Ivanhoe Technical Summary per 20-F
Ivanhoe Property - Technical Summary
Readers are cautioned that certain historical information provided herein about the Ivanhoe Property, and the Carlin Trend on which it is located, uses terminology which is dated and so may not be comparable to the current discussion which employs mandated terminology.
The Ivanhoe Property is located northwest of Newmont and Barrick Gold's existing gold mines on Nevada's 50-mile (80-kilometre) long Carlin Trend gold belt (Figure 1). Current annual gold production from the Carlin Trend is nearly four million ounces; the district has produced over 30 million ounces since 1965. Carlin Trend reserves and mineralized material (resources) are currently estimated to contain over 77 million ounces of gold.
The geological setting of the gold mineralization at Ivanhoe has many characteristics in common with other Carlin Trend deposits. Exploration efforts by previous operators at Ivanhoe had focused on outlining near-surface gold mineralization with open pit potential. There was past open pit production of 115,696 ounces (3.6 million grams) of gold from the "Hollister" area of the Property. Great Basin's exploration program has and will continue to test the potential for moderate to deep, high-grade gold deposits on the property.
Great Basin has identified two primary target-areas, Hollister and Hatter, for feeder veins at moderate depth and deeper, lower plate hosted gold systems. Exploration by Great Basin has defined the orientation of gold feeder veins in the Hollister area, and prospective host rock stratigraphy in lower plate rocks in the Hollister and Hatter areas. On a more regional scale, a compilation and re-interpretation of property-wide exploration information in 2001 resulted in the important discovery of a second major structural trend on the property. The north-northwest trend of the newly identified fault structures is the same as the principal ore structures at the Ken Snyder and other mines in northeastern Nevada that are related to the Miocene-aged Northern Nevada Rift. This new structural trend provides excellent potential to find significant, additional high-grade gold vein systems.
An initial estimation of the mineral resource for the Clementine and Gwenivere high-grade veins in the Hollister area was completed in 2001. Based on this mineralization (inferred resource), a preliminary economic assessment of capital and operating costs was done indicating robust rates of return for a 600 ton per day underground operation utilizing toll milling.
In August 2002, Great Basin entered into an agreement with Hecla Mining Company, whereby Hecla can earn a 50% interest an area called the Hollister Development Block, which is within and is approximately 5% of the total area of the Ivanhoe Property, by funding a two-stage advanced exploration and development program leading to commercial development of the Clementine-Gwenivere high grade vein systems.
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