LMS

Prospect, Active

Commodities and mineralogy

Main commodities Au
Other commodities As; Pb
Ore minerals arsenopyrite; galena; gold; pyrite
Gangue minerals quartz

Geographic location

Quadrangle map, 1:250,000-scale BD
Quadrangle map, 1:63,360-scale A-4
Latitude 64.2036
Longitude -145.5353
Nearby scientific data Find additional scientific data near this location
Location and accuracy The LMS prospect is on a large block of 92 State of Alaska claims that cover about 25 square miles. The drilling on the prospect extends for about 2 miles along a north-northeast trending ridge that is southeast of the head of Progressive Creek in sections 22 and 27, T. 8 S., R. 11 E., Fairbanks Meridian. The center of the drilling is near VABM Liscum. The location is accurate within 400 m.

Geologic setting

Geologic description

The LMS gold prospect was discovered by AngloGold Ashanti (USA) Exploration Company in the search for the source of stream sediment and soil anomalies. In 2005, they drilled 3200 meters at 17 locations with encouraging results. International Tower Hill Mines Ltd. (ITH) then explored the property in a joint venture with AngloGold (Klipfel and Giroux, 2008). In 2006, ITH drilled another 6,329 meters in 20 holes. and in 2008 published a comprehensive NI 43-101 report on the property (Klipfel and Giroux, 2008). Corvus Gold Inc. inherited the property from ITH and they optioned the property to First Star Resources in 2010 and 2011. The property reverted to Corvus in late 2011.
The gold mineralization is in a large accretionary complex of igneous and sedimentary rocks that have been metamorphosed to greenschist and amphibolite grade. There is little outcrop in the area and what rocks are exposed on the high ridges consist of middle to early Paleozoic and(or) Late? Proterozoic quartz and pelitic schist and Mississippi and(or) Devonian? augen gneiss (Wilson and others, 1998).
The gold mineralization usually is in strongly silicified and brecciated zones that are associated with low-angle faults marginal to schist units (Klipfel and Giroux, 2008). The ore contains abundant pyrite and minor galena, arsenopyrite, and graphite. The mineralization is accompanied by a silicified zone about 30 meters thick that dips gently west. The low-angle mineralized zones are cut by a series of high-angle, possibly mesothermal quartz veins along an east-west trend of foot- and hanging-wall stockworks.
The Camp zone is one of the better known mineralized targets drilled (Corvus Gold Inc., 2011). As known in early 2012, a gold-bearing, black breccia horizon extends for nearly a kilometer down dip, is 200 to 400 meters wide and continues to the limit of the drilling. The gold in the mineralized horizon appears to be related to a large, through-going sheared zone similar to a structures at the nearby Pogo Mine (BD033).
Some of the notable intercepts in the 2005, ITH drill holes are: 1) 30.48 meters that averaged 1.10 part per million (ppm) gold; 2) 3.04 meters that averaged 1.51 ppm gold; 3) 4.57 meters that averaged 1.12 ppm gold; 4) 25.91 meters that averaged 1.18 ppm gold; 5) 15.39 meters that averaged 3.43 ppm gold; 6) 3.38 meters that averaged 21.52 ppm gold; 7) 4.58 meters that averaged 4.00 ppm gold; 8) 1.53 meters that averaged 1.81 ppm gold; 9) 0.8 meters that averaged 1.95 ppm gold; and 10) 4.17 meters that averaged 1.95 ppm gold.
In 2010, First Star Resources optioned the LMS prospect and drilled three holes totaling 1,103 meters on the Camp zone to intersect black gold-bearing graphitic quartzite breccia and to test a northeast-striking structure known to contain high grade gold mineralization (First Star, 2010 [LMS]; First Star, 2010 [High grade]). Some notable intercepts in the black, graphitic quartzite breccia were: 19.05 meters with 2.51 grams of gold per tonne and 9.84 grams of silver per tonne; and 9.14 meters with 1.65 grams of gold per tonne, and 15.38 grams of silver per tonne. The holes in the NE-striking structure intersected 0.76 meter with 43.9 grams of gold per tonne and 5.34 grams of silver per tonne; 1.68 meters with 6.12 grams of gold per tonne; 0.76 meter with 95.20 grams of silver per tonne; and 1.52 meters with 4.36 grams of gold per tonne and 9.26 grams of silver per tonne.
In 2011, First Star drilled 11 holes in the black breccia and feeder veins. Some notable intercepts were: 1) 2.9 meters that averaged 12.5 grams of gold per tonne; 2) 13.4 meters that averaged 2.5 grams of gold per tonne and 12.4 grams of silver per tonne; 3) 23.3 meters that averaged 5.2 grams of gold per tonne and 11.9 grams of silver per tonne; and 4) 1.98 meters that averaged 2.7 grams of gold per tonne and 41.7 grams of silver per tonne.
In early 2008 (before the First Star 2010-2011 drilling), International Tower Hill Mines (Klipfel and Giroux, 2008) announced that at a cut-off grade of 0.3 gram of gold per tone, the LMS deposit contains 5.86 million tones of material with an average grade of 0.89 gram of gold per tonne, or 167,000 ounces of gold.
Although no exploration activities were conducted on the LMS property in 2016, Gold Reserve Inc. released a new NI43-101 technical report for the LMS gold project in February (Hunter and Giroux, 2016). In March 2016, Gold Reserve Inc. completed a purchase-and-sale agreement with Raven Gold Alaska Inc., a wholly-owned subsidiary of Corvus Gold Inc., to acquire the LMS Gold Project in the Goodpaster District for $350,000. Raven retains a royalty interest with respect to precious metals produced and recovered equal to 3 percent of net smelter returns, and base metals produced and recovered equal to 1 percent of net smelter returns. Gold Reserve Inc. has the option, for a period of 20 years from the date of closing of the acquisition, to buy back a one-third interest (that is, 1 percent) in the precious-metals royalty for $4 million (Athey and Werdon, 2017).
Geologic map unit (-145.537644079239, 64.2032085951532)
Mineral deposit model Gold-quartz mineralization in a thick, silicified breccia zone in quartzite.
Age of mineralization Paleozoic or younger based on the age of the host rocks (Wilson and others, 1998).
Alteration of deposit Associated with a silicified breccia zone about 30 meters thick that dips west in metamorphic rocks (Klipfel and Giroux, 2008).

Production and reserves

Workings or exploration The LMS prospect was discovered by AngloGold Ashanti (USA) Exploration Company in the search for the source of anomalous stream sediment and soil samples. In 2005, they diamond drilled a total of 3,200 meters 17 locations with encouraging results. In 2008, International Tower Hill Mines Ltd. explored the property in a joint venture with AngloGold. In 2010, First Star Resources optioned the LMS prospect; they drilled 3 holes totaling 1,103 meters in 2010 and 10 more holes in 2011.
Indication of production None
Reserve estimates
In early 2008, International Tower Hill Mines (Klipfel and Giroux, 2008) announced that at a cut-off grade of 0.3 gram of gold per tone, the LMS deposit contains 5.86 million tones of material with an average grade of 0.89 gram of gold per tonne, or 167,000 ounces of gold.
The Camp Zone, part of the encompassing LMS property, contains an inferred resource, at a cut-off grade of 0.5 gram of gold per tonne, of 8.32 million tonnes of material estimated to contain 267,000 ounces of Au at an average grade of 1.00 gram of gold per tonne (Hunter and Giroux, 2016). The effective date for this resource estimate is March 26, 2014. The Camp Zone remains open along strike and at depth, and is situated at the southeast end of a 6-kilometer-long, northwest-trending zone of aligned surface geochemical samples containing anomalous gold, arsenic, and lesser silver and copper.

Additional comments

The 04/01/2012 record update of this prospect misspelled the name as LWM instead of LMS in all text and references.

References

References

First Star Resources, 2010, High grade gold mineralization encountered in graphitic quartzite breccia and lower gneiss zone:
Reporters D.J. Grybeck (Contractor, USGS); V.C. Zinno (Alaska Earth Sciences, Inc.); M.B. Werdon (DGGS)
Last report date 8/26/2017