Independence Valley, Elko County, Nevada
Independence Valley is comprised of 785 acres located in Elko County, Nevada on the southern extension of the Carlin Gold Trend and about 79 kilometers south-west of Newmont’s Long Canyon Project.
Independence Valley is also within the historical Spruce Mountain mining district which hosted many historic base and precious metals mines since the 1840’s. The Spruce Mountain deposits have typically been associated with rhyolitic and granitic intrusive rocks which Peloton believes are the “Smoking Gun” – indicating the location of the structural feeders for both the granitic magmas and gold-silver bearing mineralized fluids.
Independence Valley hosts the largest untested Rhyolite Dome in the Spruce Mountain Mining District.
2020 Exploration Program:
Peloton geophysical modelling of magnetic and CSAMT data has identified three structures within the rhyolite dome complex that are recommended for drill testing. Permitting was initiated in 2020 to enable additional drillingand is expected to be in place by the spring of 2021.
2019 Drill Program:
The first drill hole into this property in late 2019 consisted of one reverse circulation drill hole drilled to a depth of 1,140 feet to test a potential down-dropped east limb of a NNW trending antiform. This drilling encountered detectable gold mineralization over a continuous core length of 345 feet, in a fine grained hypabyssal intrusive and in the contact zone with adjacent Paleozoic carbonate sedimentary rocks. In addition, this hole intersected hydrothermal alteration over a continuous core length of 500 feet. Both of these results Peloton views as encouraging for the first hole drilled into the property.
2018 Exploration Programs:
The 2018 exploration activity involved conducting a number of geological and geophysical programs over the Project. These programs included:
- Geologic mapping on a scale of 1:5,000 to enhance previous Peloton geologic mapping done on a 1:24,000 scale, and integration into GIS (Geographic Information System) applications.
- A total of 231 gravity stations were completed over the Project at 200m x 200m intervals with spacing tightened to 200m x 100m over certain structures. (A Gravity survey is an indirect (surface) means of calculating the density property of subsurface materials. The higher the gravity values, the denser the rock beneath.)
- A total of 219 soil samples were collected for geochemical analysis over the Project and including all exposures of Tertiary volcanic rocks at 200m x 100m intervals.
- A CSAMT (Controlled Source Audio-frequency Magnetotelluric) Geophysical Survey was completed covering a total of 18 line-kilometers (6 lines x 3km) over the Project.