The New Pass project is a gold and silver property which, is comprised of 107 unpatented lode mining claims (2,231 acres). The property is located in eastern Churchill County, Nevada; in the New Pass Mining District, 27 miles west of Austin, Nevada and 105 miles east of Reno. Iconic Minerals has a controlling interest in the property, in a joint venture with White Knight Gold U.S. Inc., (now U.S. Gold), with Iconic earning a 50% interest.
Drilling completed by predecessor companies and the JV has, to date, established a mineral resource of the New Pass project, using the CIM Definition Standards and the criteria set out in the NI 43-101 report. The property currently contains an Inferred Mineral Resource of 15,515,488 short tons at 0.022 ounce per ton (opt) gold equivalent or 341,750 ounces of gold equivalent. Approximately 75% of this resource is oxidized and may be amenable to open pit, heap leaching, the remainder of the resource consists of mixed oxide and sulfide. A 0.010 opt (ounce per short ton) cut-off was used to create the Inferred Resource. This cut-off is at, or above the cut-off grades used at existing open pit gold/silver mines and defined resources in Nevada.
New Pass 2009 Resource Summary
Inferred Resource Summary
|Total Short Tons||Avg Grade Au EQ (opt)||Contained Ounces (AuEQ)||Avg Grade, Ag Only (opt)||Contained Ounces, Ag Only||Avg Grade, Au Only (opt)||Contained Ounces, Au Only|
|This inferred resource is derived from several mineral shapes encompassing all the drilled mineralized zones. It occupies areas where drill densities may not support an 'indicated' category.|
- DeKalb Mining first discovered gold on the New Pass Property, as a result of follow-up work to a NURE stream sediment survey
- DeKalb transferred ownership of the claims it had staked to Northern Illinois Coal, Oil and Resources Mineral Ventures ("NICOR")
- NICOR and its successor, Westmont Gold, Inc., explored the property from 1982 through 1992, and drilled over 150 reverse circulation holes
- Westmont Mining published a non-compliant 43-101 Indicated Resource for the New Pass project in 1989 (Wilkinson, et. al., 1989)
- Applying a 0.02 ounce per ton Au cutoff, Independent Mining Consultants of Tucson, Arizona calculated that the deposit contained 3.371 million tons that graded 0.042 oz/t Au, or a total of 142,000 contained ounces of gold
- Consolidated Ramrod Gold (USA), Inc. ("Ramrod") acquired New Pass in 1993
- Santa Fe Pacific Gold Corp completed 11 reverse circulation drill holes on the property under an exploration agreement with Ramrod
- Ramrod was reorganized ad renamed Quest USA Resources, Inc.
- Quest sold the New Pass property to White Knight Gold (U.S.), Inc.,
- White Knight completed 1:6000 scale mapping, collected 250 rock chip samples, prepared geochemical overlays for all surface rock chip data, and constructed 100 foot cross sections with an Interdex mining software program
- Bonaventure enters into a joint venture with White Knight Resources Ltd., 2004
- Surface samples were taken and submitted to BSI Inspectorate for analysis and technical evaluation based on the NI 43-101 guidelines
- A resource calculation and drilling results for New Pass, were taken and filed with the Exchange 2006
- In 2009, NI 43-101 was updated at the request of Bonaventure Enterprises, including summary report, resource estimations, and all drilling that took place up to 2008
- Geology Maps
- Iconic Minerals completed a total 11 holes of 5,690 feet (1,734 m) of angled reverse circulation (RC) drilling. Drilling samples were collected in continuous 5 foot (1.5 m) intervals, with a split of the original kept for re-assay or metallurgy. (The program, which is part of a 50/50 joint venture with McEwen Mining Inc., in order to expand the existing resource)
- Bonaventure Enterprises completed 28 reverse circulation, inclined drill holes. An additional 5 holes were drilled in 2006, 32 holes in 2007 and 24 holes in 2008, including three core holes
- White Knight completed 1:6000 scale mapping, collected 250 rock chip samples, prepared geochemical overlays for all surface rock chip data and constructed 100 foot cross sections with an Interdex mining software program
- Santa Fe Pacific Gold Corp completed 11 reverse circulation drill holes, these holes were vertical, between 840 feet and 1000 feet in depth
- NICOR and Westmont Gold Inc. explored the property and completed a total of 165 reverse circulative drill holes
Bonaventure has records and data for a total of 266 drill holes on the property. Total drilling footage of these holes is 100,217 feet, for an average hole-depth of approximately 375 feet. Of these 266 holes, 236 had sufficient mineral intercepts (greater than or equal to 0.01 opt AuEq) to be included in the resource calculation.
This ‘gold equivalent’ value is derived from gold (Au) value in ounces per ton (opt) combined with the silver value in opt at a 60:1 Au:Ag ratio. Geologic interpretation and topography were honored in constructing each of these polygons.
The 0.01 opt AuEq cut-off was chosen to be at or above the cut-off grades used at existing mines and defined resources in Nevada. These mines are primarily open pit heap leach operations, but do process lesser amounts of higher grade sulfide material.
Examples are as follows:
|Barrick PipelineCortez Mine||Cut-off = 0.003 opt Au (Noland, 2008)|
|Barrick-Kinross Round Mountain||Oxide cut-off = 0.006-0.018 opt Au
Sulfide cut-off = 0.010-0.018 opt Au
(Kinross Annual Reports, 2003-2008)
|Allied Nevada Gold Corp||Oxide Cut-off = 0.008 opt Au Sulfide Cut-off = 0.018 opt Au (Wilson, S. E., 2009)|
|Coral Gold Resources Ltd||Combined Cut-off = 0.0106 opt Au (Coral Gold, 2009)|
New Pass 3D Model
New Pass 2013 Drilling Results:
New Pass Historical to Present Drilling (2013):
New Pass Inferred Resource by 3D solid:
New Pass Plan View of Inferred Resource 3D solid:
Potential Exploration Targets