The recently acquired Silver Bow property in Nevada is located approximately 40 miles northeast of Tonopah, a part of Nevada with major historic silver and gold mines. Silver Bow is a gold and silver property which contains a strong structurally controlled mineralization system in which the key targets are untested. The property was the site of small-scale intermittent mining activities from 1906 to 1964 that produced 10,000 ounces of gold and 100,000 ounces of silver at projected grades of 0.05 ounce per ton of gold and 35 ounces per ton of silver. The 83 claims optioned by Provenance cover approximately 1600 acres and which includes the two key zones of mineralization. Investigation by Provenance and its consultants recognized that the key exploration targets of interest have not been drilled by the limited small historic exploration efforts that primarily focused on the historic production areas in the western end of the system, despite the strongest alteration and surface mineralization being located at the east end of the mineral system. A modern understanding of the structurally controlled mineral system supports the potential for large-scale open pit mineralization and for underground vein mineralization that is undrilled and untested.
The Silver Bow Property, Nevada, USA
Three main target areas have been identified and will be the focus of Provenance’s initial exploration. The exploration target areas have historical multi-ounce per ton silver assays enhanced by supporting gold mineralization. This mineralization extends for several thousand feet along two primary parallel structures, but also extends outside these structural zones in a broad northwest trending zone.
The northern of the two parallel structural zones is defined by a zone of alteration and numerous small mines and adits. This zone appears to be about the same size as the zone to the south. The small mines are caved, but a map was obtained of one of these small mines. All 15 of the assays on a post-mining historic channel-assay map of the lowest level of the mine showed multi-ounce to strongly multi-ounce silver assays with modest to strong gold assays. These channel samples on the floor, ceiling and end walls of the lowest level of the mine show an open-ended ore system that is continuing. The historic mining was reportedly terminated because of groundwater issues that would not be a problem today. This northern zone near its eastern end additionally extends into a large very thick mineralized vein that is undrilled and reportedly contains a very thick zone of gold and silver mineralization that Provenance plans to evaluate early in its exploration.
The southern zone was mapped by an earlier geologist, who, after mapping and sampling the zone, reported that a portion of this zone could contain up to 2 million ounces of gold and 200 million ounces of silver at grades of .02 to .04 ounces per ton gold and 2 to 4 ounces per ton silver. This report is based on the geologist’s surface mapping and sampling. Most of the zone is covered by colluviums and not surface sampleable, but his 25 samples from the area surrounding the zone averaged 450 grams of silver and 0. 7 45 gram gold per tonne. Provenance agrees that this large zone is an exceptional exploration target that needs to be explored as a priority. In summary, the property has multiple excellent exploration targets with strong surface assay support. The mineral system is strong and extensive. The areas with the strongest silicification and alteration are undrilled. Better modern day understanding of Nevada ore geology adds additional exploration targets to those discussed above. The mineralization extends outside the two east-trending zones, and also likely extends under younger rhyolitic flow-dome rocks that occur between the zones.
Pre-drilling exploration of this property has already commenced. The focus of this initial work is to better understand the structural controls of the mineral system. This work will be followed by a planned drilling program of already identified and new targets. Provenance holds the right to acquire the property by completing a series of cash payments totaling $1,500,000 over a seven year period.