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Tarantula Project : Arizona

Overview

Bonanza Goldfields Tarantula Placer Project Report
Bonanza Goldfields Tarantula Assay Results 2011
Bonanza Goldfields Tarantula Date Creek Mountain Claim Group Map

Bonanza Goldfields' Tarantula Project is a contiguous block of 38 lode claims covering 600 acres of pre-1955, patented, private property claims and BLM claims in the Date Creek Mountains, Arizona. A Preliminary Geological Report of the claims and the immediate region is completed.

The lode claims are directly adjacent to the historic Congress Mine, Arizona. The Congress Mine operated between 1887 and 1959, producing about 400,000 ounces of lode gold. Highly prospective features are ubiquitous throughout the immediate area, including extensive greenstone dikes and quartz veins as well as placer gravel deposits. Many of the newly discovered Tarantula quartz veins are similar in character to the productive veins of the nearby Congress Mine and the other historically productive mines in the area.

Bonanza's management strategy is to process feasible placer ore, while proving out hard rock structures. Modern access for heavy equipment is already in place via Bonanza's privately constructed roads, and rail is localized.

Highlights from the Tarantula Project Preliminary Geological Report:

  • The large land package with widespread areas of anomalous gold values; proximity to the Congress Mine; large iron oxide rich quartz veins which exhibit mineralogic and structural similarities to the Congress, Niagra, Queen of the Hills, Golden Wave and other mineralized, economic vein systems in the area; and the presence of placer gold in widespread gravels indicates that the Tarantula Property may host a large, potentially economic gold deposit and undoubtedly represents an excellent exploration target with potential for both placer and lode gold production from auriferous placers and veins.

  • Although some preliminary testing has been done on portions of the property, the majority of the land package has virgin placer gravels and large quartz veins that have never been explored or tested.

  • The geologic setting of the property is favorable for the concentration of placer gold in the local gravels that occur in drainage channels and elevated benches and for lode gold that occurs within the early Proterozoic granitic rocks as auriferous quartz fissure veins with locally abundant sulfides and iron oxides.

  • Auriferous quartz and quartz-sulfide veins occur on the Tarantula Property and many exhibit the same characteristics as those in the Congress Mine and other mines in the area. These veins ranged up to several feet in width and have strike lengths ranging from hundreds to thousands of feet, with unknown depths.

  • Staking crews discovered numerous large quartz veins up to 4 feet wide and hundreds of feet long on the unpatented claims. These veins also have many of the same characteristics of the past producing veins in the district, and have yet to be explored.

  • Small-scale production can probably be achieved quite rapidly, while the expanded exploration phase is being conducted. This production will help offset the required exploration costs and will provide valuable information for designing a larger processing facility as warranted by exploration results.

  • Preliminary rock chip geochemical channel sampling of some quartz veins located on the patented claims held by Bonanza returned gold values which exceeded the 3,000 ppb detection limit.

 

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