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Exploration Report, Charcas-West Project, Mexico May 25, 2011
Introduction: Parallel Resources Ltd. (“Parallel”) has the right to earn 50% interest of the Charcas-West property according to an option and joint venture agreement with Aztec Metals Corp. (an unlisted mineral exploration company). Details of the Charcas-West Option agreement are as follows: ⇒ CAD 150,000 cash (already paid) ⇒ CAD 200,000 non-drilling fieldwork program by January 13, 2011 (already executed; until Febr. 28, 2011 exploration expenditures totalled 276,673 CAD) ⇒ 1500 meter drill program by July 13 (it is planned to extend this deadline by 3-6 months) Total minimum commitment of CAD 575,000 (426,673 CAD have been spent until Febr. 28, 2011) As next exploration phase has been planned a 2,000 m drill program budgeted at 550,000 CAD. It consists of at least 7 diamond drill holes that will test four distinct blind VMS targets (zinc-copper-silver-gold) and one epithermal vein target (silver-lead-zinc).
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