|  | | | |   RESOURCE BLOCKS AND EXPLORATION TARGETS AT THE IDAHO-MARYLAND MINE
272 new gold exploration targets have been identified since January 2007 at the Idaho-Maryland Gold Mine. These new gold exploration targets are in addition to the 26 large conceptual exploration targets and the 216 resource blocks currently included in the Measured, Indicated and Inferred Resource categories for the Idaho-Maryland. The 216 resource blocks previously identified are the highest priority zones for underground definition drilling to potentially increase the current resource estimates into the proven and probable reserve categories.
The 216 resource blocks plus the 272 exploration targets are an indication of the potential magnitude of the Idaho-Maryland Gold Mine, which the Company believes represents one of the largest high-grade underground gold exploration targets in North America.
FIGURE 1 - 216 RESOURCE BLOCKS DEFINED AT THE IDAHO-MARYLAND MINE
As of February 23, 2007
The new exploration targets are being identified from a computerized assay model that was completed in 2006. Assay results from the historic maps and operating data were digitized and entered into the MineSight(r) computer modeling program. This work, in addition to other computerized historic geologic and mining data, is assisting the Company's geological staff in making significant progress to identify areas that may have additional exploration potential. Geological evaluations are continuing and it is anticipated that additional exploration targets and resources may be defined in the near future.
The 272 new exploration targets are zones of gold mineralization on established historic mine levels or in drill holes where extensive mining and stoping did not take place. The targets are derived from historic assay and geologic maps that show the results of sampling of quartz veins and mineralized rock units. Many targets are situated near known gold resources, some are near intensively mined areas, and many are on mine levels that were developed but never stoped. These exploration targets are significant indicators of deep extensions of known high-grade quartz veins, such as the famous Idaho 1 Vein, (which produced one-million ounces of gold from one million tons over 30 years) and demonstrate that the high-grade veins extend beyond and below the areas previously mined. The new targets are located on Idaho veins from the Idaho 600 Level to the Idaho 2400 Level, and have grades that should be at or above 0.10 ounce per ton gold.
These newly defined exploration targets are not yet qualified as resource blocks, although some are expected to meet that criterion and may be classified as resource blocks after further review.
FIGURE 2 - 272 EXPLORATION TARGETS CURRENTLY IDENTIFIED AT THE IDAHO-MARYLAND MINE
As of April 2, 2007
FIGURE 3 - RESOURCE BLOCKS AND EXPLORATION TARGETS IDENTIFIED AT THE IDAHO-MARYLAND MINE
As of April 2, 2007
The Idaho-Maryland Gold Mine, discovered in 1851, produced gold from 1862 through 1956 and is the second largest historical underground gold producer in California. There were 55 production targets identified at the time the mine shut down due to the low price of gold. The recorded production was 2,383,000 ounces of gold from 5,546,000 short tons for a recovered grade of 0.43 ounces of gold per short ton. The historic workings extend down 3,280 feet from surface although there were plans were made to go to the 5,200 level. The Idaho-Maryland ore body remains open at depth for further exploration and development.
|
| | | |
|
