Vanderbilt Silver & Gold Project - Nevada
80% - Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project.
- Project size: 941 acres adjacent to Mineral Ridge Gold Project
- Golden Phoenix engages Telesto Nevada to prepare Vanderbilt Silver & Gold Project for exploratory drilling program. See August 25, 2011 press release
- Phase II underground sampling (3.5 miles of historic underground workings) was completed in March 2011 and resulted in average grades of 91.4 g/t silver and 1.74 g/t gold. See March 22, 2010 press release
- Phase I Sampling of Vanderbilt Silver and Gold Project; Grades Average 2.1 g/t Gold; 58.6 g/t Silver. See October 4, 2010 press release
Phase I Report Summary
The footwall contact between the Wyman and the alaskite granite could be mineralized throughout its entirety. If this is true, a future mine may be driven by the ore tonnage from the footwall alone. All of the mineralized quartz stock works and veins would be supplemental tonnage. Historic mining activities would have not likely extracted granite as ore, potentially leaving an untouched resource.
- In February of 2013, Golden Phoenix entered into an Amended and Restated Option Agreement to earn an 80% interest in the historic Vanderbilt Silver/Gold Mine in Esmeralda County, Nevada from Mhakari Gold (Nevada) Inc.
- To earn its 80% interest, Golden Phoenix is required to make certain cash payments totaling $110,500, issue a total of 20,000,000 shares of our common stock and expend a combined minimum of $2,000,000 on both the Coyote Fault and Vanderbilt Properties over a 48 month period.
According to a report published by the U.S. Geological Service in 1906, the Vanderbilt was the first area to be mined on Mineral Ridge beginning in the 1860’s and continuing into the early 1900’s. Mining methods during this period were labor intensive and crude by today’s standards. Rocks were often picked off the surface or explosives were used to follow a gold or silver vein into the ground one dynamite blow at a time. In order for a property to be productive, deposits needed to be rich.
The Vanderbilt Silver & Gold Project is located just outside of Silver Peak, Nevada. According to local history, the town was so named because of the Vanderbilt Silver Mine.
Cautionary Note: Although the early results of exploration on the Vanderbilt property look promising and may support the Company’s decision to continue expending its resources on further exploration, the test results set forth above are not yet sufficient to establish any proven or probable ore reserves under traditional mining standards, nor has there been sufficient exploration to determine if the extraction of precious metals on this property is feasible, from an economic point of view. Investors should not infer from these early assay results that there exists sufficient amounts of precious metals on this property to support profitable mining operations now, or in the immediate future.