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EXCELSIOR GOLD PROJECT, NEVADA
The Excelsior gold project is located in the Walker-Lane tectonic zone of southern Nevada, which hosts a number of large gold mines. Total gold production from the zone exceeds 20 million ounces with notable deposits including Goldfield (5Moz), Bullfrog (2Moz), Tonopah (2Moz), Mineral Ridge(1.5Moz) and Comstock (8Moz Au, 200Moz Ag).
The Excelsior property covers a 3km long, 200-400m wide zone of gold mineralisation hosted within strongly altered calcareous sediments and limestone. Gold mineralisation within this zone is generally associated with silicification and disseminated pyrite. Mineralisation is oxidised to depths of 100 metres or more. High-grade gold mineralisation (eg. 18m at 4.7g/t Au in hole EX02) occurs within zones of strong silicification and quartz veining within altered rocks.
The historic Buster mine, which has past production of about 15,000 tonnes at 37 grams per tonne to a maximum depth of 70 metres, has been the focus of previous exploration. RC percussion drilling has been undertaken over a strike length of 300m and depths up to 120m. Most of the holes that targeted the main mineralised zone intersected gold mineralisation.
The mineralisation at Buster is open along strike and at depth. Significant intersections include:
· EX02: 33m at 2.7g/t Au from 70m including 18m at 4.7g/t Au
· EX13: 15m at 2.5g/t Au from 0m
· EX18: 6m at 5.4g/t Au from 43m
· EX30: 47m at 1.5g/t Au from 71m including 7.6m at 3.9g/t Au, 8g/t Ag
Global can earn a 70% interest in the Excelsior project by spending $3 million on exploration over four years and making cash payments totalling $100,000.
Since entering into an agreement on the Excelsior project in March 2011, Global has completed extensive surface work including a three square kilometre Induced Polarisation (IP) geophysical survey, geological mapping, re-logging drill chips and the collection of more than 800 geochemical samples. This work has led to the identification of three other targets – none of which have been drilled previously.
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