Highway 50 Gold (HWY-V) Oct 14, '14 is in receipt of drilling permits for its Porter Canyon project located in Lander county, Nevada. A total of 17 drill sites are permitted within the Toiyabe National Forest with an additional five sites being permitted on adjacent Bureau of Land Management tenure. The construction of drill pads and sumps is under way. Drilling is scheduled to commence imminently.
Porter Canyon
The 100-per-cent-owned Porter Canyon claims occupy a pediment covered bench to the west of the former operating Quito mine, a classic Carlin-type deposit. Exploration work to date has discovered Carlin-type mineralization in outcrop and float, and provides the impetus for follow-up drilling. Projected geology from the adjacent rangefront suggests the claims cover an open shallowly plunging, northwesterly trending, breached anticline which is cored by Roberts Mountains formation and capped at least in part by Upper-plate lithologies. The northern limb of the anticline is fault bounded, shows extensive solution collapse and intermittent mineralized jasperoids over a 1.5-kilometre strike length. The anticline is projected to intersect the western edge of the Quito Lower-plate window approximately 1,200 metres west of the rangefront. Management believes this is an ideal setting to host a large Carlin-type gold deposit.
This news release has been reviewed by Gordon P. Leask, PEng, president and chief executive officer of the company, and a qualified person (QP) as defined by National Instrument 43-101 (standards of disclosure for mineral projects).
Stock options
The company has granted incentive stock options to directors, officers and employees to purchase up to 620,000 common shares at a price of 41 cents per share for a five-year period, pursuant to its stock option plan. |
