In January 2017, the Corporation entered into a Sale and Purchase Agreement to acquire a 70% working interest in the Cook Gold Project from a private company through the issuance of common shares of CPC. The transaction is subject to regulatory approval, which is currently in progress.
The project consists of 88 lode claims, covering 7.4 sq km, located 100 km northwest of Winnemucca, in Humboldt County, Nevada. The property is accessible year round by all-weather road and four wheel drive vehicle.
Predominately underlain by Permian intermediate volcanic rocks with a small area of Jurassic limestone in the northeast part of the property, the area has undergone extensive folding and faulting. Breccia zones occur along fold axes and at fault-fold intersections. Regionally, granitic intrusions are also evident.
There is extensive gold and silver mineralization across the property, with historic assay results from sampling old mine workings and surface outcrops outlining a corridor of higher grade results with a strike length of 2,100 metres and width of 600 metres. The gold and silver mineralization is often, but not always, associated with quartz in visible veins, and often within fault-breccias. Copper mineralization has also been identified, with significant copper assays in some locations.
There are 5 historic mine workings on the property with unknown production. These underground workings were shallow and focused on near-surface oxidized mineralization.
There is very little evidence that any detailed exploration has been carried out on the property, other than surface and limited underground sampling. There are no records of, nor field evidence for, any detailed drilling on the property.
The surface sampling over the property resulted in identifying significant gold and silver mineralization over a widespread area. Some results reported in historical geology reports are:
1983*-Sampling carried out by D.H. Sears in the vicinity of old mine workings included the following assays:
|Location/Sample||Sample Type||Au (g/t)||Au (opt)||Ag (g/t)||Ag (opt)|
|2nd mine dump||Grab||23.52||0.69||10.63||0.31|
Sears postulated that the mineralizing solutions travelled up in transverse faults and spread out in the permeable breccia zones. The breccia zones are found along the axes of overturned and parallel folds, and along zones of bedding slippage. Sears therefore suspected that maximum mineralization could be expected at the intersections of fold axes and faults. He set out a number of potential exploration guidelines, but concluded: “Doubtless, however, when a major ore-body is discovered, as it certainly will be, it will be in defiance of all these criteria!”
2004*-Nevada Pacific Gold Ltd. carried out an extensive surface sampling program over the project area. They collected 101 samples for assay. Reporting only results for gold, 43 samples assayed over 1 g/t (.03 opt), 27 samples over 5 g/t (0.15 opt), 19 samples over 10 g/t (0.29 opt) and 3 samples assayed over 34 g/t (0.99 opt). The top 10% of the samples assayed:
|Sample ID||Sample Type||Au (g/t)||Au (opt)|
Despite these encouraging results, the project never advanced much further as Nevada Pacific was acquired by US Gold Corporation, which in turn was acquired by McEwen Mining, and through the merger/acquisition process it seems the exploration project fell through the cracks.
2011*-The most recent surface sampling, carried out by geologist Keith Cox, produced assays showing significant gold and silver mineralization across the property. As a result, 8 areas of significant mineralization were identified by Cox for further followup: 7 areas fell within the 2.1km X 0.6km main corridor and one area of significant mineralization was identified outside the corridor on the west side of the project area. This work program also gave the highest assay reported on the property to date: 74.82 g/t Au (2.18 opt). Significant results are:
|Sample ID||Sample Type||Au (g/t)||Au (opt)||Ag (g/t)||Ag (opt)|
**This sample also assayed 3.12% Cu
***This sample also assayed 3.58% Cu
The project is within 50km of the Sleeper Mine (see map) which was operated by Amax Gold Inc. between 1986 and 1996. Ore reserves reported by Amax in 1987 were 3.4 million tons grading 0.376 opt Au (3.1 million tonnes grading 12.88 g/t) and a lower grade reserve of 44.8 million tons grading 0.021 opt Au (40.6 million tonnes grading 0.72 g/t Au). By 1996 the mill had processed 55 million tons (50 million tonnes) of ore producing 1.68 million ounces of Au and 2.33 million ounces of Ag. The mine is currently being put back into production by Paramount Gold Nevada Corp. who report a Measured and Indicated resource of 294.4 million tonnes (324.5 million tons) grading 0.36 g/t Au (0.01 opt Au) and 3.3 g/t Ag (0.096 opt Ag). The Sleeper Mine is located within the prolific Battle Mountain Eureka trend of gold deposits. This trend hosts several multi-million ounce deposits and over the last 30 years has produced more than 32 million ounces of Au from deposits in the trend. The Cook Gold Project area may well represent the northern extension of the Battle Mountain Eureka trend, but more work and analyses is necessary to make that determination.
*Note that the above reported assay results come mostly from surface grab samples and therefore may not be representative of the actual mineralization hosted on the property.
The reported assays results for the 1983 and 2004 sampling programs come from historical geology reports and the original assay sheets from the assay laboratories were not available for review. Therefore quality assurance and quality control protocols related to the data cannot be verified.
For the 2011 sampling program, the sampling protocol cannot be verified, but the original assay data sheets were available for review and strict QA/QC protocol was followed for sample preparation and analyses. Samples were submitted to Bureau Veritas Mineral Laboratories USA-Inspectorate America Corporation, an ISO certified laboratory in Sparks, Nevada. Standards, blanks and duplicates were included in the sample stream on a regular basis. Analytical methods for Au and Ag were fire assay with atomic absorption finish and a gravimetric finish for Au assays over 10 g/t and Ag assays over 100 g/t. Cu assays over 10,000 ppm were analyzed by atomic absorption spectroscopy.