Texas Canyon, Elko County, Nevada
Texas Canyon is located in Elko County, Nevada, about 5 miles west of the Company’s Golden Trail Project, 55 miles north of Newmont’s Long Canyon Project, and 84 miles north of the Independence Valley Project.
Texas Canyon is comprised of an 880 acre claim package, recently acquired by staking after the Company conducted an airborne hyperspectral survey in northeastern Nevada. Texas Canyon was part of a package previously held by the Company (from 2004-2009 under prior management) and the Company possesses considerable data on the prospect.
Texas Canyon is centered on a major boundary fault between mineralized Paleozoic limestone and postmineral Tertiary geologic units which include the Jarbidge Rhyolite and tuffs and conglomerates of the Humboldt Formation. This fault and related structures are thought to be the conduit for mineralizing fluids that altered and replaced the limestone and limestone breccias. This is based on detailed geologic mapping, surface geochemistry with gold values up to 1280 ppb and molybdenum values up to 1660 ppm, a surface magnetic survey and a surface radiometric survey. The recent Peloton airborne hyperspectral survey corroborated prior data, showing broad hi AL-illite and NH3-illite anomalies at Texas Canyon.
Texas Canyon is within a broad zone of hydrothermal alteration, including decalcification and silica replacement of the limestone. Alteration and mineralization is structurally controlled and localized along numerous northeast-striking, high-angle veins, especially in bodies of clast supported polyphase hydrothermal breccia and adjacent hydrothermal replacement zones. The highest mineral values are within strongly altered limestone and clast-supported hydrothermal breccias.
A technical report in accordance with NI 43-101 is being prepared to compile and publish the data the Company has on Texas Canyon, and to set out recommendations going forward.