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Target: Pasco Canyon is a low sulfidation, epithermal gold-silver target hosted within tertiary volcanics that was initially defined from proprietary processing of satellite imagery. The satellite mapped a 400 x 600 meter area of bladed quartz after calcite defining a boiling zone near the intersection of two caldera complexes.
Location: The Pasco Canyon project is located in proximity to the Round Mountain, Gold Hill and the Northumberland mines on the east side of the Toquima Range in Northern Nye County Nevada. Currently the project consists of 24 unpatented lode claims owned by the Company.
Ownership: On February 17, 2006 AuEx Ventures reported that it had executed an exploration option agreement with Piedmont Mining Company, Inc. In accordance with the terms of the agreement, Piedmont paid AuEx $10,000 upon execution and is required to expend at least $50,000 during the first year. A total of $1,000,000 must be expended by Piedmont within 5 years total to earn a 60% interest in the property whereupon a joint venture would be formed.
History: AuEx staked the Pasco Canyon property in 2003 based on interpreted Landsat satellite imagery that identified a 400 meter by 600 meter area of brecciated tertiary volcanics containing quartz replacing bladed calcite and low temperature silicification with anomalous pathfinder geochemistry. Prior to discovery this area had never been staked or identified on any published maps despite its proximity to the major nearby gold deposits at Northumberland, Round Mountain and Gold Hill.
Geology: Pasco Canyon is on the margin of the Mount Jefferson and Toquima Calderas (Hardyman unpublished mapping for the USGS). AuEx believes that the surface rock exposures represent the upper portion of a low sulfidation gold system.
A large area of breccia composed of volcanic fragments and containing coarsely bladed quartz after calcite (representative of high level boiling) contains low values of gold up to 200 ppb, elevated values in arsenic, antimony and mercury and is thought to represent the upper portion of a classic epithermal system similar to others in the area. The hanging wall side of the fault is covered by alluvium but contains a well-defined magnetic low similar to the magnetic low developed in the area of mineralized volcanic breccia on the footwall side of the fault.
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