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Summary Click here to view the BPV - Cono Photo Gallery 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 and lower Horse Canyon areas, which is in common circulation within the industry. ET Blue, where ore-grade gold in drill holes has been reported, suggests the Cortez Trend from the Pipeline Complex to ET Blue extends south into Horse Creek Valley and Pine Valley. The west-northwest / east-southeast alignment of gold deposits along the Cortez Trend establishes the Horse Creek-Pine Creek Valley area as a permissible area for exploration directed towards sediment-hosted gold deposits.
BPV and CONO are located approximately 2 miles (3.2 km) south of the ET Blue area and 8 miles (12.8 km) southeast of Cortez Hills. Miranda controls 43 BPV claims and 73 Cono claims. The majority of the BPV claims cover an alluvial fan with very sparse outcroppings of upper plate chert and igneous dikes. Inferred structural domains in the claim area are dominated by west-northwest and northwest faults. The CONO claims are within an inferred structural corridor between the Grouse Creek fault in the Coal Canyon lower plate window and controlling structures inferred for ET Blue. Target Discussion BPV and CONO are pediment (blind targets covered by recent gravel deposits) 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 north-northwest faults internal to primary west-northwest faults (also a district and regional axis for dike and stock emplacement) that result in an array of northwest stepping, en echelon gold deposits along a west-northwest trend. With the reported recognition of a sediment-hosted gold system at ET Blue it is suggested that the Horse Creek-Pine Valley area should be explored. Evidence to support this includes:
The extent of favorable lower plate carbonate that subcrops 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 (3.2 km) east of ET Blue.
Miranda Gold's exploration premise is that pediment-covered target areas can be resolved using filtered gravity and mercury in soil gas surveys to detect potentially favorable settings and drill targets localized at the basement-gravel cover contact.
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 adequately 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 2005 Miranda Gold and Agnico-Eagle (USA) Ltd. signed an Exploration Funding Agreement on Miranda Gold's CONO and BPV properties. Agnico-Eagle completed a 527 station gravity survey on both BPV and CONO and a five-hole drill program in 2006. No significant mineralization was intersected in the drill holes. Agnico-Eagle terminated the venture agreement with Miranda in December 2006. In March 2008, Queensgate Resources Corporation signed an exploration funding agreement for BPV, CONO and Coal Canyon. To better assess pediment-covered exploration targets at BPV-CONO, the 2005 gravity data were filtered and reinterpreted. Conclusions and interpretations from the gravity review include:
As the exploration program evolves, additional information will be posted on this page. 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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