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Golden Ridge - Nevada/California border
Overview
Location
The Golden Ridge project is a district-scale bonanza gold vein target located in the Warner Mountains approximately 30 miles (48.3 km) northeast of Alturas in Modoc County, California. The Golden Ridge project includes 164 lode claims held under lease/option agreements; and three patented claims along with approximately 310 acres (125.4 hectares) of fee land owned by the Company. The Company has secured the largest consolidated land position of the former High Grade District ever held by one company, with gold-bearing mineralization outcropping over three miles of strike length and one mile of width.
Access to the project is by six miles of improved county and USFS gravel roads from New Pine City on US 395.
Historical Exploration
The High Grade District was discovered in the late 1800's and saw an initial boom between 1910 and 1918. More recent exploration included shallow drilling concentrated upon defining low-grade disseminated gold mineralization amenable to surface bulk mining from the 1980's to 1998 by companies such as Atlas Minerals, Kennecott, FMC, Nord and Golden Phoenix, and Newmont Exploration. The district has been tested by over 114 mostly shallow vertical drill holes, concentrated upon the two areas where potential open pit disseminated gold mineralization were defined. Some of the higher grade intercepts from this drilling include 20 ft at 0.165 opt(6.1 m at 5.66 gpt), 40 ft at 0.102 opt (12.2 m at 3.5 gpt), 55 ft of 0.103 opt (16.8 m at 3.5 gpt), and 50 ft of 0.051 opt gold (15.2 m at 1.75 gpt). These drilling programs culminated in a historic gold resource of 1.23 M tons @ 0.036 opt Au (1.12 MM tonnes at 1.23 gpt) calculated by Golden Phoenix Mines yielding a mineral inventory of 44,640 ounces gold* (Taylor, 1998).
Geology and Mineralization
The Golden Ridge project is a volcanic-hosted, low sulfidation epithermal gold system hosted by early Tertiary volcanics intruded by and capped with younger Pliocene-age bimodal rhyolite and basalt. Mineralization in the district, including gold, appears spatially and genetically related to the later, highly siliceous eruptive phases and associated hydrothermal activity. Emplacement of rhyolite domes and mineralization has occurred along a northeast-trending structural zone that is the locus of intense silicic and argillic alteration with associated gold and silver mineralization.
Gold and silver are found within several styles of mineralization at Golden Ridge. Gold occurs in high angle quartz-adularia veins and vein stockworks, stratabound disseminated deposition within tuffaceous beds and in hydrothermal breccias resulting from explosive disruption of the ore-forming system. The producing veins and vein-filled structures within the district are found along northeast or crosscutting northwest trends. The veins have been traced down through the rhyolite domes and tuffs into the underlying andesitic units where exposed in the southern part of the district.
Gold occurs in banded quartz adularia veins as electrum with pyrite and iron oxides on high angle fractures. Gold also occurs as disseminated grains in silicified tuffs and hydrothermal and tectonic breccias. The pumice-bearing lithic tuff of the Klondike formation is a principle host for disseminated mineralization. Multiple stages of silicification and quartz veining are documented in the district, including amethystine open space crystalline, fine grained cryptocrystalline and opaline sinter varieties. Variation in the level of erosion in the district has exposed all levels of epithermal mineralization from silicic hot springs sinter formed at/or near the paleosurface to propylitically altered andesite with silver-base metal bearing sulfide bearing quartz-calcite-epidote mineralization formed several thousand feet in depth.
The Alturas gold mineralization is hosted within a high level epithermal vein system located along the flank of a rhyolitic lava flow dome. This dome is part of the complex of silicic eruptive and intrusive centers that form the core of the hydrothermal system exposed in the High Grade district. High level hydrothermal breccias and quartz stockwork veining exposed at the surface in silicic terraces is hosted by fragmental tuffs and explosive breccias flanking the rhyolite dome. Gold and silver-bearing hydrothermal solutions migrated up faulting along the margins of the dome and silicified vent breccias, depositing precious metals in several styles of mineralization along the shear zones.
Current Work
In 2010, The Company is planning on follow-up definition drilling on the Alturas and Moonlight veins, as well as the first drill tests of the Consolidated vein system. Work is continuing on compilation of the extensive historic exploration information, including geochemical soil and rock chip surveys, geophysical surveys and drill hole geological logs and multi-element geochemical assays. This database will be merged with the aerial photogrammetric mapping completed in 2009 to model the deposit and guide drill targeting in 2010.
Summary of Results
The Company's exploration program is focused on targeting the high grade (>0.3 opt Au) bonanza vein style mineralization with gold grades to support trucking ore to their proposed central milling facility. The Company completed 35 drill holes at the Golden Ridge property in 2009, with 30 wide spaced RC holes testing geochemical and geological targets on the principle veins zones, including multiple hole tests on the Sunshine, Modoc and Alturas vein systems.
In the RC program, gold mineralization in excess of 3 gpt Au was identified in the western Sunshine vein, the Modoc vein system, Moonlight vein and at the Alturas Mine. Drill hole GPGR-29 on the Alturas vein returned two bonanza grade gold vein intercepts of 5 ft at 2.92 opt Au (1.5 m at 100.07 gpt Au) from 52.5 to 57.5 ft and 30 ft averaging 0.734 opt Au (9.2 m averaging 25.048 gpt Au) from 120 to 150 ft.
The Company followed up hole GPGR-29 with four HQ core holes to twin and drill below and to the north and south of the initial intercept. An additional core hole was drilled across the Modoc vein system adjacent to RC hole GPGR-21. The core drilling results indicate that the gold bearing veins extend at least 100 ft (30.5 m) vertically below the initial RC intercept and 40 to 50 ft (12.2 to 15.2 m) to the south and north respectively. The gold mineralization is open in all directions, with the closest prior drilling located several hundred feet to the north.
Golden Ridge Project - 2009 RC Drill Results
Select Significant Intercepts > 1.0 gpt Au |
| Drill Hole |
From |
To |
Interval |
Au |
Interval |
Au |
| Number |
(ft) |
(ft) |
(ft) |
(opt) |
(m) |
(gpt) |
| Sunshine Vein |
| GPGR004 |
92.5 |
95.0 |
2.5 |
0.030 |
0.76 |
1.04 |
| GPGR007 |
172.5 |
175.0 |
2.5 |
0.034 |
0.76 |
1.17 |
| GPGR008 |
27.5 |
32.5 |
5.0 |
0.080 |
1.50 |
2.75 |
| GPGR010 |
75.0 |
77.5 |
2.5 |
0.032 |
0.76 |
1.08 |
| GPGR010 |
45.0 |
50.0 |
5.0 |
0.043 |
1.50 |
1.49 |
| GPGR011 |
92.5 |
100.0 |
7.5 |
0.066 |
1.97 |
2.25 |
| GPGR011 |
115.0 |
122.5 |
7.5 |
0.054 |
1.97 |
1.86 |
| Yellow Jacket Mine |
| GPGR014 |
57.5 |
60.0 |
2.5 |
0.090 |
0.76 |
3.09 |
| GPGR014 |
280.0 |
290.0 |
10.0 |
0.104 |
3.20 |
3.57 |
| including |
282.5 |
285.0 |
2.5 |
0.195 |
0.76 |
6.68 |
| Void, no recovery |
290.0 |
300.0 |
10.0 |
NA |
3.20 |
NA |
| GPGR015 |
15.0 |
17.5 |
2.5 |
0.066 |
0.76 |
2.26 |
| GPGR016 |
192.5 |
217.5 |
25.0 |
0.107 |
15.0 |
3.68 |
| including |
205.0 |
210.0 |
5.0 |
0.302 |
1.50 |
10.35 |
| Modoc Vein |
| GPGR018 |
197.5 |
200.0 |
2.5 |
0.030 |
0.76 |
1.03 |
| GPGR019 |
112.5 |
115.0 |
2.5 |
0.073 |
0.76 |
2.49 |
| GPGR021 |
67.5 |
70.0 |
2.5 |
0.093 |
0.76 |
3.2 |
| GPGR021 |
160.0 |
165.0 |
5.0 |
0.320 |
1.50 |
10.97 |
| Void, no recovery |
165.0 |
178.5 |
12.5 |
NA |
3.80 |
NA |
| GPGR021 |
250.0 |
255.0 |
5.0 |
0.208 |
1.50 |
7.12 |
| including |
252.5 |
255.0 |
2.5 |
0.337 |
0.76 |
11.55 |
| GPGR023 |
95.0 |
110.0 |
15.0 |
0.056 |
4.60 |
1.92 |
| including |
97.5 |
102.5 |
5.0 |
0.089 |
1.50 |
3.05 |
| Moonlight Vein |
| GPGR024 |
50.0 |
52.5 |
2.5 |
0.071 |
0.76 |
2.43 |
| GPGR024 |
92.5 |
95.0 |
2.5 |
0.154 |
0.76 |
5.28 |
| GPGR027 |
70.0 |
75.0 |
5.0 |
0.150 |
1.50 |
5.13 |
| including |
70.0 |
72.5 |
2.5 |
0.269 |
0.76 |
9.22 |
| GPGR027 |
87.5 |
90.0 |
2.5 |
0.264 |
0.76 |
9.04 |
| GPGR027 |
105.0 |
112.5 |
7.5 |
0.132 |
1.97 |
4.52 |
| Alturas Vein |
| GPGR029 |
52.5 |
150.0 |
97.5 |
0.388 |
29.70 |
13.29 |
| including |
52.5 |
57.5 |
5.0 |
2.919 |
1.50 |
100.07 |
| including |
120.0 |
150.0 |
30.0 |
0.730 |
9.20 |
25.05 |
Golden Ridge Project - 2009 Diamond Drill Results
Select Significant Intercepts > 1.0 gpt Au |
| Drill Hole |
From |
To |
Interval |
Au |
Interval |
Au |
| Number |
(ft) |
(ft) |
(ft) |
(opt) |
(m) |
(gpt) |
| Alturas Vein |
| GPGRD01 |
56.0 |
60.0 |
4.0 |
0.132 |
1.2 |
4.54 |
| GPGRD01 |
68.0 |
78.0 |
10.0 |
0.035 |
3.2 |
1.18 |
| GPGRD01 |
113.4 |
121.0 |
7.6 |
0.350 |
2.3 |
12.00 |
| including |
118.5 |
121.0 |
2.5 |
0.960 |
0.8 |
32.90 |
| GPGRD02 |
52.0 |
57.0 |
5.0 |
1.965 |
1.5 |
67.39 |
| including |
54.5 |
57.0 |
2.5 |
3.917 |
0.8 |
134.50 |
| GPGRD02 |
93.0 |
97.0 |
4.0 |
0.038 |
1.2 |
1.30 |
| GPGRD02 |
173.5 |
181.0 |
7.5 |
0.660 |
2.3 |
22.64 |
| including |
176.0 |
181.0 |
5.0 |
0.967 |
1.5 |
33.15 |
| GPGRD03 |
56.0 |
61.0 |
5.0 |
0.127 |
1.5 |
4.37 |
| GPGRD03 |
149.3 |
158.5 |
9.2 |
0.036 |
2.8 |
1.21 |
| GPGRD03 |
176.0 |
187.2 |
11.2 |
0.064 |
3.4 |
2.20 |
| including |
176.0 |
178.0 |
2.0 |
0.168 |
0.6 |
5.76 |
| including |
183.7 |
186.0 |
2.3 |
0.120 |
0.7 |
4.13 |
| GPGRD03 |
212.0 |
214.5 |
2.5 |
0.305 |
0.8 |
6.61 |
| GPGRD04 |
38.5 |
44.5 |
6.0 |
1.169 |
1.8 |
40.09 |
| including |
38.5 |
40.5 |
2.0 |
1.368 |
0.6 |
46.9 |
| and including |
42.0 |
44.5 |
2.5 |
1.709 |
0.8 |
58.6 |
| GPGRD04 |
111.0 |
113.6 |
2.6 |
0.096 |
0.8 |
3.285 |
| GPGRD04 |
128.5 |
132.3 |
3.8 |
0.337 |
1.2 |
11.548 |
| GPGRD04 |
141.0 |
146.0 |
5.0 |
0.103 |
1.5 |
3.528 |
| Modoc Vein |
| GPGRD05 |
91.0 |
95.0 |
6.0 |
0.040 |
1.8 |
1.36 |
| GPGRD05 |
120.5 |
126.0 |
5.5 |
0.095 |
1.6 |
3.255 |
| GPGRD05 |
178.6 |
180.0 |
1.4 |
0.117 |
0.4 |
4.00 |
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All assay numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths.
David R. Hembree, P.Geo., is the Qualified Person as defined under National Instrument 43-101, overseeing The Company's's U.S. exploration programs outside Nevada, and has reviewed & verified the information presented on the Gold Dome project
* Non NI 43-101 Compliant: Data from these estimates are for historical use only and to put past production efforts into context. Readers are cautioned that while the resource estimates are considered to be reliable and relevant they do not use categories as defined in N I43-101. The resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators, and the reader is cautioned that none of the calculations conform to NI 43-101 requirements for reporting reserves and resources. The Company has not done the work necessary to verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as a NI 43-101 defined resource verified by a qualified person. The historical estimates should not be relied upon. The properties will require considerable further evaluation which the Company's management and consultants intend to carry out in due course. Presently, the historical estimates serve primarily as an exploration tool.
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