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Summary The TAZ sediment-hosted gold project consists of 142 lode claims (4.6 sq mi / 11.9 sq km) along the Battle Mountain-Eureka Gold Trend in Eureka County, Nevada (Figure 1). The project covers a Carlin-style alteration cell in carbonate rocks that are age-equivalent to gold-bearing host rocks at the Cortez Hills, Pipeline and Gold Bar deposits. Previous drill results, from hole VC96-8, intersected 70 ft of 0.042 oz Au/t from 215-285 ft (21.3 m of 1.44 g Au/t from 65.5 - 86.9 m), within a 135 ft zone of 0.025 oz Au/t from 215-350 ft (41.2 m of 0.86 g Au/t from 65.5 - 106.7 m). This disseminated gold mineralization is hosted by the Devils Gate Formation. Miranda Gold intends to conduct geologic mapping, surface sampling and data compilation to identify drill targets. In line with Miranda Gold's business model, a joint venture partner will be sought to further explore the project.
Location The TAZ project is located in the Roberts Mountains approximately 26 miles (42 km) northwest of Eureka, Nevada. The project is on the southern portion of the Battle Mountain-Eureka Trend, a northwest alignment of bulk-mineable, sediment hosted gold deposits including Pipeline, Cortez Hills, Gold Acres, Cortez, Horse Canyon, Gold Bar and Archimedes (Figure 1). The property is 16 miles (25.6 km) southeast of the Cortez Hills deposit, a +12 million ounce sediment-hosted gold deposit that went into production in 2009. Geology Miranda Gold's interest in the project area was based on alteration and geochemistry consistent with sediment-hosted gold deposits of northern Nevada; potentially favorable host rocks; previous drilling that encountered thick, near-surface gold; and close proximity to sediment-hosted gold systems at Gold Ridge, Chert Cliff, Afgan-Kobeh, and Gold Bar. The project is along the margin of a north-south trending carbonate window where lower plate limestone is exposed in the foot wall of the Roberts Mountains Thrust fault. Devonian age limestone of the Denay and Devils Gate Formations are overthrust by Ordovician age, upper plate siliceous rocks. Devonian age limestone is a favorable host for sediment-hosted gold systems in Nevada. The thrust contact between the two units is brecciated, silicified and decalcified. West-northwest and east-northeast fault zones are locally bleached, brecciated and contain quartz stockworks. In total, hydrothermal alteration occurs over a 2 sq mi area (5.2 sq km). TAZ is located within a west-northwest / east-southeast striking fold-fault corridor, which at a minimum, extends from the Gold Ridge deposit northward to Miranda Gold's Red Canyon project (Figure 2). The structural corridor is defined by west-northwest striking high angle faults, east-southeast plunging folds, and northwest structures that inflect into the corridor. Similar geometry / structures are observed and documented within a variety of sediment hosted gold deposits of north-central Nevada including: Pipeline, Archimedes, Gold Ridge satellites, Gold Quarry, Betze-Post and Rain.
Exploration History Four companies previously explored for shallow oxide gold on various portions of Miranda's claims. A soil survey produced anomalous gold results from below detection up to 0.012 oz Au/t (0.411 g Au/t) outlining an anomalous zone over 200 ft (60.9 m) wide. Rock chip assays returned values from below detection up to 0.026 oz Au/t (0.892 g Au/t), 1600 ppm arsenic, 185 ppm antimony and 9.6 ppm mercury. In 1996, BHP Minerals completed VC96-8, a reverse circulation drill hole that intersected 70 ft of 0.042 oz Au/t from 215-285 ft (21.3 m of 1.44 g Au/t from 65.5 - 86.9 m), within a 135 ft zone of 0.025 oz Au/t from 215-350 ft (41.2 m of 0.86 g Au/t from 65.5 - 106.7 m). The hole ended at a depth of 350 ft (106.7m) in 0.005 oz Au/t (0.175 g Au/t) within Devils Gate limestone. Step-out drilling was not conducted proximal to VC96-8. Targets The target analogue for TAZ is the Gold Bar deposit, which contained a gold resource exceeding one million ounces. Both Gold Bar and Miranda Gold's TAZ project are within lower-plate windows having typical stratigraphy of the major sediment-hosted gold districts in Nevada. Potential stratigraphic host horizons for gold occur in silty limestone and debris flow units within the Denay and McColley Canyon Formations, below the Devils Gate Formation. An initial drill target may include offsetting and deepening drill hole VC96-8 to verify elevated gold levels at the bottom of hole, and explore for additional sediment-hosted gold horizons in the underlying Denay Formation. 2010 Plans Miranda Gold intends to conduct geologic mapping, surface sampling and data compilation to identify drill targets. In line with Miranda Gold's business model, a joint venture partner will be sought to further explore the project. Data packages are available. |
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