Silver King Property – Copper, Gold, Silver
The project area is underlain by thick sections of Paleozoic carbonate rocks which elsewhere host many of Nevada’s open pit gold mines. At Silver King these carbonate rocks are intruded by a northwest-trending belt of Tertiary, multi-phase porphyry intrusive rocks that are thought to be directly related to mineralization.
Exploration History
The original Silver King mine was sporadically developed in the 1870 to 1930′s by selective mining of high grade silver, lead and zinc mineralization along narrow veins adjacent to highly altered dykes. Select dump samples from the workings have been reported to contain up to 0.11 oz/ton Au, 55 oz/ton Ag and 1.7% Cu, along with significant Zn and Pb values. The geological relationships indicate that the silver-lead mineralization is likely evidence of a much larger porphyry copper-skarn system at depth, which was confirmed in 1980 when Anaconda Company drilled five core holes at Silver King testing geophysical anomalies. The holes were widely scattered. However, two of these holes intersected well developed copper mineralization in both skarn and intrusive porphyry.
The two holes are approximately 300 metres apart and were never followed-up due to Anaconda winding-down its exploration operations. The holes were not analysed for gold at the time. However, the core was re-located and selected intervals re-analysed by later operators. Gold was detected in most samples with peak values of 490 ppb. Accordingly, it appears a critical potential economic aspect to the discovery remains unknown. This mineralization is associated with one of the granodiorite porphyry intrusive units and is thought to be part of a larger copper-gold porphyry system. The other Anaconda drill holes were drilled further south and east, and while containing little copper mineralization they did intersect porphyritic rocks with abundant secondary biotite, suggesting a favourable multi-phase intrusive system with potassic enrichment.
Subsequent exploration by junior exploration companies involved ground geophysical surveys (IP and magnetics), shallow drilling (less than 100 metres) and soil geochemical surveys. Geophysical surveys detected two northwest-trending anomalies that are at least 600 metres long and each over 100 metres wide, one of which was intersected in the 1980 drill programme. Reconnaissance soil surveys suggest the target may be extended a further 500 metres to the northwest.
Exploration Plans
The information on the property is largely historical and cannot be confirmed by Gitennes. The Company expects to explore Silver King through the course of 2012 with a programme of geological mapping, advanced soil geochemical techniques and possibly a contemporary geophysical survey. Several sites for drilling are already identified, and it is anticipated that the additional pre-drilling work will strengthen and increase the potential of the project.
Agreement Terms
Gitennes can earn a 100% interest in Silver King by meeting financial obligations that include yearly lease payments starting at US $21,000 and increasing to US $36,000 per annum until the Company exercises its option to buy the property with a single payment of US $350,000. If the Option to Purchase the Property is exercised then the lease payments cease and be replaced by advance Net Smelter Returns (“NSR”) royalty payments of US$ 50,000 per annum. The vendors will retain a 2% NSR Royalty payable if and when the Property is placed into commercial production. A portion of the royalty (0.5%) may be purchased by the Company at any time for US $1,000,000.
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