SOUTHWEST & NORTHWEST EXPLORATION PROJECTS BINGHAM CANYON MINING DISTRICT

Transcription

1 SOUTHWEST & NORTHWEST EXPLORATION PROJECTS BINGHAM CANYON MINING DISTRICT SALT LAKE AND TOOELE COUNTIES, UTAH SUMMARY FRIDAY, MARCH 20, 2009

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3 Tooele County Salt Lake County GOOGLE EARTH September, 2006 Grand Central Silver Mines, Inc. Southwest-Northwest Properties Salt Lake & Tooele Counties, Utah 2006 Aerial Photograph With Southwest & Northwest Properties NAD 83 Harn (feet) Utah State Plane (Central) 2

4 Grand Central Silver Mines Southwest Property Summary Work to date includes: One round of 13 RC drill holes ( m samples), 3-D IP survey, 300 rock chip samples (ICP-MS) (two generations), 162 soil samples (partial extraction), 344 underground samples (ICP-MS), and one vertical RC/Core Copper test to 830.6m Gold+/-silver mineralization was encountered in all drill holes highlighted by 7.62m of 700ppb Au & 22.6ppm 41.15m in hole 3, 7.62m of 633ppb in hole 7, 6.1m of 2528ppb Au, 7.65ppm Ag, & 0.36% m in hole 8, 3.05m of 1068ppb Au & 189.2ppm m in hole 2, and12.19m of 159ppb Au, 25.0ppm Ag & 0.23% m in hole 13 Two pulses of gold mineralization observed: one with the silver and other base metals, the second with manganese, zinc, and antimony, but without silver Gold+/-silver mineralization principally hosted in Pennsylvanian Bingham Mine Formation calcareous sandstone, quartzite, and limestone (Jordan & Commercial) Mineralization focused in multitude of anastomizing NE-SW trending faults and shears in a dilational dextral shear couple Similar to Barneys Canyon and Melco (1.5M oz combined), the Southwest property lies within the gold-arsenic halo to the Bingham Canyon porphyry Cu-Mo-Au deposit though was never drill tested until 2006 by GCSM. Pre-mining Melco dimensions were ~60m width by 730m length and >300m depth extent and ~1M contained ounces of gold The Southwest property consists of 114 acres (46.2 hectares) patented claims 100% owned by Grand Central Silver Mines, accessed by an excellent county maintained road The second round of surface sampling focused on newly exposed drill sites and road cuts, revealing additional NE trending gold+/-silver mineralized shears containing samples running up to opt gold and 252 opt silver Silver is strongly partitioned to the northeast 1/3rd of the property at the surface and relatively absent in the southwest 2/3rd though gold shows no partitioning. However, drill holes in the southern 2/3rd of the property show strongly elevated silver with gold Additional gold+/-silver targets have not been tested and upside potential to identify an economic deposit is excellent Interpretation of the 3-D IP indicates weak chargeability anomalies have not been tested Potential synergy between a gold-silver discovery at either the Southwest and/or Northwest properties and Kennecott Utah Copper s Barneys Canyon heap leach operation 3

5 2007 PHOTO LOOKING NORTHEAST FROM GRAND CENTRAL SOUTHWEST PROPERTY INTO THE BINGHAM CANYON MINE, UTAH 4

6 NORTHWEST PROPERTY 5 LOOKING NORTH FROM SOUTHWEST PROPERTY TOWARDS NORTHWEST PROPERTY SEPTEMBER 2008

7 GRAND CENTRAL REVERSE CIRCULATION DRILL RIG - LOOKING SOUTH DRILL HOLE SW SEPTEMBER

8 Tooele County Salt Lake County 13A 1 JEEP TRAIL ON RIDGE LINE 12A UTAH METALS TUNNEL 5A 2 10A County Maintained Road County Maintained Road 3 6A SW A 11A 4 8A 5 7A County Maintained Road Drill Site Layout On Topography DRILL HOLE DRILL HOLE LEGEND DRILL PADS AND DRILL ROADS Grand Central Silver Mines, Inc. Southwest Project Salt Lake & Tooele Counties, Utah NAD 83 Harn (feet) Utah State Plane (Central) 7

9 ELEVATION FT 9000 L Grand Central Silver Mines Southwest Property Outline 8000 L West Mtn Middle Canyon Fork Clipper Peak 9070 el 9068 el 8500 el 9207 el 0 km 1 (3280 ft) 7000 L 6000 L Bingham Pit 5000 L 0.7% Cu shell 4000 L Butterfield Canyon 3000 L 2000 L A-Bed Skarn host 1000 L 0 L Approximate Projection of Gold at surface Copper at surface Induced polarization anomaly SOURCE: RIO TINTO INVESTOR SEMINAR NOVEMBER 26, E E Grand Central Silver Mines, Inc. INDUCED POLARIZATION Cross Section Looking West E FT 2000 FT 3000 FT 4000 FT 0 E Kennecott Utah Copper options Underground and/or open pit pushbacks Could extend life of operation to 2036 Significant molybdenum potential at depth 8

10 HIGHLAND BOY PUSHBACK (not to scale) OVERBURDEN BINGHAM CANYON MINE CLIPPER PEAK 9207 Feet Tooele County Salt Lake County 6380 ft ORE 3229 ft 3090 ft MIDDLE CANYON FORK 487 ft UTAH METALS TUNNEL 3892 ft 8500 Feet 3957 ft 9070 Feet 9068 Feet WEST MOUNTAIN 559 ft 6772 ft 2280 ft SOUTHWEST PROPERTY BINGHAM ORBIT PROJECTION BUTTERFIELD CANYON MIDDLE CANYON 2007 GOOGLE EARTH PRO APPROXIMATE PROJECTION OF GOLD AT SURFACE SOURCE: RIO TINTO INVESTOR SEMINAR NOVEMBER 26, 2007 Grand Central Silver Mines, Inc. Southwest Property GOLD AT SURFACE BINGHAM ORBIT PROJECTION NORTH

11 BINGHAM CANYON MINE CLIPPER PEAK 9207 Feet MIDDLE CANYON FORK 8500 Feet F UTAH METALS TUNNEL WEST MOUNTAIN 9068 Feet L K N A G M C 9070 Feet B E H I J D SOUTHWEST PROPERTY BINGHAM ORBIT PROJECTION MIDDLE CANYON BUTTERFIELD CANYON KENNECOTT CORE DRILL PLAN MAY, 2008 Access Roads, - Pre-existing pre-existing Improved Roads Improved Roads, Low Priority Existing Permit Boundary Completed Drill Site - High Priority Proposed Drill Site - Secondary (D-N) Drill Hole in Progress Grand Central Silver Mines, Inc. Southwest Property COPPER AT SURFACE BINGHAM ORBIT PROJECTION APPROXIMATE PROJECTION OF COPPER AT SURFACE 2007 GOOGLE EARTH PRO NORTH SOURCE: RIO TINTO INVESTOR SEMINAR NOVEMBER 26,

12 BINGHAM CANYON MINE CLIPPER PEAK 9207 Feet MIDDLE CANYON FORK 8500 Feet F UTAH METALS TUNNEL WEST MOUNTAIN 9068 Feet L K N A G M C 9070 Feet B E H I BINGHAM ORBIT PROJECTION J D SOUTHWEST PROPERTY BUTTERFIELD CANYON MIDDLE CANYON KENNECOTT CORE DRILL PLAN MAY, 2008 Access Roads, - Pre-existing pre-existing Improved Roads Improved Roads, Low Priority Existing Permit Boundary Completed Drill Site - High Priority Proposed Drill Site - Secondary (D-N) Drill Hole in Progress Grand Central Silver Mines, Inc. Southwest Property INDUCED POLARIZATION ANOMALY BINGHAM ORBIT PROJECTION APPROXIMATE PROJECTION OF INDUCED POLARIZATION ANOMALY SOURCE: RIO TINTO INVESTOR SEMINAR NOVEMBER 26, GOOGLE EARTH PRO NORTH

13 F K B L N E UTAH METALS TUNNEL SOUTHWEST PROPERTY KENNECOTT CORE DRILL PLAN MAY, Access Roads, - Pre-existing pre-existing Improved Roads Improved Roads, Low Priority Existing Permit Boundary Completed Drill Site - High Priority Proposed Drill Site - Secondary (D-N) Drill Hole in Progress Patented Claims Utah Metals Tunnel Dump Outline (1-2002) Pit Outline (1-2002) Anticline Fault Projection Faults Normal N Faults Normal S Faults Overturned Anticline Overturned Syncline Syncline Thrust Faults Major Fault (Downthrown Side Shown) Strike and Dip LEGEND Soil Anomoly Mine Dump Qal - Quarternary Alluvium TI - Porphyry Pobc - Oquirrh Group, Commercial & Jordan limestone Pobc - Oquirrh Group, Bingham Mine Fm, Cliipper Peak Member, quartzite, limestone, and calcareous sandstone Pobp - Oquirrh Group, Butterfield Peaks Fm, limestone, quartzite, calcareous quartzite, calcareous sandstone contour intervals = 40 Feet Grand Central Silver Mines, Inc. GEOLOGIC MAP OF THE SOUTHWEST PROPERTY Compiled from Tooker and Roberts, USGS, 1988, 1998 NORTH 12

14 Grand Central Silver Mines, Inc. NORTHWEST PROPERTY Tooele & Salt Lake Counties, Utah 1997 ORTHO PHOTOGRAPHY NORTH 13

15 BARNEY S CANYON (Au) MELCO (Au) NORTHWEST PROPERTY NORTHWEST LEASES SOUTHWEST PROPERTY Grand Central Silver Mines, Inc. KENNECOTT BINGHAM CANYON MINE EXISTING MINE PERMIT BOUNDARY 14

16 Grand Central Silver Mines Northwest Property Summary Twenty-two (22) surface samples collected to date. Average gold value from the 22 samples is 0.077opt (2627ppb) with a high of 0.217opt (7420). The average silver value is 2.73 opt with a high of 13.0 opt. Samples were collected from prospects and outcrops. Gold-silver bearing samples were collected over a length of ~600m, collected from silicified and brecciated quartzite and calcareous sandstone of the Pennsylvanian Clipper Peak Formation. The west-northwest trending asymmetric Bingham Syncline transects the center of the property. The property consists 73 acres (29.54 hectares) contiguous patented claims, 100% owned by GCSM. The Nancy Hanks Mine is 100m to the southeast and reported 1.5opt Au and 9% Cu from a 3m wide vein in historic documents dating to The Colonel Sellers Mine is 120m to the east and reported an average of 1.0 opt gold from a m wide vein. The Northwest property occurs within the Au-Ag halo to the Bingham Canyon porphyry copper deposit. No modern day exploration (drilling, geophysics) has been conducted on the Northwest property. 15