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Utah Clipper Property
The Utah Clipper Property is located directly adjacent to Barrick Gold Corporation's Pipeline-Gold Acres gold mine complex, in the Cortez-Pipeline sector of the Battle Mountain Gold Trend, Nevada. Past production plus reserves at Pipeline-Gold Acres exceed 25 million ounces of gold. Barrick's nearby Cortez Hills deposit discovered in 2003, hosts reserves of more than 10 million ounces of gold. Subject to third party net smelter returns royalties, the Utah Clipper Property is 100% controlled by Columbus.
In December 2007, Columbus entered into an agreement with Barrick Gold, to explore and develop Columbus Gold's Utah Clipper and Crestview properties. Under the terms of the agreement, Barrick can earn an initial 60% interest in the two properties by incurring US$6 million in exploration expenditures over a six year period.
Geology
The geologic setting at Utah Clipper consists of an undetermined thickness {250 to +600 metres (m) (800 to +2,000 feet (ft))} of siliceous sediments above the regional Roberts Mountain thrust fault and "lower plate" carbonate units hosting the world class "Carlin" style gold deposits of the district.
The principal geologic targets at Utah Clipper, classical "Carlin" or "Pipeline" style bulk minable, disseminated gold deposits or high grade, structurally controlled vein deposits in "lower plate" carbonates, have not been adequately tested by past work.
Indirect evidence for the conceptual target includes:
- Location directly on prolific northwest "trend" of world class deposits in the Cortez-Pipeline area and immediately adjacent to the Pipeline-Gold Acres mine complex.
- Past drilling on the east side of the Utah Clipper Property at the Boss Mine and the Orbit claims intersected favorable lower plate carbonate rocks at depths of 250-360 metres (800-1200 feet) with anomalous gold, silver, and path-finder elements. Deep drilling on the western 4/5 of the property is limited, with only one hole (Uranerz UUT-3) deep enough to intersect the lower plate at 670 metres (2200 feet) of depth.
- Base metal and silver mineralization at the Utah Camp, Clipper and Boss mines associated with controlling north-northwest structures.
- Magnetic anomaly near east margin of the property indicates aureole of the mineralized Gold Acres stock with which the Gold Acres mine is associated. A second, similar anomaly is centered on Utah Camp to northwest and remains untested.
Past Work
Historic production at Utah Clipper includes silver and base metals from the Boss Mine and silver production from the Utah Camp and Clipper mines; past work includes limited modern exploration by Newmont, Goldfields, Noranda/Hemlo and Uranerz/Cameco in the late-1980's to mid-1990's and Agnico-Eagle in 2006-2007. The Agnico-Eagle drilling consisted of three holes; one hole was lost at 317 m (1,040 ft) before intersecting the lower plate and the other two holes were drilled to 762 m (2,500 ft) and 548.6 m (1,800 ft) and intersected favorable lower plate carbonate rocks at 246.9 m (810 ft) and 289.5 m (950 ft) respectively. The best gold intercept was 464 ppb over 3 m (10 ft), within 12.2 m (40 ft) averaging over 100 ppb, at a depth of 509 m (1,670 ft). Arsenic was highly anomalous, reaching a high of 6,944 ppm, in both the upper and lower plates, and zinc was as high as 1.5% over a width of 54.9 m (180 ft), from 371.9 - 426.7 m (1,220-1,400 ft) of depth.
Planned Program
Barrick Gold has recently completed data review and compilation, supplemental soil sampling, re-logging of cuttings and core, seismic surveys and district scale geological modeling and has commenced a drilling program. The drilling campaign will consist of a total of approximately 1,829 metres (6,000 ft) in two reverse circulation holes and is expected to be completed by mid-December 2008.
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