Meadow Bay Gold is working with Gustavson Associates of Lakewood, Colorado, to compete an NI 43-101 Technical Report regarding an in-pit resource on its porphyry-hosted gold discovery. The purpose of the Technical Report is to identify that portion of the existing resource that would be suitable for open-pit mining under current market conditions.
Based on the recommendations from the Technical Report, Meadow Bay Gold intends to initiate additional metallurgical testing, and preliminary pit and process design. These studies will be used as inputs for a Preliminary Economic Assessment as the next step for moving the Atlanta Porphyry toward production.
District-wide exploration includes both drill targets in the Western Knolls as well as along the northern extension of the Atlanta Shear Zone. In the Western Knolls initial sampling of silicified rhyolite breccias revealed gold over a broad area. Extensive grid soil sampling has been completed as has rock-chip sampling of favorable lithologies. Both the soil and rock-chip sampling have identified specific areas where gold and pathfinder elements are present in geochemically anomalous concentrations. A Quantec IP Geophysical survey has identified 6 large chargeability anomalies that are comparable to those observed at the Atlanta Porphyry gold discovery. Some of these lie just below the surface.
The Atlanta Shear Zone is known to extend for over two miles to the north of the Atlanta Mine. Emphasis has been on identifying east-west cross structures similar to the Atlanta Mine. Drill targets both in the Western Knolls and along the Atlanta Shear Zone have been permitted with the BLM.