NexGen Mining controls 9 unpatented claims (180 acres) in two separate areas (see below). The claims cover areas of historic drilling conducted in the late 1980’s and early 90’s by FMC (operator of the Paradise Peak mine). Past production adjacent to the project is 1.6 million ounces of gold and 22 million ounces of silver (20.6 million tons @ 0.069 opt gold and 1.9 opt silver).
The Paradise Peak Mine model was previously explored as a caldera with deposits clustered around the margins of the ring faults. Recent work in the district suggests a more complex system with overlapping alteration and mineralization systems from nearby intrusives such as the Sullivan porphyry.
The company’s claims host mineralization reportedly similar to the Paradise Peak Mine. Outcrop is limited with shallow alluvial cover reported to be from 10 to 100 feet thick. The company was able to review historic summary drill reports from FMC and believes that many additional targets exist on the company’s claims and throughout this highly prolific, precious metals district.
Known drilling presented in the table below has outlined a zone of moderate grade gold and silver over a strike length of approximately 2000 feet, widths of 100 to 500 feet with an average thickness of 50 feet. FMC estimated a resource of 1.5 million tons grading 0.031 opt gold and 1.9 opt silver based upon their drilling of holes on and adjacent to the company‘s PPW claims. NexGen Mining believes that “feeder” structures may be present and of sufficiently higher grades to warrant further exploration. This belief is based on drilling in near the company’s claim blocks and within other parts of the district and other mining districts in the State.
|Hole No.||Depth to interval (ft)||Thickness (ft)||Au opt||Ag opt|
Surrounding areas of resources (non 43-101 compliant) include the Sullivan mine at ~20 million tons grading 0.3% copper and 0.03 opt (1 g/t) gold and several peripheral pits that may contain up to 350,000 ounces of gold with additional silver credits. Other nearby past producers include the Santa Fe/Cal Neva operated by Homestake (~350,000 ounces gold, 700,000 silver) and Rawhide operated by Kennecott (~1.3 million ounces gold, 15 million ounces silver). The company plans to add additional claims where feasible and consolidate its position in the district over time.
The Muskox Intrusion
The Muskox Intrusion is one of the last undeveloped world-class Nickel-Copper-Platinum Group Element (PGE) prospects. NexGen Mining Inc (NXGM) is offering for exclusive sale a complete modern data set covering this property. It represents a significant investment of time and money and would allow the owner to begin an advanced exploration program immediately.