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Astorius Options Rainbow Canyon Gold Property
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2017) - ASTORIUS RESOURCES LTD. (T...
About this update from Kingman Minerals Ltd.
[{"type":"text","content":"Astorius Options Rainbow Canyon Gold PropertyVancouver, British Columbia--(Newsfile Corp. - February 8, 2017) - ASTORIUS RESOURCES LTD. (TSXV: ASQ) (\"Astorius\" or the \"Company\") announces it has entered into an option to purchase agreement, (the \"Agreement\") with Alba Minerals Ltd. (AA.H) (\"Alba\") to acquire a 100% interest in the Rainbow Canyon gold property (the\"Property\") in Nevada.The Rainbow Canyon property comprises 28 unpatented lode mining claims that cover an area of 214 hectares in the Olinghouse mining district about 40 km east of Reno in Washoe County, Nevada (Figure 1). Geologically, Rainbow Canyon is a low-sulfidation gold prospect located in the northern Walker Lane structural and metallogenic domain. Andesites, basalts and rhyolites of the Miocene Alta and Old Gregory Formation underlie most of the property. Forty kilometers to the southwest of Rainbow Canyon the Alta Formation is also host to the world-renowned Comstock Mine1, a low sufidation lode deposit which produced 8.4 million ounces gold2.Gold mineralization has been identified at numerous locations throughout the property, primarily in the form of quartz veins up to 20cm wide which assay in grab sample from 0 to 79 g/t (ppm) gold (Figure 2). The veins occur in wide (up to 30m) zones of strong argillic alteration over a NE strike distance of more than one kilometer. Most of the veins dip steeply to the southeast. The single existing channel sample of argillic alteration (RCKB06) yielded an assay of 1 g/t (ppm) gold over the four meters sampled. Widespread propylitic and limited quartz-sericite-pyrite alteration is also present on the property.There is no information available on the depth extent of the veins. Despite the presence of scattered historical prospector pits on the property, there is no evidence, in historical documents or on the ground, that drilling has ever been carried out on the property. Maximum zones of alteration correspond with a magnetic low within the host volcanics, suggesting the presence of a relatively large de-magnetising alteration system.Astorius plans to explore the Rainbow Canyon property for both lower-grade open-pittable gold mineralisation, as is currently being mined at Comstock, and for high grade gold amenable to underground mining, as was historically mined at Comstock. To this end, permitting arrangements h...