System Type:

Classic epithermal, quartz-calcite veining, breccias and strong stockwork zones.

Strike-Length:

The iris vein is a calcite-dominated, banded, epithermal vein that trends north-south and is traceable at surface for a strike length of 400 meters. 

Resource: 

None at this time. 

Location:

The Iris target is located 230 metres west of the Homestake target and 450 metres east of the Grey Eagle resource within the Nevada portion of the Gold Springs property. 

Drilling:

During 2013, four drill holes (GE-13-017 to GE-13-020) were completed to test the southern extension of the Iris zone. These holes failed to intercept significant mineralization comparable to that observed in the historic workings. However, the complex structural elements observed at the Grey Eagle target, where the system is down-dropped to the south, may apply to the Iris area and further evaluation of the data is warranted. No drilling has been completed in the immediate area of the historic Iris workings.

Geophysics:

The Iris-Homestake target areas are only partially covered by the ground-based CSAMT survey which shows a shallow resistivity high in this area. The target is situated on the edge of a resistivity high as defined by the airborne ZTEM survey which correlates well with this same relationship seen in the resource areas.

Geology: 

The iris vein is a calcite-dominated, banded, epithermal vein that trends north-south and is traceable at surface for a strike length of 400 metres. Together with the Homestake vein sets the system represents a classic epithermal vein target with potential for bonanza grade mineralization at the intersection of the two vein sets. The Homestake veins are two parallel veins of banded and bladed quartz that dip shallowly to the west, while the Iris vein is a calcite-quartz banded vein dipping steeply to the east. Where these veins intersect there is potential for high-grade mineralization.

Structural Geology:

The Iris target shares structural settings with the Homestake area and is located between the North Grey Eagle and North Homestake right-lateral strike-slip faults and the margin of a large collapsed caldera. These features combine to make this area structurally complex providing several high-priority target areas.

Historical Mining: 

The historical Iris underground mine produced high-grade gold from one shaft estimated to be roughly 180 meters deep, two adits and several pits and trenches. Samples from old stockpiles of ore return gold grades of 38.09 g/t.

The main vein forms a subdued outcrop pattern which can be traced for 240 meters along a north-northeast strike and steep easterly dip. The vein is composed of a quartz and carbonate stockwork network. The Iris trench 75 meters to the north of the Iris shaft was sampled by GRC and averaged 9.27 g/t gold and 16.22 g/t silver along a 20 meters length.

Geochemistry:

The Iris vein grades as high as 30 g/t gold. Trenching performed in 2016 along the Iris vein continually returned values of 2 to 17 g/t Au along the 20-meter strike length of the vein exposed in trenches. Values greater than the resource cut-off grade of 0.25 g/t Au are listed in the table below:

Table: Rock Chip Sampling Results from the Iris target:

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