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Target: A large low sulfidation epithermal gold system related to a bimodal Miocene rift. Major structures, potential volcanic feeders and the basement interface are the primary targets.
Location: The Bunce project is west of Lovelock in Pershing County Nevada. . The property consists of 148 unpatented mining claims and 4,800 acres of leased or optioned fee land for a total of over 7,700 acres and is located about 14 miles southwest of AuEx's Trinity Silver project.
Ownership: On June 7, 2006 AuEx granted North Range, a private Newfoundland, Canada based company, an option to earn a 51% interest in the Bunce project by funding $2,000,000 in exploration within four years and paying all underlying land and lease payments during that four-year earn-in period. North Range paid AuEx $15,000 on signing and is obligated to fund $250,000 of exploration in the first year of the option. AuEx will be the operator during this earn-in phase. North Range may then elect to earn an additional 9% interest (60% total) by spending an additional $2,500,000 at no less than $500,000 per year and may earn an additional 10% interest (70% total) by funding all expenditures through completion of feasibility. Bunce is located approximately 20 miles northeast of Lovelock in Pershing County, Nevada.
History: The Bunce Project is a consolidation of two mineralized areas (Bunce and Velvet) that are connected by a large, high-level alteration system. The area contains a low sulfidation, epithermal gold-silver target hosted within tertiary volcanics. Drilling by previous explorers has defined a small zone of gold mineralization in one area and several other areas with thin intercepts of greater than one ounce gold. Previous drilling is very limited relative to the size of the exposed alteration system.
Geology: High-level alteration consisting of chalcedonic and opaline silica, argillization and anomalous pathfinder geochemistry appears widespread and suggests that the mineral system is large. Drilling has been focused in the high-level acid sulphate overprint above the paleo water table. Recent drilling by AuEx has encountered a low sulfidation hypogene gold bearing zone that should allow for better vectoring. Numerous targets remain untested throughout this unusually large epithermal system. Detailed ground magnetic and gravity surveys have helped to define structures and potential feeder zones for testing. Importantly, the basement interface has never been tested anywhere on the property.
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