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 northern Elko County in northeastern Nevada is our most advanced property. TUVERA currently holds 65% ownership in the property 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 did not define the lateral or vertical limits of the gold deposits or confirm mineability of the deposits on the property. A revision of an interim NI 43-101 Technical Report from April 2014 is in progress to incorporate 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 generally fit the Carlin-type gold deposit model. Comparison with other mines and deposits in the Jerritt Canyon Trend suggest that there may be significant deposits at depth beyond what has been drilled thus far. There also are gold deposits in zones of the central intrusive, although geological relationships and alteration history still are under investigation. The deposit also contains silver, which thus far appears to have an average ratio of 3:1 silver to gold.
Most past drilling has been on the west side of the intrusive and adjacent dipping sedimentary units. However, drilling on the south and east flanks of the intrusive have shown that mineralization extends at least around those three sides of the complex. If the mineralization and compliant resources on the west side of the deposit are carried around the south and east sides as well, then TUVERA anticipates that oxide resources could exceed 1,500,000 oz gold for the whole complex.
The Jerritt Canyon Trend deposits typically have large sulfide deposits below the oxide resources. However, this remains to be proven for Island Mountain. Recent and planned drilling by TUVERA is testing areas below the water table to determine if there are any such sulfide resources.