Drilling on a newly interpreted structural trend at the Goldfield deposit in western Nevada suggests new resources for
The company recently drilled a series of infill reverse-circulation holes on the McMahon Ridge prospect at Goldfield. These holes followed a structural trend that geologists had interpreted from earlier, closely spaced drilling.
The new holes intersected gold mineralization along the interpreted structure, indicating that new resources are present between previously discovered zones.
The mineralization was mainly intersected over drilled lengths of 1.5-6 metres and showed grades of 1-4 grams gold per tonne. There were, however, some zones of much higher-grade material, including a 4.6-metre interval in hole MCM-333 that graded 28.7 grams gold per tonne, 18.3 metres in hole MCM-339 that graded 61.7 grams gold, and 4.6 metres in hole MCM-344 running 98.4 grams gold.
Reverse-circulation drilling in the Main District, about 5 km southwest of McMahon Ridge, tested downdip from known mineralization at vertical depths of 240-300 metres. Three holes intersected fractures belonging to the deposit’s ring-fault system, a principal structural control on the gold mineralization.
Of the three holes, VT-2 was the most successful, intersecting multiple zones of gold and copper mineralization at depths of 255-290 metres. One intersection graded an average 3.6 grams gold per tonne and 0.57% copper over 10.7 metres, another cut 2.9 grams gold and 0.43% copper over 4.3 metres, and a third ran 2.5 grams gold and 0.1% copper over 35.1 metres. The last intersection included a 3-metre interval grading 13.2 grams gold per tonne, with 0.18% copper. Hole PV-1 intersected 4.6 metres grading 5.8 grams gold per tonne plus 1.03% copper, while a third hole, CL-1, cut 6.1 metres grading 1.4 grams gold.
Metallic Ventures also tested an area halfway between McMahon Ridge and the Gemfield deposit, which is 5 km southwest of McMahon Ridge and 3 km northwest of the Main District. Most reverse-circulation holes in the area intersected gold mineralization in the same formation it occurs in at Gemfield. Grades were mainly in the range of 0.5-3 grams per tonne, with local higher-grade intersections.
Drilling on proposed road, mill, and leach-pad sites, to confirm that there is no mineralization there, is mainly finished, and the company plans to have enough information for a production decision before year-end.
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