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Posted by Dezdan
on January 14, 2002 at 20:42:31:
In Reply to: Briggs Mine posted by Harold Ericsson on January 14, 2002 at 00:57:11:
Forgot to add:
Company holds 14,000 acres of mining claims in the Panamint Range of
southeastern California adjacent to the operating Briggs gold mine. At least six
gold occurrences on this claim block have mineable gold reserves or gold
mineralization encountered in drillholes. Canyon plans to systematically explore
the entire claim block with the objective of the development of several mines on
the Panamint Range Property.
The gold reserves at the Briggs Mine area and throughout the Panamint Range are
strongly controlled by several parallel vertical faults, including the
regionally persistent Gold Tooth fault, and low-angle gravity slide faults. The
vertical faults have acted as the feeder conduits to the disseminated Briggs
mineralization and to the mineralization that made its way into the permeable
plumbing zones represented by the low-angle faults (at North Briggs and Cecil
R). These relationships are shown on the Briggs Reserves and Geology map, the
Geology and Gold Occurrences of the Jackson-Cecil R area map, and the Briggs
Mine Geologic Cross Section.
When the higher-grade (0.053 opt) North Briggs deposit was discovered, it was
clear that the feeder system for it has not yet been encountered by drilling.
Yet the vertical faults which controlled the Briggs and Goldtooth deposits
immediately to the south continue to the north just beyond the eastern limit of
drilling at North Briggs. Consequently, there is excellent potential for
encountering addition mineralization to the east of the North Briggs deposit
related to the vertical feeder faults, as shown on the North Briggs Geologic
Cross Section. Additional drilling to the north and east of North Briggs could
expand the open-pit mineable reserves at North Briggs or could lead to
underground mineable opportunities.
In the Jackson-Cecil R area, two miles north of the Briggs Mine, drill access
has been constrained to just the immediate area at Cecil R and the southern edge
of the Jackson target. Drilling at Cecil R has defined 2.2 million tons of
mineralized rock containing 84,000 ounces of gold, with an average grade of
0.038 opt, which occurs along a flat-lying fault. No vertical feeder structure
has yet been encountered at Cecil R. To the south at Jackson, several drillholes
have encountered high-grade mineralization (50 ft of 0.064 opt, 75 ft of 0.068
opt, 30 ft of 0.116 opt) associated with vertical structures. This structural
zone and its splays extend to the north before passing beneath gravel cover. The
entire structural zone in outcrop contains anomalous gold mineralization which
warrants extensive drill testing. This same structural zone may have been the
feeder conduit for the Cecil R deposit 6000 feet to the north. Thus, the
Jackson-Cecil R area represents an excellent exploration target with the
opportunity for potential development of a mineable gold deposit. The higher
gold grades in the Jackson area, than at Briggs, offer encouragement for a
deposit which may have lower costs of production than at Briggs.