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Lode Gold Pivots Strategy to Focus on Underground Opportunity & Presents Results of the Evaluation of a Potential High-Grade Underground Mine at Fremont, Mariposa, on the Prolific Mother Lode Belt
Toronto, Ontario--(Newsfile Corp. - June 27, 2024) - Lode Gold Minerals Inc. (TSXV: LOD) (OTCQB: ...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"Lode Gold Pivots Strategy to Focus on Underground Opportunity & Presents Results of the Evaluation of a Potential High-Grade Underground Mine at Fremont, Mariposa, on the Prolific Mother Lode BeltToronto, Ontario--(Newsfile Corp. - June 27, 2024) - Lode Gold Minerals Inc. (TSXV: LOD) (OTCQB: SBMIF) (\"Lode Gold\" or the \"Company\" is pleased to present the results of the evaluation directed by Carlos Saban, Lode Gold’s technical advisor, an exploration and mine geologist, regarding the potential of a high-grade underground mine at Fremont, Mariposa. Mariposa, California is the original gold rush county, where gold mining started back in 1848. Currently in California, there are over 700 permitted and operating mines; 14 are gold mines. Mining operations was suspended in 1942 due to gold mining prohibition during World War II. Previous owners of this project had solely focused on open pit possibilities. Lode Gold, for the first time, since high grade (8 g/t Au) underground mining operation was suspended in the 1940’s, has commissioned a study to evaluate the opportunity for an high grade underground potential. HIGHLIGHTSFremont is an orogenic gold deposit hosted in the ophiolitic suture of the 190 km Mother Lode Belt. Mineralization is evidenced on a 4 km strike on the propertyMineralization is hosted both in the melange of the suture and in the slates of the Mariposa Formation in the hanging wall42,700 m of historical drilling comprises of diamond and reverse circulation holesCurrent resource represents only 16% of the upper 500 m of the structure (Pine Tree - Josephine & Queen Specimen; 2 of the 6 projects in the property)The high-grade areas are controlled by transverse extensional faultsAverage grade of historical channel sampling is 4.7 g/t Au (vein average true width: 1.92 m)Mineralization is hosted in a body that has veins with 5 g/t Au, 2 g/t Au of stockwork between veins, and stockwork of 1 g/t of Au outside the veins40% of mineralization is in veins, 30% in the stockwork between the veins, and 30% is outside the veinsOnly small portions of the veins were mined; stockworks outside the veins were not mined. Historical production equals 16% of current M+I resourceDeepest drillhole hit mineralization 1,000 m below the surface and 1,300 m on the strike of the structureUpcoming drill plan - 4,500 m of step-o...