About
Rio Grande Resources controls a 100% interest in the Winston Group of Properties, which spans over 3,000-acres, with drill-ready sites, northwest of the town of Truth or Consequences covering the Chloride Mining District in Sierra County, New Mexico, United States. The property consists of 147 unpatented lode mining claims, including four (4) Little Granite claims and the two (2) patented mining claims in both Ivanhoe and Emporia, for a total aggregate of 149 total mining claims. The Ivanhoe, Emporia and Little Granite mines, each produced high-grade gold and silver during their full-time operations over a century ago, with Little Granite producing high value ore from some of its underground shoots.
Figure 1 – Location of the Winston Project
History
Numerous ore-shoots have been confirmed on the Winston Project from historic workings. Exploration and geological mapping has identified additional structural zones displaying ore shoot quartz texture indications consistent with mineralization throughout the district. The Little Granite, Ivanhoe and Emporia properties experienced sporadic technical work throughout the 20th century, primarily focused on milling and metallurgy, with the most recent work conducted by Foremost Clean Energy through from 2021 to 2023.
Overview of the Chloride Sub-District Mining History
The Chloride Sub-District, initially known as the Apache District, experienced significant mining activity starting in 1880 after the discovery of silver. However, a major decline in silver prices in 1892 led to many mines shutting down. There was a temporary resurgence of exploration and production in the 1920s, but renewed interest in gold and silver in the 1980s, particularly from Getchell Gold, led to the establishment of the St. Cloud Mining Company. Although individual mining veins were explored, a comprehensive exploration of the entire district has yet to be conducted.
Figure 3 – Displays the Emporia Vein, and the Ivanhoe Vein; the Little Granite Mine is approximately 2 km west
Mining mainly took place from 1882 to 1893, significantly affected by the “Great Silver Panic” of 1893. In the 1970s and 1980s, various major and minor companies engaged in exploration and mining, with notable operations in the northern part of the district, such as the Emporia and Ivanhoe Mines. Mining activities declined due to falling gold and silver prices, rather than a lack of mineral resources. Historical assessments suggest that valuable un-mined mineral deposits still exist in the area.
The first silver mineralization in what became the Chloride area was discovered in 1879, focusing on rich silver-gold veins. Among the earliest claims staked were the Ivanhoe/Emporia Claims. The first silver discovery in the Chloride area was made in 1879, and over 400 prospects and mines were developed by 1934. The highest production periods were between 1886 and 1893, contributing to a total output of approximately 6.3 million ounces of silver from Sierra County by 1931.
In 1984, a drilling program revealed promising vein materials, although specific details about the drilling process and quality assurance measures remain unclear. Despite the uncertainty surrounding these historical results, they indicate the potential for valuable mineral resources still present in the district.
2021 Winston property sampling and exploration
Michael Feinstein, CPG, QP, has visited the Winston Project area on ten separate occasions since October 2020 where he conducted confirmatory sampling of known historic mines, and prospecting in areas away from these occurrences. All samples were collected under his direct supervision of and securely transported to the Tucson laboratory of the ALS Global for analysis. The results confirmed the presence of high-grade material at all three historic minesas well as in some locations away from these areas.
This program was deemed great success, producing numerous high-grade samples including 41.5 g/t gold and 4610 g/t silver from newly staked claims. Exploration efforts have systemically assessed the northern portion of the Chloride District, which had previously not undergone any modern exploration techniques. Additional samples from these three mines returned peak values of 66.5 g/t gold and 2940 g/t silver from Little Granite, 26.8 g/t gold and 1670 g/t silver from Ivanhoe, and 46.1 g/t gold and 517 g/t silver from Emporia. For the full results of the sampling program please review table 1 below.
Table 1. Highest Grade Samples from Each Mine
| Mine | Grams per Ton Gold | Grams per Ton Silver |
|---|---|---|
| Little Granite | 66.5 | 2,940 |
| Ivanhoe | 26.8 | 940 |
| Emporia | 44.9 | 517 |
| Prospecting Best | 41.5 | 610 |
The 155 samples across the project included gold values range from below detection (BD; <0.02 for Au) to a maximum of 66.5g/t, and silver values range from below detection (BD;<0.02 for Ag) to a maximum of 4,610 g/t Ag. Some of the exceptional results from property-wide confirmatory sampling include:
Measured width highlights
- 3.35 g/t Au with 245 g/t Ag from a 0.3m channel sample inside the Little Granite Decline.
- 1.97 g/t Au with 232 g/t Ag from a 0.3m channel sample across JAP vein at LG mine.
- 29.2 g/t Au with 462 g/t Ag from a 0.6m continuous chip sample in north zone.
- 3.2 g/t Au with 34 g/t Ag from a 1.0m continuous chip sample in north zone
- 0.75 g/t Au with 489 g/t Ag from a 0.3m continuous chip sample in north zone.
Prospecting highlights
- Sample 1671079 collected at a prospect pit in recently staked ground returned 41.5 g/t Au with 4,610.0 g/t Ag.
- Samples 1671021, 1671024, 1671027 were collected from the same vein trend over 300m of strike
#1671021 returned 20.6 g/t Au with 21.0 g/t Ag.
#1671024 returned 12.3 g/t Au with 381.0 g/t Ag.
#1671027 returned 5.7 g/t Au with 254.0 g/t Ag.
Picture 1. Samples collected at Little Granite Ivanhoe/Emporia Program and correspond with Table 2 below
Table 2 displays the ore characterization of the samples collected from historic mine dumps (none omitted).
| SAMPLE # | COMMENT | MINE | G/T GOLD | G/T SILVER |
|---|---|---|---|---|
| 1670958 | Sugary white quartz w patches of black sulphides | Emporia | 46.10 | 366.0 |
| 1670959 | Amethyst vein and breccia w minor oxides | Emporia | 0.02 | 1.0 |
| 1670960 | Banded vein w some red zones and minor ginguro | Emporia | 44.90 | 517.0 |
| 1670957 | Banded comb quartz w calcite, oxides, dark gray zones | Ivanhoe | 0.38 | 563.0 |
| 1670976 | Sugary quartz/adularia/calcite banded vein w black sulphide bands, up to 20% locally | Ivanhoe | 4.82 | 1,670.0 |
| 1670977 | Layered comb amethyst w oxides and replacement textures | Ivanhoe | 0.02 | 3.8 |
| 1670978 | Massive dark gray quartz w red oxide zone, some copper oxide | Ivanhoe | 2.91 | 628.0 |
| 1670979 | Calcite breccia w chalcopyrite, included banded vein clast | Ivanhoe | 0.47 | 383.0 |
| 1670980 | Layered chalcedony w black sulphide, minor calcite | Ivanhoe | 26.80 | 940.0 |
| 1670981 | Qtz/adularia vein w green mustard oxide | Ivanhoe | 1.30 | 849.0 |
| 1670962 | Comb amethyst/sugary quartz w red-orange oxides | L Granite | 3.33 | 218.0 |
| 1670963 | Coarse comb quartz w calcite and bright green crystalline oxide | L Granite | 7.97 | 189.0 |
| 1670964 | Dark grey mucky quartz vein phase, red-orange oxides with trace copper oxide | L Granite | 6.43 | 525.0 |
| 1670990 | Comb quartz with red and black sulphide layers, rare variety on this dump | L Granite | 0.41 | 690.0 |
| 1670992 | Quartz with red-oxide fluff | L Granite | 0.10 | 7.6 |
| 1670993 | Qtz/adularia vein phase w minor orange oxides | L Granite | 2.15 | 163.0 |
| 1670994 | White banded coarse comb vein, dump background | L Granite | 7.00 | 337.0 |
| 1670995 | Select high grade ore grab at LG haul tower | L Granite | 66.50 | 2,940.0 |
Geological setting of the Winston project
The Winston Property is located along the west flank of the Rio Grande Rift. This rift, which extends from Colorado to Mexico, features unique geological characteristics and a history of gold and silver of mining activities. The rift has experienced extensive volcanism and hydrothermal processes, which create favorable conditions for the concentration of precious metals. As a result, epithermal and mesothermal deposits have formed, where mineral-rich fluids from the Earth’s interior interact with surrounding rocks, leading to the precipitation of gold and silver. Furthermore, the complex faulting and fracturing within the rift have facilitated the movement of mineral-laden fluids, increasing the likelihood of discovering economically viable concentrations of these metals in various locations along the rift.
The mineralization of the Winston Property is classified as low-sulphidation epithermal precious metal vein system. Epithermal deposits form at shallow depths (typically less than 1.5 km) and relatively low temperatures (150-300°C). They are usually found in areas with volcanic activity, where hot fluids from below the Earth rise through cracks in the rock.
Figure 3 – Displays the Emporia Vein, and the Ivanhoe Vein; the Little Granite Mine is approximately 2 km west
A low-sulphidation epithermal precious metal system is a type of mineral deposit known for containing valuable metals like gold and silver. “Low-sulphidation” means that the mineral-forming fluids have a low sulfur content, which is beneficial for the formation of precious metals. The process of mineralization involves hot water from volcanic sources mixing with cooler groundwater, leading to changes in temperature and pressure. This causes the metals like gold and silver to crystallize and form veins within the rocks. This style of mineralization are well-studied and have proven to be productive for mining operations worldwide.
The main structure on the Winston Property is the 25km long Paymaster Fault, which can be readily traced both on the ground and using satellite and LiDAR imagery. Alteration minerals associated with the precious metal mineralization at Winston have yielded radiometric age dates of approximately 26.5 million years. This coincides with a major volcanic event in the region and broadly correlates with the age of mineralization at the historic Creede Mining District in Southwestern Colorado, which has recorded production of over 84 million ounces of silver, valued at more than US$2.5 billion dollars at current prices. Hecla Mining Corp., the premier US silver producer, is conducting a major evaluation of mines in The Creede District, suggests strong potential for district-scale discovery in the area.
The presence of specific minerals, such as quartz and various carbonates, in the Winston Project indicates that the area has good potential for extracting valuable metals, making it a promising site for future mining endeavors.
Conclusion
The most recent sampling program, along with multiple site visits, confirms that earlier reports of high-grade silver and gold values from historic workings are legitimate and justify the need for a major exploration program at the Winston Property. Modern methods should be employed to define the nature and extent of mineralization.
QA/QC Statement
A total of 166 samples have been processed by ALS Laboratories (“ALS”) for Precious Metals and Multi-Elementanalysis. All rock sample assay results from Foremost (previously FAR Resources) have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol, which includes the insertion of blind standard reference materials at regular intervals. The samples were maintained by Dr. Feinstein and securely transported to ALS’s sample preparation facilities in Tucson, Arizona and Reno, Nevada. Sample pulps were sent to ALS’s labs in Vancouver, Canada, for analysis.
All samples were of hard rock and prepared by fine crushing to 70% passing <2mm, followed by riffle split, and then pulverization to 80% passing through < 75 um (ALS Method Prep-31). Gold content was determined by fire assay of a 50-gram charge with ICP finish (ALS method Au-GRA22). Silver and 47 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-MS61). Over-limit samples for silver and copper were determined by ore-grade analyses Ag-OG62, Cu-OG62, respectively.
ALS Laboratories is independent of Foremost, and its Vancouver facility is ISO-17025 accredited. ALS also conducts its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’s internal and Foremost’s external blind quality control samples were acceptable for the samples analyzed. Foremost is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein.
*There are no known mineral resources or reserves on any of the projects that are the subject of this report. All historical reports of resources and reserves, including statements of grades associated with sampling, production, tonnages, widths, and lengths, do not satisfy National Instrument 43-101 standards and should not be relied upon. This background data is included for reference, transparency, and to qualify the recommendations of further exploration programs.
