FIRST PRIORITY: BORESIGHT’S LLC’s Drum Mountain Gold Project
The Company will focus on our Drum Mountain claims referred to as The Drum Mountain Gold Project and will be structured as a separate entity under BoreSight Minerals. We invite earn-in participation by mining companies and mining services organizations.
BoreSight Minerals’ Drum Mountain Gold Project property was originally part of Western States Minerals’ holdings during its mining operations at the Drum Mine (1983-1997). With falling gold prices in the late 1990’s, Western States Minerals ceased exploration and mining activities at the Drum Mine. Leaching operations continued under Jumbo Mining Company until 1997. Prior to this, a large portion of the Drum Mountain Gold Project was part of Anaconda Copper Corporation’s extensive exploration inventory. Anaconda Copper curtailed its U.S. operations after being purchased by Atlantic Richfield Corporation.
The Champion Reef and Raddatz-Lovering properties encompass 3,104 acres in lode and exploration claims on BLM land in Utah’s Drum Mountains. Our assays show averages of approximately 0.136 ounce per ton of gold in subsurface samples with many assays running at 0.223 ounce per ton of gold. We believe that the average gold grade of this property will be in the 3 to 7 grams per ton range. The Champion Reef and Raddatz-Lovering claims are abutted Freeport-McMoRan. Champion Reef includes claims formerly held by AngloGold Ashanti, a major gold mining company based out of Johannesburg, South Africa, which withdrew from North American exploration operations. Newmont Gold Mining also has significant holdings near our Champion Minerals claims in the Drum Mountains.
The Drum Mountain Gold Project shows every indication of becoming a major gold producing prospect. BoreSight Minerals LLC has been conducting geochemical surveys, alteration and geologic mapping and research since March of 2010. BoreSight Minerals has clearly established the potential for the existence of a large and economically viable precious metal deposits.
The company plans 38,400 linear feet of core and reverse circulation drilling to define existing gold occurrences on the Champion Reef property and intercept expected gold mineralization on the Raddatz-Lovering property.
Property Development and History
BoreSight Minerals is beginning a three phase geophysical/drilling/development program at the Drum Mountain Gold Project.
Phase I. Permitting and reclamation bonding.
Phase II. Road construction and drilling operations.
Phase III. Assays and Technical report (NI43-101) and drill access reclamation.
Drilling will determine the extent of gold mineralization on the Drum mountain gold Project property and place a value on the ore that exists or is geologically and geochemically inferred. It will also be utilized in negotiating an Earn-In mining contract with a well-established mining and development company and securing additional precious metal claims/properties, and in the general operation of the company.
The Detroit Mining District
The Detroit Mining District hosts structurally controlled gold-copper mineralization related to intermediate sufidation alteration packages. The west-central portion of the Drum Mountain Range is the site of the Drum Gold Mine and property held by BoreSight Minerals LLC. A distinct zonation of ore minerals is apparent within the geochemistry of the known deposits, spatially within the range itself and in the mining history of the area. Gold has been mined from the central portion of the range and manganese with minor base-metal ores in the northern section. Ore zoning depicted within certain deposit models is clearly evident in the types of deposits that have been mined in the Drum Range as a central gold copper mineralized core area zoning outward to manganese carbonate and deeper polymetallic ores.
Mining in the area began with the discovery of gold-copper and siliceous gold (jasperoid) replacement ores in 1872, but the remoteness and nature of the ores made the recovery of valuable metals difficult (Butler, B.S., 1920). Mining of Copper, gold and, silver in the Drum Mountains did not begin in earnest until 1900 with the opening of the Ibex Mine with other mines opening shortly after. In addition to producing precious metals, from 1924 to 1954, the Detroit District also produced 72,462 long tons of manganese ore grading 25% Mn with peak production occurring during WWII. (Crittenden, M.D., Straczek, J.A., and Roberts, J.A., 1961) The most recent mine to operate in the area is the Drum Gold Mine which produced 120,000 ounces of gold from argillically-altered felsite dikes, pebble dikes and lower Cambrian rocks and was subsequently closed in the 1990’s.
- A stable isotope study of the area shows the economic implications relative to the probable occurrence of additional large quantities of gold-bearing jasperoid at depth. The relative depletion of deuterium and oxygen in the quartz and carbonates indicate the participation of large quantities of hydrothermal fluids attributed to the formation of these gold jasperoid bodies. Near zero delta values of carbon imply a sedimentary source but allow for a minor component of magmatic carbon whereas almost zero delta sulfur values suggest the source of pyrite is from a magmatic source. Fluid inclusion studies establish a hypogene origin for the jasperoid and the probable occurrence of large quantities of gold-bearing jasperoid at depth.
- In a 2012 the U.S. Mining Congress Conference, the area was dubbed the newest exploration focus with the highest potential for further discoveries in the Western U.S. A “21st Century Gold Rush” of North America. The area is now being extensively explored with development directed towards mining operations by such major gold producers as Newmont Mining and Freeport-McMoRan (FMC Gold). Renaissance Gold, under an earn-in agreement with Newmont Mining, is in the process of drilling gold mineralized geologic structures on their property NW of BoreSight’s Minerals LLC. properties. The Ren Gold/Newmont holdings are known as the Wild Cat Hill Project and can be accessed through the Renaissance Gold website under current projects.
- BoreSight’s Drum property is located 25 miles northwest of Delta, Utah in Millard County. It encompasses 3,105 acres in Sections 10, 11, 12, 13, 14, 15, 17, 18, 19, 20, 23, 24, ; Township 15S, Range 10 & 11W and lies within the boundaries of the Detroit Mining District.
- The Drum Mine, operated by Western States Minerals during the 1980’s is 1.25 miles east of the Champion Reef and Raddatz-Lovering properties. The Drum Mine produced 120,000 ounces (3.73 metric tons) of gold from hydrothermally altered igneous rocks, pebble dikes, Cambrian shale, and limestone. Gold mineralization is controlled by an eastward projection of geologic structures of which the majority is found on BoreSight Minerals’ property.
- BoreSight Minerals believes that the area in which our Drum Mountain Gold Project is located and the Drum Mountain Mining District, expected to be a world-class gold exploration target like those in the Carlin Trend of Elko County, Nevada.