Large offshore placer gold deposit located near Nome, Alaska.
This property is composed of three State offshore leases, totaling 8,068 acres. Past
production from these leases by BIMA dredge was over 88,000 ounces of gold. At least
7,000,000 cubic yards of drill indicated (proven & probable) pay gravel remain to be
mined. Mining target is the upper 3 to 6 feet of sediment. Reserves are based on drilling
conducted by Shell, ASARCO and WestGold. Much data is available on this property.
Geology Summary:
Deposit is composed of submerged, reconcentrated gold-bearing
glacial till and stream sediment. Depths to top of sediment range from several feet to 30
feet below water surface. Paystreak lies in the upper 3 to 6 feet of sediment and is
composed of sand and gravel with some cobbles and clay.
Geochemistry Summary:
Geophysics Summary:
Previous leaseholders have conducted a number of geophysical
surveys and have identified a variety of geologic structures and features that may have
controlled the concentration of placer minerals.
Drilling Summary:
Previous leaseholders have drilled over 4,000
reverse-circulation holes. Most of these holes were drilled on the leases offered here;
however, some were drilled on adjacent leases.
Reserves Summary
On this property, there is a proven reserve of 3,666,800 cubic
yards yielding 116,188 ounces of gold and a probable reserve of 3,652,300 cubic yards
yielding 104,891 ounces of gold. Average drill indicated paygrade is 0.03 ounces per cubic
yard. Recent mining by present leaseholder yielded an average paygrade of 0.049 oz/cy from
~5,000 cubic yards of ocean sediment in water depths of 8 to 12 feet.
Other Summary
Property is within several miles of Nome. Nome is a modern
city with most services and supplies required by the mining industry. Nome is serviced by
regularly scheduled air-lines and by seasonal barge-lines. Mine operating season is from
June through October.
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