The Directors
De Beira Gold Fields Inc
30 Ledgar Road
Balcatta, Western Australia 6021
Dear Sirs
Independent Geologist’s Report On the Titiribí Project Titiribi, Columbia.
Lars Pearl of Raylar Pty Ltd, Consultant Geologists, was commissioned by De Beira Gold Fields
Inc to provide an Independent Geologists Report on the Company’s Copper and Gold project
located in the Titiribi area of Colombia
This report has been prepared by the Author at the request of Mr Reg Gillard, president of De
Beira Gold Fields (the issuer), in accordance with and following the specifications of NI43-101.
The object of this report is to put forth a professional opinion on the geology and mineral
exploration potential of the Titiribi copper gold project, base on the study of available scientific
and technical data. The author has spent substantial time assembling, reviewing and integrating
old data and personally visited the area on 2 separate occasions for a total of 3 days in March and
September 2006, to confirm aspects of this compiled data set. The author also met with and was
accompanied by, Mr George Juilland, a Mining Engineer associated with the project and the
vendors.
Old data contained in this report was collected outside the requirements of the NI43-101 by
parties neither under the supervision of the author nor responsible to the issuer. In most cases the
property owner provided old data. The author has met on the property with some of those
responsible for collecting and reporting old data, and believes that the old data is authentic based
on meetings and phone calls with the creators of these documents and field visitations with those
creators. However historical geochemical sampling data, in particular, contains elements of
uncertainty, which include elements such as the precise sample locations are not always available
and have been extracted from several older maps and several generations of reports assembled by
various authors.
Although the author has made every effort to ensure the accuracy of old data used in this report,
maps included in this report that contain old data are only used to support general interpretations.
In their current state, these maps should not be used as precision targeting tools.
Information in this report regarding land status, tenure, current agreements, mining legal
requirements, environmental concerns, and business environment was supplied by the issuer, and
was not independently verified by the author, as such information is outside the author’s area of
expertise.
Yours faithfully,
“Lars Pearl”
Lars Pearl for Raylar Pty Ltd
Raylar Pty Ltd ACN: 107 168 187 ABN: 072 470 190
Tel: +61 7 5471 6370 larspearl@yahoo.com.au
1 Edith Place, Coolum Beach, Queensland, 4573, Australia
RAYLAR Pty Ltd
Geological Consultants
1
Title Page
Page
Introduction 2
Climate and Geomorphology 3
Previous Workers 3
Regional Geology 4
Local Geology for the Titiribi Porphyry 4
Mineralisation of the La Candela – Margarita targets. 6
Resource Estimation 7
Conclusion and Recommendation 8
Author’s Note 9
References 10
List of Maps
Titiribi Map 1 – geology 4
Titiribi Map 2 Mineralisation 6
Appendix
Maps and sections adopted from Kedaha.S.A 2003
2
Introduction
Titiribi is a historic multi-million ounce Gold and base metal mining district set in the Mid
Northern region of Colombia approximately 70 kilometers southwest of Medellín. Recorded
mining activity commenced in 1794, and more or less continuous production, at differing scales,
has been observed since that time. In the 1800's and early 1900's Au-Ag (Zn-Pb-Cu) production
came from at least 14 principle-mining areas within a three-kilometer radius of the town of
Titiribi. Activity from approximately 1942 to present can be classified as minimal and strictly
artisanal. Peak production activity dates from the period 1885 through 1930.
This gold district is similar to other gold producing areas in the Colombian Cordilleras, and is
made up of a series of high-grade polymetallic veins, which are associated with a porphyry style
intrusive system. Mineralisation is associated with Miocene porphyry intrusives, and is hosted in
a variety of distinct litho-structural settings. Historic mineralisation was mined from high-grade
Au-Ag replacement mantos and fault-controlled veins hosted within Paleozoic schists and
Oligocene continental-marine sedimentary rocks. Low-grade mineralisation is widespread and
occurs as disseminations and replacements within the sedimentary rocks, and as porphyry-style
disseminations and stockworks within hypabyssal intrusions.
Murial Mining S.A (South America), ("Murial"), initiated work in 1992, focusing upon the Otra
Mina - Cateadores - Chisperos - Muriel - Cerro Veta sectors of the Titiribi district. Numerous
adits and drives were re-opened, cleaned, advanced and sampled. Murial entered into two
separate option-style agreements, first with a junior company Ace Resources Ltd. of Vancouver,
secondly with Goldfields Ltd of South Africa ("Goldfields"). The Ace Resources Ltd. option
terminated in default on the part of Ace Resources, however abundant surface and tunnel
sampling and mapping, soil geochemistry and ground-based IP and magnetometry were
completed, resulting in the initial target concepts. In 1998, based on results from the Murial/Ace
exploration, Goldfields conducted additional geophysics and soil geochemistry, resulting in a
2,500-metre diamond-drilling program in and around the Cerro Veta target area.
This drilling led to the discovery of the Cerro Veta porphyry considered as a potentially bulkmineable
Au-Cu, (Gold-Copper) resource, located two kilometers west of the Titiribi town. The
Cerro Veta porphyry system is a well defined, zoned, although fault disrupted, poly-phase Au-Cu
(Ag, Mo) porphyry system measuring some 725 metres N-S by 550 metres E-W.
Based upon approximately 2,500 metres of diamond core drilling, Gold Fields estimated the
Cerro Veta porphyry contained a low-grade resource of ca. 220 MMt grading 0.4 g/t Au and
<0.15% Cu\t. Various studies document the presence of high-grade resources left from the close
of 2 mining operations in the late 1930’s. Additional high- and low-grade mineralisation is
known outside the area of the drilling, and the present focus of De Beira includes investigation of
diatreme and sediment-hosted mineralisation observed in the La Candela and La Margarita
sectors including the Cerro Veta porphyry.
3
Location and Access
The Titiribí mining district, population of approximately 15,000 people, is located ca. 70
kilometers southwest of Medellín in the Department of Antioquia, on the northwestern margin of
Colombia’s Central Cordillera. Access is by well-maintained paved road from Medellín to the
historic town of Titiribi. From Titiribi to the project area access is by fair gravel roads, and the
use of 4WD due to the road being steep in places.
The general land use Titiribí is mixed agricultural principally, coffee, sugarcane and dairy cattle.
Artisanal mining, including precious metals and coal continues and forms a limited part of the
regional economy.
Climate and Geomorphology
The Titiribi Town and project area is situated along the latitude of approx 60 North, and lies in an
altitude range of between 1,500m and 2,200m above sea level. Generally the area is considered
to have a moderately wet but cool tropical climate. The area was once covered in jungle though
now long since cleared to make way for coffee and cattle. The De Beira exploration offices are
located on the hill above the township amongst the hills where the porphyry stock straddles the
NE trending ridge.
Previous Workers
With respect to historical to recent precious metals districts in Colombia, Titiribí stands out as
one of the best documented. Recorded mining activities commenced in ca. 1794, and more or less
continuous production, at differing scales, has been observed since that time. In the 1800’s and
early 1900’s Au-Ag (Zn-Pb-Cu) production came from at least 14 principle-mining areas within a
3 km radius of the town of Titiribí.
Mining activity from around 1942 to present can be classified as minimal and strictly artisanal.
Peak production activity dates from the period 1885 through 1930, and was principally
undertaken by two mining consortiums, including the Sociedad del Zancudo and the Sociedad de
Otra-Mina.
In more recent years the Titiribí district has received various modern-day exploration reviews,
including by Ace Resources of Vancouver, Canada, and by Gold Fields Ltd. of South Africa.
In 1993 ACE Resources initiated modern exploration over the project area. ACE implemented a
large-scale soil survey over the project area, with 400m spaced lines. The results delineated the
multi-element assay data highlighting the porphyry at its center. ACE also conducted the first
IP/resistivity survey and ground magnetics across the original wide spaced lines.
Gold Fields of South Africa continued the work from ACE and focused on the inferred porphyry.
After construction of a detailed 80m-spaced grid Gold Fields conducted soil and additional
geophysical surveys resulting in the high definition of the porphyry body. Outcrop is minimal in
this area and soil sampling was restricted to areas of certain soil creep and other diluting factors.
Trenching is banned in the area, thus the targets were generated form the limited outcrop
mapping and soil sampling and geophysics.
Gold Fields targeted the drilling to follow up the IP chargeability anomalies associated with the
pyrite-gold association, that rims the porphyry body. The nature and extent of this porphyry
became apparent after drilling and hole number 5 was first to intersect a weak porphyry style of
mineralisation. Subsequently 4 other holes were drilled into the northern margin of the porphyry
4
body, and 2 holes drilled into the western part of the porphyry to test the strongest copper/gold
soil anomalies coincident with the strongest magnetic feature, for a total of 7 holes used in the
Gold Fields resource calculation.
Gold Fields interpretation based on the drill holes is that the monzonitic intrusive complex is
multiphase in character with well-developed prograde potassic alteration facies variably
overprinted by retrograde argillic alteration.
Regional Geology
The gold district is located on the eastern
edge of the Western Cordillera of the
Colombian Andes, separated by the Cauca-
Patia intermontane depression from the
Central Cordillera to the east. The Cauca-
Patia depression marks the Romeral Fault
Zone, which is the boundary between
Palaeozoic-age continental basement (low
grade metasediments, medium to high grade
amphibolite schists, amphibolites and
gneisses) of the Central Cordillera and
Cretaceous-age oceanic basement (gabbro,
serpentinite, basalt, dolerite, chert,
greywacke, black shale) of the Western
Cordillera. The Western Cordillera is
interpreted to represent a Cretaceous island
arc formed upon oceanic crust marking an
old subduction zone (see map 1,Cediel and
Caceres in Shaw 2003).
Around Titiribí, the melange contains megascale
blocks and fragments of the oceanic
rocks located in areas other than where they
and their constituents were formed and
crustal slivers of Palaeozoic metamorphic
rocks formed the continental margin at the
time of oceanic terrane accretion.
Both sequences are intruded by Upper
Cretaceous Granodiorite and quartz
monzonite and partially covered by
continental sediments of Miocene age, the
Amaga Formation. Calc-alkaline volcanism in the Upper Tertiary, which peaked in the Late
Miocene, formed dacite stocks, andesite flows and pyroclastic rocks.
Local Geology and the Titiribi Porphyry
The Titiribi porphyry has been described as a monzonite, diorite, quartz diorite and Granodiorite.
The complex was intruded in the upper levels classifying the body as hypabyssal Multiple phases
of intrusion are evident from textural and contact relationships (Meldrum S. J., 1998).
Titiribi Map 1 - geology
5
The Titiribi porphyry measures approximately 725m x 550m, and is elongated north South. Soil
geochem and geophysical responses show evidence of a probable fault offset across the core of
the porphyry of up to 160m along a NW-SE trending shears, with a significant vertical offset
component. NW trending faults dominate the structural pattern in the immediate vicinity of the
porphyry stock with monzodiorite porphyry dykes extending from the core into the fault
brecciated andesitic wall rocks along the northern margin. ENE trending faults are also noted
and may have provided a leakage conduit to the Chisperos breccia and the Cateador vein system
(Meldrum S. J., 1998).
The western margin of the sub-vertical porphyry stock is juxtaposed to an intensely altered
mylonitic basement rock at depth. To the south the clastic sedimentary wall rocks are inferred
from previous mapping of rock fragments and soils. Outcropping andesitic volcanic and subvolcanic
units dominate the northern margin.
Hydrothermal alteration types in the Titiribi project are typical of a porphyry Cu-Au deposit.
Prograde hydrothermal alteration has produced a core zone of pervasive potassic alteration that
grades outward into extensive propylitic alteration. Retrograde acid alteration variably overprints
the prograde facies.
Pervasive intermediate argillic alteration, noted by sericite and chlorite, is well developed
especially to the east of the principal NW-SE fault zone. Phyllic alteration characterised by
sericite only is not well represented. Argillic and advanced argillic alteration caps the ridge that
crosses the porphyry complex. Potassic alteration is manifested by secondary biotite and Kfeldspar
flooding accompanied by magnetite and quartz. To the east of the prominent NW
trending fault, that crosses and possibly offsets the porphyry both laterally and vertically, Biotite
is the principal potassic mineral with K-feldspar flooding confined to vein margins. To the west
of the fault within the younger monzonite phase k-feldspar flooding is more pronounced and is
accompanied by concentrations of magnetite and locally intense quartz stock works. Strong
secondary biotite development was thought to have accompanied the earliest intrusive phase.
Secondary biotite is also developed along fractures in hornfellsed and propyllatised andesite
around the northern contact of the porphyry complex, and as a major ground mass component of
the mylonite that abuts against the western margin of the stock. Limited K-feldspar flooding also
affects the mylonite in close proximity to the western contact. Pale green epidote as an accessory
mineral noted in drilling, (last 50m DDT16) may be indicative of the base of the potassic zone
and a gradual change to sodic – calcic alteration that underlies the mineral shell.
Overprinting pervasive intermediate argillic alteration is extensively developed within the older
porphyry phases, but less developed in the young weekly-mineralised phases seen in other drill
holes (DDT6, 15,16). Intermediate argillic alternation is categorised by chlorite – sericite locally
with pyrite and clay. Specular hematite, though present, does not appear to be well developed.
Phyllic alteration appears to be poorly represented though is noted along fractures and selvages to
very late pyrite veins. Phyllic alteration may also be developed along structures across NW
quadrant of the pyrite halo where pyritic sheers extend north along the mylonite zone.
Strongly silicified bolder float shedding off ridge crests to the SW of the porphyry centre may
represent the eroded remnants of an advanced argillic cap. Argillic alteration underlies the
advance argillic cap and partially caps the porphyry core. Argillic alteration with local
silicification is also developed within and around the Chisperos breccia body.
6
Mineralisation of the La Candela – Margarita targets.
Based on the recent
technical report by
Kedaha.S.A 2003, the
mineralisation of the La
Candela and Margarita
targets is described as
underlain by three
principle geological
units, described in
detail below.
1) Basaltic, basandesitic
and andesitic
volcanic and low-grade
meta-sedimentary rocks
(denominated the
“Quebradagrande
Formation” which
dominate the western
portion of the Project
area. The rocks are
mostly low Cretaceous
in age. They are
allochthonous in nature
and form one of various
similar complexes
contained within the
regionally extensive
Romeral Terrane
melange (Cediel et al.,
2003), which were
accreted to the
continental margin in
the Aptian-Albian. Within the project area, they are in abrupt juxtaposition with porphyritic
intrusive rocks along a broadly north-striking arcuate contact (see Titiribi Map 2 Kedaha.S.A
2003), which is interpreted as a west-verging thrust detachment, which has subsequently been
intruded by the Titiribí porphyry suite. Similar west-verging detachments are observed to the east
of the Titiribi Project area, where they form important controls upon high-grade fault and veinhosted
mineralisations in the La Independencia and Otra Mina sectors. Although locally affected,
the Cretaceous volcanic rocks of the Quebradagrande Formation are not documented to form
important hosts for gold mineralisation at Titiribí.
It is noteworthy that important quantities of Palaeozoic metamorphic rocks (amphibolites,
graphitic, chloritic and sericitic schists) are not present within the Titiribi Project area. These
rocks however, form the host for much of the historically exploited high-grade mineralisation
within the La Independencia and Otra Mina sectors of the Titiribí district. They may be
considered to form part of the basement complex, contained within the Romeral melange.
Titiribi
7
2) Unconformably overlying the Quebradagrande Fm.\Romeral melange basement complex, are
the coarse- to fine-grained siliciclastic sedimentary rocks of the Amaga Formation (Figure 3).
These continental to transitional marine sequences are Oligocene in age, and record the
emergence and erosion of the geographic Central and Western Colombian cordilleras beginning
in the late Eocene. On a regional basis, the Amaga Fm. attains localised thicknesses of up to ca.
500 metres. In the La Candela - La Margarita sectors at Titiribí perhaps 50 - 75 stratigraphic
metres of the basal portion of the Amaga are preserved, as diapirically domed roof pendents or
west vergent thrust slices, resting upon the basement complex or the Titiribí porphyry suite. The
Amaga sediments form important hosts for stratiform replacement-style, and contact-zone and
reverse-fault-hosted mineralisation in the La Independencia and Otra Mina sectors of the Titiribí
district, to the east and north of the Project area.
3) Intruding both the Quebradagrande \ Romeral melange basement complex and the Amaga
Formation sediments is the poly-phase suite of hypabyssal porphyritic rocks, herein termed the
“Titiribí porphyry suite”. Radiometric dating of some of these rocks has returned K-Ar (biotite,
hornblende) ages in the 6 to 8 Ma range. Based upon geological, geophysical and geochemical
considerations, three mineralised porphyry centres have been identified at Titiribí, including in
the Cerro La Veta (explored by Gold Fields Ltd.), Cerro La Candela and Cerro Margarita areas.
Based upon field and petrographic relationships each of these sectors exhibits evidence for the
multi-phase emplacement of pre-, syn- and post-mineral porphyry bodies, ranging from dioritic
through monzonitic in composition. Each sector provides evidence of at least low-grade
mineralisation with respect to Au and Cu (+\- Ag, Mo).
The distribution of the Titiribí porphyry centres shows that the hypabyssal intrusives do not form
“classic” concentrically zoned, semi-circular porphyry plugs (intruding a “volcanic carapace”,
which is absent at Titiribí). Their geometry, as illustrated in plan view (and in the sections of
Meldrum, 1998 see appendix), is irregular, with generally steep contacts, and is considered to
reflect porphyry emplacement into a complex structural framework, dominated by evolving
regional dextral transpression and subsequent orthogonal compression, north-east oriented
structural dilatencies and late (but syn-mineral) west-vergent thrust faulting. Observable contacts
between the porphyritic rocks and the Quebradagrande and Amaga Formations are intrusive in
nature.
Mineralisation within the La Candela and Margarita sectors is directly associated with porphyritic
rocks and their proximal contacts with the host volcanic and sedimentary sequences. Alteration in
fresh rock is dominated by silicification, argillitisation-sericitisation, and pyritic sulphidation,
with more distal zone of epidote-calcite-pyrite dominated propylitisation. Gold mineralisation in
the La Margarita sector is associated with the development of weak to moderate zones of quartzpyrite
stock-working within porphyry of Granodiorite to quartz monzonitic composition, whilst at
La Candela the best zones of mineralisation are recorded in contact zone breccias exhibiting an
argillic-pyritic alteration assemblage, developed within a well altered intrusive-porphyritic
matrix. Mineralisation in the La Margarita sector appears broadly coincident to a moderate IP
anomaly previously outlined by Gold Fields Ltd.
Resource Estimation
In Titiribi Porphyry Copper Project, Antioquia, Columbia data Compilation and Porphyry Model
report for Gold Fields of South Africa by S. J. Meldrum October 1998, suggests that a the
porphyry model developed for the deposit suggests that a low-grade resource of ca. 220 MMt
grading 0.4 g/t Au and <0.2% Cu is indicated by drilling.
8
The above referenced resource estimate was not done in accordance with the Canadian Institute
of Mining and Metallurgy and Petroleum CIM standards on Mineral Resources and Reserve
Definitions (“CIM Standards”) and therefore do not conform to sections 1.3 and 1.4 of NI 43-
101.
Conclusion and Recommendation
The current exploration focus at Titiribí should be directed towards the search for additional bulkmineable
target areas. The best indication of potential targets is provided by geological mapping,
reconnaissance sampling and geophysical studies completed by Ace Resources and Gold Fields
to the south and west of Titiribí the town, where interesting untested anomalies over significant
areas in the La Candela and Margarita areas show the potential for the occurrence of important
new mineralisation.
Currently it is the Author’s opinion that exploration potential exists for a further 500 Million
tonnes of ore at comparable grades (to those previously outlined by Gold Fields), primarily in the
La Candela and Margarita areas. In order to bring some of the presently known anomalies in the
La Candela and La Margarita into any resource calculation, preliminary geological mapping and
sampling, followed by more detailed target definition (gridding, mapping, geochemistry,
geophysics) is required. Further drilling around the rim of the known Porphyry resource area
would lead to an increase in the resource estimates and a higher level of confidence in the
categories.
It is also recommended that De Beira acquire the digital data from the drilling, and combine that
with the interpreted structural and lithological constraints in an effort to produce an inferred
resource estimate. This resource estimate would then be calculated in accordance with the
Canadian Institute of Mining and Metallurgy and Petroleum CIM standards on Mineral Resources
and Reserve Definitions (“CIM Standards”) and would then conform to sections 1.3 and 1.4 of NI
43-101.
9
Author’s Note
I Lars Pearl, B.App.Sci (Geol) Hons, do hereby certify that;
1. I am currently a self-employed consulting Geologist.
2. I graduated from the University of Technology, Sydney, Australia in 1992 with a degree
in Applied Geology.
3. I am a member of the AIG (Australian Institute of Geoscientists) number 3230.
4. I have read the definition of “qualified person” set out in NI43-101 and certify that by
reason of my education, affiliation with a professional organization and past relevant
experience, I fulfill the requirements to be a ‘qualified person’ for the purpose of NI43-
101.
5. I am responsible for the preparation of the technical report titled Independent Geologist’s
Report On the Titiribí Project Titiribi, Columbia, dated AUGUST 2006. I have visited the
property on 2 occasions for a total of 3 days.
6. I have not had a prior involvement with the property, which is the subject of the technical
report.
7. I am not aware of any material fact or material change with the respect to subject matter
of the technical report that is not reflected in the technical report, the omission of which
would make the technical report misleading.
8. I am independent of the issuer applying all the tests in section 1.5 of the NI43-101.
9. I have read NI43-101 and NI43-101F1 and the technical report has been prepared in
compliance with that instrument and form.
10. I consent to the filing of the technical report with any stock exchange and any other
regulatory authority, and any publication by them, including electronic publication in the
public company files area on their websites, which are accessible by the public.
Dated: 30th August 2006.
Yours faithfully,
“Lars Pearl”
Lars Pearl
Raylar Pty Ltd
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