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Targets: High-sulfidation epithermal gold-silver mineralization
Area: ~4,070 acres, or ~16.5 km2
Location: Paradise Peak gold-silver district, western Nevada, USA
Gold Resource Corp, subject to meeting certain annual payment and work expenditure requirements, has the option to purchase a 100% interest in 88.7% (3,550 acres) of the Property for $US 1,500,000, with Altan Nevada retaining a 3% NSR
Avidian Gold (US) Inc, subject to meeting certain annual payment and work expenditure requirements, has the option to purchase a 100% interest in 11.3% (520 acres) of the Property for $US 500,000, with Altan Nevada retaining a 3% NSR
Radar is an early stage high-sulfidation epithermal precious metals exploration project located directly adjacent to the past producing Paradise Peak gold-silver mine in Mineral County, western Nevada. It consists of 204 unpatented mining claims owned 100% by Altan Nevada, with a Mining Lease and Option to Purchase Agreement on 26 of the 204 claims with Avidian Gold US Inc., a private Nevada corporation.
Aerial photo of Radar property, showing Paradise Peak mine pits in foreground.
Paradise Peak operated from 1986 to 1993, producing 1.7 million ounces of gold and 44.3 million ounces of silver from several open pits. The ore deposit was a Miocene high-sulfidation epithermal gold-silver system hosted by silicified ash-flow tuff. Rader is located approximately 2 km from the Paradise Peak mill, currently in care and maintenance and available for purchase. Exploration at the Radar project, including detailed geologic mapping, geochemistry, geophysics and first-pass drilling has defined untested targets including high grade Goldfield-type veins.
Paradise Peak mine and mill.
Geologic Map of the Radar project
Mineralized structures at Radar are prospective hosts for high-grade vein systems similar to those historically mined in the Goldfield district, located approximately 132km southeast of Radar. The Goldfield district is a classic high-sulfidation epithermal precious metals system with historic gold grades in narrow veins averaging over 660 g/t. NW- and NNW-striking structural zones with strong alteration and gold- pathfinder element anomalies (including Ag, As, and Hg) are compelling targets for this style of mineralization.
Schematic model of the Paradise Peak district, illustrating potential for structurally controlled narrow vein ore bodies. From Silitoe and Lorson, 1994, Economic Geology, v. 89, no. 6
Gravity and IP surveys by Altan Nevada during 2007-2009 revealed the presence of an annular gravity low coincident with IP chargeability and resistivity anomalies. This target was addressed in the first round of drilling with drill hole RA-03. It was necessary to abandon the hole above the target because of adverse drilling conditions, but the last 50 meters returned elevated gold and pathfinder elements. The target remains untested.
Geologic section through gravity-IP anomaly target area
Testing of the gravity-IP feature near the center of the project remains a priority. Additionally, there are at least five structural-geochemical targets not tested in the initial drilling. Focused geophysics and detailed mapping may be necessary to further refine future drill targets.
Results from Avidian Gold and Gold Resource Corporation led exploration programs are highly anticipated.
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