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Overland Pass Property
The Overland Pass Property consists of 84 mineral claims, covering approximately 1,736 acres (702 hectares), located approximately 90 kilometers (55 miles) south of Elko, Nevada in White Pine County. The property is approximately 6.5 km (4 miles) north of Barrick Gold's Bald Mountain gold mine, on the southern extension of the Carlin Trend.
Subject to third party net smelter royalties, the Overland Pass Property is 100% controlled by Columbus and has been optioned to Sniper Resources Ltd., which can earn a 51% interest in the property by incurring US$2 million in exploration expenditures over a five year period. After earning a 51% interest, Sniper can elect to earn an additional 19% (for a total of 70%) of Overland Pass by funding the completion of a positive feasibility study.
The overall geological setting is very similar to that of the Alligator Ridge and Rain gold deposits, both of which produced in excess of one million ounces of gold. Alligator Ridge is approximately 18 km (11 miles) south of Overland Pass.
Sampling at Overland Pass has yielded gold from silicified zones and breccia in the Pilot Shale and Joana Limestone. The favorable Pilot/Joana stratigraphic sequence is present for approximately 3 km (two miles) of strike length on the claim block. Gold values range from anomalous to 15 grams per tonne (g/t) Au (0.45 opt) in surface sampling, with nine samples exceeding 3 g/t (0.10 opt) Au range.
Historic drilling on the claims by Santa Fe and Western States Minerals was concentrated in three areas on the eastern portion of the claim block, and yielded values up to 5 m (fifteen feet) of 1 g/t (0.03 opt Au), with anomalous gold in most of the drill holes.
Sniper Resources undertook a drill program in late 2006 to test several previously untested, northerly structural zones cutting favorable rocks and demonstrated to be gold-bearing by recent sampling, and the completely untested western half of the claim block where geologic mapping and sampling indicate very favorable conditions for gold deposition. The reverse-circulation Phase I program totaled 2,222 metres (m), (7,290 feet) and was comprised of 13 wide-spread, vertical and angle holes. Anomalous values of gold were present in most of the holes, with the best-mineralized holes being OP-6 and OP-10. OP-6 encountered 6.1 m (20 feet) of 0.38 grams per tonne (g/t) Au (0.011 oz/ton) at depths of between 45.7 and 51.8 m (150 to 170 feet), within a 15.2 m (50 foot) zone averaging 0.27 g/t Au (0.008 oz/ton). Hole OP-10 was drilled from the same collar, but at a 30 degree difference in azimuth, and encountered 3.05 m (10 feet) at 1.37 g/t Au (0.040 oz/ton) at a depth of between 62.5 and 65.5 m (205 to 215 feet), within a 16.8 m (55 foot) zone that averaged 0.51 g/t Au (0.015 oz/ton). Oxidation was extensive, suggesting favorable metallurgical characteristics. This mineralized zone appears to have been truncated by a faulted contact which suggests the zone may be thicker than drilled.
As a result of the encouraging results from Phase I, a Phase II drilling program is currently being permitted and is planned late 2007.
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