|
The Gold Springs Project,
located in eastern Lincoln County, Nevada and Western Iron County, Utah,
consists of 129 unpatented lode claims covering approximately 2,500 acres
(1,012 ha). Gold mineralization is hosted by complex sheeted veins, breccias
and stockwork veins which consist of quartz, adularia, and bladed calcite
with minor sulfides (<2%) representing low sulfidation, epithermal
gold-silver vein systems. Trace element geochemistry for As (arsenic) and Sb
(antimony) show relatively low values similar to other quartz-adularia
epithermal vein systems such as the K-2 deposit (>2,000,000 ounces gold) in
Washington and the Midas deposit (>3,000,000 ounces gold ) in northern
Nevada.
Surface mapping and rock chip sampling have
identified at least six gold-silver bearing targets described as large,
wide, structural zones, often extending for kilometres along strike. These
zones have rock chip geochemistry commonly containing gold values greater
than 1.0gpt with high grade values of up to 99.5 gpt. Most of the elevated
gold geochemistry is associated with banded epithermal veins, stockwork
veins, sheeted veins, and silica cemented breccia. There are also a few
occurrences of gold associated with fluorite and silica in structural and
breccia zones. Most of the areas exhibiting + 1.0 gpt geochemistry have not
been drill-tested. Drilling has only been carried out on the Jumbo and Etna
vein systems.
The Gold Springs project area has a long
history of gold exploration and production dating back to 1896. Many
high-grade underground gold mines were developed in the district. The early
mines (late 1800’s) extracted gold from the high-grade narrow veins and did
not pursue the substantial widths of lower grade but important
mineralization hosted in the breccia and stockwork zones that have been
demonstrated by limited reverse-circulation drilling conducted on the
property. These lower grade zones are demonstrated in the north-south
trending Jumbo target on the East side of the property. Within the Jumbo
target gold-silver mineralization has been drilled previously by Energex
(1988) and Astral Mining Corporation (2006), over a strike length of 300
metres within the total outcropping strike length of the Jumbo system of
over 1,000 metres. Examples of the drill results obtained from Energex and
Astral are shown in the following table: (The J88 series drill hole results
were obtained from the Energex drill hole sections. The GS-06-01 data were
obtained from the data base provided by Gryphon Gold.
|
Drill Hole |
Target |
From (metres) |
To (metres) |
Interval (metres) |
Gold gpt |
Silver gpt |
Gold
Eq. Grade |
|
Northern Section 280M North |
|
J88-6 |
Jumbo |
50.3 |
103.6* |
53.3 |
0.35 |
12.0 |
0.54 |
|
|
including |
82.3 |
103.6 |
21.3 |
0.54 |
20.7 |
0.87 |
|
|
|
|
|
|
|
|
|
|
GS-06-1 |
Jumbo |
24.4 |
149.4 |
125.0 |
0.657 |
6.8 |
0.765 |
|
|
including |
24.4 |
74.7 |
50.3 |
1.401 |
10.1 |
1.564 |
|
|
including |
24.4 |
54.9 |
30.5 |
2.027 |
12.3 |
2.224 |
|
|
including |
24.4 |
32.0 |
7.6 |
6.715 |
25.6 |
7.125 |
|
Middle Section 180m North |
|
J88-4 |
Jumbo |
13.7 |
71.6* |
57.9 |
1.28 |
13.9 |
1.50 |
|
|
including |
13.7 |
16.8 |
3.1 |
17.07 |
42.0 |
17.75 |
|
J-88-5 |
Jumbo |
16.8 |
91.4 |
74.6 |
0.80 |
15.4 |
1.05 |
|
|
including |
19.8 |
21.3 |
1.5 |
12.48 |
31.0 |
12.98 |
|
|
and |
77.7 |
79.2 |
1.5 |
8.68 |
53.0 |
9.53 |
|
South Section |
|
J88-1 |
Jumbo |
21.3 |
61.0* |
39.7 |
1.68 |
12.7 |
1.88 |
|
Including |
|
36.6 |
51.8 |
15.2 |
3.00 |
16.6 |
3.27 |
|
J88-2 |
Jumbo |
27.4 |
83.8* |
56.4 |
1.27 |
12.7 |
1.47 |
|
1ncluding |
|
57.9 |
70.1 |
12.2 |
3.16 |
20.7 |
3.49 |
|
J88-8 |
Jumbo |
80.8 |
118.9 |
38.1 |
0.58 |
15.8 |
0.83 |
|
including |
|
96.0 |
106.7 |
10.7 |
1.36 |
35.5 |
1.93 |
* J88-1, J88-2, J88-4 and
J88-6 end in mineralization of 1.54, 0.33, 0.5 and 0.41gpt gold
respectively.
-
Gold Equivalent grade was
obtained using the following prices: gold US$1,000/oz and silver US$16/oz.
-
True width: The structural zone
has irregular boundaries so true width is difficult to determine
accurately, however, it is approximately ¾ of the down-hole length.
High Desert Gold plans to continue the work on the Jumbo target to expand
the mineralization along strike and to test other targets that are similar
in size, geochemistry and geology to the Jumbo system and have yet to be
drilled.
Besides the “bulk
tonnage” potential, there is an excellent chance of discovering more
high-grade mineralization similar to that found in the old mines. For
example, drill hole J88-4 intersected three metres averaging approximately a
half oz. gold (17.07 gpt) and drill hole GS-06-01 intersected three metres
averaging 11.93 gpt of gold in the Jumbo zone.
Ralph Fitch, President
and CEO of the Company stated “We are very excited to have the opportunity
to explore this very large gold system which has never been subjected to a
thorough exploration program. With only 7.2 million HDG shares outstanding,
we feel that this type of gold project with its excellent demonstrated
potential will be very positive for our company and for our shareholders.
We have already identified at least six excellent targets, similar to the
Jumbo zone, most of which have never been drilled. This is a classic
hydrothermal gold system with lots of silicification and hydrothermal gold
bearing breccias, a great place to explore for gold, particularly because
drilling has already demonstrated that typical ore grades exist. ” |
