Pan Project

• Pan Production Achieved Q1 2015
• Project Approach – Simple, Manageable, Financeable
• Low Cost – Open Pit, Heap Leach
• Permitting Complete December 2013



View NI 43-101 Technical Reports


Geology & Mineralization

The Pan property is located at the northern end of the Pancake mountain range in western White Pine County, Nevada, approximately 22 miles southeast of Eureka, Nevada, and 50 miles west of Ely, Nevada.

Pan is a Carlin-style, epithermal, disseminated, sediment-hosted gold system. The gold mineralization occurs in elongate breccias along the Pan fault, and along sedimentary bedding near unit contacts. Host rocks are dissolution/collapse breccias in the Pilot Shale and, to a lesser extent, the Devils Gate Limestone. The resource outcrops at the surface and is entirely oxide mineralization.


Resource Estimate

2015(1) Measured Indicated M&I Inferred
Cutoff Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(g/t) ('000s) (g/t) ('000s oz) ('000s) (g/t) ('000s oz) ('000s) (g/t) ('000s oz) ('000s) (g/t) ('000s oz)
0.27 14,221 0.58 264.7 11,075 0.47 167.4 25,298 0.53 433.3 5,456 0.50 88.4
0.21 16,637 0.53 283.3 14,350 0.42 192.8 30,987 0.48 477.1 8,634 0.41 112.5
0.14 18,534 0.49 293.4 17,404 0.38 210.1 35,937 0.44 503.8 13,971 0.31 141.1


Note: Open pit optimization was used to determine potentially mineable tonnage. Measured, indicated and inferred mineral classification was determined according to CIM Standards. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
(1)The Mineral Resource Estimate was prepared by Gustavson. The 2015 Measured, Indicated and Inferred resource was constrained within a $1,500 Lerchs-Grossman Pit shell. The base case estimate applies a cutoff grade of 0.14 g/t is based on the current operating costs, the 2011 Feasibility Study recoveries, and a $1,200 gold price. A complete description of the modeling method, environmental and other project risks will be disclosed in the full technical report to be filed on Sedar within 45 days. Gustavson completed the mineral resource estimate, with Zachary Black acting as the Qualified Person.


Mining & Processing

The near-surface Pan gold deposit is ideally suited for open pit mining methods. The pit would have zero pre-strip and a low 1.8:1 life of mine strip ratio. Grade distribution and metallurgical testing show that the ore can be processed by conventional heap leaching methods with an average estimated recovery of 75%. As a result, this shallow, oxide gold deposit can be extracted using simple, low cost mining and processing methods. Pan will be mined from two separate open pits, North and South, for a total mine life of nine years. Ore from both pits will be processed on a central leach pad. 

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