In an effort to evaluate and interpret the potential significance for the Company’s Carlin Gold-Vanadium Project to host significant gold mineralization at a project that is strategically located within the prolific Carlin Gold Trend of Nevada, the Company engaged renowned Carlin Gold Trend specialist and former Newmont Mining Corporation Regional Exploration Manager, Dave Mathewson to evaluate the largely underexplored gold targets identified at depth within the project.

Dave Mathewson has interpreted a Carlin-style high-grade gold target at depth on the Carlin Gold-Vanadium Project (see figure below). Mr. Mathewson interprets a 9-mile long north-south structure that sub parallels the Bullion Fault that is associated with gold deposits on the nearby Gold Standard Ventures property. The 9-mile long north-south structure has associated hydrothermal alteration at surface and at depth (from limited historic drilling) and localized gold mineralization. Four miles north of the Company’s property and along that structure, drilling by Evolving Gold Corp. encountered high-grade gold mineralization at depth in the Arch Zone, including 19.5m at 11.76g/t Au. The limited historic drilling along the structure also suggests that favourable lithologies (Popovich Formation) may dip closer to surface southward. A 5.5-mile-long linear gravity anomaly occurs along the north-south structure. Gravity anomalies in the Rain District are coincident with large hydrothermal alteration systems at depth.

The Company’s Carlin Gold-Vanadium Project covers 2 miles of the 9-mile long structure and 2 miles of the linear gravity high. Mr. Mathewson interprets surface outcrops of silicification and elevated gold and trace element values on the property as expressions of hydrothermal fluid leakage from a high-grade gold target at depth where these key NW, NS and NE oriented structures are projected to intercept favourable lithologies known to host gold deposits elsewhere on the Carlin Gold Trend. The gold-bearing outcrops on the property (Black Kettle Au outcrops) were previously drill tested to shallow depths by Santa Fe Gold and Cambior in the 1980’s and 1990’s with some success, however, the depth potential was not recognized then.

 

There are approximately 9 million oz of gold in multiple deposits and mines in close proximity of the property (5-15km). The gold opportunity had not been drilled until August 2020; all drilling prior had been to a depth of only about 60m mainly for the vanadium resource. The gold opportunity is at a lower stratigraphic unit below the vanadium resource, approximately 300-600m deep.

Reverse Circulation drilling on the gold target commenced in August 2020 and to date the Company has completed seven holes. Drilling to date has delivered proof of a large-scale Carlin-type gold system with widespread solid attributes, similar to deposits and mines in the Carlin Trend; favourable depth, rock host, size, and intensity and extent of brecciation, sulfides, pathfinder metallization, and alteration (silica and dolomite).