Exploration Zones - full listingTotal cost of the most pressing 2015 work programs appears to be estimated at $1.85 million, which includes an 8,000 metre expansion (RC) drill exploration program ($1 million), resource update, PEA (Preliminary Economic Study)...... Northair`s funds on hand at end of January 2015 was $4.4 million. There are 40 million warrants that can be exercised within 11 months (or so) for $.18 if the price gets back up, otherwise the warrants can be exercised about 1.5 years, after that point, for $.25.
Northair will likely perform the initial PEA after the first round of drilling, perhaps late 2015 or early 2016. The PEA bugdet is already built into the $1.85 million work plan. The PEA will likely be done after the resource update. Northair currently has 63 million silver ounces. A successful first round drill program could move the ounces into the 75 to 100 million silver ounce range.
A full feasibility study requires Measured & Indicated ounces, but not a PEA. As such, Northair can use the entire 63 million (52 in M&I and 11 Inferred) ounces for the PEA. And, all they need to do is wide Inferred drilling for this first round to be able to use any newly defined 43-101 ounces as part of the upcoming PEA Study.
The share price can be pushed up substantially in 2015 with positive drilling, resource update, PEA and metal prices.
1) San Gregorio and Las Carolinas - 63 million silver ounces in 43-101, plus some zinc, lead and gold
2) La Colorada North - scheduled for 1st round of drilling
3) La Borracha (silver body continued on other side of main fault) - scheduled for 1st round of drilling
4) La Borracha (N-S Cross Structures - potential to trap higher grades) - scheduled for 1st round of drilling
5) La Navidad - scheduled for 1st round of drilling
6) Las Carolinas (southeastern portion) - scheduled for 1st round of drilling
7) La Colorada Main - likely to start in 2nd round of drilling
8) Ram Zone - likely to start in 2nd or 3rd round of drilling
9) Nogalera Zone - at pre drill work preparation stage, probably a 3rd round drill candidate
10) La Soledad Zone - probably a 3rd round drill candidate
11) Las Cuates Zone - probably a 3rd round drill candidate
12) La Bandera Zone - probably a 3rd or 4th round drill candidate
13) San Antonio Zone - potential to have northwest extensions of Veta Colorada veins (Veta Colorada was a large producing mine, with traditional Mexican veins), could be a candidate for 3rd or 4rd round drilling
13) Parral 1, Frac 1 - showing some interesting early samples, not far from Veta Colorada, maybe a 4th round drill candidate
14) Lobera Zone - appears to be showing interesting early samples
15) San Cristobal Zone - informal miners worked the propery historically, thus could be structures there
16) Cigarra 7, Cigarra, 9 and Cigarra 10 - large property areas, located near to between large deposits, with potential for target discoveries