Racey Gold, OR, USA (100%)
Previous Exploration by Billiton, USA (predecessor to BHP) in the 1980's delineated a resource base of 776,000 ounces of gold through 150 drill holes. Further exploration in the early 1990's by ICAN Minerals and North Limited increased resources to 1,890,000 ounces.Read More
The Racey property located in Sourthern Oregon hosts a porphyry-style gold deposit that has been the focus of over six significant exploration programs from 1980-1996. Those programs included over 70,000 feet of drilling in the main mineralized zone and defined an ore body containing over 776,000 ounces of gold.
Over 190 holes have been drilled by Ican Minerals, Billiton Minerals, USA and North Limited with most of them less than 400 feet deep. A deeper core hole by Ican indicated the mineralization continues at depth. The gold mineralization is associated with a Cretaceous-age granodiorite intrusive and associated hydrothermal breccia zones. There is widespread, lower-grade, 0.02 oz Au/ton, mineralization in the intrusive and the adjacent adjoining sedimentary and volcanic rocks. Drill intercepts in the hydrothermal breccia zones have found values as high as 0.7 oz Au/ton.
Significant Drill Intercepts
- Acquired in 2010
- 100% Owned by NRH
- 776,000 ozs Historical Gold Resources 1
- Most significant gold asset in portfolio with extensive exploration by well-known companies including: Billiton, USA (predecessor to BHP), ICAN Minerals, North Limited (predecessor to Rio Tinto).
- Significant potential to extend mineralization to depth due to historical drilling to relatively shallow depths (100-150 metres).
- Substantial Exploration Equity and Intrinsic Value - Sold to North Limited (Predecessor to Rio Tinto) at an implied valuation of $8.45M during $300 per ounce gold environment.2
- Previous exploration by several reputable companies has delineated an ore body ranging between 36,000,000 -- 180,000,000 tons at an average grade of .022 opt. (776,000-3,960,000 ounces) Management has decided to use the most conservative estimate until updated geological reports are completed.
- $6.0M for 71% working interest reflecting a total valuation of $8.45M. Property was dropped as Rio Tinto acquired the company and changed its focus to mainly base metals.
Racey Gold Deposit Resources
|Property||Category||Tonnes||Grade (g/t)||Contained Gold (oz)||Standard|
|Racey||Inferred||32,658,650||.74||776,000||Historical (ICAN , Billiton,)|
Mineral Resources have not demonstrated economic viability and should not be treated as reserves.
See "Cautionary Note Concerning Reserve & Resource Estimates"
- Racey Gold Deposit - Ican Minerals 1997 Annual Report Discussing Racey Deposit as filed with the TSX - 1997
- Racey Gold Deposit - Ican Minerals Annual Reports & Press Releases as filed with the TSX - 1989-1992
- Racey Gold Deposit - Billiton Drill Hole Map - January 1990
- Racey Gold Deposit - Bottle Roll Leach Tests by Mountain States Lab - December 1990
- Racey Gold Deposit - Metallurgical Tests by Dawson Labs - September 1989