With the recent signing of a binding agreement with Olympus Gold Corp, to purchase 100% of its issued and outstanding shares, Silver Rock will control 100% of two past producing gold claims located in Sierra County, California.
The Kate Hardy - Omega Mine Properties are located near the northern end of the historic Motherlode district. An aggressive exploration program is being planned for 2012 to expand the existing historic resources. The Company believes that it has the potential to uncover substantial new value on this Gold property.
The Property consists of two patented claims covering approximately 40 acres of patented land and 22 unpatented mining claims on 863 acres of unpatented land. The Property is located in the Alleghany-Downieville district, Sierra County, California.
The historic Kate Hardy mine was operated between 1879 and continued on and off until 1959. The mine was shut down around the time Gold prices were only around $30 per ounce. At that time the profit margin was not sufficient enough to make it feasible to operate the mine.
Kate Hardy Vein - South Adit
The reported historic average grade mined was about one ounce per ton. Because the MotherLode veins are known to be relatively rich, this seems like a reasonable estimate for that time. The development is comprised of 6,600 feet on 6 levels and is partially developed along 2,700 feet of strike length, which is the length of the two patented claims and 840 feet down dip. The fully developed vein forms a tabular body roughly 1,600 feet long by 840 feet deep. The estimated five foot vein will pinch and swell, and Au grades will likely vary from ounces per ton down to traces and nil.
Kate Hardy Vein - South Adit
In our evaluation we are using an average estimated grade of 0.25 ounces per ton, which seems sufficiently conservative, especially in light of published production averaging one ounce per ton.
Based on our interpretation of the 2009 NI 43-101 Technical Report the Company believes the total target for this deposit could be approximately 700,000 ounces of gold.
The Kate Hardy vein occurs in the valley of Oregon Creek, 200 to 400 feet west of the main serpentine belt that regionally marks the Western Melones Fault (See Geological Map below). The vein is hosted by sediments and volcanics of the Western Belt and occupies a southwesterly dipping reverse fault that is later than structures associated with the eastdipping Melones Fault Zone.
Shear Zone in the immediate hanging wall of the Kate Hardy vein, showing C-S fabric with west over east sense of shear (looking north). No. 1 Level South drift, Kate Hardy mine.
South of Oregon Creek, the Kate Hardy vein system varies between 5 feet to 55 feet in width, and has a minimum strike length of 1,000 feet on the surface and 1,270 feet underground along the No. 1 Level South drift. On surface, to the south, the vein is quite consistent at 337 degrees (N23°W). The dip of the vein varies between 70 and 85 degrees southwest and appears to steepen with depth. It crosses the slates at a small angle and dip.
To the north of Oregon Creek, the vein system is defined by outcrops of relatively narrow, west-northwesterly trending stringer zones that generally dip toward the southwest.
High grade gold ore from the 390 stope at the Kate Hardy mine. Vuggy, milky quartz with course gold.
All the northern underground workings are now inaccessible. Historical underground mapping to the north shows a single, fairly continuous vein that varies from several inches to about 12 feet in width (Alderman, 1975). The vein was developed for a distance of 1,350 feet north of Oregon Creek along the No. 1 North drift (Carlson and Clark, 1956), where its strike varies between 340 and 347 degrees (N20°W -- N13°W). At this location, the dip of the vein is generally between 70 and 80 degrees southwest. The vein appears to be swallowing with depth, based on Alderman's mapping along the northern part of No. 3 Level North drift.
The Kate Hardy zone is reported to extend further north, at Finan prospect along the contact of serpentine with slate which was reported in both tunnels of the prospect. In places the serpentine cuts the slate sharply; elsewhere there is a crushed zone as much as 3 feet in width along the contact. Quartz is found in the slate close to the contact but only in small discontinuous stringers. Some of these stringers follow the slaty cleavage and others cut across it. The quartz must have been introduced later than the crushing of the slate, for the quartz stringers in the crushed slate are massive and unbroken. (Keewatin report 1991, Ferguson and Gannet 1932).
The Kate Hardy vein consists of milky, commonly vuggy white quartz that is divided along the plane of the vein by anastomosing to roughly parallel stylolitic partings of chlorite, sericite and talc to give a classical ribbon structure. Graphitic partings also define this texture and occur more often toward the hangingwall of the vein. Trains of elongate wall-rock inclusions and angular listwaenitized inclusions are common throughout the vein.
Omega Placer Mine
The Omega Placer Mine geology mostly comprised of igneous gravel containing a small percentage of white quartz cobbles. Cobbles vary in size from a few inches to one foot in diameter and are tightly cemented by sand and silt. Very little clay is present. The direction of paleochannel is not well understood, however it is documented that these gravels represent an intervolcanic hiatus, unrelated to the ancestral Yuba River placer (Keewatin report 1991).
There are numerous public Gold mining companies operating in proximity to the Kate Hardy - Omega Mine.
(Click the symbol to see current stock quotes)
Sutter Gold Mining Inc.
- (TSX Venture - symbol: SGM
North Bay Resources Inc.
Ruby Gold Mine - (OTC BB: NBRI