Vancouver — Armed with $1 million in financing,
Mineralization on the historic property was first developed in 1905, and the mine was later worked intermittently throughout the late 1960s. The mine consists of shallow shafts and cuts, along with two major shafts in excess of 200 ft. deep. The main shaft is centred on the crest of a hill, which stands out above the surrounding pediment surface. The workings include a few discrete levels and many connected dog holes, chutes, raises and stopes. The second significant shaft is just northwest of the main hill and was sunk in a more traditional manner with at least one level at 200 ft.
Underground grab samples returned up to 0.54 oz gold and 11.1 oz. silver per ton.
The 10-hole drill program will target near-surface oxide mineralization on Clifford Hill, as well as deep feeder zones.
The project is part of the Thunder Mountain property, in which the junior acquired a half interest in 2002 from a subsidiary of
The Thunder Mountain property is on the western edge of the Hannapah mining district in the Tonopah trend portion of the Walker Lane structural zone. The deformation zone is characterized by a series of parallel-to-subparallel, northwest-trending strike-slip faults extending for several hundred kilometres; these run parallel to the Nevada-California border, south of Lake Tahoe.
The Tonopah trend runs east-west and is defined by low-sulphidation epithermal gold-silver districts along the major Warm Springs and Kawich-Toyaibe lineaments.
Mineralization occurs along both west-northwest and north-south structural zones and comprises quartz and quartz-carbonate vein textures indicative of the upper levels of a low-sulphidation epithermal mineral system.
In the 1960s, the property was mined, on a small scale, for gold and silver. Activity was focused on a pronounced ridge of silicified rhyolite that hosts a series of high-level epithermal veins. Sampling of the historic workings returned up to 31.8 grams gold and 4,656 grams silver per tonne.
Results from last year’s drill program, which was designed to test for bonanza-type gold structures, returned only low-grade gold-silver values. The best intercept yielded 0.09 oz gold and 4.9 oz silver over 5 ft. Based on the disappointing values, the junior shifted focus to the nearby Clifford prospect.
To fund the drilling, Castleworth completed a $1-million financing consisting of 1.7 million units priced at 60 each. A unit holds one share and one warrant. Two warrants allow the holder to buy an additional share at 80 for one year.
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