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ACDC METALS LTD Capital/Financing Update 2026
64299_rns_2026-04-29_cd10bf7a-1384-442e-bf95-94f8c8d9a7bc.pdf
Capital/Financing Update
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ASX Announcement:
30 April 2026
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ASX: ADC
ACN 654 049 699
CAPITAL STRUCTURE
Share Price: A$0.059
Cash: A$1.95 M (Q4 25)
Debt: Nil
Ordinary Shares: 74.7M
Market Cap: A$4.4M
Enterprise Value: A$2.5M
Options: 5.1M
Performance rights: 6.79M
as of 28 April 2026
BOARD OF DIRECTORS & MANAGEMENT
Andrew Shearer
Non-Executive Chair
Mori-Seyon
Executive Director
Tom Davidson
Chief Executive Officer
Richard Boyce
Non-Executive Director
Ivan Fairhall
Non-Executive Director
COMPANY SECRETARY
Adrien Wing
CONTACT
Level 2, 480 Collins St
Melbourne VIC 3020
+61 03 8548 7880
[email protected]
www.acdcmetals.com.au
ACDC Metals completes acquisition of Gold-Silver Project in Walker Lane District, Nevada USA
Key Highlights:
- ACDC Metals has secured rights to earn a 100% interest in the Mount Jackson Gold-Silver project in the highly mineralised Walker Lane district, Nevada.
- Total project area including 48 BLM lode mining claims (~3.6 km²), with additional staking underway.
- Multiple prospect areas have been identified across the low sulfidation epithermal gold-silver system, highlighting the broader scale potential of the project. Drill ready targets are present at the Pegasus prospect, where historical drilling returned:
- PC34A: 25.9m @ 1.94 g/t Au from 97m incl. 6.1m @ 7.38 g/t Au from 97m.
- PC21: 21.3m @ 1.34 g/t Au from 61m.
- PC34: 22.9m @ 1.56 g/t Au from 82m.
- PC41: 45.7m @ 0.56 g/t Au from 116m.
- Mount Jackson is proximal to major miners and explorers:
- Round Mountain (Kinross Gold)
- Arthur Gold (AngloGold Ashanti)
- North Bullfrog (AngloGold Ashanti)
- Low upfront cost, with the majority of earn in tied to milestones and expenditure in the ground.
- Strongly supported placement of $0.935 million, undertaken by Lead Manager Cygnet Capital. In addition, a 1:3 Rights Issue will be offered to raise up to $1.56 million.
- ACDC Metals will be well funded to drive exploration in Nevada and development in Victoria.
- Mt Jackson airborne geophysics planned for completion in current quarter. Proposed drilling to commence H2 CY2026.
- Goschen Central Retention Licence application remains in progress.
- Exploration Licence application remains in progress for the White Hills Gold project in Central Victoria.
ACDC Metals Limited (ASX: ADC) (ACDC Metals or the Company) is pleased to announce signing of an agreement to earn up to a 100% interest in the Mount Jackson Project within the Walker Lane of Nevada, USA. The Walker Lane is a Tier-1 geological feature with a strong history of mining production, and a high level of exploration and development.
ASX Announcement:
30 April 2026
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ACDC Metals CEO Tom Davidson commented:
"Mount Jackson is an exciting new epithermal gold project for ACDC Metals. It is situated in western Nevada, with a very high pedigree for gold, and demonstrates strong historical results with additional drill ready targets. This is the first time the project has come to the ASX, providing ACDC Metals shareholders with exposure to a highly prospective, underexplored system.
We are extremely pleased with the support shown for the placement and look forward to welcoming the new shareholders to the register. Together with our existing cash reserves, ACDC Metals is well positioned to undertake and deliver the planned exploration program at the Mount Jackson Project and deliver value creation.
The Mount Jackson project will complement our existing portfolio and will enable the company to continue delivering value to our shareholders.
We remain committed to advancing the Goschen Central Project, as demand for rare earths continues to strengthen. Our focus remains on systematically progressing the project through development milestones, ensuring it is well positioned to respond to favourable market conditions and emerging supply chain opportunities."
The Mount Jackson Project overview
The Mount Jackson Project is located in southwestern Nevada approximately 460 kilometres southeast of Reno, and 25 kilometres southwest of the mining town of Goldfield. Goldfield is the seat of Esmeralda County, within a historically significant mining community on Highway 95. The project is located at the western end of the Cuprite District and consists of 48 claims (appendix 1) totalling approximately covering numerous old workings.
The Mount Jackson project lies within an underexplored sector of the Walker Lane west of Cuprite and south of the Goldfield mining district in Esmeralda County, Nevada (Fig. 1). The project area is easily accessible from Nevada State Route 266 and is located east of Mount Jackson (the prominent landmark and western-most rhyolite dome) along the southerly extension of the Goldfield Hills. Gold and silver were discovered along Mount Jackson Ridge by Pegasus Gold in 1986-87. Subsequent drilling along a NE structure within the Cambrian-age Harkless Formation adjacent to rhyolite domes. Hydrothermal alteration and mineralisation represent the upper-level expression of a low-sulfidation epithermal gold system associated with a cluster of six rhyolite domes along Mount Jackson.
Level 2, 480 Collins Street, Melbourne VIC 3000
E [email protected] | W. www.acdcmetals.com.au | T. +61 (0) 3 8548 7880
ASX Announcement:
30 April 2026
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Figure 1 – Location of Mt Jackson Project in Walker Lane, Nevada.
Level 2, 480 Collins Street, Melbourne VIC 3000
E [email protected] | W. www.acdcmetals.com.au | T. +61 (0) 3 8548 7880
ASX Announcement:
30 April 2026
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Figure 2 – Regional view of Gold district.
The gold and silver mineralisation at Mount Jackson is closely associated with moderately dipping (30-50°) tabular bodies of vuggy siliceous alteration zones, roughly conformable to the broadly folded Cambrian stratigraphy. Grades vary with the highest grades generally located below the contact with limestone of the Emigrant Formation and restricted to the Harkless Formation.
Mineralisation was identified by Pegasus Gold in the 1980's, associated with the northern limb of an antiform, and a less defined southern limb. The northern limb mineralisation is oxidized to depths greater than 122m. No oxidation was noted in the southern mineralisation. Further mineralisation was shown 1,200m east of the Pegasus prospect, and potentially showing open along trend.
Level 2, 480 Collins Street, Melbourne VIC 3000
E [email protected] | W. www.acdcmetals.com.au | T. +61 (0) 3 8548 7880
At the 3 Shafts prospect abundant copper oxides (malachite, azurite) were noted¹ in the western area of the project where numerous old pits and shafts were sunk on these showings. The historical copper workings appear to be following a general east-west trend. The area shows widespread argillic alteration, dominantly associated with northwesterly and east-west structures. Based on data received and described no previous drilling has been conducted at the 3 Shaft prospect.
The Mount Jackson project has potential to host a low sulphidation epithermal style gold-silver deposit.
Figure 3 - Overview Project claims and areas of interest.
Gold and silver mineralisation were first reported in this area by Pegasus Gold in 1987. Pegasus drilled 44 RC drill holes between 1987 and 1991. These consisted of Zone 1 on the northerly dipping limb of the aforementioned antiform and Zone 2 on the southern limb of this structure (identified as Pegasus zone and Sinter area in figure 3). A total of 4,748 meters (14,600 feet) of RC drilling were completed, with some of the most significant intersections shown below in Table 1.
¹ Chapman 2012.
Level 2, 480 Collins Street, Melbourne VIC 3000
E [email protected] | W. www.acdcmetals.com.au | T. +61 (0) 3 8548 7880
Table 1 - Selected Pegasus Gold RC Drill Results²
| Hole ID | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) |
|---|---|---|---|---|---|
| PC-21 | 61.0 | 82.3 | 21.3 | 1.34 | 0.00 |
| PC-24 | 42.7 | 64.0 | 21.3 | 0.37 | 0.00 |
| Incl. | 56.4 | 68.6 | 12.2 | 0.19 | 9.95 |
| PC-34 | 82.3 | 105.2 | 22.9 | 1.56 | 31.04 |
| PC-35 | 48.8 | 74.7 | 25.9 | 0.78 | 0.00 |
| PC-40 | 122.0 | 134.1 | 12.2 | 1.34 | 6.84 |
| PC-41 | 115.9 | 161.6 | 45.7 | 0.56 | 4.35 |
| PC-43 | 126.5 | 152.4 | 25.9 | 0.09 | 23.64 |
Drill data has been converted from feet (ft) and ounces per ton (opt), native data and full drilling results provided in Appendix 2.
First American Silver carried out a 5-hole reverse circulation drill program totalling 945m at Mount Jackson in 2011. The holes varied in depth from 152m to 226m. Table 2 contains a summary of the drill program and significant intercepts.
Table 2 - 2011 First American Silver Drill Program Summary
| Hole ID | Azimuth | Dip | Location | Depth | Mineralisation | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Easting | Northing | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) | ||||
| PC-13A | -90 | 474331 | 4147712 | 152.44 | 19.82 | 25.91 | 6.10 | 0.58 | 2.5 | |
| PC-34A | 144 | -67 | 474304 | 4147827 | 225.61 | 96.04 | 121.95 | 25.91 | 1.94 | 3.81 |
| Incl. | 97.56 | 103.66 | 6.10 | 7.38 | 6.67 | |||||
| PC-45 | -90 | 474423 | 4147530 | 207.32 | 30.49 | 35.06 | 4.57 | 0.14 | 1.03 | |
| PC-46 | 324 | -45 | 474304 | 4147828 | 176.83 | No significant mineralisation | ||||
| PC-47 | 305 | -70 | 474658 | 4147422 | 182.93 | No significant mineralisation |
Native data and full drilling results provided in Appendix 2.
The 2011 drilling was carried out in the area where Pegasus Gold explored with their 1987 drill program. The first hole (PC-34A) was a twin of PC-34 which returned some of the highest grade intersections in 1987 drilling. PC-13A was drilled up dip on the same limb as PC-34 and intersected a weaker zone of mineralisation near the location of PC-13. PC-45 was drilled to test the area around PC-4, while probing deeper to locate any mineralisation which may be present at depth and parallel to the known structure. PC-47 was drilled in the southeast of the area of known mineralisation in an attempt to step out to the east of hole PC-43.
² 43-101 Technical Report on the Mount Jackson Project, Esmeralda County, Nevada, USA. January 11, Chapman 2012.
Figure 4 - Historical drilling conducted by Pegasus Gold and First American Silver.
Figure 5 - Section view D-D' (refer to figure 4)
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Figure 6 - Section view A-A' (refer to figure 4)
Figure 7 - Section view B-B' (refer to figure 4)
The Waker Lane
The Walker Lane Tectonic Zone is an 80–160 km wide structural corridor in western Nevada, extending south-southeast from Reno toward Las Vegas. It has produced over 20 Moz of gold³ and hosts a diverse range of deposit styles, including epithermal gold–silver, orogenic lode gold, gold–copper skarn, and porphyry copper–gold systems. Nevada accounts for approximately 70% of total U.S. gold production⁴, underscoring the region’s global significance.
ASX Announcement:
30 April 2026
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In contrast to the nearby Carlin and Cortez Trends, the Walker Lane is characterised by generally higher-grade, non-refractory mineralisation. The Walker Lane is a very active exploration district, with ongoing exploration and development by major mining companies. Notable operators in the region include:
- Teck Resources (Le Champ Cu–Mo–Au Project)
- Centerra Gold (Goldfield District Project)
- AngloGold Ashanti (Arthur Gold Project),
- Kinross Gold (Round Mountain)
highlighting the district’s scale and continued investment appeal.
April Site visit
Figure 8 - Pegasus zone and Sinter area (taken from base of Pegasus Dome)
Figure 9 - Overview of Pegasus Zone
ASX Announcement:
30 April 2026
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Figure 10 - Looking West on Project to 3 Shaft zone
Figure 11 - Historic shaft at 3 shaft zone.
Figures 8 and 9 provide an overview of the Pegasus prospect and Sinter area, demonstrating ease of access for field activities and showing outcrop.
Figure 10 is looking to the west at the 3 shaft zone, where historical shafts are present.
Figure 11 shows one of the 3 historic shafts at the 3 shaft zone.
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Figure 12 - The ACDC Metals team on April site visit with Vendors
Planned exploration program
Surface mapping and sampling program with a focus on establishing potential structural and geological controls to mineralisation:
- Infill staking of claims to consolidate project areas – currently underway
- Geological and structural mapping with rock chip multi-element geochemical sampling;
- Geophysical surveys – airborne survey.
- Integration with historic data and compilation of base map; and
- Priority target generation for drill testing.
References:
- Chapman JP: 43-101 Technical Report on the Mount Jackson Project, Esmeralda County, Nevada, USA. January 11, 2012.
Acquisition Terms
Option agreement
The Company proposes to enter into a lease and option agreement, whereby it will hold the exclusive option (at its election) to acquire up to a 100% interest in the Mount Jackson Project from Pyramid Lake LLC and Spire Exploration LLC (together, the Vendors) (the Mount Jackson Agreement).
Pursuant to the Mount Jackson Agreement, the Company has agreed to the following lease payments and expenditure commitments over a 5-year period commencing from execution:
| Year | Exclusivity (US$) | Lease payments (US$) | Expenditure commitment (US$) |
|---|---|---|---|
| 0 | 20,000 | ||
| 1 | 40,000 | 50,000 | |
| 2 | 60,000 | 150,000 | |
| 3 | 80,000 | 250,000 | |
| 4 | 100,000 | 350,000 | |
| 5 | 600,000 | ||
| Total | 20,000 | 280,000 | 1,400,000 |
The Company may extend the Mount Jackson Agreement for an extended term of up to 10 years. If the Company elects to extend the Mount Jackson Agreement for an extended term, it shall pay the Vendors US$70,000 on or before the fifth anniversary of the date of execution and on each subsequent anniversary, a lease payment of 110% of the lease payment from the previous year (i.e. US$77,000 on or before the sixth anniversary of the date of execution and so on).
In order to exercise the option to acquire a 100% interest in the Mount Jackson Project, the Company has agreed to pay the Vendors a cash payment of US$800,000.
The Company has also agreed to pay the Vendors the following milestone payments (subject to satisfaction of the relevant milestone):
- US$2,000,000 in cash or in Shares (at the Company's election), within thirty (30) days of the delivery to the Vendors of a JORC 2012 or NI 43-101 compliant Indicated Mineral Resource estimate of not less than 500,000 ounces of gold (Au) at the Mount Jackson Project;
- US$1,000,000 in cash or in Shares (at the Company's election), within thirty (30) days of the Mount Jackson Project first reaching cumulative production of 50,000 ounces of gold (Au); and
- US$3,000,000 in cash or in Shares (at the Company's election), within thirty (30) days of the Mount Jackson Project first reaching cumulative production of 250,000 ounces of gold (Au).
The Vendors and the Company also propose to enter into a standard form royalty deed, which sets out the terms under which the Company agrees to pay the Vendors a net smelter return
ASX Announcement:
30 April 2026
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royalty of 3%, with the option to buy back 1% for US$2,000,000 within 6 months of the delivery to the Vendors of a completed pre-feasibility study or feasibility study in respect of the Mount Jackson Project.
Placement
The Company has received firm and irrevocable commitments from sophisticated and institutional investors for a capital raising of $936,500 which will be raised through the issue of 18,730,000 fully paid ordinary shares in the capital of the Company (Shares) with an issue price of $0.05 per Share (Placement).
The Shares will be issued in a single tranche, with approximately 18,730,000 Shares being issued under the Company's ASX Listing Rule 7.1 and 7.1A placement capacities. The Shares issued under the Placement will be issued one free-attaching option for every two Shares issued exercisable at $0.075 on or before the date that is two years from their issue (Attaching Option).
Cygnet Capital Pty Ltd (Cygnet) acted as lead manager to the Placement. The Company has agreed to pay Cygnet a fee of 6% on the funds raised under the Placement (plus GST).
The Attaching Options and the Broker Options are subject to the Company receiving Shareholder approval at an upcoming extraordinary general meeting.
Funds raised under the Placement will be applied towards the cost of the acquisition of the Mount Jackson Project, advancing exploration activities at the Mount Jackson Project, exploration at the Company's existing Australian projects and for general working capital purposes.
Entitlement Issue
Following the Placement, the Company intends on conducting a non-renounceable pro-rata entitlement issue, whereby existing Shareholders are entitled to subscribe for one Share for every three Shares held as at the Record Date (defined in the timetable below) to raise up to approximately $1,561,013 (Entitlements Issue). The Shares issued under the Entitlement Issue will have an issue price of $0.05 per Share, with one free-attaching Option for every 2 Shares subscribed for and issued in the same class as the Attaching Options.
Cygnet will lead manage the Entitlement Issue. Cygnet will be entitled to a fee of 6% of all shortfall funds placed. Upon successful completion of the Placement and the Entitlement Issue, Cygnet will be entitled to 7,500,000 Options on the same terms as the Attaching Options (Broker Options). The Broker Options will be subject to shareholder approval and will be varied on a pro-rata basis in the event there is a remaining shortfall for the Entitlement Issue.
Indicative Timetable
| Event | Date |
|---|---|
| Announcement of Offer & Appendix 3B | Wednesday, 6 May 2026 |
| Lodgement of Prospectus with ASIC & ASX | Wednesday, 6 May 2026 |
| Ex date | Monday, 11 May 2026 |
| Record Date for determining Entitlements | Tuesday, 12 May 2026 |
| Prospectus despatched to Shareholders & Company announces despatch has been completed | Friday, 15 May 2026 |
| Last day to extend Closing Date | Tuesday, 26 May 2026 |
| Closing Date* | Friday, 29 May 2026 |
| Securities quoted on a deferred settlement basis from market open | Monday, 1 June 2026 |
| Announcement of results of issue | Friday, 5 June 2026 |
| Issue date and lodgement of Appendix 2A with ASX applying for quotation of the securities (before noon Sydney time) | Friday, 5 June 2026 |
Indicative Capital Structure
| Capital Structure | Shares | Options and performance Rights | New Cash (A$) |
|---|---|---|---|
| Existing Securities on Issue^{1} | 74,930,755 | 11,894,375 | - |
| Placement Issue^{2,3} | 18,730,000 | 9,365,000 | $936,500 |
| Total (before Entitlements Issue) | 93,660,755 | 21,259,375 | $936,500 |
| Entitlements Issue^{3,4} | 31,220,252 | 15,610,126 | $1,561,013 |
| Fees^{5} | - | 7,500,000 | $(124,870) |
| Total | 124,881,007 | 44,369,501 | $2,372,643 |
- Share and option/performance rights numbers as per ASX Appendix 3H dated 12 January 2026.
- Placement to be completed before Record Date for the Entitlements Issue
- Includes free-attaching Options on the basis of 1 Option for every 2 Shares subscribed for and issued.
- Entitlement Issue on the basis of one Share for every three Shares held as at the Record Date.
- Fees include:
(i) Estimated fees consisting of: selling fee and management fee; and
(ii) Broker Options on the same terms as the Attaching Options, subject to receiving any required Shareholder approvals.
This announcement has been authorised for release by the Board.
About ACDC Metals
ACDC Metals is a diversified exploration company focused on the development of strategically important Heavy Mineral Sands and Rare Earth Element projects, while expanding its commodity exposure through gold and silver exploration in both Australia and the United States. The Company is actively building a balanced portfolio aligned with growing global demand for critical minerals and precious metals.
We refer shareholders and interested parties to the website www.acdcmetals.com.au where they can access the most recent corporate presentation, video interviews and other information.
For Further Information:
Tom Davidson
Chief Executive Officer
[email protected]
+61 (0) 499 256 645
Competent Persons Statement
The information in this document that relates to exploration results is based on information reviewed by Mr Anders Hogrelius, M.Sc., RpGEO. He is a Member of the Australian Institute of Geoscientists (AIG) and a Registered Member of the Society for Mining, Metallurgy and Exploration (SME). Mr Hogrelius provides consulting services to ACDC Metals and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Hogrelius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
References
- Chapman, J., (2012). Ni 43-101 Technical Report for the Mount Jackson Project Property, Esmeralda County, Nevada, United States.
Appendix 1 – Federal and Patent Lode Claim Schedule
The following forty-eight (48) unpatented lode mining claims situated in Sections 24 through 26, T. 5 S., R. 41 ½ E., and Sections 19 and 28 through 30, T. 5 S., R. 42 E., MDM, in Esmeralda County, Nevada:
| County | BLM | ||||
|---|---|---|---|---|---|
| # | Claim Name | Location Date | Document No. | Legacy Serial No. | Serial No. |
| 1 | MJR 2 | 9/30/2010 | 2010-181180 | NMC1034282 | NV101678259 |
| 2 | MJR 4 | 9/30/2010 | 2010-181182 | NMC1034284 | NV101678260 |
| 3 | MJR 6 | 9/30/2010 | 2010-181184 | NMC1034286 | NV101678261 |
| 4 | MJR 7 | 9/30/2010 | 2010-181185 | NMC1034287 | NV101678262 |
| 5 | MJR 8 | 9/30/2010 | 2010-181186 | NMC1034288 | NV101678263 |
| 6 | MJR 17 | 9/30/2010 | 2010-181195 | NMC1034297 | NV101678264 |
| 7 | MJR 19 | 9/30/2010 | 2010-181197 | NMC1034299 | NV101678265 |
| 8 | MJR 21 | 9/30/2010 | 2010-181199 | NMC1034301 | NV101678266 |
| 9 | MJR 23 | 9/30/2010 | 2010-181201 | NMC1034303 | NV101678267 |
| 10 | MJR 25 | 9/30/2010 | 2010-181203 | NMC1034305 | NV101678268 |
| 11 | MJR 27 | 9/30/2010 | 2010-181205 | NMC1034307 | NV101678269 |
| 12 | MJR 28 | 9/30/2010 | 2010-181206 | NMC1034308 | NV101678270 |
| 13 | MJR 29 | 9/30/2010 | 2010-181207 | NMC1034309 | NV101678271 |
| 14 | MJR 30 | 9/30/2010 | 2010-181208 | NMC1034310 | NV101678272 |
| 15 | MJR 31 | 9/30/2010 | 2010-181209 | NMC1034311 | NV101678273 |
| 16 | MJR 32 | 9/30/2010 | 2010-181210 | NMC1034312 | NV101678274 |
| 17 | SA 1 | 9/30/2010 | 2010-181212 | NMC1034260 | NV101677290 |
| 18 | SA 2 | 9/30/2010 | 2010-181213 | NMC1034261 | NV101677291 |
| 19 | SA 3 | 9/30/2010 | 2010-181214 | NMC1034262 | NV101677292 |
| 20 | SA 4 | 9/30/2010 | 2010-181215 | NMC1034263 | NV101677293 |
| 21 | SA 5 | 9/30/2010 | 2010-181216 | NMC1034264 | NV101677294 |
| 22 | SA 6 | 9/30/2010 | 2010-181217 | NMC1034265 | NV101677295 |
| 23 | SA 7 | 9/30/2010 | 2010-181218 | NMC1034266 | NV101677296 |
| 24 | SA 8 | 9/30/2010 | 2010-181219 | NMC1034267 | NV101677297 |
| County | BLM | ||||
|---|---|---|---|---|---|
| # | Claim Name | Location Date | Document No. | Legacy Serial No. | Serial No. |
| 25 | SA 9 | 9/30/2010 | 2010-181220 | NMC1034268 | NV101677298 |
| 26 | SA 10 | 9/30/2010 | 2010-181221 | NMC1034269 | NV101677299 |
| 27 | SA 11 | 9/30/2010 | 2010-181222 | NMC1034270 | NV101677300 |
| 28 | SA 12 | 9/30/2010 | 2010-181223 | NMC1034271 | NV101678256 |
| 29 | SA 15 | 9/30/2010 | 2010-181226 | NMC1034274 | NV101678257 |
| 30 | SA 16 | 9/30/2010 | 2010-181227 | NMC1034275 | NV101678258 |
| 31 | MJR 50 | 3/17/2011 | 2011-182803 | NMC1045788 | NV101428468 |
| 32 | MJR 51 | 3/17/2011 | 2011-182804 | NMC1045789 | NV101428469 |
| 33 | MJR 52 | 3/17/2011 | 2011-182805 | NMC1045790 | NV101428470 |
| 34 | MJR 53 | 3/17/2011 | 2011-182806 | NMC1045791 | NV101428471 |
| 35 | MJR 54 | 3/17/2011 | 2011-182807 | NMC1045792 | NV101428472 |
| 36 | MJR 55 | 3/17/2011 | 2011-182808 | NMC1045793 | NV101428473 |
| 37 | MJR 56 | 3/17/2011 | 2011-182809 | NMC1045794 | NV101428474 |
| 38 | MJR 57 | 3/17/2011 | 2011-182810 | NMC1045795 | NV101428475 |
| 39 | MJR 58 | 3/17/2011 | 2011-182811 | NMC1045796 | NV101428476 |
| 40 | MJR 59 | 3/17/2011 | 2011-182812 | NMC1045797 | NV101428477 |
| 41 | MJR 60 | 3/17/2011 | 2011-182813 | NMC1045798 | NV101428478 |
| 42 | MJR 103 | 3/17/2011 | 2011-182856 | NMC1045841 | NV101428479 |
| 43 | SA 22 | 3/16/2011 | 2011-182857 | NMC1045842 | NV101428820 |
| 44 | SA 23 | 3/16/2011 | 2011-182858 | NMC1045843 | NV101428821 |
| 45 | MJR 104 | 9/22/2011 | 2011-184794 | NMC1058826 | NV101528613 |
| 46 | NEG 2 | 9/21/2018 | 2018-214885 | NMC1183765 | NV101957104 |
| 47 | NEG 3 | 9/21/2018 | 2018-214886 | NMC1183766 | NV101957105 |
| 48 | NEG 4 | 9/21/2018 | 2018-214887 | NMC1183767 | NV101957106 |
Total of forty-eight (48) unpatented lode mining claims.
Appendix 2 – Historic Drill Holes
| Hole # | easting (meters) | northing (meters) | “collar elevation (ft) | “collar elevation (m) | TD (ft) | TD (m) | Azimuth | inclination | Township Range | Section | Area | Company |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PC-1 | 474371 | 4147664 | 5230 | 1595 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-2 | 474361 | 4147501 | 5225 | 1593 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-3 | 474278 | 4147497 | 5245 | 1599 | 250 | 76.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-4 | 474426 | 4147511 | 5200 | 1585 | 200 | 61.0 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-5 | 474289 | 4147398 | 5250 | 1601 | 205 | 62.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-6 | 474263 | 4147363 | 5250 | 1601 | 155 | 47.3 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-7 | 474356 | 4147431 | 5250 | 1601 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-8 | 474486 | 4147518 | 4990 | 1521 | 185 | 56.4 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-9 | 474339 | 4147542 | 5225 | 1593 | 145 | 44.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-10 | 474331 | 4147467 | 5240 | 1598 | 170 | 51.8 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-11 | 475607 | 4148102 | 5350 | 1631 | 320 | 97.6 | 0 | 90 | T5S R42E | Sec 28 | Sinter area | Pegasus |
| PC-12 | 475552 | 4148174 | 5325 | 1623 | 285 | 86.9 | 0 | 90 | T5S R42E | Sec 28 | Sinter area | Pegasus |
| PC-13 | 474333 | 4147683 | 5242 | 1598 | 345 | 105.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-13A | 474331 | 4147712 | 5242 | 1598 | 500 | 152.4 | 0 | 90 | T5S R42E | Sec 30 | Zone 2 | FASC |
| PC-14 | 474341 | 4147592 | 5225 | 1593 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-15 | 474288 | 4147563 | 5255 | 1602 | 345 | 105.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-16 | 474176 | 4147582 | 5360 | 1634 | 325 | 99.1 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-17 | 474177 | 4147436 | 5320 | 1622 | 305 | 93.0 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-18 | Hole collar has been located, awaiting field confirmation of historic coordinates. | 5125 | 1563 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 32 | one mile south of PC-1 | Pegasus | |
| PC-19 | 474565 | 4147484 | 5176 | 1578 | 425 | 129.6 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| Hole # | easting (meters) | northing (meters) | ~collar elevation (ft) | ~collar elevation (m) | TD (ft) | TD (m) | Azimuth | inclination | Township Range | Section | Area | Company |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PC-20 | 474251 | 4147727 | 5260 | 1604 | 500 | 152.4 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-21 | 474316 | 4147723 | 5250 | 1601 | 350 | 106.7 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-22 | 474456 | 4147394 | 5200 | 1585 | 205 | 62.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-22A | 474520 | 4147437 | 5180 | 1579 | 350 | 106.7 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-23 | 474518 | 4147568 | 5190 | 1582 | 500 | 152.4 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-24 | 474409 | 4147779 | 5217 | 1591 | 345 | 105.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-25 | 474551 | 4147707 | 5205 | 1587 | 225 | 68.6 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-26 | 475450 | 4148228 | 5354 | 1632 | 205 | 62.5 | 0 | 90 | T5S R42E | Sec 28 | Sinter area | Pegasus |
| PC-27 | 475632 | 4148061 | 5295 | 1614 | 225 | 68.6 | 0 | 90 | T5S R42E | Sec 28 | Sinter area | Pegasus |
| PC-28 | 475816 | 4148068 | 5308 | 1618 | 125 | 38.1 | 0 | 90 | T5S R42E | Sec 28 | Sinter area | Pegasus |
| PC-29 | 474267 | 4147687 | 5238 | 1597 | 262 | 79.9 | 144 | 67 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-30 | 474511 | 4147918 | 5236 | 1596 | 320 | 97.6 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-31 | 474571 | 4147974 | 5225 | 1593 | 345 | 105.2 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-32 | 474539 | 4148018 | 5230 | 1595 | 305 | 93.0 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-33 | 474410 | 4147875 | 5245 | 1599 | 405 | 123.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-34 | 474319 | 4147822 | 5270 | 1607 | 345 | 105.2 | 144 | 67 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-34A | 474304 | 4147827 | 5270 | 1607 | 740 | 225.6 | 144 | 67 | T5S R42E | Sec 30 | Zone 2 | FASC |
| PC-35 | 474334 | 4147757 | 5240 | 1598 | 245 | 74.7 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-36 | 474186 | 4147655 | 5310 | 1619 | 325 | 99.1 | 144 | 65 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-37 | 474186 | 4147655 | 5310 | 1619 | 465 | 141.8 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-38 | 474125 | 4147754 | 5300 | 1616 | 610 | 186.0 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 RhyDome | Pegasus |
| PC-39 | 474278 | 4147779 | 5280 | 1610 | 645 | 196.6 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-40 | 474319 | 4147822 | 5270 | 1607 | 600 | 182.9 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| Hole # | easting (meters) | northing (meters) | ~collar elevation (ft) | ~collar elevation (m) | TD (ft) | TD (m) | Azimuth | inclination | Township Range | Section | Area | Company |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PC-41 | 474276 | 4147918 | 5260 | 1604 | 600 | 182.9 | 144 | 67 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-42 | 474553 | 4147865 | 5220 | 1591 | 300 | 91.5 | 0 | 90 | T5S R42E | Sec 29 | Zone 1 | Pegasus |
| PC-43 | 474601 | 4147392 | 5170 | 1576 | 500 | 152.4 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-44 | 474533 | 4147322 | 5165 | 1575 | 440 | 134.1 | 0 | 90 | T5S R42E | Sec 29 | Zone 2 | Pegasus |
| PC-45 | 474423 | 4147530 | 5200 | 1585 | 680 | 207.3 | 0 | 90 | T5S R42E | Sec 30 | Zone 2 | FASC |
| PC-46 | 474304 | 4147828 | 5260 | 1604 | 580 | 176.8 | 324 | 45 | T5S R42E | Sec 31 | Zone 2 | FASC |
| PC-47 | 474658 | 4147422 | 5144 | 1568 | 600 | 182.9 | 305 | 70 | T5S R42E | Sec 32 | Zone 2 | FASC |
| Total drilled (ft) | 18,002 |
Appendix 3 – Historic Drill Results
Conversion:
opt = ounces per ton (US short ton)
1 gram/tonne (g/t) = 0.03215 opt
1 metre = 3.28 feet
No historic assays available for holes: 5, 7, 8, 9, 11, 12, 15, 16, 17, 18, 22, 23, 25, 26, 27, 28, 32, 36, 37, 38, 42
| Hole No. | From (feet) | To (feet) | From (m) | To (m) | Au opt | Ag opt | Au g/t | Ag g/t |
|---|---|---|---|---|---|---|---|---|
| PC-1 | 0 | 5 | 0.0 | 1.5 | 0.012 | 0.60 | 0.37 | 18.66 |
| PC-1 | 5 | 10 | 1.5 | 3.0 | 0.013 | 0.60 | 0.40 | 18.66 |
| PC-1 | 10 | 15 | 3.0 | 4.6 | 0.001 | 0.04 | 0.03 | 1.24 |
| PC-1 | 15 | 20 | 4.6 | 6.1 | 0.001 | 0.11 | 0.03 | 3.42 |
| PC-1 | 20 | 25 | 6.1 | 7.6 | <.001 | 0.03 | 0.03 | 0.93 |
| Hole No. | From (feet) | To (feet) | From (m) | To (m) | Au opt | Ag opt | Au g/t | Ag g/t |
|---|---|---|---|---|---|---|---|---|
| PC-2 | 0 | 5 | 0.0 | 1.5 | <.001 | 0.06 | 0.03 | 1.90 |
| PC-2 | 5 | 10 | 1.5 | 3.0 | <.001 | 0.08 | 0.03 | 2.49 |
| PC-2 | 10 | 15 | 3.0 | 4.6 | 0.030 | 16.49 | 0.93 | 512.91 |
| PC-2 | 15 | 20 | 4.6 | 6.1 | 0.002 | 0.55 | 0.06 | 17.11 |
| PC-2 | 20 | 25 | 6.1 | 7.6 | <.001 | 0.06 | 0.03 | 1.99 |
| PC-2 | 25 | 30 | 7.6 | 9.1 | 0.001 | 0.07 | 0.03 | 2.18 |
| PC-2 | 30 | 35 | 9.1 | 10.7 | <.001 | 0.03 | 0.03 | 1.00 |
| PC-2 | 35 | 40 | 10.7 | 12.2 | 0.005 | 0.44 | 0.16 | 13.69 |
| PC-2 | 40 | 45 | 12.2 | 13.7 | 0.004 | 0.20 | 0.12 | 6.22 |
| PC-2 | 45 | 50 | 13.7 | 15.2 | 0.008 | 0.26 | 0.25 | 8.09 |
| PC-2 | 50 | 55 | 15.2 | 16.8 | 0.011 | 0.75 | 0.34 | 23.33 |
| PC-2 | 55 | 60 | 16.8 | 18.3 | 0.004 | 0.08 | 0.12 | 2.33 |
| PC-2 | 60 | 65 | 18.3 | 19.8 | <.001 | 0.03 | 0.03 | 0.93 |
| PC-2 | 65 | 70 | 19.8 | 21.3 | <.001 | 0.04 | 0.03 | 1.37 |
| PC-2 | 70 | 75 | 21.3 | 22.9 | <.001 | 0.02 | 0.03 | 0.72 |
| PC-2 | 75 | 80 | 22.9 | 24.4 | <.001 | 0.01 | 0.03 | 0.31 |
| PC-2 | 80 | 85 | 24.4 | 25.9 | 0.03 | 0.00 | ||
| PC-2 | 85 | 90 | 25.9 | 27.4 | 0.03 | 0.00 | ||
| PC-2 | 90 | 95 | 27.4 | 29.0 | 0.03 | 0.00 | ||
| PC-2 | 95 | 100 | 29.0 | 30.5 | 0.03 | 0.00 | ||
| PC-2 | 100 | 105 | 30.5 | 32.0 | 0.03 | 0.00 | ||
| PC-2 | 105 | 110 | 32.0 | 33.5 | 0.03 | 0.00 | ||
| PC-2 | 110 | 115 | 33.5 | 35.1 | <.001 | 0.06 | 0.03 | 1.90 |
| PC-2 | 115 | 120 | 35.1 | 36.6 | <.001 | 0.30 | 0.03 | 9.33 |
| PC-2 | 120 | 125 | 36.6 | 38.1 | 0.001 | 0.01 | 0.03 | 0.31 |
| PC-3 | 50 | 55 | 15.2 | 16.8 | 0.012 | 0.03 | 0.37 | 1.00 |
| PC-3 | 55 | 60 | 16.8 | 18.3 | 0.005 | 0.01 | 0.16 | 0.37 |
acdc
metals
JORC Code, 2012 Edition – Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | |
| • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | ||
| • Aspects of the determination of mineralisation that are Material to the Public Report. | ||
| • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | Previous Operators | |
| Work conducted by Pegasus Gold (1987). | ||
| • Limited information is available, it was understood by the author of the 2012 Technical report that historical work was to industry standards. | ||
| For the 2011 drill program conducted by First American silver a system of duplicates, standards and check samples were employed. | ||
| • Samples were collected using a cyclone/splitter apparatus every 1.525 meters (5 feet). The cyclone and splitter were cleaned after each 5 samples or more often if there were any indications of abundant clay that might compromise sample quality. A total of 24 repeats, check samples and blanks were inserted into the sample stream representing 4.18% of the total 573 samples generated by the program. Blank samples were constructed using Aeolian sand from the sand dunes to the north of Tonopah, Nevada. Twelve check samples were collected on site by the geologist by removing a small amount of sample from the sample bags, and submitting these to a second lab for comparative analysis. Inspectorate laboratories truck removed samples 10149 through 10647 on September 07th and Tom Lewis delivered samples 10648 through 10726 to Inspectorate laboratories on September 9th, as well as the 12 check samples which were submitted that same day to ALS Chemex in Reno. |
ACDC Metals
• As the effective date of this announcement, work by ACDC Metals at the Mount Jackson Project has been limited to a site visit, the collection of verification rock chip samples and the review and compilation of available data.
• Point surface samples consisting of rock chips of outcropping rock at the Pegasus zone, sinter area and 3 shaft zone, to a weight of 1-2 kg. |
| • Individual samples were bagged in calico bags and sent to the ALS Global in Reno, Nevada for sample preparation and analysis. | ||
|---|---|---|
| Drilling techniques | • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | Previous Operators |
| • 44 Reverse Circulation holes for a total of 4,748 metres were drilled by Pegasus Gold between 1987-1991. Limited information available. | ||
| • 5 Reverse Circulation holes for a total of 945 metres were drilled by First American Silver in 2011. | ||
| ACDC Metals | ||
| • No drilling has been conducted by ACDC Metals. | ||
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. | |
| • Measures taken to maximise sample recovery and ensure representative nature of the samples. | ||
| • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | Previous Operators | |
| • The sample recoveries obtained during prior drilling programs is unknown. Available reports do not discuss any systematic issues regarding recovery. | ||
| ACDC Metals | ||
| No drilling has been conducted by ACDC Metals. | ||
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | |
| • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | ||
| • The total length and percentage of the relevant intersections logged. | Previous Operators | |
| • Drill logs commencing May 1987 were sighted for the 44 Pegasus Gold RC holes, containing a geological description of each hole. | ||
| • Logging is qualitative in nature. | ||
| • No photos are available of the chip trays. | ||
| • No core or sample available from past drilling. | ||
| ACDC Metals | ||
| No drilling has been conducted by ACDC Metals. | ||
| Sub-sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. | |
| • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | ||
| • For all sample types, the nature, quality and appropriateness of the sample preparation technique. | ||
| • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | ||
| • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field | Previous Operators | |
| • The precise sampling methodologies of historic operators is unknown First American silver a system of duplicates, standards and check samples were employed. | ||
| • Samples were collected using a cyclone/splitter apparatus every 1.525 meters (5 feet). The cyclone and splitter were cleaned after each 5 samples or more often if there were any indications of abundant clay that might compromise sample quality. A total of 24 repeats, check samples and blanks were inserted into the sample stream representing 4.18% of the total 573 samples generated by the program. Blank samples were |
| | duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled. | constructed using Aeolian sand from the sand dunes to the north of Tonopah, Nevada. Twelve check samples were collected on site by the geologist by removing a small amount of sample from the sample bags, and submitting these to a second lab for comparative analysis. Inspectorate laboratories truck removed samples 10149 through 10647 on September 07th and Tom Lewis delivered samples 10648 through 10726 to Inspectorate laboratories on September 9th, as well as the 12 check samples which were submitted that same day to ALS Chemex in Reno.
ACDC Metals
• ACDC Metals rock chip samples are in progress. No field duplicate/second-half sampling was undertaken as not appropriate for this early reconnaissance stage of exploration.
• Details of previous work conducted is limited and unknown. |
| --- | --- | --- |
| Quality of assay data and laboratory tests | • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | Previous Operators
• Majority of assay data for the project consists of gold-silver. The precise assay methods are unknown but is assumed to have used industry-standard methods of gold by fire assay and silver by aqua regia.
ACDC Metals
No drilling has been conducted by ACDC Metals |
| Verification of sampling and assaying | • The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data. | Previous Operators
• No adjustments to the data are known to the author outside of conversions between metric and imperial units.
ACDC Metals
• No drilling has been conducted by ACDC Metals |
| Location of data points | • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used. | • Datum WGS84, UTM Zone 11
• Drill holes conducted by Pegasus (1987) have drill hole collar grid positions
• Drill holes conducted by First American silver drill holes (2011) have drill hole collar grid positions. |
| | • Quality and adequacy of topographic control. | • Existing drill collar data comes from previously-compiled data records, maps, and GPS coordinate taken from drill ogs. Hole inclinations come from historical data compilations and drill logs.
ACDC Metals
Rock chip sample locations were recorded with handheld global positioning system (GPS), providing accuracy of +/- 5m. This degree of variation is deemed acceptable for exploration sampling. |
| --- | --- | --- |
| Data spacing and distribution | • Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied. | Previous Operators
• Pegasus Gold - Drilling samples are produced generally at 5 ft intervals for RC drilling. No compositing is thought to have occurred.
• First American silver – Drilling samples are produced generally at 1.5m intervals for RC drilling. NO compositing is though to have occurred.
• Surface sampling distribution is defined by outcrop location. |
| Orientation of data in relation to geological structure | • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | Previous Operators
• Holes generally appear to have crossed structures and stratigraphy orthogonally as to limit bias in sampling. In some areas, geologic information is limited and it is uncertain if mineralised intercepts represent their true widths.
ACDC Metals
• No drilling has been conducted by ACDC Metals. |
| Sample security | • The measures taken to ensure sample security. | Previous Operators
• It is unknown how the previous operators ensured sample security.
ACDC Metals
No drilling has been conducted by ACDC Metals. |
| Audits or reviews | • The results of any audits or reviews of sampling techniques and data. | • Limited data available for historic exploration work.
• No cuttings available from the 1987 drilling.
• Available data has been reviewed by the Company’s geologist and consultants. No issues reported. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | |
| The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. | • All claims are reported in Appendix 1 of this announcement. | |
| • The company will have the exclusive right (at its election) to earn up to a 100% interest in all claims listed in Appendix 1, and any additional claims staked in the project area of interest. Area of interest defined in Appendix 2. | ||
| • A 3% net smelter returns royalty on all minerals extracted from any claims within the area of interest that constitute the Mount Jackson Project. The Company will have the right to buy-back 1% of the royalty for a cash payment. | ||
| • There are no known impediments to obtaining a license to operate in the area and in good standing. | ||
| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | • Precious metals mineralisation was first discovered in the Cuprite Hills district in 1905. Little information is available about the various pits that are scattered about the property. |
| • Gold and Silver mineralisation was first reported by Pegasus Gold in 1987. Conducting a 44 hole RC program between 1987 – 1991. | ||
| • First American silver conducted 5 hole RC drilling in 2011 totaling 945m. | ||
| Geology | Deposit type, geological setting and style of mineralisation. | • The Mount Jackson property has potential to host a low sulphidation epithermal style gold-silver deposit. These type of deposits represent an attractive target for gold exploration due to their potential to form world class deposits. |
| • The Mount Jackson property is centrally located within the Walker Lane Belt which is best characterized as a major, northwest-trending zone of structural disruption on the order of 500 to 700 kilometres long, and 80-160 kilometres wide. This structural belt marks a transition from the northwestly trending Sierra Nevada range which lies to the west of Mt Jackson and the Great Basin geologic province to the east of the property where mountain ranges typically exhibit a northeasterly orientation. |
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length.
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | • Historic Drill holes and intervals are tables in Appendix 3 and 4.
ACDC Metals
No drilling has been conducted by ACDC Metals. |
| --- | --- | --- |
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated. | • Historic drill hole data is uncut.
• Assay data is length weighted average for the reporting of historical data
ACDC Metals
No drilling has been conducted by ACDC Metals. |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). | • Reported historic drillhole intercepts are downhole and true width is not known.
ACDC Metals
No drilling has been conducted by ACDC Metals. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | • Representative maps have been included in the report along with documentation. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practised to avoid misleading reporting of Exploration Results. | • All results are presented in figures and tables contained in this announcement. |
| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including
(but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | • Geological setting and historic significant exploration results are presented for context. |
| --- | --- | --- |
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | • Geological and structural mapping with rock chip multi-element geochemical sampling;
• Ground magnetics to infill coarse-spaced historic airborne data;
• Integration with historic data and compilation of base map
• Priority target generation for drill testing |