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TECHNICAL REPORT
ECUADOR
Author:
Prepared for:
Dynasty Metals & Mining Inc.
#270 - 660 Burrard Street
Vancouver B.C. Canada V6C 2X8
Form 43-101F1 Dynasty Goldfield Project Dynasty Metals & Mining Inc.
TABLE OF CONTENTS
List of Figures
Figure 1: Dynasty Goldfield Project Location. .................................................................................. 10
Figure 4: Simplified Geology of Ecuador (Derived from US Geological Survey OFR 97-470D). ....... 18
Figure 18: Mineralised Zones in the Vicinity of Cerro Verde Project. .............................................. 52
Dynasty Metals & Mining Inc. - Dynasty Goldfield Report Page iii
Form 43-101F1 Dynasty Goldfield Project Dynasty Metals & Mining Inc.
List of Tables
Table 11: Current Vein Resource Estimates for the Dynasty Goldfield............................................ 51
Table 12: Current Resource Estimate Summary for the Dynasty Goldfield. .................................... 51
Table 13: Current Resource Estimate for Dynasty Goldfield Project. .............................................. 54
1.0 SUMMARY
1.1 Introduction
This report has been prepared by Consulting Geologist, Mr. A.J. Maynard, BAppSC (Geol), MAIG,
MAusIMM. Mr. Maynard visited the project site in March 2005, February-March 2007 and
September 2007.
This Report was prepared at the request of Dynasty Metals & Mining Inc. (Dynasty or the
Company) and resulted from:
The Dynasty Goldfield Project is located at the southern end of the Occidental Andean Cordillera,
25km from the Peruvian border to the south with central coordinates of latitude 04 07 south and
longitude 79 52 west. The town of Celica is about half an hours drive from the project.
Three concessions, PILO 9, ZAR and ZAR 1, are subject to a 1% Net Smelter Royalty (NSR) payable
to Minera Australiana, a related party, as part of contractual obligations agreed to when the
concessions were acquired by Dynasty. No royalties have been paid to-date as no extraction has
occurred on the Project. If the Project goes into production in the future, it may also be subject to
further royalties payable to the Ecuador Government in accordance with regulatory requirements
at that time.
Since Dynasty acquired the project in 2003 until 2007, when the Ecuadorian Government
introduced an exploration moratorium, it has carried out geological mapping, sampling,
geophysical surveys and diamond drilling. These works resulted in the identification of high grade
gold and silver vein systems in the Cerro Verde, Papayal and Trapichillo areas.
To date a total of 201 drill holes totalling 26,733.5 metres (m) have been completed by Dynasty, at
Cerro Verde and Papayal. A further 2,033 rock channel samples were taken from 1,161 surface
trenches at Cerro Verde, Iguana Este, Trapichillo and Papayal by the end of 2007.
The Ecuadorian Government introduced a Mining Mandate that came into effect in 2008 causing
delays in granting environmental licenses, permitting and other matters required before further
exploration can commence.
There has not been any significant mine production from any of the Dynasty concessions.
The western side of the Dynasty concessions include volcanic rocks (breccias and andesitic lavas)
belonging to the Cretaceous to Palaeocene Pisayambo Volcanics and Celica Formation which has
been intruded sporadically by diorite dykes and slightly argillic gold bearing quartz veins and
veinlets with occasional calcite-barite veins to the south, southeast and west. As many as 110
mineralised veins of varying thicknesses and without preferred orientation have been identified to
date in the Dynasty Goldfield Project. The vertical extent of these veins has not yet been fully
tested but some veins could exceed 400 m.
The mineralised veins in the volcanics mainly occur along a faulted zone near and sub-parallel to
the contact with the Cretaceous Tangula Batholith outcropping in the east and south of the
concessions that extends north from Peru. Within the batholith, the quartz veins appear to have
little depth extent.
The mineralised faults have undergone post mineralization reactivation by a northeast fault
system that displaced the earlier veins by up to a few metres. A major north east lineament with
crosscutting features at 90 angle possibly indicates strike slip shears with sinistral stress that
could have generated open spaces for the infilling quartz-sulphide vein systems.
A porphyry intrusion hosting gold, silver and some base metal mineralization has also been
mapped at Trapichillo (Bravo, 2005).
Three mostly steeply dipping vein systems have been identified to date at Papayal (2.2 km x 2.0
km), Cerro Verde (1.4 km x 1.0 km) and Trapichillo - Cola (2 km x 2.5 km). Individual veins have
been mapped continuously for up to 2,000 m along strike and remain open at depth beyond the
current drilling.
The mineralised veins are principally open space fillings along dilational faults. Banded seams
consisting of quartz and sulphides occur especially at Cerro Verde along with massive quartz veins
containing disseminated sulphides. The mineralised veins have a low carbonate content at
Papayal, Trapichillo and Cola, while quartz veins coexist with quartz - barite - calcite, and barite
being replaced by silica at Cerro Verde and part of Trapiche Labrado.
Gold occurs in its native form along with sulphides, including pyrite, sphalerite, galena,
arsenopyrite, chalcopyrite and bornite.
The gold/base metal mineralization is restricted to the veins and stockworks with associated
argillic alteration. North-south mineralization zoning has been interpreted. The gold and silver
grades vary along strike and across the vein width with "ore shoots" or "high grade pipes"
producing very erratic values up to 600 grams per tonne (g/t) Au and 750 g/t Ag in some veins at
Trapichillo and Papayal. A total of 74 veins have been identified between Cerro Verde - Yaraco-
Trapichillo and Quebrada Trapiche Labrado of which 67 average >2 g/t Au. Seven potentially
economic veins were identified at Papayal and five further veins with grades >6 g/t Au at
Trapichillo.
The resource was estimated using GEMCOM software and verified by non-software and other
software (MineMap) based methods. Table 1 contains the current mineral resource estimate for
the Dynasty Goldfield Project.
80 diamond drill holes for approximately 5,150 m at Trapichillo and Iguana Este over a
total area of approximately 4 km2.
20 diamond drill holes for approximately 1,350 m at Papayal Norte over an area of
approximately 1 km2.
This conceptual exploration program would take approximately 3.5 years to complete.
Depending on results obtained by this exploration program, the Company may be able to proceed
towards conducting a preliminary economic assessment (PEA) to determine the potential
economic viability of the Project.
2.0 INTRODUCTION
2.1 INTRODUCTION
Dynasty was incorporated under the Business Corporations Act (Yukon) in 2000. Its common
shares are listed and posted for trading on the Toronto Stock Exchange under the symbol DMM.
As there has been no further exploration work undertaken by Dynasty since 2008 and the
Company has advised that it has no current exploration or mining plan for this Project, the author
determined that a more recent personal inspection was unnecessary.
The author of this Report has no beneficial interest in Dynasty and is not an insider, associate or
affiliate of Dynasty. The results of this Technical Report are not dependent on any prior
agreements concerning the conclusions to be reached, nor are there any undisclosed
understandings concerning any future business dealings between Dynasty and the author. The
author is being paid a fee for his work in accordance with normal professional consulting practice.
The author of this report, by virtue of his education, experience and professional association, is
considered an independent qualified person (QP) as defined by NI 43-101, and is a member in
good standing of an appropriate professional institution.
This Report includes technical information that required subsequent calculations to derive
subtotals, totals and weighted averages. Such calculations inherently involve a degree of rounding
and consequently introduce a margin of error. Where these occur, the QP does not consider them
to be material.
The portions of the Technical Report to which such reliance applies include Item 4.0 (in respect of
ownership and permit details, title, royalties and other rights affecting the project and
environmental matters) and Item 6.0 (in respect of prior ownership details). The information is
considered by the author to be accurate.
The agreements under which Dynasty holds title to the concessions for these projects have neither
been investigated nor confirmed by the author. The author has not carried out any independent
exploration work, drilled any holes nor carried out any sampling and assaying.
The author considers the Report to be a true and accurate representation of the exploration
potential of the Dynasty Goldfield Project.
4.2 Tenure
The Dynasty Goldfield Project comprises seven un-surveyed concessions covering a total area of
21,909 ha.
The mining concessions were acquired between 2001 and 2004 and are held 100% by Elipe.
Table 2 below gives details of the concessions held by Elipe. The Dynasty Goldfield Project is
comprised of two gold mineralised porphyry-style systems associated with large quartz-sulphide
vein swarms and stockworks, named the Cerro Verde and Papayal systems. The main mineralized
deposit is located at Cerro Verde within the Pilo 9 and Zar 1 concessions.
Area
No Concession ID Code (Ha) Registration Transfer Expiry
1 Pilo 9 600242 2,000 17-Oct-01 10-Apr-03 17-Oct-31
2 Zar 600331 2,800 07-Dec-01 14-Apr-03 07-Dec-31
3 Zar 1 600353 1,900 06-Dec-01 10-Apr-03 06-Dec-31
4 Zar Dos A 600774 4,700 12-Dec-03 na 12-Dec-33
5 Zar Tres A 600775 4,659 12-Dec-03 na 12-Dec-33
6 Cruz 600863 3,300 18-Oct-04 na 18-Oct-34
7 Quiara 2 600897 2,550 09-Dec-04 na 09-Dec-34
The concession boundaries are based on map grid coordinates and are not surveyed.
All known mineralised zones, mineral resources, mine workings, existing tailing ponds, waste
deposits and important natural features and improvements described in this report are wholly
located within the boundaries of the Companys concessions listed in Table 2.
Mineral rights in Ecuador are held by individuals or corporations as mining concessions upon
application to, in the form mandated by regulation, and approval by the Government.
A mining concession may not exceed 5,000 contiguous mining hectares, a mining hectare having
a dimension of one hectare on the surface and, conceptually, continuing vertically to the center of
the earth, thus having a wedge-shape in the vertical dimension. A mining concession has a term of
duration of up to 30 years, and will be automatically renewed for equal periods, providing that
before expiration a written notice of intention to renew shall be made by the concession holder.
Only the following are valid reasons for the extinction of a mining concession:
completion of the term of the concession, no notice of intention to renew being given;
reduction or abandonment at the discretion of the concession holder; and
failure to pay the concession fees.
Under Ecuador mining law the holders of mining concessions may install such infrastructure as
they require, including but not limited to processing plants, smelters and refineries, providing that
those plants are on the concession and only process minerals from the concession on which they
are situated.
Ecuadorian Mining Law states that concession holders have an implied right to use water and the
right to benefit from any easements. Holders of mining rights may alter the course of rivers, as
long as it does not affect third parties and as long as it is done with authorisation from the
National Council of Water Resources.
The Dynasty Goldfield concessions give the Company the right to mine the subsurface but not the
surface minerals which belong to local residents. The Company may purchase this land at a fair
price agreed with the owners or may negotiate access.
An Environmental Management Plan aims to mitigate any impacts that may affect the
environment by conserving the natural environment and remaining in harmony with the socio-
economic development of villages influenced by the operation of a plant.
A Management Plan for a mining operation would include the following management details:
5. Evaluation that the stated program from exploration through to mining and eventual mine
closure complies with all the relevant laws and regulations.
6. Environmental Impact Studies for the stages of exploitation, design, construction, operation
and dismantling.
The implementation of these programs will be carried out through the Companys technical,
administrative staff and field workers.
The Pan-American Highway which links Loja with Catacocha to the north and Macar to
the south;
The Machala-Pias-Loja road which connects the Provinces of Loja and El Oro; and
The Loja-Zamora-Gualaquiza road which connects Loja with the Province of Zamora
Chinchipe.
The paved Pan American Highway traverses the length of the concessions and thence access is
gained via gravel roads and footpaths on steep hills in certain areas. The steep topography with
deeply incised river valleys means that transport can be difficult in areas not serviced by pre-
existing tracks and roads. The steep topography however makes future portal access to the
underground mineralization relatively simple.
Electricity for any future mining operations would need to be generated on site and water would
need to be sourced from the local rivers.
The concessions provide sufficient surface and access rights for mining operations and suitable
areas for any potential tailings storage areas, potential waste disposal areas, heap leach pad areas
and potential processing plant sites should mining commence, however formal studies on these
items has not been undertaken given that the project is still in the initial exploration phase.
5.5 Climate
The climate is described as dry equatorial with medium temperatures and low rainfall with little
seasonal variation in temperature and rainfall. Table 3 below summarises meteorological
information obtained over a forty year span at two meteorological stations located 5 km and
15 km from the project.
The climate is amenable for year round exploration and mining activities.
Results from historical exploration were not used in calculating the mineral resource estimates
contained herein.
There has not been any significant mine production from the Dynasty concessions.
Subduction of the Pacific Ocean Nazca Tectonic Plate beneath the South American continent has
produced crustal deformation forming the Andes mountain range over the last 25 million years
(Figure 4). The resultant compressional forces have produced several Tertiary and Quaternary
tectonic basins along major regional faults that cut both the Pacific and Amazonian piedmonts and
the Andean range itself (Figure 5).
The Dynasty Copper-Gold Belt lies within the compressional Inter-Andean Graben that is bounded
by regional scale faults. The graben is composed of thick Oligocene to Miocene volcano-
sedimentary sequences that cover the Chaucha, Amotape and Guamote terrains. This structural
zone hosts several significant epithermal, porphyry, mesothermal, S type granitoid, VHMS and
ultramafic/ophiolite precious metal and base metal mineral deposits.
Figure 4: Simplified Geology of Ecuador (Derived from US Geological Survey OFR 97-470D).
preferred orientation have been identified to date in the Dynasty Goldfield Project. The vertical
extent of these veins has not yet been fully tested but some veins could exceed 400 m.
The mineralised veins in the volcanics mainly occur along a faulted zone near and sub-parallel to
the contact with the Cretaceous Tangula Batholith outcropping in the east and south of the
concessions. The Tangula Batholith is believed to be a northern extension of the large batholith
forming coastal Peru. Within the batholith, the quartz veins appear to have little depth extent.
The mineralised faults have undergone post mineralization reactivation by a NE fault system that
displaced the earlier veins by up to a few metres. A clear example of this shift is recorded in a
dominant vein in the NE sector of Cerro Verde called La Foto.
A wide circular structure is located north and west of the neighbouring Casas Quemadas which
forms the Yaraco and Cola valleys.
The Catamayo River, in the west of the Dynasty concessions, follows a north east lineament with
tributaries converging at a 90 angle possibly defining a structural strike slip with sinistral stress.
This dilational stress shearing could have generated open spaces for the infilling quartz-sulphide
vein systems.
In the Lucarqui area, at the beginning of the Papayal and Trapichillo track, a microdiorite with
numerous magnetite and epidote filled fractures is exposed that is interpreted to be a possible
late igneous event unrelated to the Tangula Batholith.
A porphyry intrusion hosting gold, silver and some base metal mineralization has also been
mapped at Trapichillo (Bravo, 2005).
Extensive epithermal gold/silver vein systems were formed by late stage hot acidic sulphur rich
hydrothermal solutions, under intense pressure from the nearby batholith, being forced along
dilational faults and fractures. The mineralized solutions reacted with the volcanics resulting in
the precipitation of quartz with variable barite and sulphide minerals along with gold and silver.
These veins range in thickness from 15 cm to 1.6 m, are easily identifiable in surface outcrops, and
have multiple strike orientations and variable dips. To date 110 quartz veins hosting gold
mineralization have been identified. These epithermal veins make up all the reported resources at
the Dynasty Goldfield.
A younger low grade Cu-Au mineralised porphyry has been identified at La Zanja, Trapiche Labrado
and west of Trapichillo. Drilling by Dynasty at Trapiche Labrado produced intersections up to 103
m @ 0.2% Cu and 0.5 g/t Au. Mapping and sampling at La Zanja has identified significant rock-chip
Cu anomalies and widespread sericitic alteration.
8.2 Alteration
The dominant argillic alteration associated with the mineralization occurs along the vein margins
as haloes, from a few centimetres to about 4 m thick, with feldspars altered to ilite, kaolinite and
epidote. Only a few veins show abrupt transition from the quartz vein to the propylitic zone.
Sericitic alteration fringes are hardly determinable. Most of the quartz veins are banded comb
type, crustiform, and porous. The gold and base metal mineralization is located on the edges of
the comb textures and within the outer bands in the banded quartz having formed during the
latter phases. Some pale weathered adularia is found along the edge of the Esperanza, La Foto
and Venado veins.
The andesite and green breccia host rocks are almost unaltered with only a weak chlorite
alteration, typical of deuteric regional alteration. Brecciated and tectonic shear zones in the
andesites, near the Catamayo River and along the paved road, exhibit minor epidote and
hydrothermal alteration.
At Cerro Verde and Trapiche Labrado Creek a widespread prophyllitic halo is distinguishable,
apparently associated with a diorite intrusion located to the south of the mineralised zones.
Between Trapiche Labrado and La Zanja there is widespread sericitic and argillic alteration
associated with quartz veinlets and stockworks with abundant silicified boulders along La Zanja
Creek.
8.3 Mineralization
Three mostly steeply dipping vein systems have been identified to date: Papayal (2.2 km x 2.0 km),
Cerro Verde (1.4 km x 1.0 km) and Trapichillo - Cola (2 km x 2.5 km). Individual veins have been
mapped continuously for up to 2,000 m along strike and remain open at depth beyond the current
drilling (Figure 7 to Figure 9).
The mineralised veins are principally open space fillings along dilational faults. Banded seams
consisting of quartz and sulphides occur especially at Cerro Verde along with massive quartz veins
containing disseminated sulphides. The mineralised veins have a low carbonate content at
Papayal, Trapichillo and Cola, while quartz veins coexist with quartz - barite - calcite, and barite
being replaced by silica at Cerro Verde and part of Trapiche Labrado.
Gold occurs in its native form. Sulphides, in roughly decreasing order of abundance, are as
follows:
iron as pyrite
zinc with variable iron as sphalerite
lead as galena
arsenic as arsenopyrite
copper as chalcopyrite
copper as bornite
The gold/base metal mineralization is restricted to the veins and stockworks with associated
argillic alteration. A black silver mineral occurs sporadically in the more northern areas of the
Papayal 5 vein. Traces of malachite and neotocite have been identified within the argillic alteration
zones along Trapiche Creek and in some peripheral veins south of Papayal 1. Sphalerite is very
scarce except in the distal Papayal 3 and 5 veins.
North-south mineralization zoning has been interpreted with a more epi-mesothermal system in
the south becoming more epithermal and low sulphur towards the north at Trapiche Labrado. The
galena and sphalerite content increases towards the NE towards Papayal. Chalcopyrite and
covellite are rare but found throughout the entire district however copper does not represent an
economic target.
The gold and silver grades vary along strike and across the vein width with "ore shoots" or "high
grade pipes" producing very erratic values up to 600 g/t Au and 750 g/t Ag in some veins at
Trapichillo and Papayal. The distribution of values at Cerro Verde is more even, averaging between
5 g/t Au and 35 g/t Ag in almost all the veins, however the "mineralised pipes" have a greater
length and depth than at Trapichillo and Papayal.
A total of 74 veins have been identified between Cerro Verde - Yaraco-Trapichillo and Quebrada
Trapiche Labrado of which 67 average >2 g/t Au. Seven potentially economic veins were identified
at Papayal and five further veins with grades >6 g/t Au at Trapichillo.
9.0 EXPLORATION
9.1 Exploration
Dynasty commenced exploration within the project area after it acquired the rights to the
concessions in 2003 using staff employed by the Company. This work consisted of geological
mapping, trenching, channel sampling of trenches, geochemical soil and geophysical surveys and
diamond drilling with the aim of identifying mineralised vein systems. Dynasty was successful in its
preliminary exploration efforts having discovered twelve mineralised vein systems at Papayal,
Cerro Verde and Trapichillo-Cola (Figure 7 to Figure 9).
Drilling commenced in 2005 and by the end of 2006 a total of 58 drill holes for 2,602m had been
completed in the Papayal and Cerro Verde project areas. The most important veins recognized
were Papayal 1, Papayal 3, Papayal 5, La Esperanza, Los Encuentros, La Gorda and La Foto. These
veins are within a NE SW trending zone approximately 11 km long by 3 km wide that includes
swarms of massive quartz, quartz-calcite and quartz-calcite-barite-siderite veins with varying
amounts of sulfide. These veins are typical epithermal veins, commonly crustiform with combs and
sporadic banding.
Between 2006 and 2008 a further 143 drill holes were completed for 24,131m at Cerro Verde and
north Papayal. At least 45 veins were identified in this drilling program with the most important
veins being the Iguana, Flaca, Encuentros 2, Picos, Clavo, Foto Sur, Kaliman, Venado, Barita and
Larga.
The best gold and silver intersections were obtained at Cerro Verde and Yaraco along with
significantly improving grades towards the north of Papayal.
There has been no further drilling or exploration at Dynasty Goldfield since February 2008.
A total of 2,033 rock channel samples were taken from 1,161 surface trenches at Cerro Verde,
Iguana Este, Trapichillo and Papayal by the end of 2007 (Table 4). Significant drilling and trenching
results are summarized in Table 5 to Table 8.
Dynasty's exploration field work began with recognizing surface outcrops of altered rocks,
structures, veins and mineralization. Once a vein outcrop/target has been selected, detailed
geological mapping was carried out together with structural and positioning observations.
In terms of Dynasty's trenching protocol, after a surface vein outcrop was mapped and technically
recorded, several photographs were taken from different angles. The trench is carefully planned
always perpendicular to the vein strike. Trenches can be made manually or using an excavator
depending on the access facility. Manual trenches (pick and shovel) have been the more
appropriate and easy exploration surface works being developed in the concession areas. They
have been extremely useful and providing accurate, solid and abundant data.
A trench is planned after general geological and geochemical sampling has been carried out, and
after having obtained the corresponding surface land permits and fulfilling all environmental
requirements. The trench is designed in a manner such that there will be minimum impact to soil
and agriculture.
After starting a trench program in a specific location (vein), a differential GPS landmark is set to
have a topographical control to tie all exploration works/sampling using tape and compass or total
station. In places where no differential GPS land marks where located, a normal GPS location UTM
PSAD56) was used.
A trench is an elongated pit of about 1.2 m wide and 1.5 m to 3 m deep, dug until finding fresh
rock of the target of interest or vein/structure. Trenches along structures such as veins are
designed with 25 m (majority) to 50 m spacing along vein strike. They are dug by hand using picks
and shovels and manpower. The organic surface layer is segregated, as well as each single soil
horizon (A, B, C), in order to conduct appropriate reclamation afterwards.
Once the structure/vein is clearly exposed in the trench, all technical measurements and
recordings are executed. UTM coordinates (usually PSAD 56 for Ecuador) at the beginning of the
trench plus direction and sampling distances; elevation, vein bearing and dipping, geological,
mineralogical and petrographical observations, photographs, etc.
The trench depth depends on the soil cover and also the topographical location of the exploration
point. Normally flat or valley sectors have a thicker soil layer (up to 3 m) than those located in
higher elevations. Watershed lines normally show outcropping solid rock.
Once the trench is completely clean and the structure/vein exposed clearly, a perpendicular
channel of about 5 cm wide x 5 cm deep is constructed with a portable saw or using chisel and
hammer. One or several samples of about 1 m length or less are collected from the structure/vein
taking care to avoid contamination. The vein foot and hanging walls are also sampled if they show
evidence of mineralization such as quartz veinlets. Each sample normally weighs about 5 to 6 kg.
The aim is to sample the totality of the mineralized rock, but when sample is bigger that the
specified weight then an in situ riffling is executed to obtain a representative sample. The
remaining sample material is normally used to replicate samples (duplicates).
goldsilver mineralization and, if continued, will continue to develop the exploration potential of
the Project.
TRENCHES
Sector Trenches Metres Samples
Cerro Verde, Iguana East and Trapichillo 1,119 4,078 1,366
Papayal 42 2,973 667
TOTAL 1,161 7,051 2,033
DRILL HOLES
Sector Holes Metres Samples
Cerro Verde 175 23,734 1,392
Papayal 26 2,999 257
TOTAL 201 26,733 1,649
Length*
HOLE (m) Au g/t Ag g/t Cu ppm Pb ppm Zn ppm
Maximum 8.55 57.90 1,986 15,400 30,100 34,100
Minimum BD BD BD BD BD BD
Average 1.29 1.163 11.5 215 274 323
Median 1.00 0.263 1.7 71 33 91
Mode 1.00 0.003 0.1 35 3 40
Standard Deviation 0.81 2.840 60.2 591 1,224 1,271
*Intersection width which may be significantly longer than true width
BD = Below detection
Length* Au Ag Cu Pb Zn
TRENCH (m) g/t g/t ppm ppm ppm
Maximum 20.00 137.60 624.0 8,477 28,800 3,129
Minimum BD BD BD BD BD BD
Average 1.44 3.55 29.7 136 620 167
Median 1.10 2.25 11.7 77 230 94
Mode 1.00 2.97 0.2 57 0 70
Standard Deviation 1.19 5.91 55.7 323 1,599 210
*Intersection width which may be significantly longer than true width.
BD = Below detection.
10.0 DRILLING
10.1 Drilling
To date a total of 201 drill holes totalling 26,733.5 m have been completed by Dynasty, at Cerro
Verde and Papayal.
Two Hydracore 2000 wire-line diamond drills owned by Elipe were used for this drilling. All drilling
was carried out using triple tube gear to maximize core recovery. The upper 10 m of each hole was
drilled with HW (76 mm core diameter) rods and cased off, then HQ (63 mm core diameter) rods
were used to 100 m followed by NQ (48 mm core diameter) for the remainder of the hole. The
holes diameters are usually between 15 mm and 22 mm larger than the core diameters.
Downhole surveying was carried out on all drill holes with dip and azimuths measured regularly
down the length of the hole, generally at 50 m intervals.
At the completion of each drill run the core was carefully transferred from the core barrel to the
core trays. At the end of each shift the core trays were sealed with lids and transported to the
core storage facility near the mine office where the core recovery, lithology and structural features
of core was logged by the field geologist. After the core was logged by the geologist the core was
marked up and sampled.
Since the drilling was all collared at the surface and the locations of drill sites were determined by
accessibility in steep topography, and the orientation of the mineralised veins varied considerably
along strike and down dip, the holes intersect the veins at various oblique angles. Most holes
intersect the veins nearly perpendicular to strike but at penetration angles well less than
perpendicular to the dip. As a result the drill intersection widths are significantly longer than the
vein true width, however the resource modelling considers the drilling in 3D and adjusts the drill
intersections accordingly.
Drilling targets were determined by detailed geological mapping and the channel sample assay
results from trenches. Assay results in the drilling showed that higher grade gold and silver
mineralization extends from the surface to depths of up to 250m. Dynastys drilling program
confirmed the existence of widespread gold and silver mineralization over the area drilled and
extended the continuous strike length of the mineralized corridor to approximately 3.5km of
surface mineralization.
See Item 9.3 for further information on results of Dynastys drilling at the Dynasty Goldfield
Project.
After the field geologist logged the core, the sampling limits determined by logged veins and
alteration zones were marked with a pen, and then another line was marked along the long axis of
the core along which the core would be split by diamond saw. This line is marked as close as
possible perpendicular to the edges of the quartz veins and designed to make an unbiased and
representative sample of the mineralization in the veins and altered zones.
The core was then cut by diamond saw along the marked lines by trained technicians with one half
of the core retained in the core tray for future reference and the other half bagged in a uniquely
labelled calico bag to be dispatched to the laboratory for chemical analysis. The calico bags were
stored in sealed plastic drums until they were dispatched to the laboratory under continual
supervision by a Company representative to ensure the security of the sample.
A total of 3,555 samples from drill core were collected by trained company staff for chemical
analysis at BSI Inspectorate Sample Preparation Laboratory, an internationally accredited
laboratory located at Quito and certified as complying with ISO 9001:2008 (Certificate FS 34143).
In most holes only veins and mineralised structures, as logged by the geologists, were analyzed for
Au along with 32 other elements including Ag, Cu, Pb and Zn. In a few holes where wide zones of
Cu mineralization were logged by the geologist, continuous one metre samples were collected
through the mineralised zone. The split core is presently stored at Dynastys facility at Divino Nio
outside Celica.
The author reviewed drill core from several holes and confirmed the presence of the quartz veins
and sulphide mineralization as previously logged in the core. Observed core recovery was good
ranging from 95% to 100% and the sampling orientation is representative for the core inspected.
The core boxes are in good condition.
Trenches were cut at all three prospects to enable geological mapping below any overburden and
to take samples below the surficial weathering zone of the veins and altered zones exposed in the
trenches, generally at between 1.5m and 3.0m depth. The sampled channels 5cm wide and 5cm
deep were cut by either chisels or portable diamond saw along the cleaned trench floor producing
samples each weighing an average 5-6kg. The trenches were cut as close as possible perpendicular
to the veins to a maximum depth of 3.0m. Samples were collected between geological boundaries
by trained personnel, covering the mapped mineralization as well as additional 1.0m samples in
the mapped footwall and hangingwall waste. The geological boundaries, generally quartz veins
and highly altered zones, between which the samples are collected were identified by field
geologists. Care was taken that these samples represented the intervals being sampled and there
was no bias due to selectively sampling any particular type of rock or mineral such as soft or
sheared zones. The sample limits were accurately surveyed by Differential GPS (DGPS).
The drilling, trenching and sampling methods employed at Dynasty are considered by the author
as appropriate and meet all the necessary mining industry standards for the type and style of
mineralization tested and has resulted in unbiased representative samples suitable for resource
modelling and estimation.
The samples collected from the trenches were from below the surficial weathering zone in fresh
rock.
It is the authors opinion that the sampling methods are appropriate for the gold/silver
mineralization.
A standard, blank and duplicates were inserted each batch of 50 samples comprising
approximately 6% of QA/QC sampling.
Once trench sampling was completed, the trench is immediately reclaimed according to the
Environmental Managing Plan approved by local authorities.
Before submitting samples to BSI Inspectorate, each sample bag was fully re-checked and
weighted to ensure it has been properly identified. Sacks able to contain no more than eight
samples each were utilized to facilitate transportation. A chain of custody was set for the
transportation process and confirmation as received once samples reached the lab.
All the sample preparation, i.e. drying, crushing and pulverising, was done at the BSI Inspectorate
Sample Preparation Laboratory in Quito, Ecuador by the laboratory staff. The following
procedures were employed at the laboratory:
aqua regia digestion with an AAS assay finish. A further 31 other elements including copper, lead
and zinc were analysed by the Inductive Coupled Plasma (ICP) method.
The laboratory followed industry standard QA/QC procedures when preparing and analysing the
samples including the use of blanks, standards and repeats. Where anomalies were found in the
QA/QC results appropriate action was taken, usually the sample batch was completely re-assayed.
DENSITY
SAMPLE DESCRIPTION CODE (t/m3)
Esperanza vein, county rock, Hole 36 EV001 2.34
Esperanza vein, waste rock in core, Hole 38 EV003 2.37
Esperanza vein, quartz vein D0203064 2.64
Foto Vein, quartz vein + sulphides D0203078 2.91
Foto South vein, Quartz vein D0803043 2.75
Venado Vein, Quatz oxidized vein D0203097 2.68
Venado Place, Andesitic rock in surface Venado 07 2.28
Papayal vein, Hole 3, Quartz vein D0803004 2.72
Papayal vein, Hole 3,Waste, 117 m depth PPY03 2.31
Papayal 5, Hole 4, Waste. 61.6 m depth PPY05 2.36
Papayal 5. Hole 8. Waste. 74 m depth PPY05-74 2.37
Papayal 5. Hole 8. Quartz vein. 71.5 m depth D0803021 2.73
Encuentros vein, Qtz vein. 28 m depth.Hole 16 D0203029 2.69
Encuentros vein, Qtz vein. 23-24 m depth.Hole 21 D0203035 2.70
Encuentros vein. Waste. Hole 21. Depth:32 m WH021 2.38
Esperanza vein .Qtz vein. 188 m depth-hole 33 D0203142 2.69
Esperanza vein. Waste. Hole 33. Depth 215m WEV032 2.41
Foto vein. Qtz +sulphides vein. Hole 39 D0203179 2.78
Foto vein. Waste fragment. Hole 39. 80m depth WFV023 2.33
All drill holes had their dip and azimuths measured regularly down the length of the hole, generally
at 50 m intervals, to measure any down-the-hole deviations.
Recognised gold standards from Gannet Industries of Australia were used to determine the
accuracy of the gold assays. Standards were inserted at a rate of one every 40 (2.5%) in each batch
of samples, collected from drill core and trenching, sent to the laboratory for chemical analysis.
Blanks inserted in sample batches measure any contamination between samples during the
preparation stage at the analytical laboratory. Blanks were prepared by Dynasty from unaltered,
dark green, massive, fine grained andesite sourced on site. These blanks were included in each
sample batch, collected from drill core and trenching, and if a blank returned an elevated gold or
silver value the samples were re-assayed.
Duplicates inserted in sample batches measure the accuracy and repeatability of sampling and
laboratory assays. Duplicates of pulps were regularly assayed at sample intervals of 1 per 40 to 60
samples.
Figure 13 to Figure 17 show plots of the QA/QC data. The graphs show that the QA/QC results are
within acceptable limits of +/- 3 Standard Deviations.
STD 284
4.500
4.000
3.500
3.000
Samples
Au ppm
2.500
+ 3 S.D.
2.000
- 3 S.D.
1.500
1.000
0.500
0.000
0 2 4 6 8 10
SAMPLES
STD 256
0.250
0.200
0.150 Samples
Au ppm
+ 3 S.D.
0.100 - 3 S.D.
0.050
0.000
0 5 10 15 20
SAMPLES
STD 306
2.000
1.800
1.600
1.400
1.200 Samples
Au ppm
1.000 + 3 S.D.
0.800 - 3 S.D.
0.600
0.400
0.200
0.000
0 2 4 6 8 10
Sam ples
DUPLICATES
1.4
1.2
1
Au ppm
1
28
D 64
D 66
D 67
D 69
D 61
D 60
D 60
D 61
06
0
0
0
0
0
0
0
0
02
D
Samples
Blanks
0.040
0.030
0.020
Result samples
Au ppm
+ 3 S.D.
0.010
- 3 S.D.
Average
0.000
0 5 10 15 20 25
-0.010
-0.020
Samples
No independent samples were collected by the author to verify the quality of the assays in the
database since the QA/QC procedures followed by Dynasty are sufficiently rigorous to ensure the
assays used in the resource modelling are reliable.
The author verified the integrity of the database by comparing several assay certificates as
received from the laboratory with their transcription into the Companys database and records.
The transcribed assays were found to be accurate.
In the opinion of the author, the data is sufficient and adequate for the purposes used in this
Report including resource estimation, and that the sample preparation security and analytical
procedures followed relating to the Project are adequate for ensuring that the data is suitable for
the resource model, as described in this Report.
The Dynasty Goldfield deposits are considered to be a gold/silver deposit. Other minor mineral
concentrations have not been considered as part of these estimates.
The Companys mining operation at Zaruma, where similar style mineralization is mined, uses an
economic cut-off grade based on the cut-off grade estimate calculation in Table 10. Since the
mineralization at Dynasty Goldfield is similar to Zaruma, this calculation is considered to be a
reasonable conceptual basis on which to decide whether mined underground material should
report to the processing plant or be sent to the waste stockpile at Dynasty Goldfield.
Royalties 5%
Recovery plant 94 %
Purity Au-Ag bullion 97.8 %
Gold Price 1260 $/oz
Opex 73 $/t
Factor 0.87 %
price Au opex cut-off
$/oz $/t g/t Au
1260 73 2.06
Table 10: Cut-off Grade Determination Zaruma Project.
A reasonable economic cut-off grade for underground mining of mineralised quartz veins at
Dynasty Goldfield, based on the calculations in Table 10, has been rounded down to 2.0 g/t Au.
14.2 Method
Resources for all the veins were calculated using the polygonal method. This method was
considered appropriate by the Company and the author for vein mineral deposits exhibiting no
major variations and tectonically controlled.
Long sections were created along each vein separately with the topography as the upper limit.
Polygons were then created around the drilling and trench samples with squares with sides as
follows: 25 m for Measured Resources, 25 m 50 m for Indicated Resources and 50 m 100 m for
Inferred Resources. See Appendix 1 for resource cross-sections for selected veins incorporated in
the resource estimate. The author determined that trench sampling was appropriate in the
context of surface exploration for the types of deposits at the Dynasty Goldfield Project. Trench
sampling followed a continuous channel sample in the mineralized rock at the bottom of each
trench. The samples were larger than those obtained by drill core and the assays were similar to
those from drilling, and enabled the Company to derive accurate and direct vein structural data.
Both trench and drill samples could be replicated and re-assayed.
The polygonal estimates are based on a total of 201 drill holes totalling 26,733.5 m at Cerro Verde
and Papayal along with a further 2,033 rock channel samples taken from 1,161 surface trenches at
Cerro Verde, Iguana Este, Trapichillo and Papayal.
The area of each polygon was multiplied by the vein width to get a volume of the vein, then
multiplied by the specific gravity (2.7) to calculate the tonnes. Veins < 0.20m were not considered
in the resources calculation. Measured resources were only derived from drilling samples while
veins sampled by trenching, without diamond drilling, were only categorized as indicated or
inferred. Vein thickness, density and precious metal grades were assumed constant in the polygon
area surrounding a drill intersection. The search ranges (radii) used based on experience at similar
deposit resources.
All resource modelling was carried out by qualified local geologists supervised by either a geologist
or mining engineer who are members of the AusIMM.
The QP has considered the methods used to estimate the resources and the parameters used
including the minimum vein widths, lower cut-off grades and upper grade cutting and believe that
they are reasonable for the style of mineralization being modelled and the mining methods that
would be used.
TRAPICHILLO SECTOR
Andres 2 39 3.8 42.6 107 3.7 39.1
Andrey 15 11.8 46.5 49 10.9 60.2
Cris Este 5 7.4 76.8 20 6.8 89.9
Cris 4 12.2 88.1 8 12.6 87.9
Cross Sur 16 4.5 35.2 61 3.7 24.2
Fernand 15 2.7 39.7 58 2.5 40.3
Gold 5 113.1 192.5 20 72.5 209.1
Jaramillo 5 3.9 10.3 29 3.9 10.3
Juan 40 5.0 67.2 151 4.7 67.4
Panay 5 2.6 16.1 13 2.9 12.5
Parcemon 8 8.5 57.1 23 9.2 51.3
Rio 5 4.8 13.3 13 6.5 18.0
Sol 13 21.2 191.5 38 33.3 182.2
PAPAYAL SECTOR
Papayal 1
Veta 1 22 6.2 57.9 27 5.7 63.6 43 3.9 83.2
Veta 2 7 1.8 160.0 13 1.8 160.0 58 1.8 135.7
Veta 3 2 1.0 754.9 17 3.4 612.5 27 2.4 638.5
Veta 5 4 2.2 20.2 19 2.8 74.4 28 2.3 45.2
Veta 8 2 1.9 45.0 4 1.9 45.0 16 1.9 45.0
Papayal 2
Veta 2 5 7.4 31.3
Veta 3 6 9.3 224.5
Veta 4 15 15.5 130.9
Veta 5 1 9.1 12.0
Veta 6 6 2.8 28.8
Papayal 3
Veta 1 138 6.5 84.4 152 5.3 86.3 237 4.7 75.7
Veta 2 4 5.0 47.0 7 5.0 47.0 30 5.8 53.3
Veta 4 2 4.9 134.0 4 4.9 134.0 7 4.9 134.0
Veta 5 10 5.7 16.2 5 5.6 16.7 8 5.9 14.9
Veta 6 10 5.4 145.0
Veta 8 17 2.6 44.1
Veta 10 6 2.3 29.0
Veta 15 8 5.1 68.1
Papayal 5
Veta 1 48 6.1 68.5 69 6.6 53.2 88 6.4 45.9
Veta 2 38 7.1 85.3 48 7.9 65.1 125 8.0 65.9
Veta 3 8 2.8 116.3 13 2.8 116.0 20 2.8 116.0
Veta 4 1 4.3 41.0 16 2.4 47.9 32 2.4 47.8
Veta 5 28 6.3 33.1 40 6.3 35.7 58 6.6 58.7
Veta 6 17 4.1 60.0 49 4.1 60.0 37 4.1 60.0
Veta 7 2 2.2 146.0 3 2.2 100.0 7 2.2 100.0
Veta 8 26 2.8 22.4
Table 11: Current Vein Resource Estimates for the Dynasty Goldfield.
Table 12: Current Resource Estimate Summary for the Dynasty Goldfield.
Since the Mining Mandate came into effect in 2008, Dynasty and the Ecuadorian Government have
continued to work to resolve the conflict that is causing a delay in granting environmental licenses,
permitting and other matters and seeking socio-economic solutions. There is no assurance that
these will be resolved and accordingly, the main risk to the project is political in nature if Dynasty
were to proceed with development activities.
Any mining at the Dynasty Goldfield Project will have to comply with all the laws of Ecuador.
Other than as disclosed above, there are no unusual environmental, permitting, legal, title and
taxation features at the Dynasty Goldfield Project that will materially affect any future mining
operations. The country has a long history of mining and there are several successful mining
operations nearby on similar mineral deposits.
- Mining cost risk: mining costs are rising in the current world market, the effect of which
could be offset by lower labour costs in Ecuador.
- Metallurgical risk: test work needs to be completed to assess recoverability of both
precious and base metals.
- Sovereign, country, geographical and topographical risks.
- Market price of precious metals: a significant decrease in the market price of precious
metals could affect the viability of any future development project on this project.
A total of 967 trenches and 201 drill holes have been sampled in the Dynasty Goldfield from 2003,
when Dynasty acquired the concession rights, to February 2008. Dynasty has not engaged in any
further exploration activity since that time and has no current plan to recommence activities until
uncertainties associated with Ecuador's proposed new Mining Law have been resolved.
A resource estimate has been calculated using polygonal methods. Table 13 summarises the
current mineral resource estimate for the Dynasty Goldfield Project:
It is the authors opinion that there is good potential for outlining further gold and silver resources
along strike of the same geological structures that Dynasty has already successfully explored.
Drilling
Dynasty have employed drilling methods and associated procedures to ensure the highest
core recovery possible.
Drill collar and downhole surveying follows industry best practice so the potential for
significant impact on results is minimal.
The sampling methods and QA/QC protocols followed by Dynasty when sampling the drill
core meet industry standards and would provide reliable assays suitable for resource
estimation.
The geological logging of the core is considered to be in line with industry best practice
and consistent with other systems employed at narrow-vein deposits.
Trenching
The sampling methods and QA/QC protocols followed by Dynasty when sampling surface
trenches meet industry standards and would provide reliable assays suitable for resource
estimation.
Weathering effects at the surface could produce biased results, depending on the nature
of the weathering either high or low, so assay results of samples collected at the surface
should not be projected deeper than the weathered zone for resource estimation.
Sampling of diamond drill core and trenches is of a consistent and of a repeatable nature,
with appropriate QA/QC methodologies employed.
The assay method used is considered to be appropriate for this style of mineralization.
The level of compliance and lack of bias displayed by the standard reference samples,
duplicates and blanks is good and demonstrates the reliability of the gold and silver grades
used for the Mineral Resource estimate.
The data density from sampling trenches and diamond drilling is sufficient for the reported
resources in the assigned categories however further surface mapping, trenching and
diamond drilling is required on most of the veins explored to date before there is sufficient
reliable data for a definitive feasibility study.
The polygonal estimation method is valid for the narrow veins modelled however the
author recommends that the resource estimates are progressively updated using more
modern computer modelling methods with mining industry standard software.
Resource risk due to changes in geological interpretation, assumed mining and processing
parameters and new geological information and/or sampling data;
Risks inherent in exploration and mining include, among other things, successful
exploration and identification of ore reserves, satisfactory performance of mining
operations if a mineable deposit is discovered and competent management;
Risks associated with obtaining renewal of tenements upon expiry of their current term,
including the grant of subsequent titles where applied for over the same ground. The
grant or refusal of tenements is subject to ministerial discretion and there is no certainty
that the renewal of tenements will be granted;
The risk of material adverse changes in the government policies or legislation of Ecuador
that may affect the level and practicality of mining activities;
Environmental management issues with which the Company may be required to comply
from time to time;
Poor access to mining areas as a result of remoteness and difficult terrain; and
The availability and high cost of quality management, contractors and equipment for
exploration, mining, and the corporate and administration functions and the cost of
identifying, negotiating with and engaging the same.
18.0 RECOMMENDATIONS
It is recommended that the Company continues with surface mapping, trenching and diamond
drilling, to fully delineate the extent of the mineralization along strike and at depth in all the
known veins.
Further infill drilling on the higher grade veins is required to improve the reliability of the resource
estimates prior to commissioning a preliminary economic assessment (PEA).
Large diameter core holes should be drilled in the better defined, most likely to be mined, veins to
provide representative samples for metallurgical testing to determine optimal processing plant
design to maximise gold and silver recoveries.
It is recommended that the Company continues with its existing Social Program to maintain
good relations with the local populace.
60 diamond drill holes for approximately 5,150 m at Trapichillo and Iguana Este over a
total area of approximately 4 km2.
20 diamond drill holes for approximately 1,350 m at Papayal Norte over an area of
approximately 1 km2.
This conceptual exploration program would take approximately 3.5 years to complete.
Depending on results yielded, the Company may be able to proceed towards conducting a PEA.
19.0 REFERENCES
Baldock, J (Coordinator), 1982: Mapa Nacional Ecuador. Instituto Geografio Militar.
Bravo, L., 2005: Dynasty Property, Papayal-Cerro Verde-Q. Trapiche Labrado, Celica. Internal
Company Report. Unpublished.
Enadimsa, 1977: Estudio Geologio Minero del Area La Zanja. Mision Geologico-Minera de
Espana en Ecuador.
Litherland and Zamora, 1991: A Terrane Configuration for the Northern Andes. Comunicaciones
Departamento de Geologia Universidad de Chile No. 42.
Maynard, A.J., October 30, 2007: Independent Geological Evaluation, Dynasty Goldfield Project,
Celica, Loja Province, Ecuador. Company Technical Report.
Pilatasig, L and Gordon, D, 2004: Mapa Geologico Region Sur del Ecuador. Ministerio de Energia
y Minas. Edicion Provisional.
Schenk, Viger, and Anderson, 1997: Maps Showing Geology, Oil and Gas Fields, and Geologic
Provinces of the South America Region. United States Geological Survey OFR 97-470D.
United Nations, 1972: Exploration for Metallic Minerals in Southern Ecuador. Technical Report
No. 14, UN Development Programme.
Appendices
Appendix 1
LEGEND
RESOURCES
MEASURED
INDICATED
INFERRED
TRENCH SAMPLE
LOCATION
DRILL HOLE
0 50 100 200
metros
SW NE
CISNE VEIN
LEGEND
RESOURCES
MEASURED
INDICATED
INFERRED
TRENCH SAMPLE
LOCATION
DRILL HOLE
BLOCK NUMBER
0 25 50 100
metros
DYNASTY PROJECT
PAPAYAL 3 - VEIN 1 AND DRILL RESOURCES
6
7
3
5
8
4
9 10
4 BLOCK NUMBER
FLACA VEIN
SW NE
LEGEND
RESOURCES
MEASURED
INDICATED
INFERRED
TRENCH SAMPLE
LOCATION
DRILL HOLE
BLOCK NUMBER
Width/Au/Ag (g/t)
0 25 50 100
metros
WEST FOTO VEIN EAST
LEGEND
RESOURCES
MEASURED
INDICATED
INFERRED
TRENCH SAMPLE
LOCATION
DRILL HOLE
BLOCK NUMBER
0 25 50 100
metros
SW NE
LA TRANCA VEIN
LEGEND
RESOURCES
MEASURED
INDICATED
INFERRED
TRENCH SAMPLE
LOCATION
DRILL HOLE
BLOCK NUMBER
0 25 50 100
metros
NW SE
HERRADURA 3 VEIN
LEGEND
RESOURCES
BLOCK NUMBER
INFERRED 0 25 50 100
metros
Form 43-101F1 Dynasty Goldfield Project Dynasty Metals & Mining Inc.
As a qualified person responsible for the report titled Technical Report Dynasty Goldfield
Project, Celica, Loja Province - Ecuador dated October 22, 2014 (the Technical Report) to which
this certificate applies, I, Allen J. Maynard, do hereby certify that:
3. I am a registered member in good standing of the AIG and a Corporate Member of the
AusIMM, and I became a member of AIG in 1990 and AusIMM in 1978.
5. I have read the definition of "qualified person" set out in National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") and confirm that by reason of
my education, affiliation with a professional association (as defined in NI 43-101) and past
relevant work experience, I fulfil the requirements to be a "qualified person" for the
purposes of NI 43-101. My work experience includes the management and performance
of numerous technical studies relating to mineral exploration and surface and
underground mining, audit, evaluation and valuation of projects and operating mines in
many parts of the world.
2
6. I inspected the Dynasty Goldfield Project from March 11-13, 2005, February 27 to
March 3, 2007 and September 24-28, 2007.
7. I am the author of, and responsible for, all sections of the Technical Report.
8. I am independent of Dynasty applying all of the tests as described in section 1.5 of NI 43-
101.
9. I have had a prior involvement with the Dynasty Goldfield Project by earlier site visits as
described at Item 6 above, as well as being the co-author of the 2007 Report, as defined in
the Technical Report.
10. I have read NI 43-101 and the Technical Report has been prepared in compliance with NI
43-101.
11. As of the date of the Technical Report, to the best of my knowledge, information and
belief, the Technical Report contains all scientific and technical information that is
required to be disclosed to make the Technical Report not misleading.
12. I consent to the filing of the Technical Report with any stock exchange and other
regulatory authority and any publication by them for regulatory purposes, including
electronic publication in the public company files as accessible on their websites.
Allen J. Maynard