Pony Creek-Elliott Dome
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The Company has earned an 80% interest in the Pony Creek / Elliot Dome property, totaling 7,285 hectares (28 square miles), located in the prolific Carlin Trend, Nevada, U.S.A. Grandview is currently aggressively exploring and developing the Pony Creek / Elliot Dome property.
The Carlin Trend consists of a 40-mile long north-west/south-east gold belt that contains more than 20 major gold deposits including Newmont's Rain and Midas mines and Barrick's Goldstrike Property, host to the Betze-Post and Meikle mines. The region is North America's most prolific gold producing area, having produced over 50 million ounces of gold since the mid 1960's. Considered the second largest gold depository in the world, preceded only by the Witswatersrand region in South Africa, the Carlin Trend is estimated to host a gold resource of over 100 million ounces of gold.
Since 1980, approximately US$9.5 million has been spent on exploration of the Pony Creek/Elliot Dome Project. Past work conducted by companies including Newmont, Barrick, Uranerz and Homestake has included stream sediment sampling, soil sampling and geochemistry, mapping, geophysical surveys, data compilation and analysis and RC drilling. A total of 184 drill holes (109,940 feet) have been drilled on the Pony Creek Property to date. From 184 drill holes, for which information is available, 93 drill holes (50.3%) have gold intercepts of at least 5.0 feet grading 0.010 ounces of gold per ton.
All significant gold mineralization outlined to date on the Pony Creek Property appears to be directly related to felsite breccias formed within a rhyolite intrusive. Over 90% of the mineralization discovered to date on the Property lies within 500 feet of the surface and occurs primarily along north and north-east trending structures within the rhyolite intrusive body and in silicified and altered Mississippian to Permian clastic rocks immediately beneath and adjacent to the intrusive. Recent evaluation of gold potential on the Pony Creek Property has resulted in a calculation of an inferred gold resource of 32.4 million tons at a grade of 0.044 ounces of gold per ton for 1.43 million ounces of contained gold.
Premium Geological Setting
- Five square miles (approx five miles long by one mile wide) of identified mineralization, alteration and intrusions.
- Several very strong basement faults that trend west-north-west.
- Sits on huge Carlin Type system - same structure as 2 million oz Rain Deposit.
- Pre-Cambrian fault common to large porphyry gold systems.
- Minimum three major WNW faults and other major NS, NE faults intersect to form signature stratigraphic wedge; architecture common to all large economic Nevada gold systems.
- Mississippian Webb Formation, which runs below the property, hosts almost all the major gold deposits found in the south of the Carlin Trend.
- Geology and geography suggest high probability of identifying other large resources within the 28 square mile Carlin Trend property.
Grandview Gold is currently engaged in an aggressive program of exploration and development to determine the full potential of this prime gold property.
While a significant gold resource has been outlined within 500 feet of the surface, the Company believes that, based on the geologic setting at Pony Creek, considerable potential exists for the identification of additional resources at depth, below the 500 foot level. This idea is also supported by the fact that the Mississippian Webb Formation, found beneath the Property, has been identified as the host to almost all of the major gold deposits found in the Southern Pinyon Range, but remains virtually unexplored at Pony Creek.
Based on the positive results of the previous drilling programs and NI 43-101 reports Grandview Gold has completed stages one and two of a multi-stage drilling program. Three primary target areas and several proximal areas of interest have been identified. The three primary target areas are identified as Pony Creek West, Red Rock, and Pony Creek South. Pony Creek North and other areas of interest will continue to see work as the program permits. See Company News for details of work done to date over the identified target areas. The company is mid-way through the Pony Creek 2007 drilling and exploration program over the three targets areas and will post results on the Company News pages as they come available.
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CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED RESOURCES
This section uses the term “inferred resources.” We advise U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. “Inferred resources” have a great uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically and legally mineable."