or “our”) was incorporated on December 5, 2017 in the State of Nevada. The Company was created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. The Company is a solution to pay and to get paid without exchanging personal information.
Lucent, Inc. has a wholly owned subsidiary Dijiya Energy Saving Technology, Inc.
Lucent’s mission is to revolutionize the AI datacenter and cloud computing industry by AI applications platform and harnessing the power of clean energy. With offices in Irvine, CA and Taipei, Taiwan, Lucent is committed to providing sustainable, reliable & high-performance solutions that empower businesses and public sectors to thrive in a digital world. Through collaboration & partnership with governments, businesses and communities, and unwavering dedication to environmental responsibility, Lucent strives to create a brighter, cleaner future for all.
On December 31, 2024, the Company entered into an Agreement for the purchase of graphite and other mineral concessions in Mexico ensuring a vital supply for the Companies future.
Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Israel
NOTE 2 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a development-stage company, the Company had no revenues and incurred losses as of December 31, 2023. The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the year ended December 31, 2024.
Cash and Cash Equivalents
The Company considers all highly liquid investments with the original maturities of six months or less to be cash equivalents. The Company had $0 of cash as at December 31, 2024.
Income Taxes
The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes.
F-4
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The ASC 606’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments
AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
Level 1: defined as observable inputs such as quoted prices in active markets;
Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying value of cash approximates its fair value due to its short-term maturity.
Basic and Diluted Net Loss per Common Share
Basic loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for each period. Diluted loss per share is computed by dividing the net loss by the weighted average.
number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.
Comprehensive Income
Comprehensive income is defined as all changes in stockholders’ deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of December 31, 2024, there were no differences between our comprehensive loss and net loss.
Recent Accounting Pronouncements
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.
F-5
NOTE 4 – STOCKHOLDERS’ EQUITY
The Company has 75,000,000, $0.001 par value shares of common stock authorized.
On December 5, 2017, the company issued a total of 3,000,000 common shares to its founder for a cash contribution of $21,000.
During the quarter ended December 31, 2018, the company issued a total of 1,170,000 common shares to various investors for cash proceeds of $29,250.
During the quarter ended March 31, 2019, the company issued a total of 1,430,000 common shares to various investors for cash proceeds of $35,750. During this shares issue, $35 was received in excess from an investor which has showed in subscription received in balance sheet. It was repaid to the investor subsequently.
In the fourth quarter ended December 31, 2024, the company issued 10,000,000 common shares pursuant to the acquisition of Lucent, Inc. the company’s wholly owned subsidiary.
There were 5,600,000 shares of common stock issued and outstanding as of December 31, 2023 and 15,600,000 as of 2022.
NOTE 5 – COMMITMENT AND CONTINGENCIES
The company is not currently involved with and does not know of any pending or threatening litigation against the Company.
NOTE 6 – SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after December 31, 2024, through April 14, 2024. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended December 31, 2024.
F-6
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There are none.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer of the Company handles all aspects of the company.
Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were ineffective as of December 31, 2023 due to the Company’s small size and a lack of segregation of duties.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the year ended December 31, 2024 that have materially impacted, or are reasonably likely to materially impact, the Company’s internal control over financial reporting.
Management’s Annual Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934). Internal control over financial reporting is a process designed by, or under the supervision of the Company’s Chief Executive Officer and the Chief Financial Officer and implemented by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The Company’s internal control over financial reporting includes those policies and procedures that: i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are made only in accordance with authorizations of management and directors of the Company; and iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material impact on the financial statements.
The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures, or the Company’s internal controls over financial reporting, will necessarily prevent all fraud and material errors. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations on all internal control systems, the Company’s internal control system can provide only reasonable assurance of achieving its objectives and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of internal control is also based in part upon certain assumptions about the likelihood of future events, and can provide only reasonable, not absolute, assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in circumstances, or because the degree of compliance with the policies and procedures may deteriorate.
Management of the Company, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 and determined that controls are ineffective due to the Company’s small size and lack of segregation of duties.
13
This annual report does not include an attestation report by our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only our management report in this annual report.
None.
Item 10. Directors, Executive Offices and Corporate Governance
The following table sets forth the names and ages of our current directors and executive officers, the principal offices and positions held by each person:
Name |
| Age |
| Positions |
Steven Arenal |
| 59 |
| Pres, Sec, Treas, Dir, CEO, CFO |
Steven Arenal, President, Chief Executive Officer, and Member of Board of Directors
After starting his career in commercial finance with Fuji Bank, Steve worked at Mellon Financial, and Lockheed. Steve has initiated strategic acquisitions for European, Japanese and American companies as they expanded into new markets. Steve brings nearly 22 years of International finance expertise to Hutton Private Finance. Specializing in corporate brokering, corporate finance, and M&A, Steve has worked with and represented companies mostly in the middle market, and has been involved in deals with the largest private equity funds. Steve helped start an industrial bank. He has spent 15 years placing equity into deals from a family office. He has an MBA along with other graduate certificates in business and economics.
Term of office
Our directors are appointed to hold office until the next annual general meeting of our stockholders or until removed from office in accordance with our bylaws. Our officers are appointed by our Board of Directors and hold office until removed by the Board, absent an employment agreement.
Significant employees and consultants
As of the date hereof, the Company has no significant employees.
Code of ethics
We have not adopted a Code of Ethics.
Item 11. Executive Compensation
Currently our officer and director receive no compensation for his services during the development stage of our business operations. He is reimbursed for any out-of-pocket expenses he may incur on our behalf.
In the future, once revenue is being generated, we may approve payment of salaries for our officer and director, but currently, no such plans have been approved. No officer or director salaries will be paid from the proceeds of this offering. We do not have any employment agreements in place with our officer and director. We also do not currently have any benefits, such as health or life insurance, available to our employee.
Stock option grants
We had no outstanding equity awards as of the end of the fiscal periods ended December 31, 2023 or through the date of filing of this prospectus.
14
Employment agreements
We have not entered into an employment agreement with any person. We have no plans to compensate our executive officers in the foreseeable future.
Summary Compensation Table. The following table sets forth certain information concerning the annual and long-term compensation of our current president and secretary during the fiscal year:
Name and principal position |
| Year |
| Salary ($) |
| Bonus ($) |
| Option Awards ($) |
| Non-Equity Incentive Plan Compensation ($) |
| Nonqualified Deferred Compensation Earnings ($) |
| All Other Compensation ($) |
| Total ($) |
Steven Arenal |
| 2024 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
Raid Chalil |
| 2023 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
Raid Chalil |
| 2022 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table contains information as of the date of this filing as to the beneficial ownership of shares of common Stock of the Company of each person who was the beneficial owner of five (5%) percent or more of the outstanding shares of the Company.
PRINCIPAL STOCKHOLDERS
5% and greater shareholders’ beneficial ownership
Beneficial Owner |
| Address |
| Number of Shares Owned |
| Percent of Class |
|
|
|
|
|
|
|
Steven Arenal |
| 5151 California Ave. Suite 100 Irvine, CA 92617 |
| 13,000,000 |
| 83.57% |
The following table contains information as of the date of this filing as to the beneficial ownership of shares of common stock of the Company, as well as all persons as a group who were then officers and directors of the Company.
Management beneficial ownership
Title of Class |
| Name and Address (2) |
| Shares |
| Percent (1) |
|
|
|
|
|
|
|
Common Stock |
| Steven Arenal |
| 13,000,000 |
| 83.57% |
Description of capital stock
|
| Authorized and Issued Stock Number of Shares at December 31, 2024 | ||||
Title of Class |
| Authorized |
| Outstanding | ||
Common stock, $0.001 par value per share |
|
| 75,000,000 |
|
| 15,600,000 |
Item 13. Certain Relationships and Related Transactions, and Director Independence.
On December 5, 2017, we offered and sold 3,000,000 shares of common stock to Steven Arenal, our President, Treasurer and a director, for aggregate consideration of $21,000.
15
Item 14. Principal Accounting Fees and Services
The aggregate professional fees paid to our registered public accounting firm for its annual audit and quarterly reviews during the year ended December 31, 2023 and 2022 were as follows:
|
| 2023 |
| 2022 | ||
Audit Fees and Audit Related Fees: |
|
|
|
|
|
|
Ben Borgers |
| $ | - |
| $ | 5,500 |
Michael Gillespie & Associates, PLLC |
|
| 950 |
|
| - |
Richard Bolko |
|
| 3,000 |
|
| - |
Barton CPA, PLLC |
|
| 2,000 |
|
| - |
Tax Fees |
|
| - |
|
| - |
All Other Fees |
|
| - |
|
| - |
TOTAL |
| $ | 5,950 |
| $ | 5,500 |
In the above table, “audit fees” are fees billed by our Company’s external auditor for services provided in auditing our Company’s annual financial statements for the subject year. “Audit-related fees” are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of our company’s financial statements.
“Tax fees” are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning.
“All other fees” are fees billed by the auditor for products and services not included in the foregoing categories.
Item 15. Exhibits, Financial Statement Schedules
Exhibit |
| Description |
|
|
|
| Certification of CEO required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
|
|
|
| Certification of CFO required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
|
|
|
| Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63 | |
|
|
|
| Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63 | |
|
|
|
| Summary Technical Report | |
|
|
|
| USD $95.2M Assets Valuation as of Dec 31, 2024 |
16
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LUCENT, INC.ORATION |
| |
|
|
|
|
Dated: April 14, 2025 | By: | /s/ Steven Arenal |
|
|
| Steven Arenal |
|
|
| President, Secretary, Treasurer, CEO, Principal Executive Officer, Chief Financial Officer, Director |
|
Pursuant to the requirements of the Securities Exchange Act of l934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signature |
| Title |
| Date |
|
|
|
|
|
/s/ Steven Arenal |
| Chief Executive Officer |
| April 14, 2025 |
Steven Arenal |
| Chief Financial Officer |
|
|
17
Exhibit 31.1
Lucent, Inc.
Certification Pursuant to Rule 13a-14(a)
Section 302 Certification
I, Steven Arenal, the Chief Executive Officer of Lucent, Inc., certify that:
1.I have reviewed the annual report on Form 10-K of Lucent, Inc., for the year ended December 31, 2024;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, the results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4.The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the for the issuer and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
5.The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.
Date: April 14, 2025
/s/ Steven Arenal
Steven Arenal
Chief Executive Officer
Exhibit 31.2
Lucent, Inc.
Certification Pursuant to Rule 13a-14(a)
Section 302 Certification
I, Steven Arenal, the Chief Financial Officer of Lucent, Inc., certify that:
1.I have reviewed the annual report on Form 10-K of Lucent, Inc., for the year ended December 31, 2024;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, the results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
4.The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the for the issuer and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
5.The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.
Date: April 14, 2025
/s/ Steven Arenal
Steven Arenal
Chief Financial Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Lucent, Inc. (the “registrant”) on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Arenal, Chief Executive Officer of the registrant, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of this Sarbanes Oxley Act of 2002, that, to my knowledge:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant at the dates and for the periods indicated.
/s/Steven Arenal
Steven Arenal
Chief Executive Officer
(Principal Executive Officer)
April 14, 2025
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Lucent, Inc. (the “registrant”) on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Arenal, Chief Financial Officer of the registrant, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of this Sarbanes Oxley Act of 2002, that, to my knowledge:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant at the dates and for the periods indicated.
/s/Steven Arenal
Steven Arenal
Chief Financial Officer
(Principal Financial/Accounting Officer)
April 14, 2025
SUMMARY TECHNICAL REPORT
on the
EL MUNDO PROJECT
Municipalities of Caborca and Altar,
Sonora, Mexico
For
Mr Tomás Ramírez L.
Stephen R Maynard, M.S., C.P.G.
Consulting Geologist
Albuquerque, N.M.
87104
USA
13 October 2023
TABLE OF CONTENTS
1.0 SUMMARY
2.0 INTRODUCTION
3.0 RELIANCE ON OTHER EXPERTS
4.0 PROPERTY DESCRIPTION AND LOCATION
4.1 Property Description
4.1.1 Mineral Concessions
4.1.2 Surface-access agreements
` 4.1.3 Environmental Liabilities
4.1.4 Environmental Permitting
4.1.5 Mining taxes
4.1.6 Assessment-Work Obligations
4.2 Property Location
4.3 El Mundo project ownership
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY
6.0 HISTORY
6.1 Early work
6.2 Ramírez
6.3 Mexican Geological Survey, 1990s-2000s – geological mapping
6.4 Fresnillo
6.4.1 Mapping and sampling
6.4.2 Potential resource estimate (NON-43-101 COMPLIANT)
6.4.3 Proposed drill program
7.0 GEOLOGICAL SETTING AND MINERALIZATION
7.1 Regional Geology
7.2 District geology
7.3 El Mundo project geology
7.3.1 Host rocks
7.3.2 Alteration
` 7.3.3 Mineralization
8.0 DEPOSIT TYPES
8.1 Orogenic gold
9.0 EXPLORATION
10.0 DRILLING
11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY
12.0 DATA VERIFICATION
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING
14.0 MINERAL RESOURCE ESTIMATES
15.0 MINERAL RESERVE ESTIMATES
16.0 MINING METHODS
17.0 RECOVERY METHODS
18.0 PROJECT INFRASTRUCTURE
19.0 MARKET STUDIES AND CONTRACTS
20.0 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR
COMMUNITY IMPACT
21.0 CAPITAL AND OPERATING COSTS
22.0 ECONOMIC ANALYSIS
23.0 ADJACENT PROPERTIES
24.0 OTHER RELEVANT DATA AND INFORMATION
25.0 INTERPRETATION AND CONCLUSIONS
26.0 RECOMMENDATIONS
27.0 REFERENCES
FIGURES
Figure 4.1. El Mundo project location in Mexico.
Figure 4.2. El Mundo project in relation to nearby populations and municipal boundaries. Figure 4.3. El Mundo project concessions.
Figure 6.1. Hoist structure of inclined shaft on El Mundo vein.
Figure 6.1. Locations of Fresnillo samples, El Mundo project.
Figure 6.2. Proposed drilling (Fresnillo, 2020), El Mundo Project.
Figure 7.1. Geologic provinces of Mexico, showing location of La Reyna project. Figure 7.2 Location of El Mundo project in relation to the Mojave-Sonora Megashear and existing gold mines of the Sonora gold belt.
Figure 7.3. El Mundo district geology (Servicio Geológico Mexicano, 2002).
Figure 7.4. GoogleEarth image of El Mundo project.
Figure 7.5. El Mundo vein in shallow cut, looking NE.
Figure 7.6. Close-up of El Mundo vein shown in Figure 7.5.
Figure 12.1. Maynard samples, El Mundo.
TABLES
Table 4.1. El Mundo project concessions.
Table 4.2. Semi-annual Mexican mining tax rates, commencing in 2022.
Table 4.3. Estimated mining taxes in Mexican pesos for El Mundo project concessions, 2022 to 2027.
Table 4.4. Mexican assessment work minimum amounts for 2022.
Table 6.1. Fresnillo rock-chip samples, El Mundo project.
Table 6.2. Fresnillo-recommended drill program, El Mundo project.
Table 8.1. Selected orogenic gold deposits in the Mojave-Sonora Megashear region.
Table 12.1. Maynard (QP) sample descriptions and assays for selected elements from El Mundo.
Table 26.1. Estimated cost of proposed exploration drilling at El Mundo.
APPENDICES
Appendix I. Certification of Qualified Person (QP) Appendix II. Assay certificate of QP samples.
1.0 SUMMARY
The El Mundo project covers 100 hectares in 2 mining concessions in the northwestern part of Sonora state, Mexico, on the boundary between Caborca and Altar municipalities. The project lies in the trend known as the Mojave-Sonora Megashear, which hosts several significant gold deposits of the orogenic type.
The El Mundo project has seen limited development, including minor production during the 1930s, and excavation of small pits and a 25-metre inclined shaft in the 1990s. The project was visited by Fresnillo PLC’s exploration team, which took 72 chip samples on the project. Fresnillo’s samples reported an average of 2.93 g/t Au.
No drilling has been conducted on the property.
Following the above considerations, a core-drilling program consisting of six 200-metre holes (total 1,200 m) test the El Mundo and Jany veins. The program should cost an estimated US$378,000.
A Phase II drilling program would follow contingent on the results of the Phase I drilling.
2.0INTRODUCTION
This report provides an independent evaluation of the exploration potential of the El Mundo project, which is comprised of two mining concessions covering 100 hectares. It has been prepared under the terms set out in the NI 43-101 standard at the request Tomás Ramírez López, owner of the El Mundo project concessions.
The author completed information reviews and conducted a single visit to the El
Mundo property in Sonora, Mexico on x February 2021, accompanied by engineer Tomás
Ramírez López and geologist Luis Heriberto Ramírez Gómez,
During the visit, the author conducted a reconnaissance of the property, including surface exposures, and review of available data and files.
The information herein is derived from a review of the documents listed in the References and from information provided by the Ramírezes. A complete list of the reports available to the author is found in the References section of this report. Published literature has been reviewed and is also referenced. This information has been augmented by first-hand review and on-site observation and data collection conducted by the author. The Qualified Person takes responsibility for the content of this Technical Report and believes it is accurate and complete in all material aspects.
The report provides a summary of the exploration and mining history of the El Mundo project. Recommendations are contained herein for an exploration program to define areas of gold mineralization on the project.
The opinions, conclusions, and recommendations presented in this report are conditional upon the accuracy and completeness of the information supplied by the Ramírezes. The author reserves the right, but will not be obliged, to revise this report if additional information becomes known to him subsequent to the date of this report.
3.0 RELIANCE ON OTHER EXPERTS
The author of this report has relied on the Ramírezes’ reporting on the standing of its mining concessions and the geology of the El Mundo project area. Scientific literature exists on the Caborca region, including unpublished company reports and Mexican geological survey report.
4.0PROPERTY DESCRIPTION AND LOCATION
4.1 Property Description
4.1.1 Mineral Concessions
The El Mundo Project comprises two mining claims covering 100 hectares in Caborca and Altar Municipalities, in the northwestern part of Sonora State (Figures 4.1 and 4.2) (Table 4.1).
Figure 4.1. El Mundo project location in Mexico.
Figure 4.2. El Mundo project in relation to nearby populations and municipal boundaries.
Figure 4.3. El Mundo project concessions. See Table 4.1 for concession data.
Table 4.1. El Mundo project concessions. See Figures 4.2 and 4.3 for concession locations.
Concession | Title No | Surface area (has) | Date Issued | Date Expiry | Owner(s) |
El Mundo | 189618 | 9.0000 | 5 Dec 1990 | 4 Dec 2040 | Raul Fernando Lemus Pompa |
Amelia | 224137 | 91.0000 | 8 Apr 2005 | 7 Apr 2055 | Tomás Ramírez López |
Total 100.0000 hectares
4.1.2 Surface-access agreements
Surface rights at the El Mundo project are controlled by a private rancher, Fernando Vásquez, whose “La Manteca” ranch covers approximately 48 km2. Tomás Ramírez reports good relations with the surface owner and expects to execute formal surface-use and access agreements in the near future.
` 4.1.3 Environmental Liabilities
The project has no known environmental liabilities.
4.1.4 Environmental Permitting
The applicable regulation, Norma 120-SEMARNAT-2011, requires a report, Informe Preventivo en Materia de Impacto Ambiental, that includes descriptions of the ground surface, mining/exploration history, surface ownership, mineral tenure, and the proposed exploration program. Certified written permission from surface owners must accompany the report when tendered to the Secretariat of Environment and Natural Resources’ (SEMARNAT) delegation in Hermosillo.
There is no known or anticipated obstacle to obtaining the SEMARNAT authorization for the El Mundo project.
4.1.5 Mining taxes
Mexican law requires that owners of mining concessions pay taxes semi-annually, in January and July of each year that a mining concession is valid. Taxes are calculated on a perhectare basis; the per-hectare tax amount goes up with the age of the concession as shown in Table 4.2. The basic per-hectare tax is adjusted for inflation annually. Semi-annual taxes for the El Mundo project are presented in Table 4.3. Failure to pay taxes will lead to revocation of a mining claim following a 30-day grace period/warning from the Mexican Mines Department.
Table 4.2. Semi-annual Mexican mining tax rates, commencing in 2022. Base per-hectare rates are adjusted annually for inflation.
Years of concession’s existence | Per hectare tax rate 2022 |
from issue of concession title | MXN$ |
During years 1 and 2 | $8.63 |
During years 3 and 4 | $12.91 |
During years 5 and 6 | $26.68 |
During years 7 and 8 | $53.66 |
During years 9 and 10 | $107.31 |
After 10th year | $188.86 |
Table 4.3. Estimated mining taxes in Mexican pesos for El Mundo project concessions, 2022 to 2027. Tax rates for 2022 are given in Table 4.2. Calculated tax for years 2022 to 2027 assume a yearly inflation adjustment of 2%.
Concession | Semi-annual tax (MXN$) | Total semi-annual taxes (MNX$) | Total annual taxes (MXN$) | |
El Mundo | Amelia | |||
Hectares | 9.0000 | 91.0000 | ||
2022 | $1,700 | $17,186 | $18,886 | $37,772 |
2023 | $1,734 | $17,530 | $19,264 | $38,527 |
2024 | $1,768 | $17,881 | $19,649 | $39,298 |
2025 | $1,804 | $18,238 | $20,042 | $40,084 |
2026 | $1,840 | $18,603 | $20,443 | $40,886 |
2027 | $1,877 | $18,975 | $20,852 | $41,703 |
4.1.6 Assessment-Work Obligations
The Mexican government requires annual filings of assessment work on mining concessions. Assessment work filings are due in May based on work executed during the prior calendar year. Minimum amounts to be spent on a concession are determined on a per-hectare basis, in addition to a fixed amount per concession. The fixed amounts and the per-hectare amounts go up with the size of the concession, and with the age of the concession as illustrated in Table 4.4. A concession owner may apply past excess expenditures to a subsequent year’s filings.
Table 4.4. Mexican assessment work minimum amounts for 2022. (Diario Oficial, December 2021)
Concession surface area (hectares) | Fixed Amount MXN$ | Additional annual minimum expenditure per hectare MXN$ | |||
1st Year | 2nd through 4th year | 5th through 6th year | After the 7th year | ||
Up to 30 | 396.99 | 15.86 | 63.50 | 95.28 | 96.79 |
> 30 and > 100 | 794.06 | 31.70 | 127.05 | 190.57 | 190.58 |
> 100 and > 500 | 1,588.09 | 63.50 | 190.57 | 381.13 | 381.13 |
> 500 and > 1,000 | 4,764.29 | 58.76 | 181.55 | 381.13 | 762.28 |
> 1,000 and > 5,000 | 9,528.62 | 54.00 | 174.69 | 381.13 | 1,524.58 |
> 5,000 and > 50,000 | 33,350.18 | 49.24 | 168.35 | 381.13 | 3,049.15 |
>/= 50,000 | 317,620.76 | 44.46 | 158.81 | 381.13 | 3,049.15 |
4.2 Property Location
The El Mundo property is situated in the municipality of Caborca, Sonora state, in northwestern Mexico, at latitude 31o 21' 56” N, longitude 112o 15' 54” W, about 73 km northnorthwest of the city of Caborca, Sonora, and 283 km northwest of the state capital, Hermosillo. The project lies 78 km southeast of Sonoyta, Sonora and Lukeville, Arizona (the nearest US port of entry) (Figures 4.1-4.2).
The El Mundo project lies in the “Sonora-Mojave Megashear” portion of the Basin and
Range geological province, which is host to several significant gold-mining districts, including Mezquite, American Girl, and Cargo Muchacho in California, USA; and La Cholla, La Herradura, El Chanate, and San Francisco, in Sonora, Mexico.
4.3 El Mundo project ownership
The Amalia concession is owned 100% by Tomás Ramírez López and the El Mundo concession is owned 100% by Raúl Fernando Lemus Pompa, with full power of attorney granted to Tomás Ramírez López.
The author of this report has not verified the legal status of the El Mundo mining concessions, nor the ownership of the surface, but relies on the verbal description of ownership, supplied by Tomás Ramírez L.
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY
The El Mundo project lies in northwestern Sonora, on the boundary of Caborca and Altar Municipalities, 75 km northwest of Caborca, Sonora, and 80 km southeast of the border communities of Sonoyta, Sonora and Lukeville, Arizona (Figures 4.1 and 4.2). Elevations within the El Mundo claim block range from 730 to 780 m. Vegetation is typical of the Sonoran Desert. The annual average temperature is 22C. Average low temperatures range from 5C in December
– January to 23C in June-July. High temperatures average 21C in December-January and 41C in June-July. The record high temperature for Caborca is 48C. The Caborca area is very dry, with precipitation averaging about 31 mm annually.
The route taken to the project for the author’s visit in February 2021 was on Mexican
Highway 2 from northwest from Caborca to a dirt road turnoff about 78 km from Caborca. From Highway 2, follow a dirt road to the northeast for about 20 km to Rancho La Manteca, then turn southeast to the project.
Caborca, with a population of approximately 12,000, is the nearest town to the El Mundo project. Caborca has airport, rail, and road access, as well as labor, equipment, and service requirements for conducting exploration or mining-related activities.
6.0 HISTORY
6.1 Early work
The first workings at El Mundo were carried out in the 1930s by an American prospector who extracted approximately 20,000 tonnes of ore. The project saw no significant work from that period until Raúl Lemus P. began his investigations in the 1980s. Lemus is said to have conducted geological, mining, and metallurgical work during that time, but no records are available.
6.2 Ramírez
In the mid-1990s, Ing Tomás Ramírez L. acquired the project and excavated shallow pits over 750 m along the El Mundo vein, including a 25 m-deep shaft (Figure 6.1). The mineralized structure was cut by the shaft at a depth of 6 meters.
Figure 6.1. Hoist structure of inclined shaft on El Mundo vein. Ing. Tomás Ramírez, property owner, poses.
6.3 Mexican Geological Survey, 1990s-2000s – geological mapping
The Mexican Geological Survey published a geological map of the project region at 1:250,000. The Survey identified the El Mundo mineralized zone as one of several northeasttrending shear/vein zones (Servicio Geológico Mexicano, 2002) (Figure 7.3).
6.4 Fresnillo
6.4.1 Mapping and sampling
Fresnillo traced the El Mundo vein for 750 m and the Jany vein for 250 m. Both veins strike NE/SW and dip 50 degrees to the SE. Fresnillo’s rock-chip samples on the veins assayed an average of 2.93 g/t Au. Fresnillo describes discontinuous boudinaged veins with silica and boxwork alteration halos less than 1 m wide, emplaced in upper
Cretaceous granite and granodiorite. Fresnillo geologists collected 72 chip samples on the veins. Gold assays are presented in Table 6.1; their locations are shown in Figure 6.1).
6.4.2 Potential resource estimate (NON-43-101 COMPLIANT)
Fresnillo listed a non 43-101-compliant potential resource of 33,500 troy ounces of gold:
•22,000 tr oz Au above a depth of 100 m in the El Mundo vein
•4,000 tr oz Au above 100 m in the Jany vein
•7,300 tr oz Au above 100 m, disseminated in host rocks
Table 6.1. Fresnillo rock-chip samples, El Mundo project. See Figure 6.1 for sample locations.
SAMPLE | UTM east | UTM north | Au g/t |
| SAMPLE | UTM east | UTM north | Au g/t |
1-A | 379642 | 3470944 | 5.5 | KN-002-18 0062 | 379554 | 3470881 | 8.7 | |
2-A | 379649 | 3470960 | 5.5 | KN-002-18 0063 | 379555 | 3470881 | 3.8 | |
3-A | 379660 | 3470974 | 5.75 | KN-002-18 0064 | 379551 | 3470874 | 1.8 | |
4-A | 379669 | 3470985 | 5 | KN-002-18 0065 | 379517 | 3470874 | 0.4 | |
5-A | 379692 | 3471006 | 5 | KN-002-18 0066 | 379478 | 3470805 | 1.5 | |
5-B | 379698 | 3471013 | 3.5 | KN-002-18 0067 | 379417 | 3470713 | 1.3 | |
6-A | 379710 | 3471024 | 5.5 | KN-002-18 0068 | 379322 | 3470633 | 0.2 | |
7-A | 379721 | 3471042 | 2.5 | KN-002-18 0069 | 379378 | 3470697 | 0.5 | |
B | 379726 | 3471051 | 1.25 | KN-002-18 0070 | 379835 | 3470919 | 0.9 | |
8-A | 379731 | 3471062 | 4.25 | KN-002-18 0071 | 379708 | 3471031 | 0.5 | |
9-A | 379750 | 3471081 | 3.3 | KN-002-18 0072 | 379745 | 3471079 | 2.6 | |
10-A | 379779 | 3471114 | 9.75 | KN-002-18 0073 | 379826 | 3471189 | 3.4 | |
11-A | 379557 | 3470884 | 7.25 | CH-019-001 | 379862 | 3470931 | 2.58 | |
B | 379554 | 3470888 | 6.62 | CH-019-002 | 379839 | 3470922 | 3.91 | |
12-A | 379550 | 3470886 | 2.5 | CH-019-003 | 379836 | 3470920 | 0.63 | |
13-A | 379550 | 3470882 | 4.75 | CH-019-004 | 379831 | 3470916 | 0.08 | |
B | 379569 | 3470897 | 1.87 | CH-019-005 | 379783 | 3470888 | 4.04 | |
14-A | 379550 | 3470879 | 3.5 | CH-019-006 | 379736 | 3470855 | 0.53 | |
15-A | 379548 | 3470877 | 6.75 | CH-019-007 | 379666 | 3470820 | 0.22 | |
16-A | 379540 | 3470876 | 1 | CH-019-008 | 379659 | 3470813 | 0.48 | |
17-A | 379535 | 3470868 | 3.75 | CH-019-009 | 379653 | 3470807 | 0.06 | |
18-A | 379501 | 3470833 | 0.5 | CH-019-010 | 379638 | 3470799 | 0.44 | |
19-A | 379482 | 3470810 | 0.5 | CH-019-011 | 379623 | 3470791 | 2.21 | |
30-A | 379619 | 3470926 | 12.5 | CH-019-012 | 379603 | 3470777 | 2.54 | |
31-A | 379620 | 3470928 | 17.75 | CH-019-013 | 379591 | 3470767 | 1.18 | |
KN-002-18 0051 | 379667 | 3470983 | 1.1 | CH-019-014 | 379583 | 3470763 | 0.41 | |
KN-002-18 0052 | 379665 | 3470980 | 1.2 | CH-019-015 | 379577 | 3470763 | 0.36 | |
KN-002-18 0053 | 379665 | 3470980 | 0.4 | CH-019-016 | 379554 | 3470749 | 1.22 | |
KN-002-18 0054 | 379633 | 3470938 | 7.1 | CH-019-017 | 379522 | 3470725 | 1.29 | |
KN-002-18 0055 | 379595 | 3470914 | 4.1 | CH-019-018 | 379497 | 3470703 | 0.36 | |
KN-002-18 0056 | 379595 | 3470914 | 3 | CH-019-019 | 379503 | 3470703 | 0.01 | |
KN-002-18 0057 | 379609 | 3470982 | 4.9 | CH-019-020 | 379598 | 3470492 | 0.13 | |
KN-002-18 0058 | 379595 | 3470918 | 1.2 | CH-019-021 | 379679 | 3470531 | 1.55 | |
KN-002-18 0059 | 379594 | 3470919 | 0.5 | CH-019-022 | 379644 | 3470530 | 0.16 |
KN-002-18 0060 | 379595 | 3470918 | 0.8 | CH-019-023 | 379323 | 3470586 | 0.08 |
| CH-019-024 | 379384 | 3470679 | 1.05 | |||
Figure 6.1. Locations of Fresnillo samples, El Mundo project. See Table 6.1 for gold assays.
6.4.3 Proposed drill program
Fresnillo recommended a 10-hole, 2,000-m drilling program (Table 6.2, Figure 6.2) to test the resource potential on the El Mundo and Jany veins, as well as test the potential for disseminated mineralization between the veins.
Table 6.2. Fresnillo-recommended drill program, El Mundo project. See Figure 6.2 for proposed hole locations.
Hole | UTM east | UTM north | Elevation | Azimuth | Dip | Depth (m) |
EM-001 | 380071 | 3470998 | 743 | 315 | 60 | 200 |
EM-002 | 379939 | 3471132 | 750 | 315 | 60 | 200 |
EM-003 | 379740 | 3470767 | 762 | 315 | 60 | 200 |
EM-004 | 379631 | 3470885 | 763 | 315 | 90 | 200 |
EM-006 | 379430 | 3470534 | 760 | 315 | 60 | 200 |
EM-005 | 379695 | 3470416 | 756 | 315 | 60 | 250 |
EM-007 | 379111 | 3470294 | 760 | 315 | 60 | 200 |
EM-008 | 379265 | 3470149 | 760 | 315 | 60 | 200 |
EM-009 | 380243 | 3471387 | 740 | 315 | 60 | 200 |
EM-010 | 380389 | 3471247 | 740 | 315 | 60 | 200 |
Figure 6.2. Proposed drilling (Fresnillo, 2020), El Mundo Project. Note that northeast- and southwest-most holes are located outside of the El Mundo claim block.
7.0 GEOLOGICAL SETTING AND MINERALIZATION
7.1 Regional Geology
Figure 7.1. Geologic provinces of Mexico, showing location of La Reyna project.
Northwestern Sonora records the early development of the southwestern edge of the North American craton, with a possible accreted Jurassic volcanic arc terrane. Regional metamorphism is associated with several intrusive and orogenic episodes, followed by Basin and Range-style rifting (Figure 7.1). The Mohave-Sonora Megashear strikes northwest through the region; it has played an important role in the formation of mineral deposits in the region (Campbell, et al., 1998; Jacques and Clark, 1998) (Figure 7.2).
Figure 7.1. Location of the El Mundo project in relation to the Mojave-Sonora Megashear and existing gold mines of the Sonora gold belt.
The oldest rocks in the region, Precambrian schist, gneiss, amphibolite, and quartzite of the Caborca terrane, are commonly cut by slightly younger latite and diorite intrusions
(Anderson and Silver, 1979). Caborca terrane rocks may be correlated with slate and greenschistgrade metamorphic rocks found in portions of northeast Sonora and the Pinal schist of Arizona (Jacques and Clark, 1998). Rocks unconformably overlying Upper Proterozoic sedimentary rocks consist of shallow marine clastic and carbonate units deposited along the margins of the North American craton. Sedimentation continued through much of the Paleozoic across northwestern and eastern Sonora, with several recognizable breaks and units that have been correlated with the Paleozoic sediments of the Colorado Plateau (Jacques and Clark, 1998). Crustal shortening in Late Mississippian and Late Permian-Early Triassic along the craton margin juxtapose deeper water sediments with shallow water and clastic sediments. In eastern Sonora, continental sediments were deposited during the Triassic in contrast to the marine deposits that accumulated in northwestern Sonora (Jacques and Clark, 1998). Volcanism began during the Jurassic; these volcanic rocks occur along the northern segment of the Sonora
gold belt as well as in the Caborca terrane (Merriam and Eells, 1979; Molina, et al., 1998).
Upper Jurassic-Lower Cretaceous sedimentary rocks include the Bisbee Group, which is widespread throughout southern Arizona and northern Sonora. The Bisbee Group rocks consist of the Glance Conglomerate, Morita Formation, the Mural Limestone and the Cintura Formation (Jacques, 1995). These units were deposited in a coastal to shallow marine environment with some deeper-water facies identified in eastern Sonora.
The Upper Cretaceous El Chanate Group unconformably overlies the Bisbee Group and consists of continental sediments with some intercalated volcanic rocks (Jacques, et al., 1990). The type section for the El Chanate Group is in the Sierra El Chanate, approximately 10 km northeast of the La Gloria project, where it ranges from 750 m to more than 2,800 m thick (Jacques, 1993). At its type section, the El Chanate Group has been subdivided into the Pozo Duro, Anita, and Escalante formations, from oldest to youngest. The Pozo Duro Formation consists of red mudstone and shale with intercalated tan sandstone and conglomerates. The Anita Formation consists of andesite breccias, fluvial conglomerates, sandstones and mudstones, and an upper unit that contains tan shales and gray limestone. Nourse (2001) suggested that the El Chanate Group may in fact underlie the Bisbee Group and therefore be Jurassic.
The Upper Cretaceous Tarahumara Formation consists of andesite breccias, flows and tuffs that are equivalent to the El Charro volcanic complex (Jacques, 1993) and unconformably overlie the older rock units.
Tertiary volcanic units consisting of rhyodacite to rhyolite flows, tuffs, and breccias intercalated with basalts and andesites are relatively uncommon in northwestern Sonora, and are more common in eastern and southern Sonora where they are the equivalent of the plateauforming sequences in the Sierra Madre Occidental (Roldan and Clark, 1992). Upper Tertiary sediments accumulated in some of the extensional basins that developed in the Parallel Ranges and the Buried Ranges west of Caborca. Some of these contain borate deposits and are intercalated with upper Tertiary volcanic flows and breccias (Miranda et al., 1998). Upper Tertiary volcanic rocks consist of thin basalt flows, cinder cones and tuffs, particularly in the Pinacate volcanic field (Gutman and Sheridan, 1978).
Quaternary alluvial, eolian and talus deposits cover much of the region and commonly form a pediment cover that obscures bedrock. The depth to bedrock is not well known and ranges from a few metres to more than 200 m near Caborca and up to 1,100 m thick along the coastal plain west of Hermosillo (Verdugo, 1983). Pleistocene and Quaternary erosion and alluvial sedimentation have formed vast pediment cover and veneers throughout the region, including extensive fill among the Buried Ranges.
Intrusive rocks include anorogenic granites of 1,460-1,410 Ma within the Precambrian terranes and the Abio granite found in the Caborca terrane (Jacques and
Clark, 1998). Several plutons and hypabyssal intrusive phases occur within the Jurassic volcanic arc sequence and include calc-alkaline batholithic phases emplaced during the 90-40 Ma interval (Damon, et al., 1983). Two-mica granites were emplaced in 40-36 Ma; these are spatially associated with part of the Ancochi Batholith, and are present at the La Colorada mine (Zawada, 1998).
The tectonic development of northern Sonora includes late Mississippian and Late Permian to Early Triassic thrusting of Paleozoic sedimentary rocks, middle to Late Jurassic leftlateral displacement along the Mohave-Sonora Megashear, Cretaceous Sevier-style thrusting, and Late Cretaceous Laramide-style thrusting with northeast vergence (Jacques and Clark, 1998). The Cenozoic tectonic events are characterized by the development of core complexes and low-angle detachment faults in the mid-Tertiary (Nourse, et al., 1994; Nourse, 1995), younger Basin and Range normal faulting and the formation of the Gulf of California in the Late Miocene to Pliocene (Sedlock, et al., 1993).
7.2 District geology
Mexican Geological Survey mapping suggests that the El Mundo mineralized area is characterized by NE-trending shear/vein zones cutting upper Cretaceous batholithic(?) granite and granodiorite (Figure 7.3). Tertiary volcanic rocks, mainly rhyolite and rhyolite tuff, locally overlie the batholithic rocks. Lower elevations have varying thicknesses of late Cenozoic unconsolidated conglomerate and alluvium.
Figure 7.3. El Mundo district geology (Servicio Geológico Mexicano, 2002).
7.3 El Mundo project geology
7.3.1 Host rocks
Granite and granodiorite, probably of batholithic extent, host the NE-SW-striking, SEdipping veins at El Mundo.
Figure 7.4. GoogleEarth image of El Mundo project. Red lines are concession boundaries.
7.3.3 Alteration
Boxwork and quartz veinlets and strong silicification, carbonate veining, and sericitization form halos up to 1 m around wider portions (quartz “boudins”) of the veins.
` 7.3.3 Mineralization
Gold mineralization at El Mundo occurs principally in two quartz-carbonate veins, the 750 m-long El Mundo vein and the 250 m-long Jany vein. Veins range in thickness from 0.5 to 1.5 m. Both veins strike NE-SW and dip 50 degrees to the southeast (Figures 7.5 and 7.6). A third vein, the Luna vein, was traced for 40 m by Fresnillo’s geologists in the southern part of the project area (Fresnillo, 2020).
As noted in section 6.4.1, the average grade of chip samples taken by Fresnillo was 2.93 g/t Au.
Figure 7.5. El Mundo vein in shallow cut, looking NE. Note ~50-degree dip to SE.
Figure 7.6. Close-up of El Mundo vein shown in Figure 7.5. Note Fe oxide after pyrite.
9.0 DEPOSIT TYPES
8.1 Orogenic gold
The Mojave-Sonora Megashear, a broad NW-striking structural zone, and northeastverging regional thrusts and associated tear faults in the northwestern portion of the zone are hosts to numerous gold mines characterized by low-grade (1-2 gpt gold), micron size, disseminated mineralization (Silver and Anderson, 1974; Jacques and Clark, 1998). Deposit types include veins and breccias, discontinuous quartz veins, a carbonate sedimentary-hosted deposit and several structurally controlled deposits. Mineralization is hosted by a wide range of rock units, including Proterozoic gneiss, Paleozoic sedimentary rocks, Late Jurassic granitic rocks, and Cretaceous clastic and carbonate units (Jacques and Clark, 1998). Recent erosion of pre-existing terrains and alluvial deposits have resulted in locally extensive Late Tertiary placer gold deposits near Caborca (Jacques and Clark, 1998; Southworth, J.R., 1905.
The gold deposits in northwestern Sonora are found along or adjacent to the MohaveSonora Megashear, as shown in Figure 7.1, including several mines that are located along projections of this trend in the United States, including Picachos, Mesquite, and American Girl. At Picachos, the gold deposit is related to Mid-Tertiary age mineralization in a detachment fault setting, with mineralization hosted by brecciated upper-plate rocks and faults associated with a low-angle normal fault. Red-coloured Tertiary conglomerate and volcanics formed the upperplate host rocks, and chloritic breccias and gneissic or crystalline rocks constitute the lower plate lithologies. Mineralization at Mesquite has been interpreted to be a “detachment” type with a possible genetic affiliation with a two-mica granite. Gold mineralization occurs in quartz veins that are spatially associated with granitic dikes and lenses emplaced within a complex metamorphic host of high-grade gneissic rocks. Mineralization at La Herradura occurs in mylonitic and sheared gneiss and schist along high-angle structures, similar to those described at Mesquite (de la Garza, et al., 1998).
Shear zones and intersections with shallow-dipping faults and mylonitic zones associated with regional deformation are the primary controls of gold mineralization at La Choya and El Chanate. At La Choya, the mineralization occurs in K-altered biotite granite and sediments adjacent to a thrust fault (Summers and Hufford, 1998), in low-angle anastomosing and stacked shears and sub-conformable quartz-carbonate veins and lenses. Ductile to semi-brittle deformation occurs along the principal thrust faults. Sulfide content in the ore zone is low (Thoms, 1998).
At El Chanate, mineralization is reported to be controlled by a regional high-angle strikeslip fault striking N65W (San Jose fault) where it intersects one or more gently dipping thrust zones. Both structures are mineralized; but nearby low-angle Mid-Tertiary detachment faults and related breccias are commonly not mineralized. Subsidiary or higher-level thrust-fault zones of varying thicknesses crop out. They confirm that sheared and semi-brecciated structures were important for ground preparation prior to gold deposition (Clarke, 2005).
The WNW-striking San Jose fault at El Chanate appears to be the primary vertical conduit for mineralization. It is characterized by abundant quartz veining parallel
to its strike and in tensional quartz veins that strike northwest. In addition, there are erratically distributed arrays of high-angle quartz veins and sulfide hydrofractures that strike ENE to EW within this zone. The direction of these features and compressional character to mineralized structures suggest a late Mesozoic or Laramide age of mineralization. The presence of light-coloured dikes intruding the San Jose fault zone, several kilometres to the southeast, suggest a possible genetic relationship between these intrusives and mineralization. The dikes are cut by gold-bearing quartz veins and appear to be auto-altered, resulting in a crumbly, sugary textured mass of granulated quartz. Where fresh, the dikes are distinguishable as a feldspar porphyry with rare visible white quartz grains (Clarke, 2005).
Many of the prospects and gold mines in the Mojave-Sonora Megashear region are associated with low-angle faults and mylonitic zones and high-angle sheared fault zones. Felsic dikes appear to be genetically associated with mineralization. The vein mineral assemblage and fluid inclusion data from some of these deposits suggest that they are mesothermal systems (Albinson, 1989; Zawada, 1998). Deposits such as La Herradura, Mesquite, San Francisco and El Chanate and the Canasta Dorada property are characterized as “gold only deposits” or “orogenic gold” deposits and lack any strong trace element signatures as is commonly associated with base metal or epithermal systems (de l Garza, et al., 1998). The age of mineralization appears to be late Mesozoic or Laramide (Jacques and Clark, 1998).
Table 8.1. Selected orogenic gold deposits in the Mojave-Sonora Megashear region.
Deposit Name | Production/resource | Operator |
Mesquite | 6 Moz Au | Equinox Gold |
Picachos | 2.5 Moz Au | Glamis Gold |
La Choya |
| Hecla |
Herradura | 9.8 Moz Au (125 Mt @ 0.80 g/t Au) | Fresnillo |
Chanate | 1.6 Moz Au (70.6 Mt @ 0.66 g/t Au) | AuRico Gold |
Cerro Colorado | 25 koz Au in 2011 | Goldgroup |
San Francisco | 1.3 Moz Au (72.4 Mt @ 0.57 g/t Au) | Magnagold |
9.0 EXPLORATION
The owner of the El Mundo project has conducted limited exploration on the project, consisting of the development of pits and a shaft as described in section 6 of this report.
10.0 DRILLING
The issuer of this report has not conducted any drilling on the El Mundo project. No historical drilling is known to have taken place on the El Mundo project.
11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY
No QA/QC protocol has been developed on the project to date.
12.0 DATA VERIFICATION
The author personally collected 6 rock-chip samples from the La Reyna project (Table
12.1, Figure 12.2). The author delivered the samples to the ALS-Chemex preparation facility in Hermosillo, Sonora and the samples were in his possession at all times. Assay results for selected elements appear in Table 12.1; the assay certificate with complete results is given in Appendix. The samples taken confirm the presence of significant gold mineralization at the El Mundo project.
Figure 12.1. Maynard samples, El Mundo. Assay results for selected elements can be seen in Table 12.1. The corresponding assay certificate is in Appendix .
Table 12.1. Maynard (QP) sample descriptions and assays for selected elements from El Mundo. Sample locations are shown in Figure 12.1.
Sample | Sample Date | Area | Elevation | Easting | Northing | SampleType | Sample Width (m) | Lithology | Lith Modifier | Colour |
593329 | 27-Feb21 | Jany | 761 | 379558 | 3470771 | Outcrop Chip | 1 | Rhyolite | Quartz Eyes | Gray |
593330 | 27-Feb21 | Jany | 764 | 379557 | 3470757 | Outcrop Chip Channel | 0.5 | Grano- diorite | Fractured | Red |
593331 | 27-Feb21 | Jany | 764 | 379556 | 3470747 | Outcrop Chip | 1.5 | Vein |
| White |
593332 | 27-Feb21 | ElMundo | 765 | 379403 | 3470730 | Mine Dump Select | 3 | Vein |
| Red |
593333 | 27-Feb21 |
| 756 | 379602 | 3470800 | Outcrop Chip | 1 | Rhyolite | Quartz Eyes | Gray |
593334 | 27-Feb21 |
| 762 | 379731 | 3470925 | Float Grab | 1 | Rhyolite | Quartz Eyes | Gray |
Sample | AltType | AltStyle | Alt Intensity | MinMin1 | Min Percent | Structure Type | Structure Azm | Structure Dip | R_Comments |
593329 | Silicification | Pervasive | Moderate to Strong |
|
| JointVertical | 325 | 90 |
|
593330 | FeOx_ supergene | Massive | Moderate |
|
|
|
|
|
|
593331 | FeOx_ supergene | Fracture | Moderate to Strong |
|
|
|
|
|
|
593332 | FeOx_ supergene | Massive | Moderate to Strong |
|
|
|
|
|
|
593333 | FeOx_ supergene | Fracture | Weak to Moderate |
|
| Fracture | 155 | 90 |
|
593334 | FeOx_ supergene | Fracture | Weak to Moderate | Pyrite | 0.1 |
|
|
| ghost pyrite. Some fresh on fresh surfaces. |
Sample | Ag_ppm | Au g/t | Cu_ppm | Pb_ppm | Zn_ppm | As_ppm | Sb_ppm |
593329 | 0.29 | 0.024 | 19.9 | 16.7 | 21 | 1.8 | 0.44 |
593330 | 0.59 | 0.062 | 436 | 14 | 23 | 1.7 | 0.57 |
593331 | 2.02 | 0.983 | 25.3 | 137 | 2 | 3.3 | 1.14 |
593332 | 6.56 | 0.843 | 77 | 34.7 | 2 | 1.7 | 2.32 |
593333 | 0.06 | 0.003 | 19.2 | 8.2 | 7 | 1.4 | 0.25 |
593334 | 0.06 | 0.0005 | 7.8 | 14.2 | 17 | 2.8 | 0.55 |
13.0 MINERAL PROCESSING AND METALLURGICAL TESTING
No mineral processing studies or metallurgical testing have been done on the Reyna project.
14.0 MINERAL RESOURCE ESTIMATES
Not applicable.
15.0 MINERAL RESERVE ESTIMATES
Not applicable.
16.0 MINING METHODS
Not applicable.
17.0 RECOVERY METHODS
Not applicable.
18.0 PROJECT INFRASTRUCTURE
Not applicable.
19.0 MARKET STUDIES AND CONTRACTS
Not applicable.
20.0 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT
Not applicable.
21.0 CAPITAL AND OPERATING COSTS
Not applicable.
22.0 ECONOMIC ANALYSIS
Not applicable.
23.0 ADJACENT PROPERTIES
The mining concessions belonging to the El Mundo project lie adjacent to the Sierra Manteca project drilled by Mexicana del Cobre. No information is available on that project.
24.0 OTHER RELEVANT DATA AND INFORMATION
Not applicable
25.0 INTERPRETATION AND CONCLUSIONS
Gold-bearing orogenic veins at El Mundo are part of a set of NE-SW, SE-dipping vein/shear zones hosted by upper Cretaceous batholithic granite and granodiorite. Post-mineral rhyolite and rhyolite tuff overlie the intrusive rocks. Three veins have been identified at El Mundo, the El Mundo, Jany, and Luna veins, that have been traced for 750 m, 250 m, and 40 m, respectively. Historic sampling by Fresnillo averaged 2.93 g/t Au. Sampling by the qualified person confirmed gold and silver mineralization associated with the veins.
26.0RECOMMENDATIONS
A 1,200-metre diamond drilling campaign is recommended for the El Mundo project, based on the Fresnillo proposal described in section 6.4.3 of this report (holes EM-01-06). The drilling would test the El Mundo and Jany veins at depths 100-200 m down dip from surface exposures.
Depending on the results of the program, a second phase of drilling may be recommended.
Table 26.1. Estimated cost of proposed exploration drilling at El Mundo. Budget does not include semi-annual tax payments.
CONCEPT / ACTIVITY | COST (USD$) |
Drilling of 1,200 meters @ $ 300.00 USD/metre (includes geologist, sampling, assaying, permitting) | $ 360,000.00 |
Contingency @ 5 % | $ 18,000.00 |
TOTAL | $ 378,000.00 |
•
27.0REFERENCES
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Anderson, T.H., and Silver, L.T., 1978, Jurassic magmatism in Sonora, Mexico: Geological Society of America, Abstracts with Programs, v. 10. n. 7, p. 359.
Anderson, T.H, and Silver, L.T., 1979, The role of the Mojave-Sonora Megashear in the tectonic evolution of northern Sonora, in Anderson, T.H., and Roldan Q., J. (eds.), Geology of Northern Sonora: Geological Society of America Guidebook, Field Trip, No. 27, p. 5968.
Anderson, T.H., and Silver, L.T., 1981, An overview of Precambrian rocks in Sonora:
Universidad Nacional Autónoma, Mexico, Instituto de Geología, Revista, v. 5, no. 2, p. 131-139.
Anderson, T.H., Eells, J.H., and Silver, L.T., 1979, Precambrian geology and Paleozoic rocks of the Caborca region, Sonora, in Anderson, T.H., and Roldan Q., J. (eds.), Geology of Northern Sonora, Geological Society of America Guidebook, Field Trip No. 27, p. 1-22.
Atwater, T., 1970, Implications of plate tectonics for the Cenozoic tectonic evolution of western North America. Geol. Soc. America Bull. 81, pp. 3513-3536.
Ayala, C.J., and Clark, K.F., 1998a, Lithology, structure, and gold deposits of northwestern Mexico: in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 203-248.
Ayala, C.J., and Clark, K.F., 1998b, Road log from Hermosillo to Caborca via La Colorada mine and Santa Ana, Sonora, in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 79-86.
Calmus, T., Pérez S., E. and Stinnesbeck, W., 1997, La structuration de la marge pacifique nordaméricaine et du terrane Caborca: apports de la découverte d'une faune du Jurassique inférieur et moyen dans la série de Pozos de Serna (Sonora, Mexique): Comte Rendu de 1' Academie des Science de Paris, v. 325, p. 257-263.
Campbell, P.L., and Anderson, T.H., 1998, Structure and kinematics along a Jurassic plate boundary transform, the Mojave-Sonora Megashear, northwestern Sonora,
Mexico, in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 177-186.
Campa, M. F. and Coney, P.J., 1983, Tectono-stratigraphic terranes and mineral resource distributions in Mexico. Can. Jour. Earth. Sci. 20, pp 1040-1051.
Clark, K.F., 1998, Road log from Caborca to La Herradura and La Choya mines, and Sonoyta, Sonora, and return to Tucson, Arizona, in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 177-132.
de Cserna, Zoltan, 1989, An outline of the geology of Mexico: Geological Society of America, Decade of North America Geology, v. A., p. 233-264.
de la Garza, V., Noguez, B., Novelo, I., and Mayor, J., 1998, Geology of La Herradura gold deposit, Caborca, Sonora, Mexico, in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 133-148.
Fresnillo, 2020, Informe Final El Mundo.
Molina, R., and Geissman, J.W., 1998, Paleomagnetic reconstruction in northern Sonora, in Gold deposits of northern Sonora; Guidebook prepared for the Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, pp. 187-202.
Moran-Zenteno, D., 1994, Geology of the Mexican Republic: American Association of Petroleum Geologists, Studies in Geology 39, 160 p.
Nourse, J.A., Anderson, T.H., Silver, L.T., 1994, Tertiary metamorphic core complexes in Sonora, Mexico, Tectonics, v. 13, no. 5, p. 1161-1182.
Nourse, J.A., 1995, Jurassic-Cretaceous paleogeography of the Magdalena region, Sonora, and its influence on the distribution of Tertiary metamorphic core complexes: Geological Society of America Special Paper 301, p. 59-78.
Nourse, J.A., 2001, Tectonic insights from an Upper Jurassic-Lower Cretaceous stretched-clast conglomerate, Caborca-Altar region, Sonora, Mexico, Journal of South American Earth Sciences, v. 14, p. 453-474.64
Roldan Q., J., 1979, Brief description of the mineral deposits in the northern part of Sonora, Mexico, in Anderson, T.H, and Roldan Q., J. (eds.), Geology of Northern Sonora: Geological Society of America Guidebook, Field Trip, no. 27, p. 69-73.
Roldan Q., J., 1982, Evolución tectónica del Estado de Sonora: Universidad Nacional Autónoma de México, Instituto de Geología, Revista, v. 5. no. 2, p. 178-185.
Sedlock, R.L., Ortega G., F., and Speed, R.C., 1991, Terranes of western and southern Mexico, and their relation to Mesozoic-Cenozoic translations of Cordilleran terranes: Geological Society of America, Abstracts with Programs, v. 23, no. 2, p. 66.
Sedlock, R.L., Ortega-Gutierrez, F., and Speed, R.C., 1993, Tectonostratigraphic Terranes and Tectonic Evolution of Mexico: Geol. Soc. America, Special Paper 278, 173 p.
Servicio Geológico Mexicano, 1999, Carta geológico-minera Cananea H12-5, 1:250,000.
Servicio Geológico Mexicano, 2002, Carta geológico-minera Caborca H12-4, 1:250,000.
Servicio Geológico Mexicano, 2002, Carta geológico-minera Puerto Peñasco H12-1, 1:250,000.
Silberman, J.L., and Giles, D.A., 1988, Characteristics and geochemistry of gold deposits in northern Sonora: 2a Simposio de Geología y Minerales de Sonora (Resumen), p. 58-60.
Silberman, M.L., Giles, D.A., and Graubard, C., 1988, Characteristics of gold deposits in northern Sonora, Mexico: Economic Geology, v. 83, no. 8, p. 1966-1974.
Silver, L.T., and Anderson, T.H., 1974, Possible left-lateral Early-to Middle Mesozoic disruption of the southwestern North American craton margin: Geological Society of America, Abstracts with Programs, p. 955-956.
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Southworth, J.R., 1905, Quartz and placer gold deposits in northwestern Mexico, (excerpt from page 217 of Southworth, J.R., 1905, Las minas de México: Liverpool, Blake, and McKenzie, 260 pp.) in Gold deposits of northern Sonora; Guidebook prepared for the
Society of Economic Geologists Field Conference – 19-24 October 1998, Guidebook Series Volume 30, p. 71
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Stewart, J.H, 1988, Latest Proterozoic and Paleozoic southern margin of North America and the accretion of Mexico: Geology, v. 16, p. 186-189.
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Stewart, J.H., McMenamin, M.A.S., and Morales R., J.M., 1984, Upper Proterozoic and
Cambrian rocks in the Caborca region, Sonora, Mexico: Physical stratigraphy,
biostratigraphy, paleocurrent studies, and regional relations: U.S. Geological Survey Professional Paper 1309, 36 p.
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Construction of a continental-margin magmatic arc: Arizona Geological Society Digest 17, p. 397-434.
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99.2 - Financial Exhibits
USD $95.2M Assets Valuation as of Dec 31, 2024
SUMMARY
Mineral Resource Potential (based on documented Geological exploration)
1.PONCHOS 45,000 Oz Gold (1.3 gr/ton avg)
a.Located Inside the Caborca Orogenic Gold Belt (COGB) as documented by USGS
b.Sampling and drilling report by Nuevo Katanga
c.Gold Mines in Operation near Ponchos with their reported production
i.La Colorada, Argonaut Gold LLC (ARNGF) – 3 Million Oz
ii.La Perla, IMR Bonanza – 1 Million Oz iii. San Antonio, Osisko Mining, 500k
2.MUNDO 83,100 Oz Gold (2.2 gr/ton avg)
a.Located Inside the Caborca Orogenic Gold Belt (COGB) as documented by USGS
b.The first sampling campaign by Grupo Frisco resulted in gold values of
4.75 to 17.75 gr/ton
c.The second sampling campaign by Grupo Fresnillo resulted in gold values of 2.5 to 8.7 gr/ton Au
d.NI43-101 (partial) technical report confirms Gold values
e.Gold Mines in Operation near El Mundo with their reported production
i.La Herradura, Fresnillo PLC (LSE: FRES.L) 10 Million Oz
ii.Noche Buena, Fresnillo PLC (LSE: FRES.L) 1.1 Million Oz
iii.Tajitos, Fresnillo PLC (LSE: FRES.L) 1 Million Oz
iv.Soledad y Dipolos, Fresnillo PLC (LSE: FRES.L) 450k Oz
v.Santa Elena, Mexus Gold US (OTCBB: MXSG) 320k Oz of Au vi. La Choya, Hecla Mining (NYSE:HL) 310k Oz of Au
Page 1 of 2
USD $95.2M Assets Valuation as of Dec 31, 2024
SUMMARY
3.MAMI 1,093,400 Tons of Graphite (65 to 95 percent Carbon)
a.Located inside the most significant graphite deposits in the Western
Hemisphere as documented by USGS
b.4 parallel Ore Bodies with 750 meters long by 3 meters wide and 120 meters deep.
c.Mine has produced and sold Graphite for several years from one Ore body that has 3 operating shafts (see pictures and videos of Shafts)
d.Mineralogical study by UNAM confirms Mami mine has both amorphous and Crystalline Graphite that can be used in multiple Industrial products
e.Average Graphite market price
i.US $2,000 per ton - Natural Graphite CIF USA
ii.US $3,000 per ton - Uncoated natural spherical graphite
iii.US $7,000 per ton - Coated natural spherical graphite
iv.US $12,000 per ton - High-end Products
v.US $20,000 per ton - 99.99 percent graphite
f.Graphite's criticality and potential scarcity has been recognized by both the United States and the European Union, which have each declared graphite a supply critical mineral.
g.Graphene can be obtained applying beneficiation methods
Mineral Resource Valuation
1.PONCHOS at 2% of its potential resource $ 2,363,490.00
2.MUNDO at 5% of its potential resource $ 10,911,445.50
3.MAMI at 10% of its potential resource $ 82,005,000.00
4.Total Assets Valuation USD $ 95,278,935.50
Page 2 of 2
LUCENT STRATEGIC MATERIALS MEXICO
(LSMM)
Hermosillo, Sonora
BALANCE GENERAL AL 31 DE DICIEMBRE DE 2024 (CIFRAS EN DOLARES AMERICANOS)
A C T I V OP A S I V O
C I R C U L A N T ECORTO PLAZO
EFECTIVO0.00DOCUMENTOS POR PAGAR0.00
INVENTARIOS95,279,935.50SUMA EL PASIVO A CORTO PLAZO TOTAL ACTIVO CIRCULANTE95,279,935.50
0.00
SUMA EL PASIVO0.00
F I J OCAPITAL CONTABLE
TERRENOS Y EDIFICIOS0.00CAPITAL SOCIAL0.00 MAQUINARIA Y EQUIPO0.00APORTACIONES DE SOCIOS95,279,935.50 HERRAMIENTA MENOR0.00RESULTADO DE EJERCICIOS ANTERIORES 0.00
TOTAL ACTIVO FIJO RESULTADO DEL PERIODO0.00
0.00
SUMA EL CAPITAL CONTABLE95,279,935.50
SUMA EL ACTIVO95,279,935.50SUMA PASIVO MAS CAPITAL95,279,935.50
BAJO PROTESTA DE DECIR VERDAD, MANIFIESTO QUE LAS CIFRAS CONTENIDAS EN ESTE ESTADO FINANCIERO SON VERACES Y CONTIENEN
TODA LA INFORMACION REFERENTE A LA SITUACION FINANCIERA Y/O LOS RESULTADOS DE LA EMPRESA Y AFIRMO QUE SOY LEGALMENTE
RESPONSABLE DE LA AUTENTICIDAD Y VERACIDAD DE LAS MISMAS, ASUMIENDO ASIMISMO, TODO TIPO DE RESPONSABILIDAD DERIVADA DE CUALQUIER DECLARACION EN FALSO SOBRE LA MISMA.
ING. ALBERTO ARCE GUIDO
REPRESENTANTE LEGAL
C.P. JESUS MARTIN DURAZO RAMIREZ
CED. PROFESIONAL 1493923
CONTADOR
LUCENT STRATEGIC MATERIALS MEXICO
(LSMM)
Hermosillo, Sonora
RELACIONES ANALITICAS DEL ACTIVO
AL 31 DE DICIEMBRE DE 2024
1 | PROYECTO "EL MUNDO" Concesion EL MUNDO, numero 189618, 9,000 Has. Municipo Altar, Sonora Concesion AMALIA, número 224137, 91 Has, Municipos de Caborca y Altar, Sonora | 10,911,445.50 |
2 | PROYECTO "LA MAMI" MAMI, EXP. 82/29598, SUP. 80 HAS., Título 225959, Municipio de Guaymas, Son. MAMI1, EXP. 82/3604, SUP. 60 HAS. MAMI2, EXP. 82/36045, SUP. 30 HAS, Título 238414, Municipio de Guaymas, Son. | 82,005,000.00 |
3 | PROYECTO "LOS PONCHOS" LOS PONCHOS 1, Titulo T236494 LOS PONCHOS 1, Titulo T244341 Concesion número 236494, 45 Has. Municipio de Hermosillo, Sonora | 2,363,490.00 |
(CIFRAS EN DOLARES AMERICANOS) INVENTARIO
95,279,935.50
Mining Project | Ore | 43-101 PARTIAL | Potential resource | unit | Price 11/11/24 | 2% | 5% | 10% | 25% |
El Mundo | Gold Gold Graphite | 36,500 | 83,100 45,000 1,093,400 | Oz Oz Ton | $ 2,626.10 $ 2,626.10 $ 750.00 | $ 4,364,578.20 | $ 10,911,445.50 | $ 21,822,891.00 $ 11,817,450.00 | $ 54,557,227.50 $ 29,543,625.00 $ 205,012,500.00 |
Los Ponchos | $ 2,363,490.00 | $ 5,908,725.00 $ 41,002,500.00 | |||||||
La mami | $ 16,401,000.00 | $ 82,005,000.00 |
TOTALS$ 23,129,068.20$ 57,822,670.50$ 115,645,341.00$ 289,113,352.50
43-101 Partial assesment report
$ 4,792,632.50 |
El Mundo Gold 36,50043-101$ 2,626.10$ 1,917,053.00$ 9,585,265.00$ 23,963,162.50
Combined Valuation according to exploration stage
$ 2,363,490.00 | $ 10,911,445.50 | $ 82,005,000.00 | $ 95,279,935.50 |
Exploration stages | Percent of Mine Value | Geological Exploration Stages |
Grass root | 1-2% 2-5% 6-10% 11-25% | Reduced ares to found intersting targets, mapping 1:50,000, geophysic and geochimistry (wide spaced) Smaller areas with targets, geophysics and geochemistry (grids ), trenching, mapping 1:25,000 1:10,000 and specific drilling Over very small areas with a defined target, drilling systematic, other kind of studies geosciences, detail mapping 1:1,00 1;2000. Reserves ore Ore body deteiled, with systematic drilling each 50 m.Reserve ore |
Greenfield | ||
| ||
Brownfield | ||
Infill |