Reno Gold Corporation (RNGG)

[rocketrice]

Here is the summary for the technical report for the Good Hope property. To read the whole report, click the link

This technical report summarizes the known results of exploration thus far carried out on the Good Hope property, and makes specific recommendations for their further exploration. This report was prepared pursuant to the guidelines of Canadian National Instrument 43-101,at the request of Dynamic Resources.
The project is a volcanic and sediment-hosted, epithermal precious metal property, which includes or is adjacent to mines with historical production, situated in the Tuscarora Mountains of northern Elko County, Nevada. The property comprises 97 unpatented lode mining claims, which are owned by Consolidated Global Minerals Ltd., and which are subject to a Joint Venture Agreement dated 30 April 2003, whereby Dynamic Resources can acquire a 60% interest in these claims. The terms of this agreement provide for minimum annual work expenditures, annual property payments, a net smelter return royalty, and a back-in right for Global.
The Tuscarora Mountains host the northern end of Carlin-trend mineralization and consist of a series of Eocene to Miocene volcanic centers, which have intruded, and locally covered sequences of upper and lower plate Paleozoic sedimentary rocks. Mineralized Eocene (feeder?) dikes have been found in many of the mines within the Carlin trend, and the temporal and spatial correlation with Carlin-type gold mineralization suggests a genetic link. The property contains altered exposures of probable lower plate Paleozoic sedimentary rocks that appear to be correlative with the Devonian Rodeo Creek Formation. The bulk of the exposed Au-Ag-As-Sb-Hg mineralization has been found in coeval intermediate to felsic volcanics, which have been dated as Eocene (36 – 40 ma) throughout most of the Tuscarora Mountains. Similar ages of mineralization have been determined for a number of typical Carlin-type mines within the Carlin trend, Getchell district, Jerritt Canyon district, and Battle Mountain-Eureka trend of gold mineralization.
The target concept for the Good Hope Project is that high-level, epithermal gold-arsenic dominated, volcanic-hosted, Eocene-aged, precious metal mineralization represents the top of mineralizing hydrothermal plumes which had the potential to form high-grade Carlin-type (Meikle) deposits within favorable stratigraphic sections of lower plate sediments at depth. It is believed that detailed geologic, structural, stratigraphic, geochemical and geophysical studies can target the favorable areas which overlie permissive stratigraphy at a reasonable depth (<2500 ft).
Various companies have conducted exploration on the Good Hope and two nearby properties in the past for volcanic-hosted, high-grade Au-Ag veins and bulk tonnage Au-Ag deposits. These previous efforts by Texas Gulf, Shell Oil, Phelps Dodge, Homestake Mining, Comino American, Newmont Mining, Western States Minerals, Pittston Nevada Gold, Teck, and others were focused on high-grade, epithermal, bonanza-type precious metal veins hosted within volcanics, or at the volcanic-sediment contacts. From the limited data available from previous exploration in the project area, it is clear that areas of widespread alteration in the volcanics contained anomalous values in Au and Ag with locally high concentrations of As-Sb-Hg. Locally, sedimentary basement rocks were intercepted by shallow drilling (in the Rock Creek and Cornucopia districts), which were altered and carried anomalous gold and pathfinder element concentrations. No resources have thus far been defined on the property, and all past mine development on the property is from the period of the late 1800’s through the 1950’s.
The Good Hope Project area is situated within a zone of “world class” gold endowment where the potential of finding a large, high-grade, gold mine are favorable. Past work has defined large (>1000×5000 ft) areas of strongly argillized volcanics which host numerous silicified breccia zones, and it is believed that the proposed exploration program offers an excellent opportunity to discover new Carlin-type mineralization beneath shallow volcanic cover on the property. It is recommended that Dynamic Resources continue exploration on the property. The proposed work shall be carried out in two phases, with the second being contingent upon the successful completion of the first phase.
Phase 1 will focus on defining the dominant mineralizing feeder structures with strong Au-As geochemical footprints, delineating the major sedimentary basement blocks and basement highs, and targeting Carlin-type mineralization at a reasonable depth for underground mining.
Phase 2 Favorable targets will be drill tested.
The combined estimated expenditures of Phase 1 on the Good Hope property is US $ 200,000; and for Phase 2 US $ 400,000, for a total expenditure on the property of US $ 600,000.
http://www.renogoldcorp.com/projects.aspx?id=1