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Summary The Horse Mountain project consists of 159 claims covering 5.1 square miles (13.2 sq. km.) along the Cortez Gold Trend in Lander County, Nevada (Figure 1). The property covers a two square mile (5.2 sq. km.) zone of hydrothermally altered chert/quartzite, altered dikes and elevated Au / As / Sb / Hg in the upper-plate of the Roberts Mountains thrust. Below the thrust at 926 ft (282m), drilling intersects a carbonate horst containing oxidized, decalcified and gold-bearing carbonate rocks of the Roberts Mountains Formation. Significant drill results include 98 feet of 0.022 oz Au/t (27.4m of 0.754 g Au/t) in core hole BHM-001. Geologic patterns recognized at the Horse Mountain project are similar to those documented within/proximal to bulk tonnage, profitable, disseminated gold deposits in Nevada (i.e. Pipeline, Cortez Hills, West Leeville, Gold Quarry). The patterns include: extensive zones of hydrothermal alteration and elevated metal values in upper and lower plate rocks, numerous high-angle fault zones, hydrothermally altered dikes, multiple metal events (disseminated gold and base metal), and thermal (metamorphic) alteration. These are positive attributes that upgrade the exploration opportunities at Horse Mountain. Miranda Gold geologists believe additional drilling is warranted within and along the carbonate horst margins to better evaluate this underexplored, sediment-hosted gold system. On May 29, 2008 Miranda and Newcrest Resources Inc. (Newcrest) announced the companies had signed a Letter of Intent, whereby Newcrest could earn a joint venture interest in the property. Newcrest may earn a 60% interest by funding US$3,250,000 in qualified expenditures over a four year period. Newcrest may then elect to earn an additional 10% interest by funding an additional US$5,000,000 of qualified expenditures over a three year period. The first year work commitment of US$500,000 is an obligation.
Location Horse Mountain is located in the Shoshone Mountains, approximately 65 road miles (104 km) south of Battle Mountain, Nevada. Horse Mountain is on the Cortez Gold Trend, a northwest alignment of bulk-mineable, sediment-hosted gold deposits including Pipeline, Cortez Hills, Gold Acres, Cortez and Horse Canyon. The property is 10 miles (16 km) west-northwest of the active Pipeline gold mine, a +20 million ounce sediment-hosted gold deposit owned and operated by Barrick. Geology The Shoshone Mountains are underlain by Cambrian to Devonian sedimentary rocks, Jurassic to Tertiary intrusive rocks, and Tertiary volcanic rocks (Figure 2). Two distinct sedimentary rock packages occur on the property, separated by a low-angle, regional fault known as the Roberts Mountains thrust. The upper-plate of the Roberts Mountains thrust fault consists of deep water siliceous sedimentary rocks dominated by chert and quartzite. The lower-plate of the Roberts Mountains thrust fault is composed of shallow marine carbonate rocks. Lower-plate carbonate rocks are the preferred host for multi-million ounce gold deposits along the Cortez and Carlin Gold Trends. Carbonate rocks of the Roberts Mountains and Hanson Creek Formations are exposed in the Horse Mountain window, northwest of the current property position. At the Horse Mountain project, upper plate siliceous rocks are exposed at the surface and cover prospective carbonate rocks (Figure 3). Drilling encounters hydrothermally-altered, gold-bearing lower-plate carbonate rocks at depth. At surface, dozens of west-northwest, northwest, northeast, north-south and east-northeast striking faults transect the property. Mapping indicates northeast and northwest-striking faults focus hydrothermal alteration, igneous dikes and zones of elevated gold, arsenic and antimony in a 2,000 by 6,000 foot area (610 by 1,830m) (Figure 4). Within this area, faults create pervasive zones of broken/shattered upper and lower plate rocks. Pervasively broken rocks are an important precursor for the formation of large, sediment-hosted gold deposits. Collectively, these observations will help guide future drilling. Exploration History Previous work by Phelps Dodge defined a near-surface, upper-plate hosted, low-grade gold occurrence at the Rum Dreams prospect. Gold mineralization occurs with quartz veined, brecciated, oxidized and silicified chert and quartzite. Lamprophyre dikes occur in this gold zone. Rum Dreams may represent up-dip, structurally-controlled leakage from a larger gold system at depth. Similar upper-plate gold occurrences have been documented flanking the five million ounce West Leeville deposit on the Carlin Trend. In the mid-1990's, drilling by Pathfinder and High Desert Minerals targeted carbonate horsts, uplifted blocks of favorable host rock, beneath the Roberts Mountains thrust fault. Carbonate horsts are well-documented features that control some large, sediment hosted gold deposits in Nevada. Drill hole MC96-08 intersected 30 feet (9.1m) grading 0.025 oz Au/t (0.856 g Au/t) from 940 to 970 feet (286.5 to 295.7m) in oxidized, decalcified and clay altered silty limestone interpreted as the Roberts Mountains Formation. The hole was lost due to poor drilling conditions at 980 feet (298.8m). Joint Venture Exploration In mid-2005, Barrick completed geologic fact mapping and gravity over the entire property. Later in the year, these data guided the placement of two vertical drill holes that totaled 3,126 feet (953m) (Figure 5). Results of BHM-001 are summarized below:
In 2006, Barrick completed 8,650 feet (2,636.5 m) of reverse circulation drilling in three vertical holes (BRH-003, BRH-004 and BRH-005). The holes were designed to test for gold-bearing feeder faults where they intersect favorable lower-plate carbonate rocks. Drill hole sites were selected based on gravity, surface geochemical anomalies and geologic mapping. Significant gold-bearing intervals include 90 feet of 0.022 oz Au/t (27.4m of 0.753 g Au/t) and 50 feet of 0.017 oz Au/t (15.2m of 0.567 g Au/t) in drill hole BHM-005. Drill holes BRH-003 and BRH-005 are summarized below.
Barrick terminated the Horse Mountain Venture Agreement in July 2007. In total, Barrick spent US$872,000 and completed 11,776 ft (3,590m) of drilling in five holes. This work has provided Miranda with vital information for understanding the structures and mineralization on the project.
2008 Plans Newcrest is in the process of formulating its 2008 exploration program and budget. Although not finalized, an initial drill program of reverse-circulation drilling northeast of the BHM-001 gold intercept is proposed to systematically test for higher-grade gold mineralization within and along the flanks of the carbonate horst. Project updates will be posted on this page as the exploration program evolves. |
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