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Summary PPM is a pediment-covered, gold exploration project on the north end of the Battle Mountain-Eureka gold trend in Humboldt County, Nevada. Miranda controls a 100 percent interest in 102 unpatented lode claims (3.3 mi2 / 8.5 km2). Miranda signed an Exploration Agreement with Option to Form a Joint Venture with Piedmont Mining Company Inc. (Piedmont) in April 2007. Piedmont may earn a joint venture interest in the PPM project, located in Nevada. Under the terms of the agreement, Piedmont can earn a 55% interest in the property by spending $1,750,000 for exploration activities over a five year period. A minimum work expenditure of $175,000 is expected in the first year with expenditure minimums increasing in subsequent years. Once the initial earn-in phase has been reached, Piedmont and Miranda will enter into a Joint Venture agreement for which Piedmont will be the operator. Location PPM is located on the west flank of the Hot Springs Range, approximately 30 miles (48 km) northeast of Winnemucca, Nevada and 12 miles (19km) west-northwest of the Twin Creeks gold mine (Figure1).  click to enlarge Geology Miranda theorizes that the PPM project covers a geologic setting analogous to that of the major deposits of the Getchell Trend, where combined past production and current resources exceed 23 million ounces of gold from the Twin Creeks, Getchell-Turquoise Ridge, and Pinson deposits. Miranda has identified a pediment-covered gold target along northeast-striking faults, which extend southwest from a sediment-hosted mercury district (Figure 2). The claims are located over an area where those northeast-striking structures intersect gold-in-sagebrush geochemical anomalies proximal to the margin of an inferred buried intrusion (magnetic high). Sediment-hosted mercury occurrences are frequently in close spatial association with sediment-hosted gold systems and were documented previous to modern gold discoveries in the Carlin, Cortez, and Getchell Trends. The mercury occurrences adjacent to PPM may reflect zoning from a primary gold system under pediment near the intrusive margin. Mercury mineralization in the Poverty Peak district adjacent to the PPM property is hosted in Permian calcareous sandstone, calcareous shale, phyllite and siltstone within the Golconda allochthon. Locally, gold up to 0.0291 oz Au/t (1.0 g Au/t) has been identified in rock samples in the mercury workings and associated mine dumps. The alteration associated with the mercury mineralization includes decalcification and iron staining. Barite veinlets in silicified outcrops (jasperoid) occur near the range front. The barite and jasperoids may also be indications of a pediment covered gold system.  click to enlarge Exploration History Prior to Miranda's reconnaissance efforts, systematic property-wide exploration had not been completed. Miranda's efforts identified a gold-in-sagebrush geochemical anomaly and elevated mercury gas values between an inferred buried intrusion (magnetic high) and a sediment-hosted mercury district. Joint Venture Exploration In 2007 Miranda and Piedmont completed a detailed gravity survey, a ground magnetic survey, sage geochemical sampling, and mercury in soil gas surveys to help define bedrock drill targets beneath pediment gravels. Results of the 2007 program include:
 click to enlarge 2008 Plans Piedmont proposes drilling approximately 15 holes, totaling 3,000 ft (1030 m), to test the surface of basement bedrock highs under the pediment for indications of a gold system. Prior exploration work on the property including a magnetic survey, a gravity survey, sage biogeochemistry and mercury soil gas sampling guided the placement of these proposed drill holes. A subsequent drill program would drill deeper into the basement dependent on results from the initial shallower drilling. Miranda and Piedmont geologists are in the process of permitting these holes for an anticipated spring 2008 drilling program. 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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