PRECIOUS METALS — Nevada Pacific aims drills at Moreau project

Junior Nevada Pacific Gold (NPG-V) has begun a 4,000-ft. program of reverse-circulation (RC) drilling at its fully owned Moreau gold project, near Parker, Ariz.

The company will test for gold mineralization associated with a low-angle detachment fault system and the high-angle structures that cut the detachment fault.

The property is underlain by Tertiary sandstones and conglomerates that are in fault contact with Precambrian-age quartz-feldspar-chlorite gneiss. The gneiss is intensely brecciated along the detachment fault and in areas where it has been cut by high-angle structures.

Copper was mined on the property in the early 1900s. The historic Moro workings yielded 49,710 tons averaging 4.69% copper, with minor silver and gold values. Nevada Pacific has found visible leaf gold in both the dumps and old workings.

During the mid-1980s, Phelps Dodge conducted exploration on the property, including the drilling of 12 RC holes. Also, Gold Fields Mining carried out mapping, sampling and reconnaissance work on Moreau and the surrounding area in 1983 and the early 1990s.

Nevada Pacific geologists have collected a total of 145 samples from surface and underground workings. Surface chip sampling yielded peak values of 0.65 oz. gold per ton and 20% copper, while underground sampling returned numbers as high as 0.51 oz. gold and 1.59% copper. The underground workings averaged 0.091 oz. gold for 36 samples, including a section averaging 0.16 oz. over 85 ft.

The junior has other gold projects, mostly in Nevada. Earlier this spring, it inked a deal allowing Newmont Mining (NEM-V) to earn 50% of its Limousine Butte gold project at the extreme south end of the Carlin trend.