Independence Valley, Elko County, Nevada
Kinross Gold Corp. is the JV Partner on Independence Valley and may earn a 75% interest by spending US $4 million in exploration over 6 years.
Independence Valley is comprised of 1,160 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.
The exploration activity for this summer and fall (2018) by Kinross Gold Corp. (Kinross) involves conducting a number of geological and geophysical programs over the Project with the aim of having all data in hand and fully interpreted by year-end so that a 2019 drill program can be designed and budgeted. These programs include the following:
- Geologic mapping has been completed on a scale of 1:5,000 to enhance previous Peloton geologic mapping done on a 1:24,000 scale. This data is being integrated 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 has been contracted for completion this fall (2018) covering a total of 18 line-kilometers (6 lines x 3km) over the Project.
On July 24, 2018, Renaissance Gold Inc. announced drilling had commenced immediately adjacent to the Independence Valley project, pursuant to an earn-in agreement between Renaissance and Kinross on the adjacent property named Spruce East.