Summary

The Jessup project is a high-level, intermediate sulfidation gold-silver deposit associated with a collapsed caldera complex. Several deposits have already been delineated in the district with significant amounts of Newmont land remaining completely unexplored.

Location

The project area is located approximately 48 kilometers west-southwest of Lovelock in the south-central portion of the Trinity Range, Churchill County, Nevada. The main district is 6 kilometers northwest of I-80 from the Jessup exit.

Land Status

Newmont controls more than 25 square kilometers of mineral rights through railroad, "checkerboard" private minerals across the area of interest.

History

Frank Jessup and L.H. Murray located the original claims within the district in 1908. Later in the same year several carloads of ore, said to average better than $100/ton, were shipped from the Gold King claim group, owned by John Macedon. In 1908 and 1909 several companies formed and performed a considerable amount of shallow, underground development work within the main portion of the district. Results were discouraging and work ceased. The value of the total production in the district is estimated at $15,000. During the late 1990's, Echo Bay drilled 123 holes throughout the district and was able to identify several new ore zones, both in the main part of the district and underneath the North Jessup pediment. At the end of the campaign, a non-NI 43-101 compliant resource estimate was completed by Mine Development Associates of 200,000 ounces gold and 2,000,000 ounces of silver at a 0.34g/t Au cutoff. The delineated resource occurs on the intervening checkerboard sections, while the formerly Santa Fe, currently Newmont sections, remain relatively unexplored.

Geology

The Jessup district is situated within the northern portion of a Mesozoic collapsed, acid volcanic center in a complex of interfingered volcaniclastic sediments, flows and tuffs of varying compositions. The system was resurgent, with one or more post-collapse magmatic events within the rhyolitic intrusives, domes and flow dome complexes in areas of ring and radial fractures. Some of the rhyolitic bodies were concurrently or subsequently altered and mineralized with precious metals and associated trace elements. Stratabound ore is hosted by a bedded tuff. Structurally controlled ore appears to strike west-northwest and dip gently to moderately south. Within the oxide zone, precious metals appear to occur as relatively coarse particles of free gold and electrum and as very fine inclusions in arsenopyrite rinds on very fine-grained sulfides. The mineralized chalcedonic silica exhibits characteristics indicating deposition very near the paleosurface of a hydrothermal system. This may indicate a zoned system where deeper portions of the system could potentially host more favorable silicification and higher grades of precious metals.

Databases

Newmont maintains an extensive database for the Jessup project.