Elizabeth Anne is a low-sulfidation epithermal type gold system and is located along the southeastern extension of the Walker Lane Mineral Belt. The project shows numerous similarities with other low sulfidation epithermal gold systems in the Walker Lane including Comstock, Bullfrog, and Castle Mountain. The most significant similarity is the large argillic alteration halo associated with each of these projects. Centered on a 2-3 mile wide north-south trending graben, the project is hosted within structures that cut the Tertiary arkosic conglomerates and sandstones that fill the basin.
Previous operators have drilled 25 diamond exploration holes on the project, with all but one encountering mineralized material. The unmineralized hole was only drilled to a depth of 150 feet for reasons unknown. Notable intercepts include 150’ of 0.96 g/t Au (hole EA12C-1), 25’ of 5.55 g/t Au (hole EA12C-3), and 50’ of 10.9 g/t Au (hole EA12C-5). The Company calculated an internal non-compliant (CRIRSCO) resource from these historic holes using the inverse distance method with a search limit of 50 m and a block size of 5 m x 5 m x 2 m. At a cutoff grade of 0.5 g/t Au the resource contains 2,540,000 tons at a grade of 1.12 g/t Au for a resource of 91,254 ounces of Au.
Exploration plans at Elizabeth Anne include continued drilling in the area focused on with historic drilling with the goal of delineating a resource and exploration drilling in areas with anomalous surface geochemistry that have not been drill tested before.
The Company maintains 127 unpatented mining claims for the Elizabeth Anne Project, designated the Elizabeth Anne (59), Hal (25), and HS (43) claims totaling 3 claim groups.