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Summary Miranda Gold is active on the east-southeast projection of the Cortez Trend as a result of the Cortez Hills discovery and other (undocumented or poorly documented and anecdotal) information regarding the ET Blue area which is in common circulation in the industry. ET Blue, where ore-grade holes are reported, suggests that the Cortez Trend from the Pipeline Complex to ET Blue extends south into Horse Creek Valley and Pine Valley.
Cortez Hills and Miranda Gold's west northwest interpretation of the Cortez Trend establish the Horse Creek-Pine Creek Valley area as a permissible area of large gold endowment. BPV and CONO are located approximately 2 miles south of the ET Blue area and 8 miles southeast of Cortez Hills. Miranda controls 41 BPV claims and 73 Cono claims. The majority of the claims cover an alluvial fan with very sparse outcroppings (?) of upper plate cherts and igneous dikes. Structural domains in the claim area are dominated by inferred west-northwest and northwest faulting. As with CONO, these claims lie within an inferred structural corridor between the mineralized Grouse Creek fault in the Coal Canyon lower plate window and controlling structures inferred for ET Blue and the altered fault boundary of the Cortez lower plate window.
Target Discussion BPV and CONO are pediment (blind with respect to gravel cover) exploration plays in the vicinity of Barrick's ET Blue project area. The gross structural controls for all deposits in the Cortez Trend are inferred as NNW faults internal to primary WNW faults (also a district and regional axis for dike and stock emplacement) that result in an array of north-west stepping en echelon deposits along a WNW trend. With the reported recognition of a significant gold system at ET Blue it is suggested that the Horse Creek-Pine Valley area should be explored in the same fashion as with Crescent Valley to the north and controlled by the Cortez Joint Venture. Evidence to support this includes:
The extent of favorable lower plate carbonate that sub-crops under pediment in the Horse Creek and Pine Valley areas is unknown. It is reportedly drill indicated at ET Blue and also present on an inferred horst, 2 miles to the east of ET Blue.
Miranda Gold's exploration premise is that covered areas of potential can be resolved using filtered gravity to infer structures and mercury in soil gas surveys to detect mineralization localized at the basement-gravel cover contact. BPV lies within a structural projection of drill-indicated mineralization between the Grouse Creek Fault to the south and the Dry Hills fault to the north. At BPV the gravity is a bit ambiguous since sub crop (?) at surface suggests near surface basement but gravity does not. Newcrest, from their reconnaissance work reports subcropping intrusive on the west side of the project. Recent work on BPV is limited to stream sediment-rock samples. A few reclaimed drill pads are present on BPV but Miranda Gold does not have this data. Newcrest conducted surface sampling but did not significantly explore the property.
CONO is on the southern projection of the inferred horst localizing the ET Blue gold-system. Cortez Joint Venture or Placer Dome claims surround the BPV and CONO projects. General Exploration Discussion Newcrest Resources conducted a limited program on the CONO and BPV projects, drilling four holes (NO-1 through 4) on the CONO claims. In Miranda Gold's opinion these holes were not well directed towards testing gravity highs. A summary of Newcrest Drilling is provided below: CONO no 4 hit bedrock at 1495 ft. on the apparent edge of a horst. Calcareous siltstones in the bottom of the holes are inferred as possible lower plate section. Although no significant gold occurs in the hole, pathfinder elements are elevated (2 ppm mercury at bottom of drill hole, 10-42 ppm antimony in gravels above basement and 2-8 ppm antimony in the basement rocks). CONO no 1 terminated in gravel at 1000 ft. td. CONO no 2 terminated in gravel at 360 ft. td CONO no 3 terminated in gravel at 1040 ft. td. Newcrest drilling did not adequate test gravity highs in south central property along projection of "ET Blue horst". Subsequent to termination by Newcrest, Miranda signed a joint venture agreement with Agnico Eagle USA in August of 2005. Agnico-Eagle (USA) conducted an exploration program that included a 527 station gravity survey, MT (magneto telluric) profiles, a mercury in soil gas survey and a four hole drill program totaling 6,820ft. None of the holes drilled intercepted favorable lower plate rocks or significantly anomalous gold or pathfinder trace element values.
Joint Venture Exploration In August of 2005 Miranda Gold and Agnico-Eagle (USA) Ltd. finalized and signed an Exploration Option for Joint Venture and Operating Agreement on Miranda Gold's CONO and BPV properties. Agnico-Eagle (USA) completed a 527 station gravity survey on both BPV and CONO. Interpretation of this data is on-going. Gravity data can yield information about the thickness of gravel cover in pediment valleys, and the orientation of structural features in the bedrock. Agnico-Eagle completed a five-hole drill program at BPV-CONO in 2006. No significant mineralization was intersected. Agnico-Eagle terminated the venture agreement with Miranda in December of 2006. In March 2008, Queensgate Resources Corporation signed an exploraiton funding agreement for BPV, CONO and Coal Canyon. The first year's expenditure requirements total $260,000 and increase in following years. 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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