The 5,700 hectare Talea silver prospect lies 22 kilometers east of the Natividad mine, and is contiguous with Continuum’s large Natividad land holdings. The property was acquired 100% by staking. At Talea, silver has been historically mined from discreet veins along a 4-kilometer trend. The silver-rich veins are hosted by Permian-aged black shales - the same rocks that host the Natividad deposit.
Continuum has initiated geologic mapping, sampling and rehabilitation of the historic workings. The highest grade samples assay in the kilograms per ton Ag range, and although there has been historical mining of the veins, no systematic exploration has ever been conducted.
On March 22, 2005, we announced an option agreement at Talea with Cloudbreak Resources Ltd. In order to acquire a 60% interest in the property, Cloudbreak must expend $1.25 million by November 1, 2007 and issue 500,000 of their shares to Continuum.
Continuum will remain as the operator of the project and has planned a drilling program to begin before the end of 2005. |
