The Petes Summit Property
The Petes Summit Property is located at the north end of the Shoshone Range, 32 km (20 miles) southeast of Austin, Nevada.
Petes Summit is 100% controlled by Columbus Gold, subject to underlying royalties.
Petes Summit covers altered Roberts Mountain Formation exposed in windows beneath the Roberts Mountain Thrust Fault and post-ore Tertiary volcanic rocks and gravels. Altered Tertiary dikes are present but only in float.
Major disseminated gold ore bodies at the original Carlin, Cortez, and Pipeline mines are hosted in the Roberts Mountain Formation. These mines yielded the best gold grades and tonnages in the history of Nevada gold production, and hence altered and geochemically anomalous areas in the Roberts Mountain Formation are highly sought-after by gold explorers. In addition, drilling by Western States and Fronteer at the Northumberland gold mine, twenty miles south of Petes Summit, has indicated a two million ounce gold deposit, some of which is hosted in the Roberts Mountain Formation.
Columbus Gold's prospecting program has located several hydrothermally altered areas with preliminary sampling containing gold (to 360 ppb), arsenic (to 1,000 ppm), antimony (to 100 ppm), and mercury (to several ppm). The association of these elements in geochemical anomalies hosted in limy sedimentary rocks and altered Tertiary dikes is considered diagnostic of Carlin-type gold mineralization. Exposure in the anomalous areas is poor with shallow sand and gravel cover obscuring the rocks below and making sampling difficult, therefore, most of Columbus Gold's samples are of float.
Geochemical sampling of float in grid fashion has been completed at Petes Summit, along with detailed geological mapping. Grid sampling identified a northwesterly-trending 6,000 ft long arsenic anomaly with samples ranging from 75 to 1,500 ppm arsenic. Gold values from 20 to 364 ppb occur intermittently along the anomalous trend.
Plans of operations and attendant environmental studies for drilling at Petes Summit have been approved by the US Forest Service and, as soon as bonds are agreed and placed, the drill permits for 12 drill sites will be issued. The final permits are expected in mid to late 2012.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical content of this project description. Mr. Wallace is the President of Columbus Gold and the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
|
