Patriot Gold Corp. a developing gold and silver exploration and production company, announces the results of an airborne magnetic survey of its Moss Gold-Silver project located in the historic and active Oatman Mining District near Bullhead City, Arizona. Results of the survey included use of magnetic, field mapping and historic mineral and workings data.
- The main Moss resource and hosting structure lies along a well-defined magnetic high and includes three kilometers of unexplored potential on one structure.
- Nine magnetic linear anomalies associated with know mineral occurrences and historic workings were found as part of the Moss structure, indicating potential for hosting new discoveries along these structures.
- One structure includes nearly six kilometers of a mapped extension of the Gold Road deposit which previously produced nearly 500,000 ounces at 0.32 opt gold.
- The implications of the new data indicate that the exploration potential of the Moss site is very good and that there is the likelihood of further discoveries on the Moss property.
- Following the interpreted results of the survey, the Company’s partner Northern Vertex Mining Corp., is currently designing an exploration program to assess the potential of the additional structures identified that would run concurrently with Phase II – Operations Phase of the Moss project plan.
The survey found a total of 21 kilometers of potential strike length along the entire Moss Mine property. In addition, several other linear magnetic lows and highs were found that would require ground work to determine if they are mineralized.
In June 2013, a preliminary economic assessment of the Moss Mine Project, which did not include the current survey results, assessed the measured and indicated gold equivalency of the site at 654,000 ounces with an inferred resource estimate of 82,000 ounces.
“While the results of the survey are preliminary at this stage, this type of mapping has been the foundation for many successful early stage exploration programs,” said Bob Coale, CEO of Patriot Gold. “Considering that the historic production in the Oatman District previously exceeded 2 million ounces of gold production, we believe the survey results highlight the Moss Gold-Silver project’s high potential for additional gold discoveries which could further increase the value of this property.”
Geology of the Moss Mine Property
The project area is underlain by Tertiary quartz monzonite (a coarsely crystalline rock composed primarily of quartz, plagioclase and orthoclase) intruding Tertiary age volcanics. Precambrian basement rocks underlie the volcanics. The veins consist of quartz-calcite and lesser adularia. The Moss vein system is up to 45 feet thick and can be traced on surface for over a mile. The hanging wall of the main vein commonly has several tens of feet of stockwork veining. Dipping 40-60 degrees to the south from a high ridge, the quartz-calcite veins and stockworks are being drilled as a bulk minable gold target. Based on the results to date, Patriot believes the Moss Mine project has the potential for an economic resource of leachable gold and silver in the order of one million ounces of gold equivalent.