ALPINE GOLD PROJECTS
ALPINE GOLD PROJECTS
Oar Resources Limited (ASX: OAR) has signed a Binding Option Term Sheet with Alpine Resources (USA) Pty Ltd (“Alpine”) for the acquisition (through its US subsidiary Alpine Metals LLC) of its Alpine Project incorporating the Tonopah North, Douglas Canyon and Lambarson Canyon Projects in Nevada, USA (“the Projects”). The Projects are targeting Carlin and epithermal type million plus ounce deposits in Northern and Southern Nevada, USA.
Targeting epithermal and Carlin type gold deposits in Nevada ranked “World Top 3” mining jurisdiction by Fraser Institute
Three properties staked all with strong multi-ounce Au +/-Ag sample results and with multiple drill targets identified
Exploration team has +20 years in-country experience including leadership of the team that discovered the 2.3 million ounce Long Canyon gold deposit now in production
Subject to completion of Due Diligence objective is to move all properties to drilling in 2019
The Company also intends to target similar highly prospective, yet under-explored, trends similar to the Long Canyon gold trend and other analogous settings in Nevada, as an exploration play based on established gold trends.
The exploration program will consist of a geophysical program to enable the review of the Alpine Project tenements and determine drill targets. The geophysical review will assess the regional structure, intrusive complex and stratigraphy in the project area and will assist in identifying priority drill targets.
The second stage exploration will involve a minimum of 800 meters of diamond drilling on the priority targets to be managed by Alpine in accordance with an agreed and approved program and budget at a maximum cost of US$456,000.
The option agreement then allows on completion of the second stage drilling program for Oar Resources in its sole discretion to exercise the Option to acquire all the shares in Alpine for no further payment.
Background History & Major Gold Trends:
Meikle - 7 million ounces
Goldstrike - 40 million ounces
Genesis - 14 million ounces
Gold Quarry - 30 million ounces
Turquoise Ridge - 15 million ounces
Twin Creeks - 15 million ounces
Pipeline - 21 million ounces
Cortez Hills - 15 million ounces
Goldrush - 14 million ounces
OAR RESOURCES LTD
Nevada is the sixth largest Gold producing ‘Nation’ in the world and is responsible for 74% of US gold production
Nevada is “elephant” country for world class gold deposits
Low political risk, high quality infrastructure and skilled workforce
Nevada ranked “World Top 3” mining jurisdiction" by Fraser Institute
Important discoveries continue to be made both in the established “Trends” of Carlin and Cortez-Battle Mountain e.g. Groundrush (14M oz) in the Cortez Trend, and Long Canyon (2.3M oz) which has drawn much attention to the hitherto poorly explored eastern parts of Nevada and western Utah.
The downturn in mineral exploration around 2014 led to large tracts of ground in prospective areas being available for staking and a timely opportunity for a counter-cyclical exploration strategy.
Gold Deposits and Gold Trends
Alpine personnel have a large history of association in Nevada and were pivotal in the discovery of the 2.3 million ounce Long Canyon deposit.
Discovery of Long Canyon (LC) demonstrated that significant gold deposits occur outside of the established gold trends in Nevada
LC discovered in an area once thought of as not highly prospective – but the discovery has defined a new gold trend.
This has created a new paradigm for gold exploration in Nevada that opens up large parts of Eastern Nevada and western Utah as prospective for Carlin type gold deposits
Not all the big gold deposits are located on the establish gold trends!
Figure 1. Location map showing Oar Gold Projects and Nevada Gold Deposits
Southern Nevada Gold Projects:
Figure 2: Oar's “Tonopah North & Douglas Canyon” Projects
Tonopah North, a low-sulphidation epithermal gold system:
Figure 3: “Tonopah North – Regional Geology showing Gold & Silver mine locations”
Figure 4: Mine dump sample gold results (PPM Au) except results with grey background which are in PPB Au – e.g. 6,033 ppb Au = 6.03 g/t Au; Alpine’s mining claims shown in blue. Results for all samples are shown
Conceptual drill target model is based on the high-grade Midway epithermal gold deposit located 10kms to the northeast (fig. 3). At Midway gold mineralisation is “pooling” around the unconformity between Tertiary volcanics and the pre-Tertiary basement rocks. At Tonopah North Gold mineralisation is “leaking” from both west and east faults and this is interpreted as evidence of a gold mineralising system at depth. Maximum gold grades at surface are associated with the east structure where the dip flattens from vertical to 700 west. Potential seen for a major dilation zone at the intersection of the west and east structures. Potential for stockwork or dilational zones where the dip of the east structure either intersects the west structure, or where it changes back to vertical at depth.
Figure 5: Planned 300m diamond drill hole to test interpreted mineralised structures at Tonopah North and the pre-Tertiary basement
Douglas Canyon, an intermediate sulphidation epithermal Au – Ag system
The Camp Douglas area is a bonanza epithermal gold-silver mining district in the Walker Lane of southern Nevada. Several gold deposits have been established in the last decade and ground is currently tightly held.
Recent follow-up by Alpine led to multiple old workings and very strong Au and Ag rock chip values were obtained from old prospect pits and mine dumps which lead to a decision to stake the property.
Gold Resource Corporation (NYSE: GORO) is acquiring the Gold Mesa Project (fig. 6, below) and has some encouraging drill hits including 15.2m @ 6.27 g/t Au from 9m.
Figure 6: Location of Douglas Canyon and the Camp Douglas Mining District
Figure 7: Sample Results PPM Au and Proposed Drill Holes – Oar's Mining Claims Shown in Blue
Gold values from mine dump sampling demonstrate very high gold and silver values (fig. 8, below). Additional sampling and prospecting defined three mineralised structures with high Au and Ag values and a decision to stake the property was made.
The host rocks are mainly andesitic volcanics with a number of prominent chert ridges (green lines) separating individual flow units. Deflections in the shear zones (red lines) as they cross the lithological contacts appear to be a focus for high grade Au and Ag mineralisation.
Figure 8: Mine dump sample results show Au in ppm on top and Ag in ppm below
A central quartz vein 25cms wide exposed in an old prospect pit assayed 15.6 ppm Au and 27.0 ppm Ag. The shear zone not including the quartz vein assayed 0.97 ppm Au.
At this location the mineralised structure is 2.5m wide (see fig. 9, below).
Figure 9: Bulk Channel Sampling & assay locations
Lambarson Canyon, a potential high-grade Carlin Type system with similar Geological setting to the 4.0 M ounce Lone Tree deposit:
The property is located 100km south of Winnemucca in the East Range, Pershing County. Similarities with Lone Tree mine geology and Trenton Canyon – hosted by Permian Havallah Group rocks with possible Antler Sequence rocks in structural footwall.
Figure 10: Lambarson Canyon location & proximity to major Gold mines of the Carlin & Cortez Trends
>3.0 M oz Au 1.0 to 3.0 M oz Au <1.0 M oz Au
A thick sequence of Permian Havallah Group (PMh) rocks is intruded by Triassic and Tertiary (Tgr) leuco-granites. Triassic Koipato tuffs (TRk) are widely distributed and may be extrusive equivalents of the intrusive rocks.
Gold mineralisation is associated with a ferruginous siliceous alteration zone 10m wide within a wider zone of alteration about 30m wide. It is hosted by argillaceous sedimentary pebble breccia.
The pebble breccia may represent a detrital carbonate unit eroded from the Antler highland to the east. This could be considered a very favourable rock type for hosting gold mineralisation similar to the 4.0 million oz Lone Tree deposit which is in clastic sedimentary carbonate rocks of the Havallah Fmn.
Figure 11. Lambarson Canyon Geology and Rock Sample Results in PPM Au (Alpine Mining Claims in Blue)
Figure 12: Channel Sample Results Shown in PPM Au with width of channel
By way of clarification no resource estimates of any of the 3 Projects are being reported in this website. Any resource estimates shown relate to other projects in the vicinity of the 3 Alpine Concessions and are reported for the interest & surrounding information only.