ISLAND MOUNTAIN GOLD PROPERTY, ISLAND MOUNTAIN DISTRICT,
ELKO COUNTY, NEVADA, USA
Technical information on this property is available on request.
This gold-silver property in Elko County in northeastern Nevada is our most advanced property. TUVERA currently holds 51% ownership in the property and is approaching achieving 65% ownership under the option agreement on the property. Historical drilling (330 drill holes from 1982-2004) and more recent activity by TUVERA (six core and 27 RC drill holes) has progressed to the point that approximately 32,000 ounces Indicated and 385,000 oz Inferred gold resources (NI 43-101 compliant) have been estimated. One of the largest historic placer deposits in Nevada (approx. 40,000 oz produced), along Coleman and Gold Creeks, was located immediately downstream of the Island Mountain project area. However, historical drilling has not been sufficient to define the lateral or vertical limits of the gold deposits or to confirm mineability of the deposits on the property. A revision of an interim NI 43-101 Technical Report from March 2012 is in progress to incorporate drilling and other project activity since that date.
All known gold and silver resources are in the oxide zone of the deposits. The deposits in the sedimentary units surrounding the central intrusive in this property fit the Carlin-type gold deposit model, and comparison with other mines and deposits in the Jerritt Canyon Trend suggest that there may be [significant to larger deposits] at depth beyond what has been drilled thus far. There also are gold deposits zones of the central intrusive, although geological relationships and alteration history still are under investigation. The Jerritt Canyon Trend deposits typically have large sulfide deposits below the oxide resources. However, this remains to be proven for Island Mountain, and recent and planned drilling by TUVERA is testing areas below the water table to determine if there are any such sulfide resources.