Spring Valley Project

Spring Valley is Midway’s third project in Nevada.

Barrick officially earned a 70% interest in the project in February 2014.

They achieved this earn-in well ahead of the scheduled expenditure requirements.

Barrick is the operator.

 
View NI 43-101 Technical Reports

Geology & Mineralization

The Spring Valley deposit is a large, porphyry hosted gold resource located in the Spring Valley Mining District, Pershing County, Nevada, approximately 20 miles northeast of the town of Lovelock.

Spring Valley is a porphyry/diatreme hosted gold system beneath pediment gravels. Gold is occurs along the top of a porphyry intrusion, and in overlying volcanic rocks, at stratigraphic contacts, in fracture zones, and in the remains of a diatreme breccia. Gold mineralization occurs in sheeted quartz veins, hydrothermal breccias, and open fractures over an area 5,200 feet long by 3,500 feet wide that extended to a depth of 1,400 feet. It is commonly found as grains of easily liberated coarse gold. Coarse, easily liberated gold up to 3 mm across shows excellent recovery in metallurgical testing.

A May 2011 updated resource estimate released by Midway reported 2.16 million ounces of gold in the combined Measured and Indicated categories (144.8 million tonnes at a grade of 0.46 gpt Au), plus an additional 1.97 million ounces of gold in the Inferred category (103.9 million tonnes at a grade of 0.59 gpt Au). See table below.

Additional in-fill drilling, metallurgical testing, and mine planning is scheduled in 2013.  

Resource Estimate

 
Resources(1)
Tonnes 
Grade 
Contained 
 
(‘000s)
(g/t)
(‘000s oz)
Measured
59,032
0.49
931
Indicated
85,793
0.45
1,229
M&I
144,825
0.46
2,160
Inferred 
103,935
0.59
1,971
 

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, 2011). Uses a cutoff grade of 0.14 g/t.  An updated report “Updated NI 43-101 Technical Report on the Spring Valley Project, Pershing County, Nevada” dated November 29, 2012 was filed to clarify responsibilities of the Qualified Persons and to clarify language regarding capping, density, and cut-off values. This updated report made no changes to the resource estimate.

Earn In Requirements

The Spring Valley project is a joint venture with Barrick with Barrick earning a 70% interest in the project in 2014. Barrick funded 100% of the costs to earn an interest in this project. Midway may elect to retain a  25% interest and be carried to production by Barrick. This would mean Barrick spends all the monies and Midway would pay back its share of the capital out of 90% of its cash flows from Spring Valley at a rate of prime +2%. 

 

 



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