Lost Basin is a gold-copper project comprised of 133 mining claims in Mojave County in Arizona, USA.
Located in a top-class mining friendly jurisdiction with straight-forward legislation
Able to operate year end; good road access
Limited shallow drilling indicates significant zones of potentially economic bulk gold mineralization with “blue sky” potential
High-grade widespread gold grades at surface support economic mining potential
Exploration will focus on areas with little or no recorded drilling
There has been significant gold production in the District, including at the Climax, Bluebird, and Gold Hill (left) mines, and the nearby King Tut Placers. The source of the placer gold has never been identified; historic work suggests that it may originate west on the Lost Basin property.
Multiple historic gold mines dating back to the 1870s
with limited material removed or exploration
Visible gold has been found at numerous showings
on the Property including a non-compliant sample
from the area of the “Detector Vein” that assayed
567 to 3,118 g/t
Historical non-compliant results include:
65.8 g/t Au from the area of the Golden Hill Mine
77 g/t Au from the area of the Climax Mine
71.7 g/t Au from the Wall Street Workings
19.1% Cu in from the area of the Copper Blowout
Gold-bearing quartz veins are the best known type of mineralization in the Gold/Lost Basin District. Limited mining has indicated grades averaging 11.34 g/t Au.
Copper mineralization, frequently visible as Malachite staining, is also seen across the property. Drillhole LB-10 returned 56 metres of 0.21% Cu.
USGS work suggests gold veins in Lost Basin are relates to a 2-mica monzogranite found in the Gold Basin
Possible 2-mica granite below the Lost Basin range could explain the frequency of the significant mineralization in the area
This would fit a Reduced Intrusion Related Gold System (RIRGS)
Historic non-compliant percussion drilling has focused on the Copper Blowout area. We have identified a previously unrecognized zone or zones of potentially economic gold mineralization of comparable grade to the Fort Knox Mine in Alaska (0.83 g/t Au) and the Hammond Reef Deposit in Ontario (0.7 g/t Au).
Out of 54 holes:
19 holes average between 0.4 and 0.6 g/t, including a 32 m hole which graded 0.57 g/t.
8 holes average between 0.6 and 0.8 g/t
3 holes >0.8 g/t, including a 7.6 m hole grading 2.4 g/t
Only 8 holes averaged less than 200 ppb Au.
The bulk of the historic percussion drilling only covers 1.7 x 0.25km - a very small part in the centre of the property.
Limited drilling has identified higher non-compliant grades exist to the north:
26 m interval averaging 1.7 g/t Au
26 m interval averaging 0.7 g/t Au
6 m interval averaging 2.27 g/t Au
Thus there exists enormous “blue sky” potential to the north and south of the Copper Blowout area for large-scale bulk mineralization in addition to the high-grade mineralization observed throughout the property.
Usha has put together an aggressive plan to develop the Lost Basin asset:
Priority targets include new never tested wide zones of mineralization at surface as well as extensions laterally and to depth of historic areas. The program will be designed to capture widespread mineralization ideal for low cost production.
The Phase 1 2020 - 2021 field program is budgeted for $500,000 and will comprise the following:
Initial surface soil sampling, surveying, mapping, trenching and drilling
Airborne EM/MAG survey and IP survey over select targets
Detailed follow-up sampling and mapping of newly identified targets
The Phase 2 program, budgeted for $2 million and to immediately follow Phase 1, will include a 6,000 metre drill program to update and aggressively expand historic resources and test prospective targets.