Jungo, a Newly Discovered Gold System in Humboldt County, Nevada
Background: The Jungo exploration property was discovered in 2006 by Rauno Perttu. The property contains extensive exposures of brecciated and silicified Paleozoic sedimentary rocks in contact with Tertiary volcanic rocks to the north and east. Surface samples from the property were anomalous in gold and silver, with several samples assaying better than 0.1 opt gold, and one sample greater than 0.6 opt. The apparent southwestern end of a siliceous gold system was exposed in the northern of two surface trenches completed by Aultra in March of 2007. Very limited exposures suggest that the possible hot springs silica extends for at least 2,000 feet northeastward under shallow alluvial cover.
While both trenches encountered highly altered bedrock, the northern of the two trenches also crosscut approximately 160 feet of apparent hot springs silica. Several of the gold discoveries in Nevada, and elsewhere in the world, occur below such silica deposits. Although the gold deposits in this type of system generally occur up to several hundred feet below the type of hot springs silica found in the trench, ten and twenty foot intervals of the trench assayed 0.01 ounce per ton (opt) gold, a 32 foot interval averaged 0.015 opt gold, and a twenty foot interval of the hot springs rock assayed 0.042 opt gold and more than 0.5 opt silver. A select sample of the hot springs rock assayed 0.6 opt gold and 4.44 opt silver, suggesting the potential presence of a high-grade "feeder".
One isolated pit was dug on projection of the hot springs zone under alluvial cover almost 2,000 feet to the northeast. It encountered hot springs silica that assayed 0.11 opt gold and 3.80 opt silver. Aultra considers the fact that this "blind" pit intercepted strongly mineralized apparent hot springs silica extremely encouraging for the overall property.
The Jungo property lies between the historic Sleeper and Hycroft mines in Humboldt County, Nevada.
The Hycroft Mine historically produced in excess of a million ounces of gold and recently announced that it plans to go back into production with the recent discovery of at least a million ounces of additional reserves.
The Sleeper Mine produced approximately 1.7 million ounces of gold, much of it from very high grade near-surface veins. Recent exploration is finding new areas of strong ore-grade mineralization below the historic mine pit and along newly identified vein structures outside the historic exploration area.
Aultra's geologists believe that the Jungo gold system has important similarities to the Sleeper property, and look forward to exploring the Jungo property based on that belief.
2008 Planned Jungo Exploration
The company's 2008 program for its Jungo, Nevada gold property will focus on evaluating the horizontal and vertical dimensions of the newly identified gold system on the property.
During the second quarter of 2008, the company plans to conduct additional trenching on the northward extension of the hot springs system and to initiate broader geological mapping at Jungo, followed by an initial eight hole drilling program to confirm the geometry and geology of the Jungo gold system.
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