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Target: There are three targets ready to drill with excellent outcrop geochemistry indicating the upper level of an epithermal gold system. The targets include (i) a NNE structure with an adit and dumps running multi gram gold adjacent to a pediment fault, (ii) 300 m long silicified rib running hundreds of ppb gold, and (iii) NS structure with dark silica matrix breccias that can be mapped for over 1 km with > 100 ppb gold values. A ground magnetic survey is planned for September to refine current targets and add others.
Location: Located approximately 12 miles northwest of Lovelock in Pershing County, Nevada, the property package consists of 18 unpatented mining claims owned by AuEx and approximately 2,560 acres of fee land optioned by AuEx for a total of over 2,800 acres.
Ownership: AuEx has granted Hawkeye Gold and Diamond Inc. an option to earn a 51% interest in the Swiss Bank project by funding $1,000,000 in exploration on the Swiss Bank project within four years. Hawkeye paid AuEx $5,000 on signing and is obligated to pay an additional $5,000 in six months and to fund $50,000 of exploration on the project during the first year of the option. Upon vesting a 51% interest, Hawkeye may then elect to earn an additional 9% interest (60% total) by spending an additional $1,000,000 on the project and may earn an additional 10% interest (70% total) by funding all expenditures through completion of feasibility. Hawkeye will be operator for project exploration.
History: Surface sampling performed by AuEx, as well as surface sampling and drilling performed by earlier explorers, has identified areas of anomalous gold mineralization on the property. AuEx has completed compilation including this data, remote sensing, gravity and magnetics data from which AuEx has developed new untested exploration targets. Fieldwork directed toward a drilling program will commence shortly.
Geology: The Swiss Bank project contains an epithermal gold system hosted within tertiary felsic volcanic rocks. It is believed to be part of the bimodal Miocene Rift running through the Trinity Range. Exposed areas of mineralization are thought to represent the upper levels of the epithermal system based on alteration and geochemistry.
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