Long Valley Gold
Long Valley Gold:
AKA Ventures Inc. ("AKA") has granted an option to MGC in which MGC can earn an 80% interest in the Long Valley Gold Project (for full details of the transaction, please see AKA's news release of February 28, 2012). Upon completion of the option the companies will form a joint venture to further pursue the development of the property.
The Long Valley Gold Project covers an area of silica; hematite and clay altered permian sediments and tertiary volcanics. Intrusive rocks occur locally. The contact zone between the sediments is well mineralized with anomalous amounts of gold, silver and copper, as well as, the typical pathfinders for Carlin type gold deposits. This contact zone is exposed for over 5 kilometres. The width has not been determined. Numerous small and large structures contain silica (jasperoid) and clay that crosscut the main trend and also contain anomalous gold, silver, and copper. Most of these anomalous exposures are close to surface. The anomalous gold is present in quartz veining.
The potential scale of the LVG target (several square kilometers) is apparent from the geochemical data that have been collected and from the distribution of hematitic and goethitic iron oxides visible. There is an obvious close link between mineralization, alteration, and a swarm of rhyolite porphyry dikes that are visible trending north-northwesterly across the property. The best gold values have been derived close to the margins of these dikes, and that relationship is identical with that described at the nearby Candelaria mine in a published report by Bob Page, an emeritus professor of geology at Stanford.
Work on the property has verified gold, silver and copper values represented by the original vendor of the claims and additional surface work has expanded the known anomalous showings.
The 43-101 technical report on the Project summarizes the results of the previous exploration work on the property. A database of assay results for 900 surface rock-chip samples shows well developed gold, copper and arsenic anomalies in three zones. SJ Geophysics Ltd. of Vancouver has also completed a 50 line-kilometre IP survey which indicates the presence of regional and local structural trends and chargeability anomalies which could host gold and copper mineralization. Some of these geophysical anomalies correspond with areas hosting surface gold and copper mineralization.
Grab samples have returned values of over 6 grams of gold per tonne from the clay alteration in the northern proportion of the property. Further chip samples over two meters returned 1.59 grams and 4.75 grams gold per ton respectively at the same location. Other grab samples ran as high as 10 grams per tonne gold from the quartz veining. Verification samples from the same vein returned a weighted two metres @ 2.125 grams gold per tonne. This value included 1.5 m of 2.33 g/t (in wallrock); 50 cm of 3.12 g/t (in vein) and 1.0 m of 1.32 g/t (in wallrock).
The Long Valley Gold Project has off highway gravel road access and local hydro cuts across the property. The area is mining friendly with a knowledgeable labour force and mining expertise located in the nearby town of Hawthorne (thirty miles to the north) and city of Reno (one and a half hours' drive).
 Total area for the Long Valley Gold property, the original area claims are outlined in white and the newly staked claims is outlined in yellow. |
The Long Valley Gold Project covers an area of silica; hematite and clay altered permian sediments and tertiary volcanics. Intrusive rocks occur locally. The contact zone between the sediments is well mineralized with anomalous amounts of gold, silver and copper, as well as, the typical pathfinders for Carlin type gold deposits. This contact zone is exposed for over 5 kilometres. The width has not been determined. Numerous small and large structures contain silica (jasperoid) and clay that crosscut the main trend and also contain anomalous gold, silver, and copper. Most of these anomalous exposures are close to surface. The anomalous gold is present in quartz veining.
The potential scale of the LVG target (several square kilometers) is apparent from the geochemical data that have been collected and from the distribution of hematitic and goethitic iron oxides visible. There is an obvious close link between mineralization, alteration, and a swarm of rhyolite porphyry dikes that are visible trending north-northwesterly across the property. The best gold values have been derived close to the margins of these dikes, and that relationship is identical with that described at the nearby Candelaria mine in a published report by Bob Page, an emeritus professor of geology at Stanford.
Work on the property has verified gold, silver and copper values represented by the original vendor of the claims and additional surface work has expanded the known anomalous showings.
The 43-101 technical report on the Project summarizes the results of the previous exploration work on the property. A database of assay results for 900 surface rock-chip samples shows well developed gold, copper and arsenic anomalies in three zones. SJ Geophysics Ltd. of Vancouver has also completed a 50 line-kilometre IP survey which indicates the presence of regional and local structural trends and chargeability anomalies which could host gold and copper mineralization. Some of these geophysical anomalies correspond with areas hosting surface gold and copper mineralization.
Grab samples have returned values of over 6 grams of gold per tonne from the clay alteration in the northern proportion of the property. Further chip samples over two meters returned 1.59 grams and 4.75 grams gold per ton respectively at the same location. Other grab samples ran as high as 10 grams per tonne gold from the quartz veining. Verification samples from the same vein returned a weighted two metres @ 2.125 grams gold per tonne. This value included 1.5 m of 2.33 g/t (in wallrock); 50 cm of 3.12 g/t (in vein) and 1.0 m of 1.32 g/t (in wallrock).
The Long Valley Gold Project has off highway gravel road access and local hydro cuts across the property. The area is mining friendly with a knowledgeable labour force and mining expertise located in the nearby town of Hawthorne (thirty miles to the north) and city of Reno (one and a half hours' drive).
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