North Springs Resources Corp. (OTCBB: NSRS.OB) announced that the Company has completed final planning of a detailed operational budget for phase one exploration at the Imperial Gold/Silver Property located in Esmeralda Country, Nevada, USA. Phase one exploration expenditures are expected to exceed $250,000 in 2012.
“After analyzing all of the available data, we remain convinced that the Imperial Property has high-impact near-term potential and we will move quickly to further its development,” stated Harry Lappa, President of North Springs. “We plan to carry out an extensive exploration program, including a 900 sample geochemical survey and 4,000 feet of RC drilling at several high priority targets already identified on the property. I hope to announce a start date for the program shortly.”
The phase one exploration budget for the Imperial Gold/Silver Property anticipates a four month $250,000 exploration program that will include geochemical and environmental studies, followed by a reverse-circulation (RC) drilling program intended to test previously identified mineralized zones and potentially increase the 50,000 ounce gold resource estimate made by previous operators. Management of North Springs will analyze and evaluate phase one exploration data on an ongoing basis with the intention of expanding the scope of the program, if necessary.
The Imperial Gold/Silver Property consists of 24 unpatented mineral claims covering approximately 480 acres between the Montezuma Range to the northeast and the Silver Peak Range to the southwest. The property hosts a potential “Carlin style” deposit of gold mineralization that is located near surface and likely amenable to low-cost and efficient heap leaching. Drilling conducted in the early 1980s identified a target more than one mile long and intercepted 100 feet of 0.036 oz/ton gold including 15 feet of 0.062 oz/ton gold. Historical workings also defined a small reserve of 0.05 oz/ton gold mineralization and confirmed the presence of Carlin-style gold in silty rocks adjacent to northeast trending high angle feeder faults. These targets and others required further drill testing.
Previous operators also identified several high grade gold occurrences in the vicinity of the Imperial adit portals that remain undeveloped. Historical drilling of these targets showed very promising results such as 30 feet of mineralization averaging 0.081 oz/ton gold starting at the surface. This hole identified the location of a northeast trending feeder fault and indicates strong gold mineralization potential to the southwest which also remains untested.
Other drilling highlights include; 7.636 oz/ton gold and 0.251 oz/ton silver over 2.5 feet; 1.517 oz/ton gold over 2.5 feet; and one drill hole which intersected 10 feet (105′ to 115′) of 0.50 oz/ton gold occurring within a larger 40 foot interval (100 to 140′) that averaged 0.154 oz/t gold. Geologic mapping has documented favorable carbonate host rocks of Cambrian age throughout the property. Additional potential feeder faults for sediment hosted gold were mapped and include the west-northwest trending Imperial fault and a series of northeast trending structures. Drilling has identified open-ended shallow mineralization at the Resource Target located at the eastern end of the property.
The Imperial Property is within what is called the Railroad Springs mining district, but is so close to Silver Peak district that it is often included in discussions of that area. The Silver Peak district was first mined in the 1860s and has a long and productive history that includes many famous high-grade underground mines such as the Sixteen to One as well as recent open pit heap leach operations such as those at Mineral Ridge. Published literature indicates that the Imperial Mine was first developed in the 1920s, but apparently had little or no production until the late 1930s. The mine produced approximately 10,000 tons of ore grading 0.5 oz/ton and was probably shut down at the beginning of World War II. The mine has two adits, the longest of which has 2,620 feet of drifts and crosscuts. A 200-foot shaft, which is not accessible, is also located on the property. Ore mined from the property was previous treated by cyanide “vat” leach. Tailings on the property have been assayed and average 0.05 to 0.10 oz/ton gold.
Further updates regarding the Imperial Gold/Silver Property and other North Springs projects will be made as additional information becomes available.
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