TSX.V: LGR

Anchor

Location-map_anchor.gif
Figure 1. Location map for the Anchor Project

The Anchor project is located within the Battle Mountain-Eureka (Cortez) gold trend, approximately six kilometers west of Eureka, Nevada.  It is a sediment-hosted, “Carlin-type” gold system, comprising 54 unpatented lode claims.

Rocks within the project area are dominantly dolomite, limestone, shale, and quartzite which range in age from Cambrian to Devonian. Intrusive rocks ranging in composition from dacite to quartz latite occur on the Anchor property as stocks, dikes, and sills.  In terms of structural, lithologic and metallogenic setting, Anchor is similar to nearby deposits on the Cortez Trend and southern Carlin Trend.

Previous exploration efforts resulted in discovery of shallow, low grade gold mineralization within upper plate clastic rocks.  Although shallow exploration drilling of upper plate rocks did not identify economic mineralization, deeper, lower plate targets remain essentially untested.   

The Anchor Property is situated on the southeastern flank of Whistler Mountain in Eureka County, Nevada.  It is favorably located with respect to major Nevada gold mines, only five kilometers NW of Barrick’s Archimedes deposit.  The project enjoys excellent access via paved highways and two track ranch roads.

The project consists of 54 unpatented lode claims under BLM jurisdiction. 

The eastern portion of the Anchor property is underlain entirely by alluvial sediments.  The central and western portions of the property consist predominantly of upper plate siliciclastic strata but a small area in the extreme western part of the claim block preserves outcrop lower plate limestone of Devonian age.  All units are intruded by Jurassic, Cretaceous and Tertiary sills and dikes.  Both contractional (thrust) and extensional (high angle normal) faults have been mapped across the project area. Alteration at surface is limited to narrow structures, and consists of silicification, argillization, and accessorty iron oxides; sericite has also been reported at several localities.  

At Anchor, geological, geochemical and geophysical evidence suggests a west-northwest trending fault controls outcropping mineralization, with anomalous Au, As, Sb, Ba, and weaker Hg in zones of brecciation and silicification. Gold mineralization exposed at surface and intersected in shallow drill holes is hosted exclusively in upper plate siliclastic rocks.  Mineralization consists of oxidized, jarositic sediment anomalous in Au, As, Sb, and Hg. Gold is localized in or along silicified and brecciated structures or in some cases just below an intrusive sill.

Anchor conforms in a general sense to the classic Carlin-type sediment hosted gold model and more specifically to gold mineralization which occurs at the Rain Deposit. The primary target is gold mineralization hosted in collapse breccias and high angle fault zones where they occur at the contact between the Devil’s Gate limestone and overlying Mississippian siliciclastic rocks.  Secondary targets are stratabound mineralized zones within the overlying Mississippian strata.

Exploration by Rio Algom, Kennecott, and Western Mining during the period 1980-2000 included geologic mapping, rock chip and soil sampling, ground geophysical surveys, and RC drilling.  These programs discovered narrow, low grade gold mineralization within upper plate clastic rocks, but did not test for deeper targets.  

Although not of economic significance, results of shallow exploration indicate the presence of a gold system at Anchor.  When taken in context with geology and mineralization at nearby mines, these results make a case for the presence of a Carlin-type gold target at depth along the Devils Gate – Diamond Peak formation contact, likely where intersected by west northwest striking fault zones.  Coincident As-Sb-Hg-Ba anomalies in rock and soil samples on surface, some with gold (up to 2.97 ppm), may represent “leakage” along these faults. 

Logan views further exploration at Anchor as a high risk / high reward scenario that warrants consideration as a conceptual but drill-ready project opportunity.

anchor_fig2.jpg
Figure 2. Lower plate targets and proposed drill holes

Dr. Craig Bow, Vice President Exploration of Logan, is a Qualified Person (“QP”) as defined by National Instrument 43-101.  The QP is a member in good standing of the American Institute of Professional Geologists as a Certified Professional Geologist (CPG.). Dr. Bow has reviewed and is responsible for the technical information disclosed on the website relating to the USA Gold Projects.