Maverick Springs is located in northeastern Nevada at the southeast end of the Carlin Trend belt of gold-silver deposits. Access is by gravel road. The property is now held in a joint venture with Allied Nevada Gold Corp. We hold the rights to the silver resource while Allied Nevada holds the rights to the gold resource.
The silver-gold mineralization occurs as a Carlin-type, sediment/carbonate-hosted disseminated deposit measuring about 2,400 meters in length, with a width of 760 meters and a thickness of approximately 60 meters. Mineralization is open to the south and north-northwest. Maverick Springs may be amenable to low-unit-cost bulk mining, similar to other Carlin-type deposits. Preliminary metallurgical testwork indicates a process using conventional milling will yield 63% to 97% recoveries for silver.
In 2006, an 18-hole, 16,035-foot reverse circulation drill program encountered additional silver mineralization at the north end of the mineralized zone. In 2008, we assumed the role of operator under the joint venture and completed a five-hole, 5,330 foot reverse circulation program.