High-Grade, Vein-Hosted Resource
Location: Churchill County, western Nevada
Minerals: Gold, silver
Ownership: 100%
Status: Exploration with established resource
Operations
Fondaway Canyon
Summary
Fondaway Canyon contains a high-grade, vein-hosted gold resource spanning an 11,000-foot mineral belt. The property covers 148 contiguous claims about 40 miles east of Reno, Nevada on the western slopes of the Stillwater Range. We believe Fondaway Canyon offers excellent opportunity to expand its existing resource.
High-Grade Resource in Gold-Tungsten System
The property hosts an intrusive-related gold-tungsten system more than 3,000 feet wide. This system contains at least 15 separate gold bearing veins, some up to 20 feet in width. Past operators drilled 568 holes, outlining the following resource:
| Type | Tons | Grade (opt Au) | Total Ounces |
|---|---|---|---|
| Indicated | 390,636 | 0.428 | 167,192 |
| Inferred | 372,849 | 0.409 | 152,621 |
Underground Development by Tenneco
Tenneco, prior operator of the property, drove 500 feet of adit workings for sulfide metallurgical sampling and analysis. They also operated an open pit heap leach mine.
Mineralization Open at Depth
The vertical extent of high-grade gold within the mineralized shear zones has been drill tested to greater than 1,000 feet (the longest drill hole extended the gold mineralization down to 1,700 feet drill indicated depth within the Paperweight-Half Moon vein system. Mineralization remains open at depth. Horizontal continuation of these zones is remarkable. The Paperweight-Hamburger Hill shear zone is the most persistent known, with a strike length of 3,700 feet and widths between 5 and 20 feet.
Bulk Sampling and Diamond Drilling
Our primary plan at Fondaway Canyon is to gain access to the Tenneco workings and carry out a bulk sampling program for further grade and metallurgical studies. We also expect to conduct diamond drilling with this program.
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