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SHAFTER SILVER PROPERTY

Presidio County Texas


In July 2008, Aurcana completed the 100% acquisition of the Shafter Silver Project from Silver Standard. In June 2009 the Company announced positive Pre-feasibility Study followed by a positive feasibility study in September 2010.

In January 2011, Aurcana commenced an 18-month construction program and has received the final permit required to commence production in November 2011.

The operation at Shafter Project was started in December 2012.

Overview

Aurcana owns 100% of the Revenue-Virginius mine (via Ouray Silver Mines, Inc.) and 100% of the Shafter silver project.

Revenue-Virginius Mine

The Revenue Virginius mine last operated in 2015. It is located in southwestern Colorado about 5.5 miles southwest of the town of Ouray, via County Road 361. Ouray is easily accessible from Montrose Airport (36 miles north) or 5.5 hour drive from Denver.

Operation is year-round and it is close to local communities. Infrastructure is excellent and there is access to local housing for miners in the surrounding communities.

Aurcana acquired the Renveue-Virginius mine (via its acquisition of Ouray Silver Mines, Inc.) in December 2018 with the intention of starting up mining as soon as financing is secured. The mine originally operated in the late between the 1880’s until 1915 when it closed down due to the mill burning down, at that time the owned turned his focus to his gold mines.  In the 1930’s, 40’s, 60’s and 80’s, sporadic exploration work was conducted by Federal Resources and Ranchers Explorations groups.  In 1994, Sunshine Mining began extensive exploration work which was followed by ownership and significant investment by Star Resources and Fortune Minerals. In 2011, a new $50 million mill was built underground at the Revenue Virginius site. The mine last operated in 2015 and is fully permitted for immediate production.

In June 2018 an updated full feasibility study was completed.

Revenue-Viriginius Mine Feasibility Study

Revenue-Virginius Mine Feasibility Study Presentation

Ouray Silver Mines Website

Shafter

The Shafter silver project is 375 km southeast of El Paso, in Presidio County, southwest Texas, within a historic mining district. The site has excellent infrastructure, both in terms of year-round access via a paved highway, upgraded utility power and mine site facilities.

Silver from the Presidio Mine was mined from 1883 until 1942 when it was closed due to declining silver prices and the War Act. In the late 1970’s Gold Fields discovered a previously unknown deep extension to the Presidio, which remains un-mined and is the primary objective of Aurcana’s development plans.

In 2008 Aurcana acquired the Shafter Silver Project and in 2011 commenced re-development of underground access as well as construction of mill and mine facilities. In December 2013 the operation was put on care and maintenance.

In September 2018, an updated Preliminary Economic Assessment was released and the project is fully permitted. Shafter Preliminary Economic Assessment

Shafter 43-101 Report

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