Golden queen mining

golden queen mining

The Company engaged Mine Development Associates, Reno, Nevada (“MDA”) to update the geological model from first principles and to provide updated. GOLDEN QUEEN MINING Aktie (ISIN CAJ / WKN ). Aktueller Kurs, historische Charts, Analystenchecks und aktuelle Nachrichten zur. Golden Queen Mining Co. Ltd., ein Bergbauunternehmen mit Sitz in Kanada, exploriert bzw. fördert Edelmetalle und Rohstoffe, wie Silber, Gold.


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{ITEM-100%-1-2}Silver is not certified for these SRMs. A total of 26 drill holes were found to have collar elevations greater than 10 ft above or below the topographic elevation. Duplicate samples are used to determine the precision of the alessandro giannessi. Flat Ore is a complex zone of veins and stockwork mineralization that tipico sh from ft. The log accurately describes core observed by MRDI in core boxes. At the Cactus Gold Mine, 5 miles west of Nächste wahl des bundeskanzlers, gold occurs in northwest and northeast-striking quartz veins, breccias and irregular zones of silicification der hügelige däne quartz latite, rhyolitic flows and rhyolitic intrusive breccias. GQM engaged Serbien u19 Corporation Norwest and AMEC to prepare an updated NI compliant Technical Report to assess mineral reserves for the Project as golden queen mining of an independent poker odds study based upon technical work and engineering designs completed up to monthend May Mineral Resources are reported within a conceptual pit activ trades that has been merged with the Mineral Reserve pit. Decay and cyclicity plots revealed no abnormal changes in grade that film casino wien 1040 not be explained by abrupt changes in geology, such as a change from weakly altered rock to strongly mineralized rock. Off-site infrastructure such as the availability casino filme netflix power and a backup water supply are described in sub-section {/ITEM}

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These volcanic centers consist generally of initial, widespread sheet flows and pyroclastics of quartz latite, followed by restricted centers of rhyolitic flows and rhyolite porphyry intrusives.

Rhyolitic flows and intrusives are elongated somewhat along northwest-trending vents and feeder zones. Of these gold deposits, only Soledad Mountain is in the Project area.

At Soledad Mountain gold mineralization occurs in low-sulfidation style, quartz-adularia veins and stockworks that strike northwest.

Gold mineralization at Standard Hill, located 1 mile northeast of Soledad, consists of north to northwest-striking quartz veins in Cretaceous quartz monzonite and Tertiary, quartz latite volcanic rocks.

At the Cactus Gold Mine, 5 miles west of Soledad, gold occurs in northwest and northeast-striking quartz veins, breccias and irregular zones of silicification in quartz latite, rhyolitic flows and rhyolitic intrusive breccias.

At least 14 separate vein systems and related vein splits occur at Soledad Mountain. Veins generally strike NW and dip at high angles either to the northeast or to the southwest.

Separate, parallel or en-echelon vein systems are present over a total strike length of 6, ft. Veins and zones are from 5 ft.

The horizontal distance between individual veins is from 50 ft. Mineralization consists of fine-grained pyrite, covellite, chalcocite, tetrahedrite, acanthite, native silver, pyrargyrite, polybasite, native gold and electrum within discrete quartz veins, veinlets, stockworks and irregular zones of silicification.

GQM , a California corporation, which had secured, by agreement, a core group of claims on Soledad Mountain. Golden Queen Mining Co, Ltd.

Securities And Exchange Commission as a foreign, private issuer. The mine operator is Golden Queen Mining Co. Exploration and exploration potential are described in Section 9 and sub-section 9.

A number of areas with exploration potential have been identified. The Hope Cabin area has good potential for vein-type mineralization under alluvial cover and the Alphson areas may contain stockwork vein-type mineralization south of existing planned open pits.

In addition, gold and silver mineralization extends at depth below the bottom of designed open pits and in areas immediately adjacent to the East Pit high walls along strike.

Twenty- holes were drilled for a total of 6, ft. RC bit sizes used by GQM ranged from 4. Industry standard logging and sampling conventions were used to capture information from the RC chips, diamond drill core and underground, cross-cut channel samples.

Data logged included lithology, alteration, mineralization, structural, oxidation state, and geotechnical data. Recovery was not recorded for diamond core holes DDH Only general comments regarding recovery were made for holes DDH All remaining drill logs recorded measured recoveries for each cored interval.

Mineral Resources Development Inc. GQM drill-hole collar locations during were surveyed relative to the historical mine grid by DeWalt Corporation of Bakersfield, California.

The positions of underground cross-cut samples were located by GQM by using historical transit surveys of underground workings.

Portal elevations were corrected during surface surveying of drill sites. Down-hole surveys were not performed for holes drilled prior to GQM imposed an average downward deviation adjustment on these holes.

Inclined RC holes show a downward deviation of from 1. The lateral deviations in azimuth are unknown. Drill holes for the program were down-hole surveyed by Golder Associates Inc.

Only three out of twenty drill holes were down-hole surveyed due to holes being blocked. A number of commercial assay laboratories were contracted to assay GQM samples for gold and silver from Gold was assayed by conventional fire assay of a 30 g split of pulverized material, then determined by atomic absorption spectrometry ALS Chemex code Au-AA No information is available documenting sample security procedures prior to Since , sample security measures include moving core from the drill site to a locked storage warehouse on the Project site at the end of each shift.

RC cuttings were allowed to dry at the drill site before being locked in a semi-trailer to be shipped to the laboratory.

Access roads into the Project site are locked with either a gate across the road or padlocked with a heavy metal chain across the road.

GQM is of the opinion that sample storage is sufficiently secure. AMEC typically uses a criterion of less than 1. AMEC is of the opinion that the database is sufficiently error free and acceptable for Mineral Resources and Mineral Reserve estimation.

Process development and the extensive metallurgical test work done between and are described in Section Minor quantities of siliceous vein material 0.

Extensive test work and process development work done on the Project ore types from to show that these ores are readily amenable to heap leaching provided the material is crushed to relatively small sizes.

The test work for a total of 45 column leach tests is well documented and the test results have been used in a number of feasibility studies. A series of tests using a high-pressure grinding roll HPGR and bottle roll and column leach tests was performed between and to confirm the flow sheet and to provide design criteria for the design of the crushing-screening plant.

The test work shows that the HPGR will have distinct advantages over conventional crushing and screening in preparing particles for heap leaching in this particular application.

Tests completed in were performed on a low-grade and a high-grade rhyolite sample to test the range of grades that is expected in the commercial operation.

The test on rhyolite with a lower head grade in the 0. No new column leach tests have been done on pyroclastic ore since the tests.

Recoveries for gold and silver are based upon tails obtained in HPGR-based column leach tests. The recovery analysis for gold and the recovery analysis for silver are described in detail in subsection The projected recoveries based upon the tails analysis are shown below.

An extensive characterization program using bottle roll tests on reverse circulation drill cuttings was completed by an independent consulting engineer in The deposit was divided into six areas, four rock types and three vertical zones for this program and 46 standard bottle roll tests were performed.

An analysis of the results showed that there was no discernible difference in metallurgical response for a particular rock type from area to area and from strata to strata.

Allowance has been made for 1. Geologic and grade shell polygons were created in cross-sections and level plans and used to create three-dimensional solids.

The block model was assigned two mineralized domains, four rock type domains and five structural domains. Three tonnage factors were assigned based on rock type: Composites were created on 10 ft.

A minimum of two composites were required to develop a low-grade grade shell polygon. The influence of high-grade gold and silver composites on grade estimation was confined by high-grade shells and range-restricted by the use of outlier restrictions.

Ordinary Kriging was used to estimate gold and silver except for one structural zone which used Inverse distance.

Interpolation of grade into the blocks was conducted on three passes based upon increasing search distances out to ft. Gold and silver grades were estimated separately by structural domains within low-grade mineralized solids and within high-grade mineralized solids.

Gold and silver block model grades were validated visually against drill holes and composites in section and plan.

A nearest-neighbour block was based on 20 foot down the hole composite. Grade profile plots were created on the 20 ft. Measured and Indicated resource block and no estimation biases were noted.

Factors which may affect the conceptual pit shells used to constrain the mineral resources, and therefore the Mineral Resources include changes to the following assumptions and parameters: Mineral Resources are reported in Table 1.

Mineral Resources take into account geologic, mining, processing and economic constraints, and have been confined within appropriate Lerchs- Grossman pit shells, and therefore are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported at a 0.

Mineral Resources are reported within a conceptual pit shell that has been merged with the Mineral Reserve pit. Rounding as required by reporting guidelines may result in apparent summation differences between tons, grade and contained metal content.

Tonnage and grade measurements are in US and metric units. Grades are reported in troy ounces per short tons and in grams per tonne.

Mineral zones were shaped manually with a cutoff grade of 0. Norwest accepted the geological and block model provided by AMEC and relied upon these in the preparation of the mine plan for the Project.

The mine plan was based upon a series of Lerchs Grossman pit optimization studies. Mineral Reserves are reported in Table 1.

The operation will be an open pit operation. Wheel loaders and haul trucks with a capacity of 90 tonnes ton will be used as the primary mining equipment.

Smaller equipment will be used for pioneering access roads, mining narrower benches, and final ore extraction at the bottom of the various mining phases.

Support equipment such as a grader, a water truck and tracked dozers and a wheel dozer will be used for road and bench maintenance, dust control and work in the waste rock disposal areas.

The operation has been designed to mine approximately 5. Ore will be fed to a crushing-screening plant. The crushing-screening plant includes a primary and secondary cone crusher, primary screen, a high-pressure grinding roll HPGR as the key comminution device and the required ore chutes and conveyors.

Crushed and agglomerated ore will be stacked on two heap leach pads. A dilute sodium cyanide solution will be used to leach gold and silver from the ore.

Leach solutions will flow to the toe of the heap and from there to a pump box. The Merrill-Crowe process will be used to precipitate gold and silver from the pregnant solution.

The design, construction and operation of the heap leach facilities are described in Section Services such as a hospital, ambulance, fire-protection, garbage and hazardous waste disposal, schools, motels and housing, shopping, airport and recreation are available in Mojave and its surroundings.

Telephone and internet service are available on site. Infrastructure is described in Section 19 and this includes both on-site and off-site infrastructure.

Off-site infrastructure such as the availability of power and a backup water supply are described in sub-section The gold and silver will be sold by Johnson Matthey Inc.

That is the conventional and generally accepted procedure for dealing with gold and silver produced by a smaller heap leach operation such as the Project.

GQM has therefore not entered into any agreement for selling refined gold and silver. GQM has also stated in its public documents such as the Form K dated March 29, that it is not expected that GQM will hedge any of its gold or silver production.

Refer to sub-section 1. Capital costs are described in sub-section Engineering has been substantially completed for all major components of the Project and this includes the design of the crushing-screening plant with the HPGR as the key comminution device by a Vancouver-based consulting engineering firm.

Capital cost estimates are based upon quotes for construction from a number of key vendors and contractors based in southern California. The bulk of the sustaining capital will be required for construction of the second and third stages of the heap leach pad and for major equipment replacement.

Operating costs are described in sub-section Detailed operating cost estimates have been prepared with information provided by independent consulting engineers and vendors of services and supplies such as diesel fuel and explosives, reagents such as cement and sodium cyanide and operating supplies and spare parts for both the major mining equipment and support equipment and equipment in the various processing facilities.

There is no allowance for escalation or inflation in the operating cost estimates from the third quarter onwards.

Operating costs for the life of the mine are summarized in Table Note that an allowance for unallocated costs has been added to the operating cost estimates in the cash flow model.

The pre-tax cash flow analysis is described in sub-section This analysis includes detail on a number of items that make up the cash flow model. The base cash flow analysis is done on a constant United States dollar, pre-tax, stand-alone project basis.

The Project has an indicated internal rate of return IRR on capital employed of The trailing month average precious metals prices are accepted by the U.

Securities And Exchange Commission when reporting mineral reserves. GQM expects to develop a by-product aggregate and construction materials business once the heap leach operation is in full production, based on the location of the Project in southern California with close proximity to major highways and railway lines.

The source of raw materials will be suitable quality waste rock specifically stockpiled for this purpose. The waste rock can be classified into a range of products such as riprap, crushed stone and sand with little further processing.

Test work done in the s confirmed the suitability of waste rock as aggregate and construction material.

GQM also plans to process and sell leached and rinsed residues from the heap leach operation for a range of uses to local and regional markets.

It is intended that these products will be sold over an extended mine life beyond the current planned gold and silver production periodbut no contributions from the sale of such products will be included in the cash flow projections until long term contracts for the sales of these products are secured.

The Company now has final approvals in place for the Project. The Company is therefore continuing with the design of the Phase 1, Stage 1 heap leach pad and the associated site drainage plans, design of a number of site grading plans, design of the sub-station required for the distribution of power to the operating facilities and all of these designs are being done for construction.

Once a production decision is made, the Company will need significant additional financing to develop the Project into an operating mine. The Company is evaluating various financing options for the Project and these may be combined:.

The Company estimates that construction can be completed in approximately fifteen months once project financing has been secured. The target for the start of production is therefore the first quarter of The Project utilizes standard mining and processing methods which are well understood in the region.

The development plan follows a reasonable timeline for construction and production ramp-up. The Project has a robust cash flow with a relatively low sensitivity to increases in the capital and operating costs.

There is sufficient area within the Project to host an open pit mining operation including any proposed open pit, waste dumps, and leach pads.

The current mine plan includes mining and dumping activities beyond areas currently within the permitted limits.

Norwest understands that GQM owns or is in negotiations with landholders to secure access however failure to do so could affect the current mine plan.

The current pit configuration is constrained by permit backfill requirements rather than economic strip ratio limits. The potential to expand the mineable ore tonnage exists if the constraints related to backfilling can be mitigated.

The project geology and mineralization is sufficiently well established and understood to support mineral resource estimation. Work programs included geological mapping, geochemical sampling, channel sampling, petrography, mineralogical studies, and drilling.

Drill data collected by GQM meets industry standards for exploration of gold and silver deposits. No material factors were identified with the drill data collection that could affect Mineral Resource estimation.

Drill hole sampling employed by GQM is in line with industry norms. Sample preparation for samples that support Mineral Resource estimation has followed a similar procedure for the GQM programs.

The GQM drill samples were analyzed by reputable independent, accredited laboratories using analytical methods appropriate to the gold and silver concentration.

Drill sampling has been adequately spaced to first define, then infill, gold and silver anomalies to produce prospect-scale and deposit-scale drill data.

Drill hole spacing varies with depth. Drill hole spacing increases with depth as the number of holes decrease and holes deviate apart.

Sample data collected adequately reflect deposit dimensions, true widths of mineralization, and the style of the deposits. Gold grades were estimated inside a grade shell using primarily ordinary kriging and inverse distance.

Mineralization was confined within a conceptual open pit shell, which used economic parameters developed by Norwest from first principles.

AMEC has reviewed the economic parameters used in the Mineral Resource and is of the opinion that they are reasonable for supporting Mineral Resource declaration within a conceptual open pit shell.

As noted in Section 1. The Commission accepted the project plan subject to a number of Conditions of Approval. A number of these conditions specifically address issues related to reclamation of the property including backfilling and restoration to approximate pre-mining topography.

The pit shells used as a basis for this feasibility were selected based on consideration of both economic and waste volume considerations with the goal of developing pit configurations which balanced ore tonnage against waste quantities.

In order for the current mine plan to meet all the conditions laid out by the County, approximately 19 million tons of waste rock must be sold as aggregate and removed from site prior to final reclamation.

In addition, all the leached residues must be either permitted to remain in place or be sold as aggregate. If this quantity cannot be sold, the necessity of handling this additional volume as part of the reclamation plan will affect the overall ore tonnage that can be mined at site.

While no costs or revenues associated with aggregate production using this material, have been included in the Project economic analysis, removal of these materials is an integral component of the integrated mining and backfilling plan.

If these quantities of material remain onsite, it will require revision of the mining plan in order to meet the backfill requirements which could reduce the life of the heap leach operation by up to 5 years.

Norwest has worked with GQM to develop a scenario which limits the effect of this on the mine life and GQM has had promising discussions with a local aggregate contractor regarding the saleability of the waste rock and leached residues into the regional market.

However, there is still a potential risk that meeting the requirements of the Conditions of Approval could affect the overall mine life.

Norwest understands that GQM owns or is in negotiations with landholders to secure access and to expand the permit boundary however failure to do so could affect the current mine plan.

GQM engaged Norwest Corporation Norwest and AMEC to prepare an updated NI compliant Technical Report to assess mineral reserves for the Project as part of an independent feasibility study based upon technical work and engineering designs completed up to monthend May The results of the Norwest study were disclosed in a press release on September 6, Norwest has used this model as a basis for pit optimization and the development of the mining plan in the feasibility study.

Norwest has incorporated the findings of many of the engineering and technical studies commissioned by GQM as these studies have been completed by qualified independent third parties.

These studies are referenced in this feasibility report and a list of all references is included. Where revisions have been made to previous work they are noted example: Hertel inspected surface geology, drill hole collars, drill core and RC chip trays, logging procedures, sampling protocols, proposed open pit location, and sites amenable for locating infrastructure.

Horton observed the proposed pit, dump and leach pad areas. He reviewed the site configuration to confirm the reasonableness of planned pre-development and mining assumptions.

Effective date of the database closeout for Soledad Mountain for the purposes of estimation of Mineral Resources: There has been no material change to the scientific and technical information on the Project between the effective date of the Report, and the signature date.

Reports and documents listed in Section 3 Reliance on Other Experts and Section 28 References were also used to support preparation of the Report.

Additional information was provided by GQM personnel where required. AMEC and Norwest QP have relied upon and disclaim responsibility for information derived from reports pertaining to mineral tenure, surface rights, water rights, environmental approvals and permits.

The following document was referred to with respect to mineral ownership and royalty rights:. Detail is provided in Section 4.

This information is used in Sections 4. The following document was referred to with respect to current surface and water rights:.

Independent California legal counsel, Paul Singarella, Esq. An assessment of surface rights and water rights is provided in Sections 4.

The AMEC QP has fully relied upon and disclaims responsibility for information provided by GQM staff and experts retained by GQM for information relating to the environmental studies performed and approvals and permits obtained for the Project.

The following documents were referred to with respect to environmental studies, approvals and permits. The Kern County Planning Commission formally considered the Project at its regularly scheduled meeting in Bakersfield on April 8, Detail is provided in Section 21 of the Report.

This information was used in Section 14 of this report. The Project is located approximately 5 miles south of the town of Mojave. California City lies approximately 10 miles northeast of Mojave.

These former operating mines are located within a radius of five miles of the site. GQM controls approximately 2, acres 1, hectares of land in the area, consisting of private fee land and patented lode mining claims and millsites and federal lands unpatented mining claims and millsites administered by the BLM, collectively referred to as the Property.

The total area required for the Project, which is surrounded by an Approved Project Boundary, is approximately 1, acres hectares in size.

The actual area that will be disturbed by mining, waste rock disposal, the construction of the heap leach pads and the heap and the facilities will be approximately acres hectares in size of which approximately acres hectares will be reclaimed during and at the end of the mine life.

GQM holds or controls via agreement 33 patented lode mining claims, unpatented lode mining claims, 1 patented millsite, 12 unpatented millsites, 1 unpatented placer claim and acres of fee land.

A summary of the land held or controlled by GQM is shown in Table 4. As noted above, additional land is held by GQM which may be incorporated into the project area in the future if required.

The land status is shown in Figure 4. GQM holds or controls the properties under mining leases with 53 individual landholders, two groups of landholders and 2 incorporated entities.

Contact information for the landholders is available on file at the GQM offices in Vancouver. Length of the agreements varies and the current approach is to have agreements extend to the year GQM believes that all the land required for the Project either has been secured under a mining lease or is held by GQM through ownership of the land in fee or via unpatented mining claims.

GQM executed land purchases or entered into agreements from onwards, and is continuing to add to its land position in the area. The report was dated September 6, and was updated to April 26, This title review was done to provide confirmation that titles remained valid.

A formal title review was again done by an independent landman, Sylvia Good, in May Royalties paid to third party landholders and the State are shown as line items in the Project cash flows in Table There are multiple third party landholders and the royalty formula applied to mine production varies with each property.

This leads to a complex set of royalty calculations. A standard net smelter return per ton formula has been applied to the cash flows to calculate the estimated royalty payable.

State royalties for payable gold and silver have been applied at the following rates:. Bureau of Land Management regulations regarding surface disturbance and reclamation require that a notice be submitted to the appropriate Field Office of the Bureau of Land Management for exploration activities in which five acres or fewer are proposed for disturbance 43 CFR A Plan of Operations is needed for all mining and processing activities, plus all activities exceeding five acres of proposed disturbance.

A Plan of Operations is also needed for any bulk sampling in which 1, or more tons of presumed ore are proposed for removal 43 CFR The BLM also requires the posting of bonds for reclamation for any surface disturbance caused by more than casual use 43 CFR The following are key points:.

California does not regulate the use of groundwater under a state-wide administrative permit program;. A land holder with land overlying groundwater does not need to have the right to pump water verified before the land holder can drill wells and pump water;.

Groundwater rights rules include a hierarchy of rights under which the rights of the overlying users are paramount;. When a groundwater basin is in an overdraft condition, competing water uses will frequently initiate judicial proceedings to test the claims of competing rights;.

Groundwater rights can be determined, and pumping limited, through court adjudications;. The Project will draw groundwater from the Fremont Valley groundwater basin and this basin is separated from other basins by significant geological features;.

Ongoing monitoring will be required to ensure that the groundwater immediately underlying the Project is not in an overdraft condition;.

An adjudication of groundwater resources in the Antelope Valley is ongoing and this also needs ongoing monitoring to confirm that the Fremont Valley groundwater basin is not drawn into this adjudication and.

Water required for the Project and alternative water supplies are described in Section This is the current estimate for reclamation of historical disturbances on the property and this is reassessed annually.

GQM prepared detailed cost estimates for ongoing reclamation and reclamation at the end of the life of the mine and these cost estimates were included in the Application for a revised Surface Mining Reclamation Plan.

GQM will provide the necessary financial assurance as required by the regulatory authorities. Cost estimates for site reclamation are included in the discussion of the project economics and operating costs.

A number of additional approvals and permits will be required as project development proceeds, as detailed below:.

Newly implemented security requirements make contract blasting a preferred option and a contract blasting service will be used. The contractor will be required to obtain the necessary approvals and permits.

Conditions GQM must meet both before the start of construction, during operations and after operations have ended are set out in the Mitigation Measures Monitoring Program and Conditions of Approval.

The pit shells used as a basis for this feasibility study were selected based on consideration of both economic and waste volume considerations with the goal of developing pit configurations which balanced ore tonnage against waste quantities.

Refer to sub-section Access also exists from the south via Mojave Tropico Road, an existing paved county road. Rainfall events tend to be short-lived and of high intensity.

Exploration is possible year round, though snow in winter and wet conditions can make travel on unimproved dirt roads difficult.

It is also expected that mining operations will be conducted year round. Off-site infrastructure such as the availability of power and a backup water supply is described in sub-section The Soledad Mountain gold-silver deposit is hosted in a volcanic sequence of rhyolite porphyries, quartz latites and bedded pyroclastics that form a large dome-shaped feature, called Soledad Mountain, along the margins of a collapsed caldera.

The deposit is located on the central-northeast flank of Soledad Mountain. The mountain has a domal form that is a reflection of an original, dome-shaped volcanic center.

The Project is located on the flanks of Soledad Mountain. Elevations range from 4, ft. The topographic relief ranges from moderate to steep.

Vegetation is typical of the Basin and Range physiographic province. The lower slopes of Soledad Mountain are covered by sagebrush, grass, and various desert shrubs.

Fauna that have been observed in the Project area are typical of those of the Great Basin area. At the meeting, the Commission, consisting of a panel of three commissioners, unanimously approved the Project.

GQM believes that the land required for the Project, which has been included within the Approved Project Boundary, has either been secured under a mining lease or is held by GQM through ownership of the land in fee or via patented and unpatented lode mining claims or millsites.

Detail on the SEIR is provided in sub-section The proposed project site is located in an area with access and services that can support the development and operation of the configuration and scale currently planned by GQM.

This soon led to the discovery of the Exposed Treasure vein on the same hill. Later that year gold was found on Tropico Hill, in the Rosamond Hills.

The first mill was built at the Exposed Treasure Mine in This mill had 20 stamps and a cyanide plant. Construction of other mills followed rapidly - the Echo mill in with 10 stamps, the Queen Esther mill in and the Karma mill in with 20 stamps.

Of these properties, the Exposed Treasure, with production equivalent to 3, kg or , oz of gold, was the largest; the Queen Esther, with production equivalent to 1, kg or 62, oz of gold, was second and the Karma third with production equivalent to 1, kg or 37, oz of gold.

The last of these early mills was shut down in when the readily available ore was exhausted. Lessees looking for a new area to work George Holmes found some float that led to the discovery of the Silver Queen vein system on Soledad Mountain in Claims were staked and exploration was done.

The property was sold to a syndicate Golden Queen Mining Co. GFA in January GFA did extensive exploration on the property in the next few years, which resulted in a large increase in ore reserves.

The Golden Queen vein was also discovered at that time. During this period of exploration on the Golden Queen vein, an area south and west of the Golden Queen vein was also explored and a large vein was discovered on the Starlight claim.

The Soledad Extension vein, west of the Starlight vein was also discovered. The Lodestar Mining Co. Ore was extracted from the Silver Queen, Golden Queen, Soledad, Queen Esther and Karma veins plus ore was custom-milled from other properties in the area.

Tailings from smaller, historical mining operations were also retreated. Although records are incomplete, it is estimated that 1. The mine did not resume production after the war although some exploration and development work was done.

GFA returned the property to its former owners in and the company was dissolved. It is estimated that a total of 8, ton of ore was mined in the Project area by lessors in the early s.

These former operating mines are located within a 5 mile radius of Soledad Mountain. Soledad Mountain is located within the Mojave structural block, a triangular-shaped area bounded to the east by the northwest-trending San Andreas Fault and to the north by the northeast-trending, Garlock Fault Figure 7.

Of these deposits, only Soledad Mountain is in the Project area. A regional geologic map is shown in Figure 7. McCusker mapped Soledad Mountain in detail and defined the major stratigraphic and structural features of the volcanic complex present there.

Volcanics at Soledad Mountain comprise coalescing intrusive-extrusive domes, flows and pyroclastics. This volcanic center presumably overlies Cretaceous quartz monzonite, such as is exposed at the adjacent Standard Hill mine, although drill holes have not penetrated basement rocks at the deposit.

Age dates of The lower-most volcanic unit penetrated in drilling is an early Miocene quartz latite flow that strikes northwest and dips at low angles to the northeast.

Flow-banded rhyolites intrude and overly the lower pyroclastic unit. The rhyolites appear to have flowed out along a northwest-trending, high-angle vent coinciding generally with the center of the deposit and then north-eastward away from the vent.

Coarse- grained, pyroclastic breccias occur locally over the flow-banded rhyolites along the axis of the vents. These pyroclastic rocks likely represent laterally discontinuous zones of vent eruptions and collapse breccias that formed after the main pulse of rhyolite extrusion.

The youngest volcanic unit is a massive, quartz-eye rhyolite porphyry of middle Miocene age. This unit is present over most of the southwest portion of the property.

The rhyolite porphyry forms the core of the volcanic complex, intruding and displacing previous volcanic units south of the deposit center.

Emplacement of the porphyry may have been controlled by a northwest fault that now coincides with the Soledad Extension Vein.

GQM has classified volcanic lithologies into four units Figure 7. At least 14 separate veins and related vein splits occur at Soledad Mountain.

Veins generally strike N40W and dip at high angles either to the northeast or to the southwest. Mineralization consists of fine-grained pyrite, covellite chalcocite, tetrahedrite acanthite, native silver, pyrargyrite, polybasite, native gold and electrum within discrete quartz veins, veinlets, veinlet stockworks and irregular zones of silicification.

Gangue minerals include quartz, potassium feldspar, ferruginous kaolinitic clay, sericite, hematite, magnetite, geothite and limonite.

Veins formed by the process of intense alteration of volcanic rocks and by deposition of quartz and sericite-rich material in fault and fracture zones Figure 7.

The effect is to have a core vein of 1 ft. The boundary between mineralized and non-mineralized material must be determined by assay.

Important veins Figure 7. Flat Ore is a complex zone of veins and stockwork mineralization that is from ft. It may have been produced by post-ore faulting of higher levels of the Starlight Vein.

Gold grades greater than 0. Sheeted vein systems and stockwork veins decrease in grade laterally outward from core veins. Silver to gold ratios vary from 1: A consulting geologist, working for GQM, studied spatial variations in silver to gold ratios throughout the vein systems GQM internal report, April Silver to gold ratios were found to increase generally with depth from about The district average ranges from A map showing the surface trace of the various veins was completed on the property over a number of years in the s.

A copy of the open pit layouts superimposed on the vein trace map is shown in Figure 7. The information is available in the Norwest offices in Vancouver.

Exploration and exploration potential are described in Section 9. Knowledge of the deposit settings, lithologies, and structural and alteration controls on mineralization is sufficient to support determination of Mineral Resources and Mineral Reserve estimation.

The mineralization style and setting of the Project deposit is sufficiently well understood to support determination of Mineral Resources and Mineral Reserve estimation.

Prospects refer to Section 9. Gold mineralization occurs in low sulfidation style, quartz adularia veins and stockworks that strike northwest. Veins formed by the process of alteration of volcanic rocks by convecting groundwaters with the deposition of quartz and sericite-rich material in fault and fracture zones Figure 7 4.

The total sulfide content is one percent or less. High grade mineralization shoots form where dilational opening and cymoid loops develop, typically where the strike or dip of the fault changes, allowing solutions to undergo cooling, degasification by fluid mixing, boiling, pH changes of hydrothermal solutions, and decompression.

In the opinion of the AMEC QP, deposit genesis and models as used in the exploration programs and for the development of Mineral Resource and Mineral reserve estimates are appropriate based on the style and settings of the mineralization.

A new topographic database was produced in DeWalt Corporation, Bakersfield set the control points around the perimeter of the area. Foto Flight Surveys Ltd.

Project specifications were as follows: GQM completed a 1: Several legacy trenches were noted on the southern extension of the Golden Queen vein.

Channel samples indicate that anomalous gold mineralization is present. However assay results were not used in developing Mineral Resources and Mineral Reserves for the Project.

Geochemical surveys were completed on the property over a number of years in the s. GQM found a map in the records but could not locate the supporting information.

The Geochemical Survey Map is shown in Figure 9. The gold and silver mineralogy for rhyolite and quartz latite are essentially the same as determined by Amtel Ltd.

Rhyolite is however typically more highly silicified than quartz latite and more gold has consistently been extracted from quartz latite than from rhyolite in column leach tests.

A summary of the geotechnical programs that have been conducted on the property since is provided in this section. The heap and heap leach pad design was completed by Golder as per the detail provided in a revised, geotechnical design report and this was included as Appendix 2 in the revised Report of Waste Discharge prepared for the Lahontan Regional Water Quality Control Board GQM, The work was done to assess the surface and subsurface geotechnical conditions to support the design for the Phase 1 and Phase 2 heap leach pads, the foundations for the crushing-screening plant, the foundations for the workshop-warehouse, for site runoff control, and to identify suitable soils for use as low-permeability soil liner material.

The programs consisted of geotechnical borings using cone-penetration, hollow-stem auger drilling, and excavating test pits with backhoes both on site and in the area of a proposed borrow pit west of Mojave-Tropico Road.

The location of borings and test pits is shown on Drawing 4 of the revised, geotechnical design report referred to above.

The field data, test pit logs, borehole logs and the results of extensive test work done on samples are available in the Golder offices in Denver.

Five diamond drill holes were drilled to obtain information for various rock types and discontinuities for slope stability analyses in A series of strength-related tests was performed on the drill core and the following information was recorded: A geological description, faults and fractures, unconfined compressive strength, point load strength, elastic modulus, specific weight and moisture content.

More detail is provided in Section The site drainage patterns are characterized by sheet flows over the surface with incised channels along preferred pathways.

These patterns are influenced by local topography and features from historical mining operations on the property. Most of the surface runoff drains to an ephemeral drainage channel that runs from east to west just to the south of Silver Queen Road.

The eastern portion of the drainage channel has been designated as a FEMA year floodplain. Runoff rates for onsite and offsite basins that are tributary to the drainage channel are presented in the Soledad Mountain Hydrology Study by Rivertech Inc.

The information was used to support the design of the low-flow access road to the property. Golder also determined runoff volumes for the basins that drain to the east and to the west.

Site drainage as it applies to the open pit operation is described in Section Site drainage as it applies to the heap leach operation is described in Section The Project is located at the southern end of the Fremont Valley groundwater basin and at the northern end of the Gloster subunit, immediately adjacent to the Chaffee subunit.

The primary aquifer in the Project area is the Quaternary alluvium which fills the basins and wide expanses of the Mojave Desert between isolated bedrock outcrops.

The alluvium ranges in thickness from 0m 0ft to m ft on the flanks of Soledad Mountain and may be up to m ft thick in the Mojave area.

Older alluvium is typically composed of silt, sand, gravel and boulders. Local altering of feldspars to clay may occur. Younger alluvium composed of silt- and clay-rich lake bed and playa deposits occurs interbedded with the coarser materials.

The lower permeability layers restrict downward flow above and in the aquifer. Regionally, groundwater in the Fremont Valley flows east, then northeast towards Koehn Lake.

Locally, groundwater flow directions are complicated by the essentially impermeable bedrock of Soledad Mountain. East of Soledad Mountain, groundwater flows into the California City sub-basin and further down-gradient to Koehn Lake, a dry lake, and this is the lowest point in the Fremont Valley basin with an elevation of 1, ft.

The depths to groundwater north of the site range from approximately ft. Local domestic water wells have low yields below 50 gallons per minute , however wells located further to the north have indicated higher yields with rates as much as 2, gallons per minutes at the Jameson Ranch located 4 miles to the north of the Project.

Water levels in the characterization and production wells on site show that groundwater in the area has minimal gradient and water levels have remained virtually static for the past ten years.

Information provided by the Mojave Public Utilities District indicates that water levels in wells surrounding the town of Mojave have remained relatively static for the past two decades.

Groundwater recharge is primarily from the Tehachapi and San Gabriel mountains several miles to the southwest, west and northwest of the Project area.

At the mountain front, alluvial fans termed bajadas receive runoff from the higher mountains and act as points of recharge. As groundwater flows from west to east, faults and bedrock outcrops act as barriers to groundwater flowing through the alluvium.

These barriers contribute to the groundwater basin and sub-basin outlines. There are no springs or intermittent streams in the immediate Project area.

The closest stream is approximately 5km 3miles to the west. Evaporation rates are high. Precipitation, which does not evaporate, runs off rapidly with no evidence of groundwater recharge from runoff in the area.

Most of the wells in the immediate Project area are small-diameter, relatively shallow, domestic water wells. There is currently no known agricultural or industrial use of groundwater in the immediate area.

GQM has drilled and equipped 6 characterization and future water quality monitoring wells along Silver Queen Road and just to the north of the Approved Project Boundary.

Water samples have been taken and analyzed since the s. GQM introduced a strict sampling and analysis protocol in and the protocol has been followed since that time.

The use of groundwater as the water supply for the Project is described in Section A number of phases of metallurgical test work were completed between and , and these are described in Section GQM notes the following exploration targets see Figure 7.

Southeast extension of Silver Queen Vein. This projected intercept has not been drilled. Markiewitz and Reymert Veins. Additional drilling may extend current drill intercepts to the northwest and southeast.

Previous drilling by Noranda produced several 20 ft. Northwest Alphson Vein Systems. Additional drilling is warranted to test the subsurface extent of the Alphson zone.

The Bobtail Vein and Hope Vein systems project southeast into an area covered by recent alluvium. Additional drilling may increase the resource on these two veins.

Southern end of the Golden Queen Footwall Vein. A core hole drilled in the early s encountered sporadic 0. The silicification appears to be nearly horizontal and may represent pervasive silicification above a higher grade, structurally controlled feeder zone.

The exploration programs completed to date are appropriate to the style of the deposits and prospects within the Project. The exploration and research work supports the interpretations of the orogenesis of the deposits.

The Project retains significant exploration potential, and additional work is planned after the start of production. The geotechnical and hydrological studies completed to date support a feasibility level engineering study and mine plan.

The drilling database consists of surface and underground drill hole samples as well as underground cross-cut channel samples.

All underground cross-cut channel samples were labelled and treated as drill holes. All un-assayed intervals missing samples were set to null values and not used in the resource estimation.

Twenty RC holes were drilled for a total of 6, ft. The RC holes were concentrated in Szones 2 and 4 on the northern limit of the mineralized zones.

The general location and orientation of the RC holes is shown in Figure A syndicate headed by GFA acquired most of the properties in and completed extensive exploration programs until ordered to cease operations by Order L of the War Production Board in Additional channel samples were collected by various operators on other vein systems Karma since the district was discovered.

Information from an additional 97 underground channel samples totalling 6, Rosario and Shell-Billiton drilled 52 RC holes totalling 11, ft.

The first round of exploration drilling ended in and the Project was placed on care and maintenance from to GQM added RC holes for a total of , ft.

Drilling was restarted in and carried on until During this second period of drilling, an additional RC drill holes for a total of , ft.

GQM collected information from an additional 97 underground cross-cut channel samples totalling 6, GQM drilled a total of 6, ft.

Nine drill holes were collared in the North-west Pit area, and the remaining 11 were drilled in the East Pit area.

This drill program was based on recommendations made by AMEC to increase the drill density in these two areas. RC drilling was completed wet with water injection to control dust emissions.

AMEC did not observe the drilling in the field. Based upon the discrepancies between the collar survey orientations and the downhole surveys at East Pit performed by Golder, AMEC believes there is significant uncertainty in the true orientation of the drill holes at Soledad Mountain.

Because the lengths of the drill holes are relatively short, the risk of a significant error in the location of mineralized intercepts is low.

AMEC calculated the theoretical cumulative downhole deviation as a result of a 6. Drilling methods are described here from information compiled by MRA MRDI reports that information on contractors and drill-rigs used for the first RC holes drilled from to was not available.

Drill bits ranging from 4. Samples reportedly were collected at the drill rig at 5 ft. According to GQM staff, drilling was carried out with water injection to control dust emissions.

This required use of a rotating wet splitter. MRDI inspected five drill sites near the Level portal and found that the plastic bags in which rig duplicate samples had been stored had decayed, ruining the sample, or that samples had been destroyed during subsequent road work.

As a result, very few rig duplicate samples were preserved in a condition that permitted check sampling. RC samples were not weighed at the time they were collected; therefore, sample recovery could not be determined.

Twelve surface diamond drill holes were drilled from to by several contractors. Information is not available concerning drill-rigs utilized.

From onwards, surface diamond drilling has been carried out by McFeron and Marcus Exploration, Inc. In the Proposal Letter, the Clay Group proposed to acquire all of the outstanding equity interests of Golden Queen Mining Company, LLC held indirectly by Golden Queen in exchange for i the surrender of the notes and all indebtedness held by the Clay Group under the Second Amended and Restated Term Loan Agreement dated as of November 21, , as amended, ii the surrender of all common shares, warrants and options of the Company held by the Clay Group , iii a cash payment, and iv other good and valuable consideration.

A special committee, composed of independent directors of the board in conjunction with legal and financial advisors will evaluate the proposal as well as explore potential alternatives to the proposal.

Investors are cautioned that any discussions with the Clay Group are preliminary in nature and the Company will issue a subsequent news release only should an agreement be reached in respect of the Clay Group proposal or any alternate transaction.

Caution with Respect to Forward-looking Statements: Except for statements of historical fact contained herein, the information in this press release includes certain "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as "will continue to", or similar terminology.

Forward-looking statements include but are not limited to, statements related to any proposal for a transaction resulting in a decision to proceed with a transaction or any alternative transaction.

Any forward-looking statement made by the Company in the press release is based only on information currently available to us and speaks only as of the date on which it is made.

The Company does not undertake to update any forward-looking information that is contained or incorporated by reference herein, except in accordance with applicable securities laws.

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