Bald Eagle (TSX.V: BIG) has provided an update on its core drill program. Initial observations are consistent with the objective of discovering a low-sulphidation epithermal mineral system at the Hot Springs Property. The analytical chemistry programs have been and/or are being carried out at American Assay Labs ("AAL") of Sparks, Nevada and at ALS Global Geochemistry Analytical Laboratory ("ALS") in Reno, Nevada. To expedite the receipt of full results and based on management's view of the results, several laboratories have been used due to capacity constraints for gold sample analysis in the State of Nevada.
Initial nearer-to-surface results have been received for the first hole drilled. The results are from the upper portion of HS-2020-03, from 64 feet (19.5 metres) to 216 feet (65.8 metres) depth. Precious metal values were encountered over a 118.7-foot (36.2 metre) interval, from 97.3 feet (29.7 metres) to 216 feet (65.8 metres), which averaged 0.646 grams per tonne gold with 1.57 grams per tonne silver. This included a higher-grade interval of 45.8-feet (14.0 metres), from 124.5 feet (37.9 metres) to 170.3 feet (51.9 metres), which averaged 0.996 grams per tonne gold with 1.90 grams per tonne silver. These results only cover the upper 216 feet (65.8 metres) of this 800-foot (243.8 metre) core hole. The current drill program has focused on investigating targets at more than twice the depth of previous drill campaigns. These results demonstrate strong correlation with historic drilling records and confirm the presence of disseminated gold above the target exploration zone.
Alteration in drill hole HS-2020-03 was observed to be strongest and best developed between 216 feet (65.8 metres) to 609 feet (185.6 metres). Significant thicknesses of pervasive argillic alteration are associated with faults and fractures and in sand dominant zones of the Harmony Formation. Most of the gold intervals are associated with a zone of iron-oxide-silica-clay vein stockwork. Alteration was varied but consisted dominantly of pervasive to vein halo argillic and silicification, quartz-sericite-pyrite, veining, and hornfel to skarnoid type alteration.
Abundant argillic alteration, silicification and sulphide mineralization were observed in considerable portions of the 6,403 feet (1,951 metres) of core drilled to date. A total of five holes were completed in the first phase of drilling.
Mr. Sidney Himmel, President and Chief Executive Officer of the Company stated: "The Company selected the Hot Springs Property based on the historic reports and potential for the discovery of an epithermal style gold deposit at depth. These observations are consistent with our exploration model for the property. These results and observations are positive for several reasons. First, the amount of rock alteration and silicification indicate the presence of a large epithermal system. Second, the grades in this shallow portion of the drill hole correlate with previously report results. Third, there has been excellent correlation between the geophysical anomalies and zones of alteration, brecciation, and sulfidation."
Bald Eagle's (TSX.V: BIG) Hot Springs Project consists of approximately 11,894 acres comprised of private mineral rights and unpatented federal lode mining federal claims, and is located in North-central Nevada, USA. The asset is situated within the prolific Getchell Gold Trend and the northwestern Nevada Epithermal Province.
Known Mines in the Area:
Prior to the Joint Venture, Newmont has been pouring gold in Nevada for over 50 years along a 100-mile corridor in the northern part of the state. On July 1, 2019, Barrick Gold Corporation and Newmont Corporation have successfully concluded the transaction establishing Nevada Gold Mines LLC. Nevada Gold Mines is 61.5% owned and operated by Barrick, and 38.5% owned by Newmont. The assets of Nevada Gold Mines comprise 10 underground and 12 open pit mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach facilities.
Identified synergies are expected to deliver up to $500 million per year over the first five years from 2020, stepping down over time after that. These will come mainly from integrated mine planning, optimized mining and processing, cost reductions and the combination of the adjacent Turquoise Ridge and Twin Creeks, which will be operated as a single mine (all information is from Newmont's website). The Turquoise Ridge and Twin Creeks mines are approximately 25 Miles from The Hot Springs Project.
*DISCLAIMER: This write up contains sponsored content