D’Aguilar Gold (ASX: DGR) has reported that recently listed Navaho Gold (ASX: NVG) has staked two new 100%-owned exploration properties in Western Nevada, U.S., with the potential to host large tonnage styles of gold mineralisation.
The first of the two properties, Mopung Hills, is located in north central Churchill County and consists of 31 claims totalling 236 hectares.
The property covers an area where previous third-party exploration highlighted widespread anomalous gold-arsenic-antimony-molybdenum rock geochemistry and alteration (silicification and clay).
The exploration identified the potential for the presence of both intrusion-related and possible Carlin-style mineralisation. The Carlin Trend is host to some of the largest and most productive gold deposits in North America and one of the richest gold trends in the world.
Carlin orebodies are typically both large and high-grade, ranging up to 40 million ounces (Moz) gold and inclde Barrick Gold Corporation’s (NYSE: ABX) Post-Betze deposit. Nevada has 20 major mining operations producing in excess of 100,000 oz gold per annum.
Navaho Gold has been has drawn to re-examine this area as an exploration prospect due to the broad extent of the alteration and anomalous surface geochemistry.
Small historic mine workings are present within the area and evidence exists of past drilling activity. The company is currently attempting to obtain the past drilling information before planning the next stage of work on this property.
The second property, Canby, is located in south central Perishing County and consists of 31 claims totalling 249 hectares. The target at this property is a stockwork system of gold-bearing quartz veins in an altered granite similar to the Fort Knox gold deposit in Alaska operated by Kinross Gold Corp. (NYSE: KGC).
Fort Knox is a large tonnage, low-grade deposit (Proven & Probable Reserve of 240 million tonnes (Mt) at 0.5 grams per tonne (g/t) and historical gold production of 4.6Moz) since 1996) which benefits from excellent gold recovery to enhance its economics.
Canby was recognised to be potentially of this type by its geological setting and anomalous Au-Bi signature from third-party sampling of the stockwork quartz veining.
The company plans to map out the potential target size of the quartz-veined granite by a program of detailed soil sampling to commence immediately.
The new projects augment Navaho Gold’s existing project portfolio on which active drilling campaigns are underway. Navaho Gold’s business development activities in Nevada are focussed on generating 100% Navaho Gold projects.
Navaho’s projects are located next to infrastructure and established mining operations conducted by some large industry players and include the Carlin East Project, Utah Clipper Project, Tobin Project, Stevens Basins Project, Rose Mines Project, Whitehorse Flats Project and the Taz Project.
Carlin East comprises 247 claims held by Genesis Gold in which Navaho holds an option agreement giving the company the right to purchase a 100% interest.
The claim block is 6 kilometres north-northeast of Newmont Mining’s (NYSE: NME) Leeville gold mining operation which holds mineralisation at a depth of 480 to 780 metres.
At Utah Clipper, Barrick Gold’s nearby Cortez Hills deposit holds more than 23 million ounces of gold.
The project is adjacent to Barrick’s Pipeline – Gold Acres gold mine complex where historic deep drilling has located Carlin-style mineralisation in the Lower Plate rocks.
Investment company, D’Aguilar Gold has a company strategy of generating exploration and development companies across a diverse portfolio of minerals, and countries.
D’Aguilar then develops these companies into IPO's, while maintaining a significant shareholding in each company, which is effectively building D’Aguilar into a diversified holding company of small to mid cap miners.
D’Aguilar holds just over 27 million shares in Navaho, or 29.2%.
Currently D’Aguilar also holds 52 million shares in Mt Isa Metals Limited (ASX: MET), 35.2 million shares in Solomon Gold plc (LSE: SOLG) and 58.85 million shares in AusNiCo (ASX: ANW).
D’Aguilar is planning on floating another company, Archer Resources, later this year.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18022/daguilar-gold-reports-navaho-gold-expands-exploration-footprint-in-nevada-18022.html
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