The Weepah Property is located in northern Esmeralda County approximately 32 km (20 miles) southwest of Tonopah, Nevada, in a geographic area known as the "Weepah Hills", on the north margin of Clayton Valley.
Weepah is 100% controlled by Columbus Gold, subject to underlying royalties. Sniper Resources can earn an initial 51% interest in Weepah by incurring US$3 million in exploration expenditures.
Weepah has historical gold production from an open pit along a steep, northerly structure cutting Precambrian sedimentary rocks. The principal drill targets occur east of the historical open pit where gold occurs as replacements in sanded, or lightly silicified, Precambrian limestone, exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. Outcrop sampling by Columbus Gold of the altered limestone yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).
Historical drilling, reported by the previous owner, indicates a small resource of approximately 225,000-450,000 tonnes (250,000-500,000 tons) averaging 1.7-2.4 g/t (0.05-0.07 opt) gold*. Mapping, along with ground magnetics and CSAMT geophysical surveys carried-out by Columbus Gold, indicate that the favourable geology extends beyond the area of the historical resource to the south and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover.
An initial drilling program was carried-out by Columbus Gold in early 2011 and returned the following significant intercepts:
• Drill hole WP-2 intersected 7.6 m (25 ft) of 2.29 g/t (0.067 opt) gold from 118.9-126.5 m (390-415 ft) depth, including two separate 1.5 m (5 ft) intervals of 4.31 g/t (0.126 opt) and 4.38 g/t (0.128 opt) gold;
• Drill hole WP-5 intersected 16.8 m (55 ft) of 1.30 g/t (0.038 opt) gold from 7.6-24.4 m (25- 80 ft) depth, including 3.0 m (10 ft) of 4.54 g/t (0.132 opt) gold;
• Drill hole WP-7 intersected 27.4 m (90 ft) of 0.73 g/t (0.021 opt) gold from 16.8-44.2 m (55- 145 ft) depth;
• Drill hole WP-12 intersected 4.6 m (15ft) of 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260- 275 ft) depth, including 1.5 m (5ft) of 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft) depth.
Drill holes WP-6, 7, and 8 were 91-152 m (300-500 ft) offsets of the gold mineralization encountered in drill hole WP-5. All three offset holes cut gold with the best intercept in WP-7 which was 120 m (400 ft) northeast of WP-5 and cut 0.73 g/t (0.021 opt) from 16.8-44.2 m (55-145 ft) depth. Gold mineralization remains completely open to the north and east, and possibly south of holes WP-5, 7, 8, and 9. Drill holes WP-9 through WP-15 were step-outs mainly to the south under gravel cover, which ranges from 8-29 m (25-95 ft) in thickness. The favourable Precambrian silt and limestone is present immediately under the gravel cover and altered with anomalous gold values. Hole WP-12 cut significant gold values, averaging 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft), including 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft) depth.
In February 2012, Partner, Sniper Resources completed a 497 meters (1,630 feet) Phase I angle drilling program comprising of 8 shallow RC drill holes. The program was successful in extending and confirming continuity of the mineralization discovered in January 2011 by Columbus Gold.
All eight of Sniper's Phase I holes returned significant gold intercepts and the results were very encouraging, according to Sniper. The highest assay over a 5 foot sample interval was 21.800 grams/Tonne (0.636 oz. Au/ton, and the longest continuously mineralized interval was 47.2 meters (155 feet). The true thickness and orientation of the gold mineralization remains uncertain but these results demand further work. Results from all eight drill holes were summarized in Sniper's March 8, 2012 news release.
Sniper reported on April 24, 2012 that a Phase II follow-up drill program has commenced. The Phase II drill program consists of 8 to 12 RC holes which has three primary goals:
• To continue to fill in, extend, and determine the edges of gold mineralization discovered in drilling conducted by Columbus Gold in January 2011 and by Sniper in its Phase I drill program.
• The Phase II drill program will be conducted to a drill hole spacing designed to enable the calculation of a National Instrument 43-101 resource estimate by an outside contractor, subject to the results of the drill program.
• To test different areas of the property to determine if additional concealed, low-angle, mineralized structures are present under the shallow alluvial cover.
Sniper's news releases respecting the above can be viewed on their website at www.sniperresources.com.
*Caution: A qualified person has not done sufficient work to classify the historical estimates contained herein as current mineral resources. Columbus Gold is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.
For exploration work done by Columbus Gold at the Weepah project, 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.
Scientific and technical information contained in this section pertaining to work conducted by or on behalf of Sniper at the Weepah project has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of Sniper, who Sniper has reported to be a "qualified person" within the meaning of National Instrument 43-101.
