The Spring Valley Property is ideally situated adjacent to Rye Patch Gold’s Lincoln Hill, Rochester and Gold Ledge properties and is also within a few thousand meters of Barrick`s and Midway’s Spring Valley high-grade gold deposit and Coeur D’Alene Mines’ prolific Rochester silver mine (see Project Location Maps). Paramount Gold and Silver controls 100% of 38 unpatented lode mining claims which host historic underground mine workings and surface exposures of quartz veins, hydrothermal alteration and anomalous gold and silver.
Paramount geologists, in November 2011, conducted initial reconnaissance of the property which included rock chip sampling (22 samples) and geologic mapping but not enough work at present to define initial drill targets. The geological and structural setting, hydrothermal alteration, gold-bearing quartz veins and trace element geochemistry indicate that precious metal mineralization on nearby exploration properties may extend onto Paramount’s Spring Valley property. Rochester and Lincoln Hill style mineralization is the main target.
Prospecting of the area began in the 1860’s (Johnson, 1977) and occurred across the Humboldt Range. In 1912, silver mineralization was discovered in the area of the present Rochester Mine and in the 1920’s, gold was discovered at Lincoln Hill. After 1930, production decreased. A table of production from the Rochester District is below. Coeur Rochester has been producing silver and gold since 1986, with some work stoppages during times of low silver prices. They recently restarted production and are conducting exploration, expansion activities and drilling.
|Au oz.||Ag oz.|
|1986-2009 Coeur Rochester||1,000,000||122,000,000|
|from Johnson, 1977 and www.coeur.com|
|Spring Valley, Midway Gold, 2009 Resource Estimate|
|Rochester Mine, Coeur, 2010 Reserve|
|Past Production for Rochester|
|Au, oz||Ag, oz|
|Lincoln Hill, Rye Patch, 2010 Resource|
|Wilco/Colado, Rye Patch Gold, 2009 Resource|
|Au, oz||Ag, oz|
|Jessup, Rye Patch Gold, 2009 Resource|