Presentation

Mayaniquel, S.A. is the newest subsidiary of Cunico Group in Guatemala.. Mayaniquel is currently comprised of one mineral exploitation license, “Proyecto de Extracción Minera Sechol” that cover 15.24 square kilometers (km2) and two mineral exploration licenses totaling approximately 101 square kilometers (km2) located within the nickel laterite belt that surrounds Lake Izabal in north-eastern Guatemala. In addition, the company has currently in application stage 9 mineral exploration licenses and 2 mineral exploitation license.

Mayaniquel, S.A. is the newest subsidiary of Cunico Group in Guatemala.. Mayaniquel is currently comprised of one mineral exploitation license, “Proyecto de Extracción Minera Sechol” that cover 15.24 square kilometers (km2) and two mineral exploration licenses totaling approximately 101 square kilometers (km2) located within the nickel laterite belt that surrounds Lake Izabal in north-eastern Guatemala. In addition, the company has currently in application stage 9 mineral exploration licenses and 2 mineral exploitation license.

Location

The “Proyecto de Extracción Minera Sechol” is located approximately 250km northeast of Guatemala City in the Department of Alta Verapaz, in the municipalities of Panzos and Senahú; and about 100km west of Puerto Barrios, a port town located on the Caribbean Ocean. Access to the project area from the Caribbean coastal towns of Santo Tomas de Castilla and Puerto Barrios is via highways CA-9, CA-13, and 7E. From Guatemala City, access is via highways CA-9, CA-13, and 7E. From the mine site, the material is transported to different stockpiling plateaus from were it is finally transported in trucks to the Santo Tomás de Castilla Port.

Geology

The nickel laterites that cover the project area are found in the foothills of the Sierra de Santa Cruz Mountains, and range in elevation from 100 to 1,000m. Relief is moderate to steep with local flat-lying areas. The majority of the vegetation is secondary growth and comprises dense forest to sparse grassy areas. A significant portion of the property is currently under cultivation. Laterites form in tropical climates with heavy rainfall where the weathering process is especially effective. A typical laterite profile contains three distinct zones: limonite, transition, and saprolite formed by texturally destructive weathering of ultramafic rocks. Nickel laterites consist of a succession of facies that are commonly irregular in distribution and thickness.

Resources

The Proyecto de Extracción Minera Sechol contains proven mineral reserves of 6.7 million tonnes grading 1.57% nickel, and probable mineral reserves of 63.2 million tonnes grading 1.39% nickel - for total proven and probable reserves of 69.9 million tonnes grading 1.41% nickel.