Option Agreement with Lincoln Gold Corp.
February 2004: Lincoln may acquire a 60% interest in the Bufa project by spending US$3 Million on the property and issuing 450,000 shares of Lincoln to Almaden. Lincoln is commited to spend US$100,000 in the first year and must issue 50,000 shares upon exchange approval. Should the Bufa property enter production Lincoln must issue a further 100,000 shares to Almaden.

July 10th, 2008: Almaden has received from Lincoln results from the first 10 holes of a 12 hole drill program. These results include 1.5 meters that averaged 10.7 g/t gold and 516 g/t silver in hole LBDDH-003 and 2.5 meters of 4.12 g/t gold and 281 g/t silver in hole LBDDH-001. [read more +]

overview | geology | past work

La Bufa surrounds the town and mining camp of Guadalupe y Calvo in Chihuahua State, Mexico. The district lies within the Sierra Madre Occidental along a north-south trend that encompasses numerous gold-silver mines and deposits to include Mulatos, Dolores, Ocampo, and El Sauzal. Gold was discovered at Guadalupe y Calvo in October 1835. Production was sufficiently large that the Mexican Government built a mint at Guadalupe y Calvo in 1844. L.J. Buchanan (1981) estimated historic production at 2,000,000 ounces gold and 28,000,000 ounces silver. Estimated production grade was 37 g/t gold and 870 g/t silver.

The La Bufa property consists of three concessions (La Bufa, La Bufa 1, La Bufa 2) for a total of 2,291.3 hectares. The property surrounds the area of past production and its possible strike extensions. To the south, La Bufa covers at least 1700 meters of vein system strike length with potential for 1 to 3 million ozs gold + 15 to 40 million ozs silver. Multiple quartz veins crop out intermittently and range in thickness from 1 meter to 3+ meters within a complex fault zone up to 70+ meters wide. To the north, the La Bufa property covers a large area of exploration potential. Host rocks are “Lower Volcanics” (Tertiary) comprised largely of dacitic tuffs. Minor core drilling on the La Bufa property in the 1970’s (Asarco) and in 2004 (Grid Capital) encountered encouraging intercepts on the order of 6 to 9 gpt Au + 324 to 447 gpt Ag over 1.5 meters. Multiple ore-grade intercepts were encountered in one hole. Minor underground workings and stopes (now collapsed) are also present on the property.

Low sulphidation epithermal gold vein

A major vein structure, has been traced from the Guadalupe camp over a 1.4 kilometer distance onto the Bufa property. The system consists of a series of NW-SE striking, banded and brecciated, low sulphidation epithermal quartz veins that vary in strike length from 200 to 700 meters with an aggregate length for all veins mapped of 3.9 kilometers. Over 1.6 kilometers of this vein strike length, widths vary from 1 to 7.8 meters in true thickness.

47 chip samples were taken by Grid Captial from 33 locations on surface along this section of the vein system. At 30 of these locations, sample results ranged from 0.1 to 13.95 g/t gold over widths of 0.3 to 5.8 meters. Grid Capital also carried out a small core-drilling program on the property which encountered multiple veins, some with ore-grade gold-silver intercepts with attending lead and zinc. [read more +]

 

March 2008: A drill program is currently underway on the gold-silver vein system of La Bufa. The first drill arrived on site on February 29th, 2008 and a second drill may be brought to the site before the end of March. The drill program will consist of a minimum of 15 holes for a total of 6000m. Lincoln also announced that their exploration program is focusing on the southern extension of the Rosario vein system. [read more +]

September 2006: Lincoln conducts a large soil sampling program over the southern strike extension of the historic El Rosario gold-silver vein system - an area 1600m long and 500m wide with 33 sample lines on 50m spacing. Results pending. Lincoln also completed aerial photography over the entire Guadalupe y Calvo district.

August 2005: Lincoln Gold Corporation options Bufa [more +]

January 2005 : Drill program of 666.15 meters in 5 holes completed. The holes were drilled in three locations along a roughly 137 metre strike length of the vein system. The first hole drilled (GUD04-01) encountered shallow historic workings and was stopped at 58.75 metres depth, however the last sample before the opening was encountered returned 1.55 g/t Au and 91.1 g/t Ag over 0.4 metres. Hole GUD04-01A was drilled at the same location and underneath this first hole. Holes GUD01-02 (120.5 meters deep), GUD01-03 (115 metres deep) and GUD01-04 (130 metres deep) were drilled 43, 92 and 137 meters respectively northwest along strike from the collar of holes GUD01-01 and 01A. The most important intersections from these holes are tabulated in the January 25th news release. [more +]

December 2004: A prospecting program is completed. To date, 47 chip samples have been collected from 33 locations. Grid has reported that it has acquired historic reports that indicate there was limited historic mining of high grade gold and silver on the Bufa claims. A drilling program commences. [more +]

February 2004: La Bufa is optioned to Grid Capital Corp. [more +]