The Palmetto Gold Project is located in Esmeralda County, Nevada, within the Walker Lane mineral belt. The Project covers over 700 Hectares which includes two known zones with epithermal gold mineralization in drilling and one past producing mercury mine. Historic work on the project did not explore the potential of a gold system at depth beneath the historic mercury mine, however current models of similar deposits would suggest that the mercury mineralization transitions to gold - silver mineralization at depth in a predictable manner that can be tested by drilling. Mercury at the historic mine was extracted continuously over a period from 1928 to 1955 and included over 4000 feet of underground tunnels.
High grade gold mineralization was first discovered on the property by Phelps Dodge in June of 1999 in the RC hole RPR-89-14, intersecting an average 0.331 ounces per ton over 275 feet. This discovery led to a flurry of drilling on the "Discovery zone", but due to ownership conflicts resulted in Phelps Dodge halting work on the property prior to any resource estimate, and the signing of a 60% back-in right agreement for Phelps Dodge and a retained 2.5% NSR (royalty) held by Phelps Dodge until it was recently relinquished by the property owner. In 2016 ML Gold acquired the right to earn 100% interest in the property with no royalties of any kind.
At least three different styles of gold mineralization are identified on the Palmetto property, placer gold, vein/free gold, and disseminated gold.
Significant work has been conducted on the property since the early 1980’s where ML Gold Corp has secured the private data and is currently under the process of compiling all historic work to develop a modern 3D model of the property wide geology, structures and mineralization.
Historic drilling defines a gold vein system at least 750m long up to 0.5 - 15m wide with gold grades up to 3.061 ounces per ton. Significant intercepts within this vein system are listed below:
|Hole #||Interval||Length||Gold||Silver||Hole Type||Company|
|From (m)||To (m)||(m)||(g/t)||(g/t)|
SIte Inspection at the Palmetto Project
Core Drilling on the Palmetto Project at the Discovery Zone
Exploration Plan on the property includes:
- Continued development of the 3D deposit model which includs all new and historic drilling, geology, geophysics and geochemistry data.
- Refining structural and geological controls on gold mineralization.
- Targeting new drilling in highly perspective areas including extentional / offsett zones.
- Test mineralized structures to depth, which remain open and untested.
- Confirm select historic holes to aid in resource calculation.
- Target and expand potential deposit to include bulk tonnage style mineralization.
- Completion of Resource Estimate.
- Assess historic mercury mine for potential of underlying gold-silver zone.
- permit and test underneath the historic mercury mine.
- Develop case for global ounces on the Palmetto project in the case a new gold zone is identified underneath this historic mercury mine.