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Overview
The Gold Knob project comprises 589 unpatented claims located 80 km southwest of Winnemucca, Nevada near Kyle Hot Springs in Pershing County. These claims cover the projected southern 80% of the Gold Knob lower-plate window where a shallow bedrock bench extends for more than 2 km outboard from the western flank of the East Range. The Gold Knob lower-plate window hosts numerous occurrences of Carlin-type gold mineralization in both upper- and lower-plate rocks with grab assays up to 100 g/t (3 oz/ton) gold. Structurally, the window sits at the projected intersection of the Northern Nevada Rift central, the northern flank of the Caetano Trough and the southernmost projection of the Getchell Trend.
Previous drilling in the vicinity of Kyle Hot Springs established shallow bedrock and highly anomalous gold in a recent hot springs sinter deposit (0.014 oz/ton Au over 29 feet) with the highest assay being 0.082 oz/ton Au over 3 feet. Gravity and magnetic surveys have been executed over most of the property. Several interesting geophysical features resulted from this work and CSAMT surveys are recommended.
Various drill programs in the immediate vicinity of the Gold Knob showing intersected erratic gold values with the best being 17 m at 0.583 g/t Au in lower-plate limestone in GK-2. Mineralization in the drill hole is described as weak silicification/ decalicification starting at a depth of 50 m. A prominent gravity-low / magnetic-low is located to the immediate east of this drill hole under Upper-plate cover. As such, this area is established as a Priority 1 drill target. Another drill hole assayed 12 m of 0.725 g/t Au just under the Roberts Mountains Thrust in BV-3. This intersection occurs on the southeast corner of the Gold Knob showing, and demonstrates that the Upper-plate is forming an effective cap on the gold system at Gold Knob. Large areas of prospective geology remain undrilled under shallow pediment cover outboard of the Gold Knob exposure. The depth to bedrock over large parts of the Gold Knob window has been established by extensive geothermal testwork drilling. Given the shallow alluvium, the potential exists of the discovery of shallow oxide gold resources. Oxide gold targets are rare in Nevada at this point in time given the mature nature of exploration in the region.
In November 2020, the Company entered into an agreement to purchase a 100% interest in the initial 278 Gold Knob claims (the “Gold Knob Agreement”) by paying US$100,000 and the issuance of 200,000 common shares of the Company. There is a 3% net smelter return reserved to the vendor, of which up to 2% can be purchased by the Company for US$1,000,000 per percentage point.
