The Gold Rock Project consists of a 20,300-hectare contiguous land package on the Battle Mountain-Eureka Gold Trend. The project is anchored by the former Easy Junior Mine, which reportedly produced approximately 2.6 million tonnes at a grade of 0.89 grams per tonne for 74,945 gold ounces in the early 1990s.
Located only eight miles southeast of Fiore Gold’s Pan Mine, Gold Rock is located at the southeast end of the Battle Mountain-Eureka Gold Trend. This renowned belt represents a northwest alignment of a number of historical and currently producing Carlin-style gold deposits that have produced in excess of 23 million ounces of gold and contain more than 35 million ounces of gold in Reserves and in combined Measured and Indicated Mineral Resources.* Gold grades at Gold Rock are 30% higher than the Pan Mine.
The mineralization at Gold Rock is hosted by the folded and faulted Joanna Limestone Formation, where the historical resource covers only about 3 km of a >13 km long belt. This belt contains the same folded and faulted Joanna Formation, displaying strong Carlin-style alteration and coincident gold and pathfinder element anomalies throughout its strike length. This area is considered highly prospective for additional discoveries. At least nine distinct targets defined by Carlin-type structure, geochemistry and alteration have been located by surface sampling and mapping, with drilling on three of the targets currently underway. Federal mine permitting was completed in 2018.
As part of a Preliminary Economic Assessment (PEA) published March 31, 2020, Fiore Gold reported the following updated mineral resource.
Resource Details (March 31, 2020)
Gold Grade (g/t)
Gold Grade (oz/st)
Contained Gold (oz)
The PEA provided a base case assessment of developing the Gold Rock as a satellite open pit operation that will share significant infrastructure and management with the adjacent Pan Mine.The PEA projected 56,000 oz/yr production,NPV5% of US$49.7M and a 22.8% IRR.
The PEA identified a considerable number of opportunities to enhance the project economics as Gold Rock advances to the Feasibility stage by drilling to increase the mineral resource, further metallurgical testing aimed at improving recoveries, and geotechnical drilling aimed at reducing the stripping ratio.
*Various annual reports at www.barrick.com, www.newmont.com, www.ssrmining.com; Gustin, 2013; Carver et al., 2014; Evans and Ciuculescu, 2017).