Auracle Resources is focused on the development of the Mexican Hat property, located in southeast Arizona, USA. The 1,350 ha property is specifically located in Cochise County, south of the town of Pearce. Tucson is the closest city of note, 72 miles northwest of Mexican Hat.
Auracle has an option to earn 100% interest in the Mexican Hat. The property received considerable exploration with measured success between 1989 and 2004. However, such results predate NI 43-101. Therefore, Auracle will conduct confirmation drill programs throughout the latter half of 2011. The Company also plans to test the extent of mineralized zones to gain a more detailed understanding of the potential of the Mexican Hat.
Auracle is scheduled to commence a 4,000-metre Phase 1 drill program in late September 2011. This program will focus on the historic resource area and zones to the south and east where historic drilling and recent sampling by the company have returned encouraging results.
A Phase 2, 4,000-metre program will continue exploration in these areas in Q4 2011, once Auracle assesses the results of Phase 1. The budget for each of these programs is $750,000.