• $0.09

East Goldfield

Under option to Green Gold Resources LLC, as announced April 28, 2023.  East Goldfield is a high sulphidation gold target 12 km east of Goldfield Nevada.  High grade gold mineralization was discovered at Goldfield in 1902 and mining was conducted continuously in the Goldfield Main area until 1952 and continued intermittently to this day at several small operations (~4.2 M oz Au USGS estimated production). In the 1990’s Rio Tinto discovered the Gemfield Deposit north of Goldfield (21.2 Mt @ 0.88 g/t Au – 600 K oz)- currently under development by Centerra Gold after acquiring the district from Waterton Global for US$206.5mm, announced Februrary 22, 2022.   Centerra is planning on building a mine at Gemfield to process residual ore from the Goldfield  Main deposit and ore from the Gemfield Deposit and MacMahon Ridge (4.6 Mt @ 1.36 g/t Au – 199 K oz).  Highway 95, the main artery between Reno and Las Vegas, was rerouted around the Gemfield Deposit in 2019 when Waterton’s subsidiary received final permits from State and Federal authorities.

Gold in the Goldfield District is found in residual (vuggy) silica ledges and replacements in permissible horizons in the Milltown Andesite, the Goldfield Dacite and underlying units.  Quartz alunite alteration associated with the deposits is extensive and defines the structural controls on ore deposition.  These include a circular fracture ring centred on a presumed buried intrusive body east of Goldfield and linear feeder system connecting to the southern margin of the circular fracture ring.  The East Goldfield project covers the linear fracture system.

Exploration in the target area apparently dates from the time of the principal discoveries at Goldfield.  The most significant workings are at the Tom Keane Mine which was developed prior to 1931 and produced on a minor scale by leasing.  Workings at the mine consist of a 500-foot inclined shaft and 2860’ of drifting on 4 levels.  A 1934 report examination documented sampling returning 11.6 m @ 2.88 g/t Au on the 219 level and 3.04 m@ 4.11 g/t Au on the 319 level.  Romarco Minerals explored in the area in the late 1990’s and drilled two holes in the general area in 1999 with no significant results.  In 2003, Metallic Gold Ventures drilled 10 apparently shallow holes in the immediate area of the Tom Keane Mine, reporting anomalous gold in all holes and gold greater than 1 g/t in 9 of the holes.  Best reported intersections with respect to width and grade respectively were 44.21 m @ 1.03 g/t Au and 4.57 m @ 8.57 g/t Au.  

Silver Range staked the Tom Keane Mine in 2018 and conducted geological mapping; prospecting; stream sediment and soil geochemical surveys; and alteration mapping in the area during 2018 and 2019.  In 2020, Silver Range expanded the claim block from 4 to 69 claims, optioning the property to ATAC Resources.  ATAC prospected, sampled and drilled the property in 2021, with best reported surface chip samples returning 4.16 g/t Au over 8 m, including 7.87 g/t Au over 3 m.  In a subsequent drill program, ATAC reported a “broad, mineralized system” with gold values in 8 of 13 holes drilled with best reported intersections of 82.30 m @ 0.31g/t Au including 9.15 m @ 1.03g/t Au.  ATAC determined the results did not meet the threshold to continue the option, and returned the property to Silver Range February 2022, just prior to the Goldfield District acquisition by Centerra.

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