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Maverick Springs
The Maverick Springs project is located at the
southeast end of the Carlin Trend in the Springs Range halfway between
Elko and Ely, Nevada. The project encompasses 3,900 acres. Allied Nevada
has 100% interest in the gold mineralized material, while Silver
Standard Resources Inc. acquired the interest in the silver mineralized
material. All costs incurred for Maverick Springs are now being shared
by the two corporations which have formed a committee to jointly manage
exploration of the project. Allied Nevada is the operator and has a 45%
vote on the committee, and Silver Standard has a 55% vote. Future costs
will be shared by Allied Nevada and our partner on the same ratio as
established for operation of the management committee.
Current drilling has identified the mineralized zone
as a sediment/carbonate hosted disseminated gold-silver target.
Identified mineralization is flat lying and oxidized to a significant
depth. Overall, the mineralized zone is elongated in the north-south
direction with a length of over 6,000 feet, a width of up to 3,000 feet,
and a thickness of commonly 100 to 300 feet. While additional step-out
drilling is required to assess the boundaries of mineralization,
previous intercepts have indicated the potential for bulk-mineable
gold-silver mineralization.
Based on a third-party technical study completed on
April 13, 2004, by Snowden Mining Industry Consultants of Vancouver,
British Columbia, the Maverick Springs project contains approximately
69.6 million tons of mineralized material with an average grade of 0.01
ounces of gold per ton and 1.0 ounce of silver per ton at a
silver-equivalent cut-off grade of 1.0 ounce of silver per ton. On July
30, 2006, Snowden issued a technical report describing technical work
done by it previously and reporting drilling completed in 2004.
| Measured and
Indicated Resource |
Short Tons
(1,000s) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces
|
| Hycroft |
52,700 |
0.019 |
1,001,000 |
| Maverick Springs |
69,630 |
0.010 |
696,000 |
| Mountain View |
23,219 |
0.013 |
301,850 |
| Hasbrouck/Three Hills |
26,000 |
0.023 |
598,000 |
| Wildcat |
38,108 |
0.018 |
685,940 |
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