NXGM HUGEEE The Projects Gold and Silver Projects
Our gold and silver property portfolio is comprised of six projects in Nevada and one in Idaho.
Friday Mine
During July 2018, the Company entered into the Friday Open Pit Mine Lease with Premium Exploration
(USA) and Clearwater Gold Mining Company for the surface mining rights of the Friday Mine which is
located within the Orogrande Mining District of Idaho County, Idaho, approximately 10 miles southsouthwest of Elk City, Idaho. The project consists of 5 patented claims and 103 contiguous unpatented
federal mining claims covering approximately 3,307 acres of U.S. Forest Service land surface.
The project mineralization is encountered within a 300 to 600-foot-wide shear zone, and is sharply
defined on the east by the Friday Fault and on the west by the Monday Fault. Gold mineralization along
the Friday Fault occurs almost exclusively in the hanging wall in broad seriticized zones within which
discontinuous potassic alteration is present, as is weak to strong silicification. Gold mineralization in the
vicinity of the Monday Fault occurs in local zones of intense ductile shearing and is largely concentrated
at the margins of associated dacite-rhyolite dikes. Mineralization is hosted in the sheared and altered
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
10
granodiorite/quartz monzonite breccias and muscovite/sericite schists. Both phyllic and sericite
alteration with disseminated pyrite have been identified within the mineralized zone. Other secondary
minerals include arsenopyrite, lollingite (iron arsenide), galena, and chalcopyrite. Gold is finely
disseminated and also occurs as native in networks of small quartz-carbonate veinlets. The deposit is
predominately sulfide with a shallow oxide cap up to 20 meters in depth from surface. Exploration
expenses for the Friday mine were nil and nil for the nine months ended September 30, 2019 and 2018.
See Note 4 of the Quarterly Financial Statements.
Paradise and Old Dominion
During August 2018, the Company entered into the Exploration and Mining Lease with Lucky Irish Silver,
Inc. for 19 unpatented mining claims (380 acres) situated in Washoe and Nye County, Nevada. During
June 2019, the Company purchased the 19 unpatented mining claims from Lucky Irish Silver, Inc.
Paradise
The Paradise project consists of 9 unpatented mining claims encompassing 180 acres located in Nye
County, Nevada which are 100% owned by the Company. The claims cover areas of historic drilling
conducted in the late 1980’s and early 90’s by FMC (operator of the Paradise Peak mine). Past
production adjacent to our project is 1.6 million ounces of gold and 22 million ounces of silver (20.6
million tons @ 0.069 opt gold and 1.9 opt silver).
The Paradise Peak Mine model was previously explored as a caldera with deposits clustered around the
margins of the ring faults. Recent work in the district suggests a more complex system with overlapping
alteration and mineralization systems from nearby intrusives such as the Sullivan porphyry.
The company’s claims host mineralization reportedly similar to the Paradise Peak Mine. Outcrop is
limited with shallow alluvial cover reported to be from 10 to 100 feet thick. The company was able to
review historic summary drill reports from FMC and believes that many additional targets exist on the
company’s claims and throughout this highly prolific, precious metals district.
Surrounding areas of resources (non 43-101 compliant) include the Sullivan mine at ~20 million tons
grading 0.3% copper and 0.03 opt (1 g/t) gold and several peripheral pits that may contain up to 350,000
ounces of gold with additional silver credits. Other nearby past producers include the Santa Fe/Cal
Neva operated by Homestake (~350,000 ounces gold, 700,000 silver) and Rawhide operated by
Kennecott (~1.3 million ounces gold, 15 million ounces silver). Exploration expenses for the Paradise
project were nil for the nine months ended September 30, 2019 and 2018.
Old Dominion
The Old Dominion project consists of 10 unpatented mining claims encompassing 200 acres located in
Washoe County, Nevada which are 100% owned by the Company. The claims cover multiple veins along
a structural corridor hosted in Tertiary volcanic rocks. Historic drilling conducted by Battle Mountain
Gold, Goldfields and Lac Minerals intersected up to 0.50 opt gold; but thus far, the company’s claim
block has not been drill tested. Surface sampling by previous claim owners have obtained multiple
+0.03 opt gold and +1 opt silver values in surface samples throughout the claim block with values of up
to 0.17 opt gold and 22.9 opt silver.
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
11
The property covers a series of structures with several historic workings. The geochemistry from the
structures suggests a low sulfidation model for the property. These multiple structures can be traced for
over 4,500 feet along strike. The surface expression of the structures ranges from 3 to 10 feet in width.
In addition, widespread quartz-sericite alteration has been mapped at surface throughout the project.
The model and sample results support a “Fire Creek/Midas type” bonanza vein system. The surface
expression of the veins suggests a similar scale with respect to contained precious metal ounces to that
of the Midas and Fire Creek mines. Limited sporadic exploration has been conducted in the district.
Historic production from the district is around 500,000 ounces of silver equivalent.
It is the company’s intent to add to its current claim position through claim staking and possible
consolidation of the district, enhancing the company’s current discovery potential. The company
believes this project has potential for +1 million ounces of gold and 20 million ounces of silver.
Exploration expenses for the Old Dominion project were nil for the nine months ended September 30,
2019 and 2018.
Koegel Hills
The Koegel Hills project consists of 10 unpatented claims encompassing 200 acres located in Mineral
County, Nevada which are 100% owned by the Company. The project is an extensive copper-gold
bearing porphyry system manifested by intense surface alteration that extends for more than six square
miles. No proven or probable reserves have been identified on the property. The Company previously
held 71 unpatented mining claims and after further review, the Company decided to drop the additional
61 claims. Exploration expenses for the Koegel Hills project were nil for the nine months ended
September 30, 2019 and 2018.
Four Mile Basin
The Four Mile Basin property is located in Nye County, Nevada. The Company owns a 100% interest in
two unpatented claims that are surrounded by another mining company that controls an extensive land
position throughout the district. The claims encompass a substantial hot springs system that is
characterized by prevalent surface sinter and feeder veins composed of quartz replacing calcite. The
vein system is manifest as a prominent northwest trending topographic high that can be traced for a
strike length of greater than 6,000 feet. Strongly anomalous gold mineralization has been encountered
throughout the surface sinter and feeder veins.
During October 2018, the Company entered into an Exploration and Mining Lease Agreement with La
Questa International, Inc. See Note 4 of the Quarterly Financial Statements.
Gold Star
The Gold Star property is a high-grade precious and base metal deposit located in Mineral County,
Nevada and consists of 13 unpatented lode claims which are 100% owned by the Company.
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
12
In the project area, two types of mineralization have been encountered, free gold and copper associated
with a skarn and high-grade silver-lead-zinc mineralization hosted in a major east-west trending fault
zone. In 2002, the Company collected surface geochemical samples that encountered numerous gold
anomalies ranging from 15 to 11,404 parts per billion or 0.333 ounces of gold per ton.
During July 2015, the Company entered into a Letter of Intent with Multiple Metals Resources Ltd., to
earn-in to an equity position and option to purchase the Gold Star property.
During November 2016, the Company and MMRL entered into a Purchase Agreement with Sunvest
Minerals Corporation (“Sunvest”), where MMRL has agreed to assign and transfer such earn-in and
option rights to Sunvest and the Company has consented to the assignment and transfer. Sunvest
Minerals Corporation changed the name of their Company to Sky Gold Corp. (“SKYG”). See Note 4 of the
Quarterly Financial Statements.
Pyramid Mine
The Pyramid Mine, a high-grade silver, gold, lead and zinc project consists of five unpatented lode claims
situated in Churchill County, Nevada which are 100% owned by the Company. The project is located in
the Terrill Mountains and Holy Cross Mining District which is situated within the northwest trending,
regional Walker Lane, structural zone. Our exploration expenses for the Pyramid Mine were nil for the
nine months ended September 30, 2019 and 2018.
During January 2016, the Company entered into an Exploration and Mining Lease with Options to
Purchase Agreement with Premium Bonanza Gold Mines, LLC to lease the Pyramid Mine project. See
the Note 4 of the Quarterly Financial Statements.
During October 2017, the Company was notified by the Bureau of Land Management that the Pyramid
mining claims were designated as part of the Walker River Indian Reservation. All right, title, and
interest in the land was conveyed to the Department of Interior, Bureau of Indian Affairs.
Mackinaw Project
During April 2018, the Company entered into an Exploration and Mining Lease with Vesper Resources
LLC for a Cobalt project located in Snohomish County, Washington. The Company abandoned its
interest in the project in February 2019.
We expensed a total of $1,890 and $10,669 for exploration of the gold and silver projects for the nine
months ended September 30, 2019 and 2018 respectively. In addition, we regularly make filings with
the counties in which our claims are located, demonstrating our intent to hold the claims or sites and/or
notifying the authorities when labor or improvements were performed or made on for the mining
claims. We also make regular filings with and pay fees to the U.S. Department of the Interior, Bureau of
Land Management, or the BLM, relating to its mining claims.
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