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Summary Click here to view the Angel Wing Photo Gallery The Angel Wing project consists of 87 unpatented lode claims (2.8 sq mi / 7.3sq km) in northeast Elko County, Nevada (Figure 1). Two styles of epithermal gold mineralization are associated with a +6 mile (9.6km) long, northeast-striking structural zone that cuts Permian and Triassic carbonate rocks, and Tertiary sedimentary / volcanic rocks. High-grade, surface samples up to 2.70 oz Au/t (92.5 g Au/t) occur in steeply dipping quartz-calcite-adularia "bonanza" veins within Triassic limestone. The high-grade veins remain untested in a zone measuring one mile (1.6 km) along strike, 1,200 feet (366 m) wide and at depth. Surface sampling also identified disseminated, sediment-hosted gold mineralization up to 0.044 oz Au/t (1.507g Au/t) in silicified and clay altered Paleozoic and Tertiary rocks. Shallow drilling for disseminated gold returned 0.047 oz Au/t over 50 feet (1.609 g Au/t over 15.2 m) in drill hole DC-7. In August 2010, Miranda announced a new Angel Wing funding agreement with Ramelius Resources Ltd, an Australian gold producer. Under the terms of the agreement, Ramelius will fund US$4,000,000 in qualifying expenditures over a five-year period as an initial exploration expenditure. Ramelius can then earn a 70% interest in Angel Wing by completing a positive feasibility study over a four-year period or by annually funding $1,000,000 in exploration and development during the next 10 years. The first year's commitment of $350,000 is an obligation and includes a minimum of 4,000 ft (1,219 m) of drilling.  click to enlarge Location The project is located 30 miles (48km) north of Montello, Nevada. The property is immediately west of the Nevada - Utah border. Access from Montello is along a gravel road that is accessible from early April through late November. Geology The oldest rocks exposed are Permian and Triassic limestone, siltstone, bioclastic limestone and calcareous sandstone (Figure 2). Strongly carbonaceous, thin-bedded limestone has been encountered in drill holes. These rocks are broadly folded and are unconformably overlain by Tertiary fanglomerates, tuffs and basalt. Overlying and intruding this package are rhyolite and post-mineral rhyodacite. North-south high angle faults disrupt stratigraphy and provide controls for hydrothermal fluids. Two styles of gold mineralization occur at Angel Wing including:
Low-level gold with high indicator elements occurs over a wide area in opalized and alunite altered Tertiary rhyolite and sediments. This is believed to be the highest preserved level of the hydrothermal system and is defined by a "blanket" zone of silicifcation that formed at the paleo-groundwater table. Multiple north-trending structural zones exhibit strong alteration of this type and may be good indicators of high-grade mineralization at depth. Very little prospecting and no drilling has been done on this target area.  click to enlarge  click to enlarge  click to enlarge  click to enlarge Exploration History In the late 1980's, Amax Gold staked claims and drilled at White Rock Mountain, approximately two miles north of the Angel Wing property. Amax identified an 8 million ton, 0.017 oz Au/t gold inventory (0.583 g Au/t) in the Permian Murdock Mountain Formation. Two holes were also drilled in the southern part of this large claim group, in an area now covered by the Angel Wing claims. Mount Isah Mines, Kennecott and Terraco Gold also conducted exploration programs north of the present Angel Wing claims. In 1991, Teck Resources conducted a regional stream-sediment program that was followed up with staking of a claim block in the Death Creek area. Mapping, soil and rock sampling defined a large area of anomalous gold in a variety of host rocks (Figure 6). A total of twenty-nine holes were drilled in four phases from November 1991 to November 1995. Mostly vertical drilling targeted shallow, disseminated gold in limestone to a maximum depth of 600 feet (183 m). Drill holes within the existing claim block are illustrated on Figure 7.  click to enlarge  click to enlarge Target Discussion The Angel Wing project contains gold mineralization in a variety of settings and host rocks. Gold-bearing quartz veins and structures have a strike length of at least four miles (6.4 km) in a north-south direction. Most structures are poorly exposed, or concealed by younger Tertiary rocks which are either unreceptive hosts or too high in the paleo-hydrothermal system. Past exploration focused on shallow, bulk minable gold deposits, and the outcropping, high-grade veins were essentially ignored. Surface geologic patterns indicate favorable conditions exist for the discovery of a bonanza-grade gold deposit at depth. Several well-defined targets exist on the property. Two previous vertical drill holes, DC-4 and DC-7 encountered highly anomalous gold just below the Tertiary unconformity in jasperoid and quartz/after calcite veins (Figure 8). High-grade veins are poorly exposed south of these drill holes and generally define a north-south zone of mineralization. The veins appear to be steeply dipping and have not been trenched/mapped/sampled or drill tested. Similar veins with up to 0.015 oz Au/t (0.514g Au/t) crop out one mile (1.6 km) north of these exposures and are interpreted as part of the same structural trend. Systematic soil sampling, geologic mapping, trenching and inclined drilling are recommended to evaluate these targets for their gold potential. Opalized zones within the overlying rhyolite coincide with projections of known mineralized structures and probably reflect high level, steam-heated alteration related to these zones. Very little work has been done to assess the relationship between this high level alteration and mineralization at depth. Additional geologic mapping and geochemistry may resolve and upgrade concealed high-grade vein targets below this alteration.  click to enlarge  click to enlarge 2010 Exploration Plans Ramelius plans to conduct detailed geologic mapping, rock chip sampling, expansion of the soil geochemistry grid and geophysics to refine the strike and dip of the epithermal veins at Angel Wing. In areas where the veins are poorly exposed, IP/resistivity geophysics is being considered as a tool to guide the placement of drill holes. This disclosure contains information about properties which we have no right to explore or mine. We advise U.S. investors that the SEC's mining operations disclosure guidelines generally preclude disclosing information of this time in documents filed with the SEC as we must focus on properties in which we do have an interest. U.S. investors are cautioned that mineral deposits on adjacent properties are not necessarily indicative of mineral deposits on our properties. |
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