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Uranium 308 Corp Announces Strategic 90-day Outlook (Mon, Sept 19)
Uranium 308 Corp. Announces Update (Tue, July 12)
Uranium 308 Corp. Enters Into Mineral Option Agreement to Acquire a 75% Ownership Interest in Two Mineral Concessions Located in Peru (Tue, July 5)
URANIUM 308 CORP. Files SEC form 8-K, Unregistered Sale of Equity Securities, Financial Statements and Exhibits (Wed, Jun 22)
URANIUM 308 CORP. Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities (Thu, Jun 9)
Uranium 308 Corp. Enters into Letter of Intent with Laberinto Holdings, S.A. for an Option to Acquire a 75% Ownership Interest in Two Mineral Concessions Located in Peru (Tue, May 3)
Uranium 308 Corporation is a junior mining exploration company focused on the exploration, acquisition and development of alluvial, open-pit, and hard rock mining concessions located within Latin America.
The Company has recently entered into joint ventures on two mines in Peru which contain various levels of gold, copper, silver, and uranium.
The first mine, located in Chanchamayo, is a 100 hectare property that is currently in the exploration phase. Visible gold veins have been located on the property.
The second mine, located in Tarma, is an 800 hectare hard rock mine. The property already has mine shafts from past mining. There are currently informal miners on the property due to the presence of gold, silver, and uranium.
Uranium 308's company strategy is to further explore and acquire additional properties with the end goal of putting the properties into production.
Management
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About URCO
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Cautionary Statements
Uranium 308 Corporation is a junior mining company focused on the exploration, acquisition and development of alluvial and open-pit mining concessions located in areas previously unexplored and inaccessible due to lack of infrastructure, prohibitive governmental policies or political instability within Latin America.
The Company's core strategy is to acquire, prove, and develop high-grade mineral properties either through direct acquisition, joint ventures or partnerships.
Vision
Uranium 308's vision is to become a world class leader within the mining industry. The Company strives to be an environmentally conscious and socially responsible mining company that works with local governments and residents of the communities in which our company has operations.
Mission
The Company's mission is to successfully explore, acquire, and develop mining projects around the globe that are environmentally low impact and economically viable using industry best-practices, ethical standards and sound fiscal management.
Growth Strategy
Uranium 308's overall strategy is to target the exploration and acquisition of small and medium sized mining concessions that allow for economically feasible alluvial, open pit, and hard rock mining development with minimal net environmental impact when employing industry best practices. In addition to direct acquisitions, the Company plans to compliment its growth through strategic joint ventures and partnerships where appropriate.
The company is targeting small and medium-sized mining concessions for the following reasons:
1. Projects become revenue-producing within a relatively short period of time
2. Overall startup costs are less of a burden
3. Once started, projects can quickly self-fund future development
4. Environmental impacts can be managed and minimized
5. Community relations and support tends to be easier to build and maintain
...
Leadership
Corporate Governance
Uranium 308 Corporation is committed to excellence in corporate governance. The Company has refined the corporate governance framework to promote the interests of shareholders. The framework also establishes common sets of performance expectation for the Board of Directors and management team.
The Company feels that strong corporate governance is key to long-term success as a publicly traded firm and will ensure success investor confidence. The framework establishes transparency and integrity in regards to our operations and management of the Company.
Code of Conduct
Insider Trading Policy
Management Team
Dennis Tan, CEO and Director, has extensive executive and management experience in both the mining and technology sectors. Prior to joining Uranium 308 Corp., Mr. Tan served as President of Nex Connectivity Solutions, Inc. A former manager of operations in China for Magnus Resources International, which has interests in two gold properties in China and four in Africa, he has also served as Manager of Technical Operations and Support for 5G Wireless Communications in Singapore. Mr Tan received a BA in Economics from Simon Fraser University in Vancouver in 1996.
Anthony Tam, Director, is an engineer and chartered accountant with more than 30 years of experience in mineral exploration and development, most recently as a consultant to Magnus Resources International. Mr. Tam has special expertise in indentifying properties of merit, negotiating joint venture agreements, and conducting initial geological and engineering assessments. Prior to Magnus, he was general manager for Denstone Minerals Ltd., and President and Director of Galactic Resources (China) Ltd. Mr Tam also served as controller of E & B Exploration and Mascot Goldmine Ltd. He received a B. Sc. in Engineering and a B. Sc. in Mining Engineering from Queens University. Mr. Tam became a chartered accountant following studies at the University of British Columbia.
Dr. Earl W. Abbott, Director, is a geologist with 33 years of experience in the Americas, Africa, and Asia and special expertise in uranium exploration. From 1982 to the present, Dr. Abbott has served as a geological consultant managing metallic and industrial mineral projects and exploration programs. He also holds or has held board and senior management positions for a number of different private and public mineral and mining firms. Dr. Abbott earned his Ph. D. and M.A. in Geology from Rice University. He earned his B.A. in Geology from San Jose State College.
Stock Information (OTCPK: URCO)
Press Releases
Regulatory Filings
Legal Counsel:
Lunny MacInnes Barristers & Solicitors
P.O. Box 12077, Suite 2550
555 West Hastings Street
Vancouver, BC V6B 4N5
Telephone: 604-684-2550
Facsimile: 604-684-0916
Main Office:
Uranium 308 Corporation
2820 Charleston Blvd., Suite 22
Las Vegas, NV 89102
Email: info_uranium308corporation.com
Stock Transfer Agent:
Pacific Stock Transfer Co.
4045 South Spencer St.
Suite 403
Las Vegas, NV 891191
702-361-3033
Email: info_pacificstocktransfer.com
Website: http://www.pacificstocktransfer.com
Independent Auditor:
Silberstein Ungar, PLLC
30600 Telegraph Road
Suite 2175
Bingham Farms, MI 48025
Office: 1-248-203-0080
Fax: 1-248-281-0940
E-mail: rons_sucpas.com
Code of Conduct & Ethics
This Code of Ethics and Business Conduct (this Code) covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide all officers, employees and directors of Uranium 308 Corp. (the Company or we) and its subsidiaries. All of our officers, employees and directors must conduct themselves accordingly and seek to avoid even the appearance of improper behavior. Hereinafter, our use of the term employees in this Code includes all officers (whether or not they are employees of the Company or its subsidiaries), employees of the Company and its subsidiaries, and all non-employee directors of the Company and its subsidiaries; and our use of the term Company includes all subsidiaries of the Company. Further, the Companys chief executive officer and its senior financial officers are also subject to the Code of Ethics for CEO and Senior Financial Officers, which is attached as Appendix A.
If a law conflicts with a policy contained in this Code, you must comply with the law. If you have any questions about these conflicts, you should ask your supervisor how to handle the situation.Those who violate the standards in this Code will be subject to disciplinary action, up to and including termination of employment. If you are in a situation which you believe may violate or lead to a violation of this Code, follow the guidelines described in Section 14 of this Code.
1. Compliance with Laws, Rules and Regulations
Obeying the law, both in letter and in spirit, is the foundation on which this Companys ethical standards are built. All employees must respect and obey the laws of the cities, states and countries in which we operate. Although not all employees are expected to know the details of these laws, it is important to know enough to determine when to seek advice from supervisors, managers or other appropriate personnel. If reasonably requested, the Company will hold information and training sessions to promote compliance with laws, rules and regulations, including insider trading laws.
2. Conflicts of Interest
A conflict of interest exists when a persons private interest interferes in any way with the interests of the Company. A conflict situation can arise when an employee takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee, or members of his or her family, receives improper personal benefits as a result of his or her position in the Company. For example, loans to, or guarantees of obligations of, employees and their family members may create conflicts of interest.
It is almost always a conflict of interest for a Company employee to work simultaneously for a competitor, customer or supplier. You are not allowed to work for a competitor as a consultant or board member. The best policy is to avoid any direct or indirect business connection with our customers, suppliers or competitors, except when doing so on our behalf.
Conflicts of interest are prohibited as a matter of Company policy, except under guidelines approved by our board of directors. Conflicts of interest may not always be clear-cut, so if you have a question, you should consult with your supervisor or the board of directors. Any employee, officer or director who becomes aware of a conflict or potential conflict should bring it to the attention of a supervisor, manager or other appropriate personnel or consult the procedures described in Section 13 of this Code.
3. Corporate Opportunities
Employees are prohibited from taking for themselves personally opportunities that are discovered through the use of corporate property, information or position without the express consent of our board of directors. No employee may use corporate property, information, or position for improper personal gain, and no employee may compete with the Company directly or indirectly. Employees, officers and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.
4. Competition and Fair Dealing
We seek to outperform our competition fairly and honestly. Stealing proprietary information, possessing trade secret information that was obtained without the owners consent, or inducing such disclosures by past or present employees of other companies is prohibited.
Each employee should endeavor to respect the rights of and deal fairly with the Companys customers, suppliers, competitors and other employees. No employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair-dealing practice.
The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage with customers. No gift or entertainment should ever be offered, given, provided or accepted by any Company employee, or family member of an employee, unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff and (5) does not violate any laws or regulations. Please discuss with your supervisor any gifts or proposed gifts which you are not certain are appropriate.5. Discrimination and Harassment
The board of directors believes that the diversity of the Companys employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.
6. Health and Safety
The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use of illegal drugs or alcohol in the workplace will not be tolerated.
7. Record-Keeping
The Company requires honest and accurate recording and reporting of information in order to make responsible business decisions. For example, for hourly employees, only the true and actual number of hours worked should be reported.
Many employees regularly use business expense accounts, which must be documented and recorded accurately. If you are not sure whether a certain expense is legitimate, ask your supervisor.
All of the Companys books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Companys transactions and must conform both to applicable legal requirements and to the Companys system of internal controls. Unrecorded or off the books funds or assets should not be maintained unless permitted by applicable law or regulation.
Business records and communications often become public, and we should avoid exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies that can be misunderstood. This applies equally to e-mail, internal memos, and formal reports. Records should always be retained or destroyed according to the Companys record-retention policies. In accordance with those policies, in the event of litigation or governmental investigation please consult the Companys chief financial or chief executive officer.
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8. Confidentiality
Employees must maintain the confidentiality of confidential information entrusted to them by the Company or its customers, except when disclosure is authorized by an executive officer of the Company or required by laws or regulations. Confidential information includes all nonpublic information that might be of use to competitors, or harmful to the Company or its customers, if disclosed. It also includes information that suppliers and customers have entrusted to us. The obligation to preserve confidential information continues even after employment ends.
9. Protection and Proper Use of Company Assets
All employees should endeavor to protect the Companys assets and ensure their efficient use. Theft, carelessness, and waste have a direct impact on the Companys profitability. Any suspected incident of fraud or theft should be immediately reported for investigation. Company equipment should not be used for non-Company business, though incidental personal use may be permitted. The obligation of employees to protect the Companys assets includes its proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, designs, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information would violate Company policy. It could also be illegal and may result in civil or even criminal penalties.
10. Payments to Government Personnel
The U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. It is strictly prohibited to make illegal payments to government officials of any country.
In addition, the U.S. government has a number of laws and regulations regarding business gratuities which may be accepted by U.S. government personnel. The promise, offer or delivery to an official or employee of the U.S. government of a gift, favor or other gratuity in violation of these rules would not only violate Company policy but could also be a criminal offense. State and local governments, as well as foreign governments, may have similar rules. The Companys chief financial or chief executive officer can provide guidance to you in this area.
11. Waivers of the Code of Ethics and Business Conduct
Any waiver of this Code for executive officers or directors may be granted only by our board of directors and will be promptly disclosed as required by law or applicable stock exchange or listing regulations.
12. Reporting Illegal or Unethical Behavior
Employees are encouraged to talk to supervisors, managers or other appropriate personnel about observed illegal or unethical behavior and when in doubt about the best course of action in a particular situation. It is the policy of the Company not to allow retaliation for reports of misconduct by others made in good faith by employees. Employees are expected to cooperate in internal investigations of misconduct. In addition, any employee may submit a good faith concern regarding questionable accounting or auditing matters, without fear of dismissal or retaliation of any kind, to either the chief financial officer, chief executive officer or audit committee chairperson or chairperson of our board of directors.
13. Compliance Procedures
We must all work to ensure prompt and consistent action against violations of this Code. Nevertheless, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:
Make sure you have all the facts. In order to reach the right solution, we must be as fully informed as possible.
Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, it probably is.
Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.
Discuss the problem with your supervisor. This is the basic guidance for all situations. In many cases, your supervisor will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your supervisors responsibility to help solve problems.
Seek help from Company resources. In the rare case where it may not be appropriate to discuss an issue with your supervisor, or where you do not feel comfortable approaching your supervisor with your question, you should contact our chief financial or chief executive officer.
You may report ethical violations in confidence and without fear of retaliation. If your situation requires that your identity be kept secret, your anonymity will be protected. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.
Always ask first, act later. If you are unsure of what to do in any situation, seek guidance before you act.
Appendix A
CODE OF ETHICS FOR CEO AND SENIOR FINANCIAL OFFICERS
The Company has a Code of Ethics and Business Conduct applicable to all officers, employees and directors of the Company and its subsidiaries. The CEO and all senior financial officers are bound by the provisions set forth therein relating to ethical conduct, conflicts of interest, and compliance with law. In addition to that Code of Ethics and Business Conduct, the CEO and senior financial officers are also subject to the following specific policies:
1. The CEO and all senior financial officers are responsible for full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the Company with the United States Securities and Exchange Commission (SEC). Accordingly, it is the responsibility of the CEO and each senior financial officer promptly to bring to the attention of the board of directors any material information of which he or she may become aware that affects the truth or accuracy of the disclosures made by the Company in its public filings.
2. The CEO and each senior financial officer shall promptly bring to the attention of the audit committee of the board of directors (or the entire board of directors in the event that the board of directors does not have an audit committee) any information he or she may have concerning (i) significant deficiencies in the design or operation of internal controls which could adversely affect the Companys ability to record, process, summarize and report financial data or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys financial reporting, disclosures or internal controls.
3. The CEO and each senior financial officer shall promptly bring to the attention of the audit committee of the board of directors any information he or she may have concerning any violation of the Companys Code of Ethics and Business Conduct, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other employees who have a significant role in the Companys financial reporting, disclosures or internal controls.
4. The CEO and each senior financial officer shall promptly bring to the attention of the audit committee of the board of directors (or the entire board of directors in the event that the board of directors does not have an audit committee) any information he or she may have concerning credible evidence of (i) a material violation of U.S. federal or state securities or other laws, rules or regulations applicable to the Company and the operation of its business, by the Company or any agent thereof, (ii) a violation of the Code of Ethics and Business Conduct, or (iii) a violation of these additional procedures.
Insider Trading Policies
Introduction
The board of directors of Affinity Gold Corp. (the “Company” or “we”) has adopted this Policy for Trading in Company Securities. This Policy applies to our directors and officers, and certain of our employees and consultants, and it address the Company’s policies regarding trading of the Company’s securities as well as the securities of publicly traded companies with whom we have a business relationship.
United States federal and state securities laws prohibit the purchase or sale of a company’s securities by persons who are aware of material information about such company that is not generally known or available to the public. These laws also prohibit persons who are aware of such material nonpublic information from disclosing this information to others who are likely to effect trades based upon such information. U.S. public reporting companies and their controlling persons may be liable if they fail to take reasonable steps to prevent insider trading by company personnel.
It is important that our directors, officers, employees and consultants understand the breadth of activities that constitute illegal insider trading and the consequences, which can be severe. This Policy is designed to prevent insider trading or allegations of insider trading, and to protect our collective reputation for integrity and ethical conduct. It is your obligation to understand and comply with this Policy. We encourage you to read the Policy carefully so that you understand and are able comply with it. Should you have any questions regarding this Policy, or if you wish to trade in the Company’s securities, please contact the Company’s Chief Executive Officer who initially will serve as the compliance officer referred to in this Policy.
Scope of Policy
Persons Covered
As a director or officer of the Company or its subsidiaries, or a designated employee or consultant of the Company or its subsidiaries, this Policy applies to you. For an explanation of those employees or consultants of the Company or its subsidiaries that are subject to this Policy, please refer to the “Pre-Clearance Procedures” caption under the “Statement of Policy” section of this Policy (below). The same restrictions under this Policy that apply to you also apply to your family members who reside with you, anyone else who lives in your household, and any family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in Company securities). You are responsible for making sure that the purchase or sale of any security covered by this Policy by any such person complies with this Policy.
Companies Covered
The prohibition on insider trading in this Policy is not limited to trading in the Company’s securities. It includes trading in the securities of other public reporting companies, such as customers or suppliers of the Company and those with which the Company may be negotiating major transactions, such as an acquisition, investment or sale. Information that is not material to the Company may nevertheless be material to one of those other companies.
Transactions Covered
Trading includes purchases and sales of stock, derivative securities such as put and call options, convertible debentures and preferred stock, and debt securities (e.g., debentures, bonds and notes). Nevertheless, the following trading activities are not included within the scope of this Policy: (i) the exercise of a stock option; (ii) purchases of Company stock in any employee stock purchase plan resulting from your periodic payroll contributions to the plan under an election made by you at the time of enrollment in the plan; (iii) purchases of Company stock in any 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election; or (iv) purchases of Company stock under any Company dividend reinvestment plan resulting from your reinvestment of dividends paid on Company securities.
Statement of Policy
No Trading on Inside Information
You may not trade in the securities of the Company, either directly or indirectly through family members or other persons or entities, if you are aware of material nonpublic information relating to the Company. Similarly, you may not trade in the securities of any other company if you are aware of material nonpublic information about that company which you obtained in the course of your employment or affiliation with the Company. The existence of a personal financial emergency does not excuse you from compliance with this Policy.
No Tipping
You may not pass material nonpublic information on to others or recommend to anyone the purchase or sale of any securities when you are aware of such information. This practice, known as “tipping,” also violates the federal and state securities laws and can result in the same civil and criminal penalties that apply to insider trading, even though you did not personally trade and did not gain any personal economic benefit from another’s
trading.
Pre-Clearance Procedures
Company directors and officers, and certain employees and consultants, together with their family members and other members of their household, may not engage in any transaction involving the Company’s securities without first obtaining pre-clearance of the transaction from the Company’s compliance officer. If you are an employee or consultant, you will not be subject to the pre-clearance procedures unless you are notified differently in writing. A request for pre-clearance should be submitted to the compliance officer at least two business days in advance of the proposed transaction. The compliance officer is under no obligation to approve a trade submitted for pre-clearance, and may determine not to permit the proposed trade. The compliance officer himself or herself may not trade in Company securities unless such transaction is pre-cleared by another executive officer (such as the Chief Financial Officer, in the case where the compliance officer is the Chief Executive Officer), the board of directors of the Company, or the Company’s legal counsel. The compliance officer (or other executive officer of the Company, the board of directors or the Company’s legal counsel, as applicable) shall make and retain a written record of every pre-clearance request received and the disposition of (i.e., answer to) such request.
Exception for Approved 10b5-1 Plans
Trades by covered persons in the Company’s securities that are executed pursuant to a 10b5-1 plan approved by the compliance officer are not subject to the prohibition on trading on the basis of material nonpublic information contained in this Policy or to the restrictions set forth above relating to pre-clearance procedures.
Additional Guidance
The Company considers it improper and inappropriate for those employed by or associated with the Company to engage in short-term or speculative transactions in the Company’s securities or in other transactions in the Company’s securities that may lead to inadvertent violations, or apparent violations, of insider trading laws.
Definition of Material Nonpublic Information
You should understand that inside information has two important elementsmateriality and public availability.
Material Information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold or sell a security. Any information that could reasonably be expected to affect the price of the security is material. Some examples of information that will often likely be material include:
Nonpublic Information. Nonpublic information is information that is not generally known or available to the public. One common misconception is that material information loses its nonpublic status immediately upon the issuance of a press release disclosing such information. In fact, information is considered to be available to the public only when it has been released broadly to the marketplace (such as by a press release or an SEC filing) and the investing public has had time to absorb the information fully. As a general rule, information is considered nonpublic until the second full trading day after it is released.
Post-Termination Transactions
This Policy continues to apply to your transactions in Company securities even after you have terminated employment or other services to, or affiliation with, the Company or a subsidiary. Specifically, if you are aware of material nonpublic information when your employment, service relationship, or other affiliation with the Company terminates, you may not trade in Company securities until that information has become public or is no longer material. In all other respects, the procedures set forth in this Policy will cease to apply to your transactions in Company securities upon your termination of employment, services or other affiliation.
Unauthorized Disclosure
Maintaining the confidentiality of Company information is essential for competitive, security and other business reasons, as well as to comply with securities laws. You should treat all information you learn about the Company or its business plans in connection with your employment or other relationship with the Company as confidential and proprietary to the Company. Inadvertent disclosure of confidential or inside information may expose the Company and you to significant risk of investigation and litigation.
Personal Responsibility
You should remember that the ultimate responsibility for adhering to this Policy and avoiding improper trading rests with you. If you violate this Policy, the Company may take disciplinary action, including but not limited to dismissal for cause.
Penalties for Noncompliance
Potential civil and criminal penalties for insider trading violations include (1) imprisonment for up to 20 years, (2) criminal fines of up to $5 million, and (3) civil fines of up to three times the profit gained or loss avoided.
If the Company fails to take appropriate steps to prevent illegal insider trading, the Company may have controlling person liability for a trading violation, with civil penalties of up to the greater of $1 million and three times the profit gained or loss avoided, as well as a criminal penalty of up to $25 million. These civil penalties can extend personal liability to the Companys directors, officers and other supervisory personnel if they fail to take appropriate steps to prevent insider trading.
Finally, failure to comply with this Policy may also subject you to Company-imposed sanctions, including dismissal for cause, whether or not your failure to comply with this Policy results in a violation of law.
Chanchamayo Mine
The Chanchamayo mine is a grass roots property located in the high jungle roughly 500km from Lima. The Chanchamayo mine prospect is located roughly 5 miles from the city of Miricharo and resides 3,700 feet above sea level. The surrounding area is mountainous and heavily wooded. The Osa River passes through the formation and pan sampling recovered trace amounts of gold.
The area of interest is deforested and multiple showings of outcrop are visible along the highway, running four meters in distance. Numerous showings of visible gold were apparent along the road and elsewhere.
Additional exploration and sampling needs to be performed but preliminary tests are positive. Further exploration and sampling of the property will begin within the next 2-3 months.
Property Highlights:
Click for further information on Chanchamayo
Visible vein on property
Testing the river
Tarma Mine
The property is located approximately 28kms from Tarma and 281kms from Lima. The geographic coordinates of the mine site are 11º1829S and 75º3323W, at an elevation of 8600 feet above sea level.
Tarma is an 800 hectare hard rock mine located 160km from the Chanchamayo mine. The property is located at a higher elevation. It was previously mined by informal miners. A benefit to having informal miners previously mining the site is that they have already created the mine shafts.
The informal miners use very primitive methods to extract gold and as a result they are only able to pull 15% of the reserves. It is estimated that roughly 85% of the gold reserves on the Tarma property remain there today.
Exploration and testing is needed to fully understand how much gold is located on this property.
The concession was operated in the past as a gold mine. There are multiple mine shafts located throughout the prospect, representative of past production.
The evidence of past production makes the Tarma prospect promising. Further exploration is necessary to identify drill targets as well as conduct mapping of the area.
Click for further information on Tarma
View of the property
Mine shaft on property
The property
Disclaimer
Uranium 308 Corp. (the "Company") has taken reasonable care in producing and publishing information contained on this website. Some material on this site may contain inaccuracies, errors, or omissions for which the Company will not assume responsibility. The Company does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances shall the Company be liable for any direct, indirect, special, incidental, consequential, or other damages, or loss of profits arising from the use or inability to use the material on this site, due to the negligence of the Company or its directors, officers, employees or agents. The information will not substitute for independent professional advice before making any investment decisions.
Forward Looking Statements
Certain of the information provided on this website may constitute "forward-looking statements" within the meaning of applicable securities legislation. Such forward--looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on those forward-looking statements that speak only as of their respective dates. Events of circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices, exchange rate changes, income taxes and regulatory changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Forward-looking statements included on this website include, but are not limited to, statements with respect to: the timing and ability of the Company to earn an interest in the Carabaya Property, future exploration programs and results and potential deposit types and quantities.
Copyright
The material and information presented on this website may not be modified or reproduced in any form, electronic or otherwise, except for personal use, without prior written permission from the Company.
Property Description & Location
The claim was found in a remote mountain wilderness where an apparent gold-bearing vein was immediately spotted. Gold was found in the river sands also. Samples were taken from the vein and from the river sands. Test results of samples are in process.
The area of the prospect has good road access and the nearest town is Miricharo, 5 miles from the site, with a population of 1000 people and has telephone service. The site itself is wooded but the vein outcrop is obvious, a few yards from a concrete bridge that crosses the Osa river. Coordinates to this location are 11º318S and 75º 042 W, at 3,700 feet above sea level.
Accessibility & Climate
There are two road accesses to the prospect area: 1) Lima Huanuco Tingo María Highway; 2) Lima Tarma La Merced Satipo road. Landing fields for small airplanes exist at Puerto Bermudez and Bajo Pichanaqui departing from San Ramón airport.
Climate is predominately humid but dry in winter; moderately warm and rainy between December and February.
Local Resources & Infrastructure
A wide source of natural food supplies are available year-around, as well as fuel. Fruits of several varieties (papayas, bananas, pineapples, etc.), fresh- water fish of more than 20 varieties are available form rivers and smaller water streams and ponds. Wild game is a common source of fresh meat (deer, wild pigs, wild turkeys). Abundant sources of dry wood for fuel are also available near water courses. Schools and health facilities are scarce or of a basic nature in the nearest towns (Pichanaqui, Miricharo). Better facilities are available at San Román, La Merced and Puerto Bermudez.
Physiography
Surface relief is moderate to smooth due mainly to irregular drainage which is characteristic of strongly tectonized terrains with poor resistance to weathering agents. Tectonism and water erosion are the main agents for the physiographic aspect of the region. Rock nature also play an important role in landscaping. Longitudinal faulting with a NW-SE orientation respond to tensional forces that follow compressional forces responsible for the original folding. Often this faulting is responsible for the course of main streams; the secondary faulting controls the locations of the tributaries streams.
Relief profile varies between 500 and 1,400 m.a.s.l.
History
The area of the prospect doesnt have a known record of mining activity in the past, neither shows at present a record of intense mine claiming. Rather, the area of mining activity is concentrated on the opposite side of the prospect area, on the western flank of the Tarma granodiorite intrusive. The region is of interest to the oil prospecting activity for its hydrocarbons potential.
Environmental Issues
The region has an important history of seismic activity of tectonic origin, shown by the intense faulting crossing the area. The topography is not abrupt and the rivers are in a mature stage of development; consequently, the danger of land sliding and rock falling is not evident; flooding could be a minor problem.
There is are agricultural and cattle-raising activities in the area that many require agreements for land compensation in case of developing a mining activity. Sources of water to supply a mining operation without affecting the communities does not appear to present a problem.
Geological Setting
The area of the prospect is located in the Pichis-Palcazú depression, next to the San Matías faulted anticline, which has a NW-SE axial direction, parallel to the Andean axis. Based upon basic mining-geological information, it belongs to the western metallogenic province, in a mineralized belt of CretaceousJurassic sedimentary rocks of the Pucará formation, outcropping extensively 40 kilometers West of the prospect area, where important lead-zinc deposits occur.
Closer to the prospect area outcrops the Sarayaquillo formation of Upper Jurassic age, represented by reddish conglomeratic sandstones. The Tarma granodiorite, light color, with coarse quartz and feldespar grains, also outcrops in the vicinity of the prospect. Northeast of the visited zone, close to the Pichanaqui village, extensive outcrops of the Pucará formation occur bordering the right margin of the Perené river. It should be mentioned that 40km to the West, important lead and zinc mines are in operation.
River on property
View of property
Test rock with visible gold
Property Description and Location
The concession was operated in the past as a gold mine. There are multiple mine shafts located throughout the prospect, representative of past production. The evidence of past production makes the Tarma prospect promising. Further exploration is necessary to identify drill targets as well as conduct mapping of the area.
Accessibility and Climate
There are two possible routes to reach the mine from the Lima-Huancayo Highway a) Thru the Tarma-La Merced branch off and b)Thru The Cañete Yauyos branch off. The Lima La Oroya railroad offers a partial access up to 20kms from the Tarma village.
The climate is dry and warm during the day; fresh and cold at night. Rains moderately from November to March.
Local Resources and Infraestructure
The area is well supplied for food and fuel. Local food production is abundant for fruits, vegetables and meat; fresh fish is supplied from Lima and from the jungle rivers year around. Labor is always available. Phone, Tv & satellite communications are always available. Electricity, fresh water, hotels, restaurants, bus transportation and taxis are available at all times.
The rolling topography that separates the Western Cordillera from the Eastern Cordillera marks the predominant physiographic aspect of the region where the mine is located. Eroded and weathered folded and faulted blocks produced a mature stage of physiographic development of the area.
The region where the prospect is located has a moderate record of mining activity. Regional geologic studies for oil and gas involves the area of the prospect. Among the most important are the studies of D.H. Mc Laughlin (1924) and J.V. Harrison (1943).
The area of the prospect is surrounded by small agricultural and cattle-raisin properties. The water supply for them will demand the attention of future economic activities in the area. Tailings disposal from mining will have to be planned, so, no damage is caused to the existing populations in the villages.
Geological setting
The property is located between the Western and Eastern Andes of Central Peru, in the Tarma-Huancayo anticlinorium. Intense folding and faulting with a NW-SE orientation is present in the area. Main drainage patterns are controlled by them. Subsidiary drainage is influenced by secondary faulting.
Rock outcrops range from Upper Cretaceous to Lower Cretaceous and Paleozoic. Intrusive rocks are scare, range from Tertiary to Cretaceous age in the norther section and from Pre-Cambrian to Paleozoic in the South. Large intrusive body outcrops 30kms North of Tarma village, intruding devonian to carboniferous rocks to the North east and Cretaceous to Jurassic rocks to the Southwest. Within this geological setting are located important ore deposits, among them are: Tapo (chromite), Negra Huanusha (copper-silver), Chanchamina (gold, silver, lead) and Rosalian (gold-silver).
Tailings on property
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