Thursday 24th April 2014

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News from Nevada

Liberty, Renaissance, Midway and Paramount keep busy in the golden Silver State

by Greg Klein

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As Visual Capitalist points out, Nevada has given up 200 million ounces of gold so far. Once known as America’s “Silver State,” it now produces about 73% of U.S. gold and hosts the world’s second-largest concentration of the yellow metal. Favourable policies and extensive infrastructure complement the generous geology and correspondingly busy activity. On January 7, Liberty Silver TSX:LSL, Renaissance Gold TSX:REN, Midway Gold TSXV:MDW and Paramount Gold and Silver TSX:PZG all released news from the bountiful jurisdiction.

New claims and lower cutoff grades helped joint venture partners Liberty Silver and Renaissance Gold more than double their Trinity resource in Nevada’s Pershing County. The new estimate gives separate, imperial numbers for the oxide and sulphide deposits, both contained within the same potential open pit.

Using a cutoff of 0.5 silver ounces per ton, Trinity’s oxide deposit shows an inferred category of:

  • 6.43 million tons averaging 1.134 ounces per ton silver for 7.29 million silver ounces.

The sulphide deposit uses a cutoff of 0.8 silver-equivalent ounces, showing an inferred category of:

  • 19.79 million tons averaging 1.07 ounces per ton silver, 0.217% lead and 0.354% zinc (or 1.46 silver-equivalent ounces per ton) for 21.16 million silver ounces, 85.96 million lead pounds and 140.25 million zinc pounds (or 28.84 million silver-equivalent ounces).
An historic photo shows where mining ended in 1996 <br />at the Sleeper project, now held by Paramount Gold and Silver.” width=”400″ height=”300″ />
<p class=An historic photo shows where mining ended in 1996
at the Sleeper project, now held by Paramount Gold and Silver.

The silver-equivalent total for both deposits comes to 36.1 million ounces inferred. Since the previous resource released in December 2011, Trinity’s oxide silver estimate increased 131%, while the sulphide silver-equivalent estimate increased 132%. The 2011 estimate used cutoff grades of 1.37 ounces per ton silver for the oxide deposit and 1.69 ounces per ton silver for sulphides. The updated resource takes higher silver prices into consideration.

But the JV partners also attribute the resource increase to historic drilling on the adjoining Hi Ho Silver property, which they picked up in October. The 40-hectare acquisition raised Trinity’s land package to about 4,250 hectares.

The Trinity open pit was mined during 1988 and 1989, when it produced five million silver ounces. Both step-out and confirmation drilling began last year to expand and upgrade the resource. Liberty acts as project operator.

Liberty’s stock closed January 4 at $0.60, opened January 7 at the same price, then closed on the day’s high of $0.73. Renaissance opened January 7 at $0.55, two cents above its previous close, then sustained a daily high of $0.57 to the closing bell.

Step-out and confirmation drilling have also taken place at Midway Gold’s TSXV:MDW Gold Rock project in Nevada’s White Pine County, with new results released January 7. Estimates for true widths were provided for some intervals. Highlights include:

  • 3.26 grams per tonne gold over 9.1 metres
  • (including 9.12 g/t over 3 metres)
  • 0.89 g/t over 27.4 metres true width
  • (including 3.53 g/t over 1.2 metres)
  • (including 5.1 g/t over 1.5 metres)
  • 1.23 g/t over 18.3 metres true width
  • (including 4.9 g/t over 1.5 metres)
  • (including 7.44 g/t over 1.5 metres)
  • (including 3.77 g/t over 3 metres)
  • 0.58 g/t over 36.6 metres true width
  • 0.93 g/t over 18.3 metres true width
  • (including 4.46 g/t over 1.5 metres).

The top-most intercept began at three metres from surface while the lowest stopped at a down-hole depth of 310 metres. Assays are pending for six more holes.

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