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Summary The Redlich project consists of 171 lode claims covering 5.5 square miles (14.2km2) in Esmeralda County, Nevada (Figure 1). Miranda controlled the Redlich property through a Lease Option to Purchase Agreement. As of January 23, 2008 Miranda has satisfied all requirements to exercise the option and now has a 100% title and interest in the property, subject only to a royalty of 3% of net smelter returns. Miranda's goal is to secure a new joint venture partner during the 2008 exploration season. Two styles of low-sulfidation, epithermal gold mineralization occur on the property: high-grade quartz "bonanza" veins; and volcanic-hosted, disseminated mineralization. Significant drill intercepts on the Redlich property include:
Location Redlich is located on the eastern flank of the Candelaria Hills approximately 55 miles (88km) west of Tonopah, Nevada. Road access is excellent as the project is bisected by US Highway 95. Redlich is within the Walker Lane mineral belt, a northwest-striking structural corridor of volcanic-hosted gold and silver deposits including Aurora, Borealis, Rawhide, Bullfrog, Goldfield, Tonopah, Paradise Peak and Midway. Geology The Redlich area is underlain by Ordovician through Tertiary sedimentary and volcanic rocks (Figure 2). Rocks units, from youngest to oldest, are summarized below:
Two styles of gold mineralization occur at Redlich. They include:
Exploration History Previous exploration by Inspiration, FMC and Cordex focused along strike of the Redlich fault and on a 100 acre (40 hectares) area of Tertiary alluvium containing well-banded quartz vein float. Sampling of well-banded quartz cobbles returned assays up to 4.0 oz Au/t (137.0 g Au/t) and 20 oz Ag/t (684.9 g Ag/t). The source of these gold-bearing cobbles is unknown and most of this area remains untested by drilling. FMC completed trenching, systematic soil sampling, rock sampling, and 8,270 feet (2521.3m) of drilling in 18 holes. Results included 30 feet of 0.031 oz Au/t (9.1m of 1.099 g au/t) in hole FMCR-5. Cordex completed a CSAMT survey and 28 rotary drill holes (R-1 through R-28). Their drilling intersected higher-grade quartz vein zones and vertically extensive zones of lower-grade, disseminated gold mineralization. Significant results included:
Joint Venture Exploration During the Miranda / Newcrest joint venture, $1,735,000 was spent on: 40,568 feet (12,368m) of reverse circulation and core drilling in 63 holes, a ground magnetic survey, and geologic mapping (Figure 3). Results of the four drill phases are described below. In late 2004, Newcrest completed a phase one drill program consisting of 11,094 feet (3,382.3m) of inclined reverse circulation drilling in 19 holes (R-29 through R-47). Results included 5 feet of 1.350 oz Au/t (1.5m of 46.233 g Au/t) in R-43 and 15 feet of banded epithermal quartz veins grading 0.330 oz Au/t (4.6m of 11.267 g Au/t) in R-45 (Figure 4). Results from R-43 are significant in that the high grade vein intersection is 3,000 feet from previously known occurrences. R-33 intersected 190 feet of 0.020 oz Au/t (70.1m of 0.684 g Au/t) in clay altered volcanic rocks with quartz stringers. Additional significant drill hole results (mineralization grading >0.010 oz Au/t over >5 foot lengths) are summarized below.
During the summer of 2005, Newcrest completed an additional 16,145 feet of reverse circulation drilling in 26 holes (R-48 through R-74). These holes continued testing for high grade quartz-gold vein continuity along strike of the Redlich fault zone as well as offsetting mineralization in hole R-43. Results of this program include a thinly-banded quartz vein with 5 feet grading 1.945 oz Au/t (1.5m of 66.610 g Au/t) in hole R-73 (Figure 4). Bonanza gold grades in R-73 represent a deeper and higher grade gold zone. Significant drill hole intercepts are summarized below.
A phase three drilling campaign, completed in 2006, totaled 10,975 feet of reverse circulation drilling in 15 holes (R-75 through R-90). Significant drill hole intercepts include: 5 feet of 0.603 oz Au/t (1.5m of 20.651 g Au/t) within a 90 foot zone grading 0.056 oz Au/t (27.4m of 1.918 g Au/t) in R-76 (Figure 4). Drill results continue to verify the presence of two styles of gold mineralization: 1) high grade, banded epithermal quartz "bonanza" veins and 2) thick, lower grade disseminated gold zones. Additional drill results are summarized below.
The phase four program included 2,376.5 ft (724.5m) of oriented core drilling in two holes. The holes were designed to offset drill hole R-73, a reverse-circulation hole that intersected 55 ft of 0.046 oz Au/t and 10 ft of 1.037 oz Au/t (16.8m of 1.575 g Au/t and 3.1m of 35.514 g Au/t, respectively). In drill hole RD-1, significant low-grade gold was intersected from 210 to 265 ft (64.0 to 80.8m) in iron stained to gossanous andesite. No high-grade intercepts were encountered in either offset to drill hole R-73. Significant drill results are defined as mineralization grading better than 0.01 oz Au/t (0.343 g Au/t) over a 5-ft (1.5 m) length. Significant drill hole mineralized intervals are summarized below:
MDA Data Review At Miranda's request, Mine Development Associates (MDA) reviewed drill and assay data collected during previous exploration programs at Redlich. The review consisted of a statistical analysis and examination of data in three-dimensional views. The intent of the review was to assess potential continuity of higher-grade mineralization, model the epithermal vein systems present on the property, and refine drill targets. MDA states in its findings that the data provides good insight into the project and that there is strong evidence for the existence of a real, and potentially substantial, epithermal deposit on the property. MDA found that 55% of all drill-hole samples grading over 0.029 oz Au/t (1 g Au/t) line up roughly along an approximate east-west plane dipping 45 degrees to the south. The strike length of this plane is approximately 1,150ft (350m) long and extends down dip approximately 590ft (180m). All drill holes intersecting this plane as defined above have reported gold intercepts greater than 0.029oz Au/t (1 g Au/t). The best intercept in the plane is 1.945 oz Au/t (66.6 g Au/t). Two high-grade drill samples of 0.438 oz Au/t (15 g Au/t) and 0.788 oz Au/t (27 g Au/t) occur to the southeast of the defined plane at a distance of 1,065ft (325m) and 5,000ft (1,525m), respectively. According to MDA, these high-grade drill intercepts remain open and represent potential for additional parallel vein sets. By evaluating gold and silver grade changes by elevation, MDA found evidence for a favorable horizon for precious metal deposition. Gold values show an increase between 4,265ft (1,300m) and 4,755ft (1,450m) in elevation. For silver, the trend is more profound and suggests a lower horizon favorable for the deposition of this metal, a characteristic not unusual for epithermal precious metal deposits. Miranda's geologic team believes this favorable elevation represents the "boiling zone" at which gold was precipitated from hot fluids during mineral deposition. MDA suggests that further exploration is justified and that it should concentrate on the orientation of the best-fit plane as well as around the two isolated drill intersections of +0.438 oz Au/t (15 g Au/t). The following image (Figure 6) was clipped from the MDA three-dimensional model. Here, the viewer is looking west from a subsurface depth of approximately 330 feet (100m). Color coding includes: gray lines depict drill holes -- green ticks represent >0.0291 oz Au/t (1 g Au/t) and red ticks represent >0.438 oz Au/t (15 g Au/t), the translucent blue surface represents topography, the yellow plane marks the base of alluvium, and the dipping red surface represents the best-fit plane linking gold grades of >0.0291 oz Au/t (1 g Au/t).
2008 Plans Miranda believes that quality exploration targets remain to be tested at Redlich. The company is actively pursuing a joint venture partner for the 2008 exploration season. Digital data packages are currently available for review. 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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