Gold Rock Project

 

Gold Rock is the sister project to Pan at approximately 10.5 km to the southeast. Many have asked why develop Gold Rock now before Pan is in production. The answer is simple – we are building a business in mining. In order to have a profitable and well-timed production profile, we must build the assembly line now. We are leveraging the development and permitting experience gained at Pan to accelerate the development at Gold Rock. We believe this will result in cost savings, reduction in lead-time to production, and a more efficient development and permitting process.

Gold Rock is expected to be a low cost open pit, heap leach similar to Pan. There is significant potential for the resource to grow and exploration is ongoing. An update to the Resource Estimate was completed in May 2014. Mine permitting initiated in April 2013.

Gold Rock Production is Targeted for 2017

 
View NI 43-101 Technical Reports

Geology & Mineralization

Gold Rock is in the eastern Pancake Range in western White Pine County, Nevada. The property is 8 km southeast of the Pan Project and approximately 104 km from Ely, Nevada. Historic production came from the Easy Junior open pit gold mine in the 1980s and 90s.

Midway estimated a gold resource based on historic drill results and validation/confirmation drilling in 2011 by the Company. A resource of 310,000 ounces (oz) of gold in the Indicated category and 331,000 oz of gold in the inferred category is shown in the table below. This represents a significant increase over the previously reported historic estimate. The current resource extends for 2,500 meters north and south from the existing open pit and appears to be open in all directions.

Mineralization at Gold Rock is typical of Carlin systems in Nevada. Alteration includes silicification, argillization, decalcification, and oxidation. Silicification occurs as zones of moderate to strong silica flooding along bedding and structures, primarily in the Joana Limestone. Jasperoid within the Joana Limestone carries significant amounts of gold. In surface outcrops, Joana-hosted jasperoid occurs along strike both north and south of the deposit for over 12 km and is often found in association with anomalous gold values. 

 

Resource Estimate

Resources(1)
Tonnes
Grade
Contained
 
(‘000s)
(g/t)
(‘000s oz)
Measured
1,730
0.79
44
Indicated
18,485
0.79
469
M&I
20,215
0.79
513
Inferred 
24,303
0.69
536
 

Note: The tonnage and total ounces of gold were determined from the statistical block model. Average grades were calculated from the tonnage and total ounces and then rounded to the significant digits shown. Calculations based on this table may differ due to the effect of rounding.

 

(1) Resources as per Independent NI 43-101 compliant Technical Report by Gustavson Associates, LLC (May 2014). Uses a cutoff grade of 0.27 g/t.  



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