Goldfield West Project in Nevada, USA

The Goldfield West (GFW) property is comprised of 105 unpatented mining claims covering a total of 2,100 acres. The project is located about 3 miles west of Goldfield, Nevada and approximately 4 miles west-southwest of the historic Goldfield mining camp. The Goldfield West property is underlain by Tertiary felsic volcanic rocks and an epiclastic volcanic sequence consisting of tuffaceous sandstones and volcanic conglomerates.

Two styles of gold mineralization identified by work to date include one hosted by quartz veins and a second in permeable felsic volcanic tuff and volcanoclastic sediments. Bonanza style, high grade gold bearing veins are the primary targets. The quartz-alunite-sulfide veins hosting high-grade mineralization in the main Goldfield district are identical in appearance to samples from GFW. The second style mineralization targeted at GFW is represented by widespread, low grade gold mineralization hosted by permeable tuffaceous sediments and volcanically derived sediments.

Drilling has encountered significant thicknesses of low grade mineralization (see attached results) with intermittent higher-grade intervals. These results confirm the existence of one or more gold-bearing hydrothermal systems associated with structural preparation, argillisation and silicification of host rocks. Three targets (Nevada Eagle, South and Centre) have a combined low-grade resource of approximately 100,000 ounces of gold (depending on cut-off). The resource areas are generally open ended and little work has been completed between these resources. Continued exploration of this system is recommended to define the size and grade of the gold mineralization. Nearby deposits include Waterton’s Goldfield/Gemfield deposits containing a reported 4.6 million ounces of past gold production and an additional reported 2.5 million ounces of gold reserves. The property has the potential to host +1 million ounces of gold in Tertiary age rhyolite flow domes, volcanoclastics and basement Palaeozoic rocks. Although the gold in the system is generally low grade (~0.65 g/t) surface samples collected from old workings and outcrops have exceeded 15 g/t gold while drilling has encountered up to 23 g/t gold.