Homestake Ridge - British Columbia
In 2011, Homestake Resource reported an updated mineral resource estimate, (NI43-101 compliant) of 191,000oz gold and 1,350,000oz silver indicated plus 530,000oz gold and 13,470,000oz silver inferred at a 3.0 g/t AuEq. cut-off in two separate deposits.
Homestake Resource Corporation
Homestake Resource Corp. is a Canadian-based exploration company, committed to increasing shareholder value with an experienced management team that has successfully demonstrated the ability to identify, explore and develop gold/silver properties within North America.
The Company’s major asset is the 100% owned 2,585ha Homestake Ridge Project in B.C., a gold-rich epithermal/VMS-related vein system hosted within Eskay Creek equivalent stratigraphy, which is rapidly advancing with excellent drill results. Since 2003, Homestake Resource has completed 58,736 meters in exploration and delineation drilling on the property. In 2011, Homestake Resource reported an updated mineral resource estimate, (NI43-101 compliant) of 191,000oz gold and 1,350,000oz silver indicated plus 530,000oz gold and 13,470,000oz silver inferred at a 3.0 g/t AuEq. cut-off in two separate deposits (1).
Recently, the Company substantially added to its land position in the area by acquiring the Kinskuch Project, which is a 59,600ha package of land contiguous to the Homestake Ridge Project. This project contains several highly prospective exploration and drill ready targets within similar stratigraphy to the Homestake Ridge Project. Homestake Resource plans to target some of these with an aggressive geophysical, surface exploration and drilling program in 2011.
The Company’s Nevada holdings, strategically located within the Battle Mountain/Eureka, Walker Lane, Northern Nevada Rift, Austin and Kings River Rift gold trends, have been spun-out to Bravada Gold Corp. Homestake Resource holds a 9.76% shareholding interest in Bravada Gold Corp.
Homestake Resource Corp. is affiliated with Manex Resource Group, a private company comprised of an exceptional multi-disciplinary team of professionals, with specific expertise in all the areas of exploration, development and public company administration.
(1) The current estimate for the Homestake silver deposit was carried out using 2D block models, comprising arrays of 10 m x 10 m blocks, oriented as vertical longitudinal projections. Models were constructed for nine individual parallel zones, each representing an identifiable mineralized horizon within the Homestake Silver deposit.. Values for accumulated metal (grade x thickness) for silver and gold, as well as true thickness were estimated into the blocks using Inverse Distance to the Third Power weighting (ID3). Gold and silver grades were back-calculated by dividing the estimated block accumulated metal value by the estimated true thickness. The interpolations were carried out in two passes, the first using a maximum search of 100 m with a minimum requirement of two drillholes, the second using a range of 75 m and a minimum of one drillhole. Block volumes were estimated by multiplying the area (ie. 100 m2) by the estimated thickness. Bulk densities were based on a total of 821 measurements taken by Homestake Resource field personnel from the mineralized zones. Where enough measurements were available, average densities were estimated for the individual zones. These density values ranged from 2.60 t/m3 to 2.81 t/m3. For zones with too few measurements to determine a reliable mean, the average for the entire dataset, 2.75 t/m3, was used. High assays were capped, prior to compositing, at 50 g/t Au and 1500 g/t Ag. The Homestake Silver estimate was entirely classified as Inferred Mineral Resources. Blocks qualified as Inferred if they fell within 75 m of a drillhole intercept. The Main Homestake Zone resource was not updated from the 2010 resource. For detailed parameters see NR-10-05.