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Maverick Springs

Location and History

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. Maverick Springs hosts a large silver-rich system that may be amenable to low-unit-cost bulk mining, similar to other Carlin-type deposits. Further drilling to explore higher-grade silver mineralization discovered in 2006 was undertaken in 2008 and was successful in extending the known mineralization. The zone is still open and the last resource update in 2004 estimated indicated silver resources of 70 million ounces and inferred resources of 86 million ounces.

Geology and Metallurgy

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. Preliminary metallurgical testwork indicates a process using conventional milling will yield 63% to 97% recoveries for silver.

Project Scope and Plans

Further drilling to explore the extent of the higher-grade silver mineralization discovered in 2006 will be undertaken in 2008.

For details on the reserves and resources of Maverick Springs,view the current Resource Summary (16 kb pdf).