Miranda Gold Acquires Sediment-Hosted Gold Target Property
Tuesday, August 25th 2009
Miranda Gold Corp. has leased 76 unpatented lode claims in the Toiyabe Range in Lander County, Nevada, which collectively comprise the Big Blue project. The project covers approximately two square miles (5.2 sq. km) and is located approximately 13 miles (21 km) north of Austin, Nevada.
Miranda’s interest was drawn to the area through a generative program evaluating a number of district-scale stream-sediment anomalies whose character has an affinity with large sediment-hosted gold districts in Nevada.
The property lies on the south margin of the Callaghan Window, a large area with lower-plate carbonate rocks exposed through the Roberts Mountains Thrust. Cambrian- through Silurian-age limestone, siltstone, sandstone and shale are overthrust by Ordovician upper-plate siliceous rocks. The lower-plate sequence in the window and on the Big Blue project includes Roberts Mountain Formation, Hanson Creek Formation, and Pogonip Formation, all of which are favorable hosts to large gold systems in Nevada. A west-northwest structural trend that extends through the central part of the project cuts both upper- and lower-plate rock and is locally altered and mineralized. Altered dikes within this trend are also locally mineralized.
Over one hundred and fifty historic rock samples on the property define an anomalous area approximately 8000 ft (2440 m) long by 1200 ft (370 m) wide with values ranging from non-detectable to a high of 0.017 oz Au/t (0.590 g Au/t). A second smaller anomaly of approximately 2000 ft (610 m) by 1000 ft (300 m) shows surface values ranging from non-detectable to a high of 1.2 oz Au/t (41 g Au/t). This highest value comes from a 3 ft chip sample within a structure within fractured upper-plate argillite and is duplicated by Miranda’s own sampling.
Numerous companies have explored the Callaghan window. The most recent drilling was concentrated to the northeast and southeast of the Big Blue project. Multiple historic holes occur on the Big Blue project but none within the west-northwest-trending anomaly now controlled by Miranda.
The target analogue for the Big Blue project is the Northumberland District in the Toquima Range 39 miles (63 km) south of Austin, Nevada where Fronteer Development Group Inc. is reported to be developing a resource of 3.19 million gold equivalent ounces. Both the Northumberland district and Miranda’s Big Blue project are within lower-plate windows having typical stratigraphy of the major sediment-hosted gold districts in Nevada. Both projects show alteration and mineralization but are off the well-defined Carlin and Cortez Trends. The Northumberland and the Callaghan windows both are associated with similar district-scale stream-sediment anomalies.
Miranda signed a 20-year lease on the 76 Oxen claims. Miranda will pay $10,000 on the first anniversary of the agreement and will make annual advanced royalty payments through the term of the lease. The claims are subject to a Net Smelter Return royalty of 3% that is subject to a buy-down provision.
Miranda will implement an evaluation of the Big Blue property that will include mapping and geochemical sampling. In line with Miranda’s business model, a joint venture partner will be sought to further explore the project.
