IM Exploration secures properties in one of the largest gold-producing regions globally
Nevada USA is one of the largest gold-producing regions globally. In 2018, Nevada produced 5,581,160 troy ounces of gold, representing 78% of US gold and 5.0% of the world’s production. Today Nevada accounts for ~52% of the total gold resources in the USA.
Gold was first discovered in Nevada in 1850 by miners on their way to the California Gold Rush. Serious prospecting began in the vicinity of Carlin in Eureka County Nevada in the 1870s. Since then Nevada has been home to multiple huge gold discoveries such as the Comstock Lode (produced 8.6 million oz Au), the Eureka District (produced 1.2 million oz Au), and the Robinson copper mine (produced over 2.7 million oz Au). The Carlin Trend (5 miles wide by 40 miles long) in Nevada has produced more gold than any other mining district in the USA. Production from the trend surpassed 50 million oz of Au in 2002. As they say in gold mining, to find more gold you need to go to where gold has been found before. Today’s company is doing just that, by exploring for gold in Nevada.
IM Exploration Inc. (CSE: IM) has options to acquire prospective tenements in the heart of Nevada’s Battle Mountain–Eureka Gold Trend, one of the most prospective mining districts in the world. The contiguous properties sit a short distance away from some of Barrick Gold’s largest mines and deposits, including Cortez, Pipeline, and Goldrush.
IM Exploration’s two gold projects are:
- Toiyabe Gold Project (acquired the option to buy 100% of the Project in April 2021) – An advanced stage exploration project covering 3,300 acres (1,340 hectares) with past drilling, active permits in place, and a Historic Resource of 173koz of gold at 1.2g/t (not yet to be relied upon). The Historic Courtney Zone resource is largely hosted in mineralized structures between 15–75m from surface. Exploration upside as 84% of drill holes on the property did not reach beyond 180m.
- Turquoise Canyon Project (acquired the option to buy 100% of the Project by acquiring Momentum Minerals in June 2021) – Greenfield property of 3,800 acres (1,530 hectares) with geological characteristics trending from the Toiyabe Project. There has been no drilling to date but there has been anomalous gold found in soil samples. Surface expression of Roberts Mountain Thrust and surface geochemical anomalies coincide with gravity anomaly indicating mineralization at depth.
Note: The details of the above two Project acquisitions are shown here on page 28.
- IM Exploration also has a 90% earn-in interest in the Mulloy Project, a graphite and gold exploration property of 1,328 hectares in Ontario, Canada. The Project is located 15 kilometers west from ZEN Graphene Solutions Albany Graphite Deposit. Also of interest is that previous drilling at the Mulloy Project intercepted 16.9m of 0.67g/t Au, 0.7m of 1.54 g/t Au, 1.5m of 1.22 g/t Au, and 1.2m of 3.33 g/t.
IM Exploration’s Toiyabe Gold Project & Turquoise Canyon Project are located about 10kms away from Barrick’s Cortez, Pipeline, and Goldrush
IM Exploration is currently working at their Nevada properties with the Toiyabe historical drill samples and doing hyperspectral core imaging as well as working on subsurface mapping of lithologies to gain a better understanding of the subsurface geology and structure. Next will be a fixed-wing airborne hyperspectral survey of the Nevada Projects region covering 69 square kilometers. This will be followed by a 17 kilometer Induced Polarization survey to be completed by about September 2021.
Summary of IM Exploration’s two Nevada properties exploring for gold
Next steps will involve data analysis, surveys, defining drill targets, possible further acquisitions, a 2022 drilling program, and permitting to expand the existing Toiyabe Plan of Operations to include Turquoise Canyon.
IM Exploration’s future plans & catalysts
Only in the past 6 months, IM Exploration has acquired options to buy two strategically located gold tenements in Nevada. The two properties (Toiyabe Gold & Turquoise Canyon) are adjacent to each other and only about 10 kilometers from some very large and successful gold mines of Barrick Gold. It is still very early days with their exploration and the historical resource at their Toiyabe Gold Project will need to be brought up to date (not yet to be relied upon). Certainly for now there is plenty of encouraging signs and hence plenty of potential at these two projects. Beyond this is the graphite (and some gold) potential at their Mulloy Project in Ontario, Canada.
IM Exploration trades on a market cap of only C$3 million and will be worth following closely over the next year as they advance their exploration efforts in Nevada.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>