Lookout Mountain

Summary

Lookout is a sediment-hosted gold property located in Tooele County, Utah (Figure 1). Miranda Gold controls a 100 percent interest in the property. Lookout consists of 162 lode claims (5.2 square miles / 13.5 square kilometers) that cover a 2.7 square mile (7.2 square kilometers) area of hydrothermally-altered carbonate rocks in an under-explored, west-northwest striking fault / fold corridor. Altered carbonate rocks contain elevated gold, arsenic, antimony, mercury and thallium. These features indicate favorable geologic conditions known to be associated with sediment-hosted gold deposits.

Miranda Gold's exploration strategy in Utah is to identify early-stage, sediment-hosted gold opportunities in under-explored terrains. Miranda Gold geologists believe the Lookout project meets these criteria and systematic exploration is warranted.

Location

The Lookout project is located 40 miles (64 km) southwest of Tooele, Utah in the northern Sheeprock Mountains. The area is typified by rolling pine and juniper covered hills (Figure 2).

Lookout is in the eastern portion of the Great Basin physiographic province, an area hosting economic, sediment-hosted gold deposits such as: Mercur, Barney's Canyon and Melco. The property is 23 miles (37 km) southwest of the 3.5 million ounce Mercur gold mine, which was active until 1997.

Geology

Published or publicly available geologic information is limited to the United States Geological Survey (USGS) 1979 Geologic Map of the Tooele 1 by 2 degree quadrangle. At Lookout, USGS mapping illustrates north-south trending mountain ranges that inflect into a west-northwest striking fault/fold corridor (Figure 1). Within this corridor, Cambrian through Mississippian-age carbonate rocks, dolomite and quartzite are exposed at surface. The Great Blue Formation, gold host at the Mercur gold mine, is exposed on the northern portion of the property.

Carbonate rocks are cut by west-northwest, northeast and north-south striking faults. The west-northwest orientation of the fault/fold corridor is unique to the Lookout project when compared to structural fabrics in adjacent mountain ranges. This structural fabric may represent an old, long-lived set of faulting. West-northwest faults are well-documented ore controls within economic gold deposits along the Carlin and Cortez Trends in Nevada.

Hydrothermal alteration in carbonate rocks includes iron oxides, decalcification, silicification, clay alteration, quartz and calcite veins, and carbon (Figures 3 and 4). Stibnite, stibiconite, and rare thallium oxide and sulfide minerals are exposed in historic prospect pits. These minerals also occur in sediment-hosted gold deposits at Mercur and other gold deposits along the Carlin and Cortez Trends.

Exploration History

Prior to Miranda's reconnaissance effort at Lookout, systematic property-wide exploration had not been completed. Field reconnaissance identified small-scale prospect pits developed along silicified and brecciated fault zones. Select pits expose stibiconite, stibnite sprays and rare thallium-bearing oxides and sulfides. An unknown exploration company in the 1980's, collected rock samples and drilled five rotary holes in two separate areas. Results are not known; however the program was likely conducted prior to the documentation of subtle geologic patterns associated with sediment-hosted gold deposits.

2007 Results

Miranda Gold's exploration team completed geologic mapping, a gravity survey and a systematic soil sampling program in 2007. Results of this work identified a 6,550ft by 11,800ft (2.0km by 3.6km), 060-striking alteration zone associated with elevated metal values (Figure 5). This zone is characterized by: decalcified, silicified, strongly oxidized, and quartz veined Paleozoic carbonate rocks; elevated concentrations of Au / As / Sb / Hg / Tl / W; rock samples with up to 0.020 oz Au/t (0.686 g Au/t); laterally-extensive breccias zones; and prospect pits with stibnite and thallium sulfide minerals. Within the alteration zone, geologic mapping / gravity / soil geochemistry further outline unique areas worthy of follow-up exploration and drilling for a disseminated, sediment-hosted gold deposit.

Current Activity

Miranda Gold is currently seeking a joint venture partner for this project. A data package is currently available for review.