The Slumber Gold Project occurs along an intra-mountain graben in the Jackson Mountains approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada and is approximately 21 miles west of the Sleeper bonanza epithermal vein gold deposit. Slumber is one of several high-level epithermal gold systems on a trend from the Jackson Mountains, through the Bilk Creek Mountains and continuing north into Oregon. These deposits, along with the Sleeper, Sulphur-Hycroft, Goldbanks, Blue Mountain, Sandman, and other precious metals deposits located along the western splays and associated fault-fracture zones of the mid-Miocene (Tertiary) Northern Nevada Rift, define an important epithermal province in northwestern Nevada.
Important geologic features observed at Slumber include:
- Hydrothermal alteration, principally in the form of silicification, associated with widespread gold mineralization that is hosted by a series of Tertiary tuffs and tuffaceous sediments that infill a northerly- trending graben and unconformably overlie pre-Tertiary basement rocks.
- Two or more, northeast-trending erosional windows of gold-bearing, multi-phased, hydrothermally silicified zones exhibiting crosscutting quartz veining, hydrothermal brecciation, and oxidized pyrite exposed through and surrounded by alluvium.
- Rock chip gold values of up to +1.0 ppm associated with anomalous Ag, As, Sb, and Hg collected from exposed silicified zones. Soil geochemical anomalies exhibit a NE trend and are parallel to the strike of the silicified zones and mineralized fractures.
- Mineralized pieces of quartz vein float occurring in an alluvial-filled valley located east of the southern silicified zone (Rattlesnake Knob). This material exhibits classic high-level epithermal features including multi-phase banding, comb and cockade quartz textures.
- Previous exploration (1985-93) that was focused on shallow bulk-minable gold mineralization and consisted of 15 shallow (average depth ~380’) vertical reverse circulation holes focused on and near these silicified outcrops. Seven of fifteen holes contained anomalous gold intercepts of +0.010 oz/t Au over a thickness ranging from 5 to 105 feet. Drilling was focused exclusively on and near the silicified outcrops, yet ground-based geophysics suggests that several additional targets occur under alluvium east of the outcrops and remain undrilled.
- Widespread hydrothermal alteration (multi-phase silicification and hydrothermal breccia) containing a significant thickness of anomalous gold mineralization and demonstrating that the system is a robust, gold-bearing system exhibiting similar features to those associated with bonanza style epithermal veins at the nearby Sleeper and Sandman-Blue Mtn.
- Other low-sulfidation epithermal precious metals properties occurring along the east flank of the Jackson Mountains and further north along the rift zone including the Bottle Creek and Happy Creek properties in the Bottle Creek district; the Quinn property at the north end of the Jackson Mtns; and others continuing north into Oregon.
NV Gold’s technical team believes that Slumber has excellent potential to host a bonanza-type vein gold deposit. Initial completed to date includes the completion of mapping, sampling and two geophysical surveys at its Slumber Gold Project (“Slumber”) and provided the following geological observations and next steps:
- Identification of a large hidden structural gold target previously obscured by widespread alluvial cover.
- Gravity and ground magnetic surveys paint complementary images of the structure and nature of bedrock geology.
- The gravity interpretation indicates the presence of a broad NNE-trending bedrock trough, intersected by two deeper NE-trending fault-bounded basins.
- The magnetic data outline a distinct area of greatly reduced magnetic susceptibility, which is interpreted to indicate a large area of hydrothermal alteration.
- The magnetic low measures about 2,000 meters long by 300 meters wide, elongate in a NNE direction and coincident with the gravity low (see Figure 1).
- The geophysical surveys highlight hidden structural discontinuities, possible conduits for hydrothermal fluids.
- The Company plans to commence drilling of the hidden priority geophysical target in August.
“The Company is excited to have identified a previously unknown structural target through our recent geophysical program at Slumber and we are now accelerating the permitting for an immediate drill program in August,” commented Peter A. Ball, NV Gold’s President. “We will now have back-to-back priority drill programs planned for the summer, as we finalize permitting for the upcoming secondary drill program at the Frazier Dome Gold Project.”
The limited area of rock outcrop exhibits multi-phase hydrothermal silicification, and historical rock geochemical sampling and shallow exploration drilling returned samples with elevated concentrations of gold, silver and associated pathfinder elements. Most of the project area, however, is covered by unconsolidated gravel up to 100 meters thick. Drill target selection will largely be based upon geophysical information.
NV Gold completed two detailed ground geophysical surveys over the Slumber project area. A gravity survey, with 200-meter station spacing, and a ground magnetic survey, with 25-meter line spacing, were completed by Magee Geophysical Services of Reno, Nevada. The geophysical surveys cover an area of about 4 square kilometers. The data from both surveys were processed by Thomas V. Weis and Associates of Centennial, Colorado.
The gravity and ground magnetic surveys paint complementary images of the structure and nature of bedrock geology hidden at depth beneath the Slumber project area. The gravity interpretation indicates the presence of a broad NNE-trending bedrock trough, crossed by two deeper NE-trending fault-bounded basins. The magnetic data outline a distinct area of greatly reduced magnetic susceptibility (Figure 1A), which is interpreted to indicate a zone of hydrothermal alteration. The magnetic low measures about 2000 meters long by 300 meters wide, elongate in a NNE direction and coincident with the gravity low.
Figure 1: Comparison of Slumber and Sleeper Gold Projects
Widespread hydrothermal alteration (multi-phase silicification in outcrop and hydrothermal breccia seen in float) containing significant thicknesses of elevated gold mineralization in historic drilling demonstrate that the system is robust and gold-bearing, with features similar to those associated with bonanza style epithermal veins at the nearby Sleeper and Sandman-Blue Mountain area deposits. Sleeper, located 35 kilometers to the east, produced 2.3 million ounces of silver and 1.68 million ounces of gold from 1986 to 1996).
In the case of Slumber, the Company’s recent magnetic and gravity geophysical surveys have identified at least one clearly developed and altered, lens-shaped zone at the center of our target zone (Fig. 1). Our knowledge of this type of structural setting will assist in identifying the best areas for potential localization of high-grade gold and/or silver mineralization, and with calculating drill targets. The Company interprets the magnetic-low as an altered and mineralized lens, with magnetite-destructive alteration as the source for the anomaly.
Detailed features in the magnetic data indicate the presence of a set of NNE-striking basin-bounding normal faults. The geophysical surveys highlight hidden structural discontinuities, possible conduits for hydrothermal fluids, and a significant area of interpreted hydrothermal alteration, which will be the Company’s target for an upcoming drill program in August 2019.