Miranda Gold Corp. acquired through staking 52 claims in the southwest Trinity Range, in Churchill County, Nevada that comprise the NEON Project. The project covers approximately 1.5 square miles (3.9 sq. km) and is located 27 miles (43 km) northeast of Fernley, Nevada.
The Neon property was staked as an initial result of a Miranda generative program designed to secure gold exploration targets that can be generally characterized as quartz-tourmaline-gold systems related to intrusive rocks. The Spring Valley deposit, reported by Midway Gold Corporation as containing a 1.8 million ounce gold resource, is a first to demonstrate that quartz-tourmaline-gold systems can host significant gold deposits in Nevada.
The geology on the property and surrounding area includes Permian-Triassic meta-volcanic rocks. Variable amounts of tourmaline-bearing quartz veinlets occur throughout the meta-volcanic rocks on the project. Tourmaline in smaller quantities occurs as replacements, and within breccia and quartz stockwork. Predominant alteration types are bleaching and intense limonite oxidation. Twelve rock-chip samples taken by Miranda yield gold values in a range from non-detectable to a high of 0.473 oz Au/t (16.2 g Au/t). The high-grade sample has tourmaline in quartz and moderate to strong limonite. Trace elements associated with gold are bismuth and base metals suggesting an intrusive association for the gold system.
Miranda feels it is important to expose it shareholders to the discovery of exciting new deposit styles in Nevada while continuing to maintain a focus exploring for large sediment-hosted deposits in the Cortez Trend.
Miranda will implement an evaluation of the Neon property that will include mapping and geochemical sampling. In line with Miranda’s business model, a joint venture partner will be sought to further explore the project.
Samples were assayed by ALS Chemex Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30-gram sample with an atomic absorption finish. Samples were also analyzed for a 50-element geochemical suite by ICP-AES.