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Target: Carlin-style epithermal gold target hosted in Paleozoic sediments. Targets include graben-bounding structures with highly anomalous gold and trace elements in jasperoids.
Location: The Leonid project is about 30 miles south of the town of Carlin and straddles the boundary of Elko and Eureka Counties. The Leonid project consists of 76 unpatented lode claims owned by the Company.
Ownership: AuEx has entered into an exploration agreement with Nevada Superior, Inc. - a private Nevada company - who will fund $1.5mm in exploration on the property to earn an undivided 50% interest.
History: There is no known previous exploration history to this area accept for some old barite workings, yet it is an area that has seen considerable regional exploration.
Leonid is located in the southern portion of the Carlin Trend and was initially defined from proprietary processing of satellite imagery that showed hypogene alteration in an area of Paleozoic shale. Outcrop sampling during subsequent ground follow-up confirmed anomalous Carlin-type pathfinder geochemistry, vein style barite breccias and jasperoids on large structures that defined a graben-like feature within which the satellite anomaly was located.
Geology: This is a classic Carlin style district with a similar lithological and structural setting as at the Rain Mine located 30 miles to the north. Outcrops of anomalous jasperoid at the base of the Woodruff that are hosted in lower Mississippian dirty carbonates are exposed along a graben structure. Regionally this is known as the Roberts Mountain Thrust but may be related to another of the Mississippian tectonic events occurring in Northern Nevada that were once thought to be part of the single Roberts Mountain Thrust.
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