- Loading stock data…
Sampling up to 31 grams of gold and 400 grams of silver
The Sycamore Canyon property is located in southern Graham County, Arizona, approximately 20 miles northeast of the town of Willcox. The core of the property consists of 10 unpatented lode mining claims on US Forest Service administered public lands. The property contains a prominent silicified breccia body that is over 600 meters long and between 20-80 meters wide. The silicified body occurs primarily within Precambrian granite. Small exposures of mafic lava and agglomerate near or adjacent to the breccia containing abundant silica veining suggests mineralization extends outward into the overlying and/or intruding mafic lava. The silicified breccia has been cut by steeply dipping NE-trending cross-faults which has offset the breccia body in places. The silicified breccia may extend northward on the claim block from what has been mapped to date, as mapping to date indicates the main trend of the breccia turns westward from an otherwise north-northwesterly trend, and may continue under thin post-mineral volcanic cover beyond the limits of current mapping and sampling.
Sampling throughout the silicified breccia to date demonstrates gold and silver values up to 31 grams per tonne (gpt) Au, or 0.903 ounces per ton (opt) Au, and 458 gpt (13.34 opt) Ag from within the silicified breccia. The average of all 31 rock chip samples taken from the silicified breccia body and the surrounding silicified granite is 1.77 gpt (0.052 opt) Au and 89.5 gpt (2.61 opt) Ag. The silicified breccia is covered by alluvium at the southeastern end of the extent of outcrop where the last samples collected contained between 1.34-3.02 gpt Au and 59.7 -208.4 gpt Ag. It is likely the silicified breccia body continues beneath shallow unconsolidated alluvial cover to the southeast. These results are historical but are backed by certified assay certificates from reputable laboratories that regularly service the exploration and mining industry. Despite these attractive historic assay values, the silicife breccia has yet to be tested with a drill hole.
The Company has completed staking of an additional 27 unpatented lode mining claims surrounding the core group of leased claims to protect possible extensions of the silicified breccia both to the northwest and to the southeast, and to cover the possibility of additional silicified breccia bodies in the area, as well as potential future development sites. One such additional silicified breccia outcrop was discovered during claim staking that could be either a separate breccia body or an offset continuation of the main breccia located to the southwest of the last mapped and sampled outcrop of the silicified breccia. Additional mineralized bereccias were identified during claim work that need to be mapped and sampled and properly quantified. Outcrop is spotty in the low lying hills that comprise the claim group.
Access to the property is via 4.,5 miles of gravel roads west of paved divided highway US191 about 7 miles north of Interstate I-10. Two large powerlines cross US191 near the turn-off to the Sycamore Canyon property
2018 Exploration Plan
The Company is planning on commencing and completing a VLF-EM survey over the outcrop area of the silicified breccia and its possible strike extension to the northwest and southeast to characterize the geophysical expression of the breccia and to see if extensions can be found beyond its current map pattern. Adiditonal rock chip smpling will further assess the precious metal and general geochemical distribution of the silicife breccia where it is exposed in outcrop, especially in areas where it has not been sampled to date, including the silica stockwork and veining in adjacent and nearby mafic lavas. The results of the surface exploration will guide an initial drilling program to test the gold-silver bearing silicified breccia. The target has not been drilled to date and the potential for a true “discovery” exists at the Sycamore Canyon property. An initial eight-hole program is envisioned, with two holes across the silicified breccia on four initial sections.
Terms of the Agreement
The lease with option to purchase covers a five-year term, with lease/option payments beginning at US$10,000 annually and increasing incrementally over the term of the agreement, with a final payment of US$40,000 due on the fifth anniversary of the agreement to complete the buyout of the property for a total payment of US$100,000. The owners retain a 2% NSR royalty on the property and all future production by the Company or its successors within a 1-mile perimeter around the core claim group. The Company has the further option to purchase half of the royalty for US$500,000, which would leave the underlying owners a residual 1% NSR royalty.