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The Lety property located in the municipality of Santa Maria del Oro, Durango, approximately 230 kilometers North West straight line from the city of Durango, Mexico. The Lety property consists of three mining concessions covering 5,130 hectares in the Northern portion of the state of Durango, near the historical mining districts of Magistral del Oro, Santa Maria del Oro and Guanacevi, in the Sierra Madre Occidental of Mexico.
The property mineralized structures lie along the great Rodeo regional fault, known to host over 200 small bonanza grade mines that have operated intermittently since early Spanish Colonial times.
Preliminary reconnaissance work done by the company identified two Silver mineralized rhyolithic breccia structures, intensely oxidized with abundant hematite and limolite, trending NW 30, (same as the Guanacevi and Magistral vein systems), with widths ranging between 10 to 15 meters and outcropping for more than 1,000 meters along strike. The system is exposed for at least 150 meters of elevation change. Preliminary outcrop rock sampling by Silvermex on both structures returned assays ranging from 80 to150 g/t Ag and 0.5 g/t Au. In addition parallel to this principle system, a 15 meter wide andesitic dyke outcropping for more than 1,000 meters was identified. Preliminary sampling on this dyke returned values of 45 g/t Ag.
Silvermex technical staff believe the correlation of the structures with the Guanacevi, Santa Maria del Oro and Magistral del Oro mining districts, the intense oxidation suggesting supergene enrichment zones at the higher stratigrafic elevations and the presence of sedimentary cretaceous rocks suggesting contact metamorphic mineralization in the lower stratigraphic sections make the Lety Property highly prospective.
A $500,000 exploration program is scheduled to commence in the second quarter of 2008.
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