Location: Pershing Co., T33N, R30E, Scosa Mining District
Geology/Description: Precious metal mineralization was identified on the property around 1930 with the first ore mined from quartz veins on the top of Silver Ridge in the early 1930’s.Modern exploration of the district effectively commenced in the 1980s with identification of silicified gold boulders located in the western portion of the current property.The property has been explored by several companies including Homestake Mining Co. (1986), Corona Gold (1987-92), and Santa Fe Gold Corp. (1993-96).
An estimated 180 reverse circulation and rotary chip holes have been drilled on the property since 1980 on over 6 prospect areas. The majority of drilling on those prospects was completed by Santa Fe Pacific Gold Corp. Santa Fe completed a resource estimate in 1992 for the SP ridge prospect based on 64 angle and vertical reverse circulation drill holes that covered an area of approximately 2,000 feet of strike in a north-south orientation. Santa Fe estimated a total of 12,670,000 tons averaging 0.012 oz/t (0.41 g/t) Au at a 0.008 (0.27 g/t) cut-off grade. In a separate, but overlapping silver resource shell 8,450,000 tons averaging 1.15 oz/t (39.4 g/t) Ag at a 0.292 oz/t (10 g/t) Ag cut-off (Chenevey, 1992). The two overlapping resource shells combined total just over 18M tons containing an estimated 145,900 ounces of gold and 9.73M ounces of silver*.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
Several styles of mineralization are recognized at Lantern including epithermal style vein and stockwork prospects with quartz-adularia mineralization and disseminated mineralization in porous fanglomerates and calcareous sedimentary units.
The SP Ridge and Silver Ridge prospects are structurally complex zones with several feeder structures cutting through both Mesozoic sediments and Paleozoic Auld Lang Syne group rocks. Low grade mineralization exploits favourable lithologies at each prospect.
The Gold Boulders target is a 1,600 ft (488 m) linear zone of nearly continuous quartz rubble, and several large sub angular boulders up to 3 ft (1m) wide and 5 ft (1.5 m) long. Large boulders and fragments are primarily composed of banded quartz-adularia veining, that repeatedly return +1 oz/t Au (+ 34.3 g/t)rock chip assays with representative sampling averaging >0.25 oz/t (8.6 g/t) Au by several companies in past exploration programs. Drilling on the prospect is limited and non conclusive as to the source for the boulders. The gold boulders may represent a blind target of high grade quartz-adularia veining located proximal and to the west of the exposed geochemical signature.
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