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Quick Summary
The Debut Gold Property is located within the Delker Mining District of NE Nevada and lies approximately 96 miles SE of the town of Elko. The discovery of copper at the adjacent Delker Mine led to gold exploration which began in the 1980s. The geologic setting of the Debut is nearly identical to the nearby deposits of Alligator Ridge Mine (48 miles) and Bald Mountain Mine (38 miles), the later of which has, to date, reserves of 440,000 oz AU ($272 mill). Canasia entered into an option agreement with Golden Patriot Corp for the Debut in December, 2006. Terms of the option require Canasia to spend $1,000,000 in exploration over the next ten years to vest a 50% interest in the property.
Extended Summary
The Debut Gold Property is situated in the Delker Mining district of Elko Country Nevada. Approximately 96 miles southeast of the town of Elko, mineral exploration of the region began in 1898 with the discovery of copper at the Delker Mine.
The Debut property lays 48 miles from Alligator Ridge Mine (sediment hosted deposit), and 38 miles from Bald Mountain Mine (intrusive related deposit). The geologic setting of the Debut Property is nearly identical to these deposits and that there are overlapping periods of mineralization at Debut, both deposit types may occur.
Formal Gold exploration of the Debut began in the 1980s with selected diamond drill holes returning:
4 holes w/ intercepts ≥ 0.02 oz Au/Ton
14 holes w/ Au ≥ 50 ppb
5 feet -- 0.79 oz Au/Ton from 280-285 feet
The climate, vegetation and physiography of the area are typical of the northeastern great basin. Equipment, supplies and skilled labor are readily available throughout the area. Active mining operations are ongoing within a few miles of the property.
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