Read the paper “ZTEM™ Airborne AFMAG Survey Results Over Low Sulphidation Epithermal Gold-Silver Vein Systems At Gold Springs, South Eastern Nevada” presented at ASEG.
The program will consist of approximately 20,000 feet (6,100 metres) of reverse circulation (“RC”) drilling and will take several months to complete.
The initial focus of this year’s drill program will be on the Thor area located in Nevada, very close to the Utah border. The Thor area is comprised of gold-vein systems containing multi-gram samples as previously reported, so has the potential for higher-grade mineralization than the average grade of our existing resource estimate at Gold Springs.
As indicated by the ZTEM resistivity geophysical survey, we believe the Thor area is part of a larger trend which may extend as much as 1.6 km running parallel to the Nevada/Utah border and includes 3 of the 26 areas of outcropping gold mineralization at Gold Springs (Silica Hill/Thor, Silica Hill Extension and North Jennie).
To date, the Company has only completed resource drilling on 2 of the 26 areas of outcropping gold mineralization (Jumbo and Grey Eagle), and the drill results of these 2 areas form the basis of the existing gold-silver resource estimate at Gold Springs which is included in the Preliminary Economic Assessment.
Ralph Fitch, President and CEO, stated, “We are very excited to start the new drill program in the Thor Target. We believe there is an opportunity to develop a high grade resource that could become a starter-pit for the Project described in the PEA. Higher grade in the first year of operations has a significant positive impact on the already robust economics described in the PEA.”
Following initial drilling at the Thor, the drill program will focus on expanding our existing resource at Jumbo in Utah and at Grey Eagle/White Point, in Nevada,
Ralph Fitch, President and CEO, went on to say, “With Jumbo and Grey Eagle, we have drilled less than 10% of what we believe is the gold target on the property. In fact, we have only drilled the first two of twenty-six areas of outcropping gold mineralization which equates to 3 of 33 kilometers of ZTEM Resistivity boundaries. The ZTEM Resistivity boundaries at Gold Springs have to date correlated very well with the discovery of gold mineralization on the property.”