Tech Report

ScottEWilsonConsultingInc
6InvernessCourtEast,Suite110
Englewood,CO80112
Phone:(720)3481646
Fax:(303)7901872
www.wilsonmining.com

TECHNICALREPORT
ALLIEDNEVADAGOLDCORP.
HYCROFTMINE,WINNEMUCCA,NEVADA,USA

MAY15,2009

Preparedby
SCOTTE.WILSONCONSULTING,INC.
ScottE.Wilson,C.P.G.

______________
ScottE.Wilson,C.P.G
AlliedNevadaGoldCorp.
TechnicalReportHycroftMine

PageII
TableofContents
1
SUMMARY........................................................................................................................1
1.1
INTRODUCTION................................................................................................................1
1.2
GEOLOGYANDMINERALIZATION....................................................................................4
1.3
DRILLINGANDSAMPLING................................................................................................4
1.3.1
RESOURCES...............................................................................................................5
1.3.2
NI43101COMPLIANTMEASUREDANDINDICATEDMINERALRESOURCES...........6
1.3.3
NI43101COMPLIANTINFERREDMINERALRESOURCES.........................................7
1.4
OPERATINGMINEPLAN...................................................................................................7
1.5
NI43101COMPLIANTPROVENANDPROBABLEMINERALRESERVES...........................8
1.6
ONGOINGRESOURCEDEVELOPMENT.............................................................................9
1.7
CONCLUSIONS..................................................................................................................9
1.7.1
AdequacyofProcedures...........................................................................................9
1.7.2
AdequacyofData......................................................................................................9
1.7.3
AdequacyofFinancialInformation...........................................................................9
1.7.4
CompliancewithCanadianNationalInstrumentNI43101.....................................9
1.7.5 CautionaryNotetoU.S.ReadersConcerningEstimatesofMeasured,Indicated
andInferredResources.........................................................................................................10
1.8
2
RECOMMENDATIONS.....................................................................................................11
INTRODUCTIONANDTERMSOFREFERENCE.................................................................12
2.1
PURPOSEOFTECHNICALREPORT..................................................................................12
2.2
SOURCESOFINFORMATION..........................................................................................12
2.3
EXTENTOFINVOLVEMENTOFQUALIFIEDPERSON.......................................................12
2.4
TERMSOFREFERENCE....................................................................................................13
2.5
UNITSOFMEASURE.......................................................................................................13
2.5.1
CommonUnits........................................................................................................13
2.5.2
CommonChemicalSymbols...................................................................................14
ScottE.WilsonConsulting,Inc.
May15,2009

ANV_43101_51509.docx
sew
2.5.3

PageIII

CommonAcronyms.................................................................................................14
3
RELIANCEONOTHEREXPERTS.......................................................................................16
4
PROPERTYDESCRIPTIONANDLOCATION......................................................................17
4.1
LOCATION.......................................................................................................................17
4.2
MINERALTENURE...........................................................................................................18
4.3
AGREEMENTSANDROYALTIES.......................................................................................21
4.4
ENVIRONMENTALLIABILITIES........................................................................................23
4.5
PERMITS.........................................................................................................................24
5
ACCESS,CLIMATE,LOCALRESOURCES,INFRASTRUCTUREANDPHYSIOGRAPHY.........27
5.1
ACCESS............................................................................................................................27
5.2
CLIMATE.........................................................................................................................27
5.3
LOCALRESOURCESANDINFRASTRUCTURE...................................................................27
5.4
PHYSIOGRAPHY..............................................................................................................28
6
HISTORY..........................................................................................................................29
6.1
PROPERTYHISTORY........................................................................................................29
6.2
EXPLORATIONDEVELOPMENTANDHISTORY................................................................30
6.2.1
BayArea..................................................................................................................32
6.2.2
CentralFault,SouthCentral,Gap,Cut4andCut5Deposits.................................32
6.2.3
TheBoneyardDeposit.............................................................................................32
6.2.4
TheFireandBrimstoneDeposit.............................................................................32
6.2.5
TheAlbertDeposit..................................................................................................33
6.3
CANYONRESOURCES2005DRILLINGPROGRAM..........................................................33
6.4
PRODUCTIONHISTORY...................................................................................................33
6.5
HISTORICALRESOURCEANDRESERVEESTIMATES........................................................36
7
GEOLOGICALSETTING....................................................................................................38
7.1
REGIONALGEOLOGY......................................................................................................38
7.2
HYCROFTPROPERTYGEOLOGYFIRE&BRIMSTONEDEPOSIT....................................42
May15,2009

ANV_43101_51509.docx
sew

PageIV
7.2.1

HangingWalloftheEastFaultBrimstonePit......................................................42
7.2.2
RocksInTheFootwallOfTheEastFaultFire&BrimstoneDeposit....................43
8
DEPOSITTYPE.................................................................................................................45
8.1
GEOLOGICALMODEL......................................................................................................45
8.2
HYCROFTGEOLOGICALMODEL......................................................................................45
9
MINERALIZATION...........................................................................................................46
9.1
9.1.1
BARRENDISSEMINATEDSILICAPYRITE..................................................................46
9.1.2
FRACTURECONTROLLEDCHALCEDONYPYRITEMARCASITEMINERALIZATION...47
9.1.3
HYPOGENEACIDLEACHOXIDEALTERATION..........................................................50
9.1.4
BLANKETACIDLEACHALTERATION........................................................................51
9.1.5
BASALACIDLEACHALTERATION............................................................................52
9.1.6
OXIDEALTERATION.................................................................................................52
9.1.7
SUPERGENEOXIDATIONANDFAULTGOUGEALTERATION...................................54
9.2
10
ALTERATIONANDMINERALIZATIONINTHEEASTFAULTHANGINGWALL................46
ZONINGOFACIDLEACHANDOXIDE..............................................................................55
EXPLORATION.................................................................................................................57
10.1 HISTORICEXPLORATIONANDDEVELOPMENT..............................................................57
10.2 RELOGGINGANDGEOLOGICLOGGINGCODES............................................................59
10.3 SURVEYING.....................................................................................................................62
10.3.1 DrillCollarSurveys..................................................................................................62
10.3.2 DownHoleSurveys.................................................................................................62
11
DRILLING.........................................................................................................................63
11.1 HISTORYOFDRILLINGANDSAMPLINGINTHEFIRE&BRIMSTONE/ALBERTAREA......63
11.2 1999TWINDRILLINGPROGRAM...................................................................................63
11.3 CANYONRESOURCES2005DRILLING............................................................................67
11.4 DRILLSAMPLERECOVERY...............................................................................................68
11.4.1 Pre1999Drilling......................................................................................................68
May15,2009

ANV_43101_51509.docx
sew

PageV

11.4.2 1999Drilling............................................................................................................68
11.4.3 AlliedNevadaDrilling..............................................................................................71
11.4.4 SilverMineralizationinDrillholes...........................................................................71
12
SAMPLINGMETHODANDAPPROACH...........................................................................84
12.1 SAMPLINGMETHODS.....................................................................................................84
12.1.1 ReverseCirculationRotary......................................................................................84
12.1.2 CoreDrilling............................................................................................................84
12.2 SAMPLEQUALITY............................................................................................................85
12.2.1 ReverseCirculationRecovery.................................................................................85
12.2.2 CoreRecovery.........................................................................................................85
12.3 SAMPLELOCATION.........................................................................................................85
12.3.1 DownholeSurveys..................................................................................................85
12.3.2 FinalCollarSurveys.................................................................................................85
12.4 SAMPLINGINTERVALS....................................................................................................85
12.4.1 ReverseCirculation.................................................................................................85
12.4.2 Core.........................................................................................................................85
13
SAMPLECOLLECTION,PREPARATION,ANALYSISANDSECURITY..................................87
13.1 SUMMARY......................................................................................................................87
13.2 SAMPLEPREPARATIONANDANALYSIS..........................................................................87
13.2.1 Pre1999SamplePreparation.................................................................................87
13.2.2 Post1999SamplePreparation...............................................................................88
13.2.3 Post1999SampleCollection..................................................................................91
13.2.4 Post1999SampleCollectionCore........................................................................91
13.3 SAMPLESECURITY..........................................................................................................92
13.3.1 ReverseCirculationandCoreSamples...................................................................92
13.3.2 AnalyticalResults....................................................................................................93
13.4 QA/QC,CHECKSAMPLESANDCHECKASSAYS...............................................................93
May15,2009

ANV_43101_51509.docx
sew
14

PageVI

DATAVERIFICATION.......................................................................................................95
14.1 INTEGRITYOFDATABASE...............................................................................................95
14.1.1 DataSelection.........................................................................................................95
14.1.2 AssaySelection........................................................................................................95
14.1.3 GeologicalDataChecks...........................................................................................96
14.1.4 CollarSurveyChecks...............................................................................................97
14.1.5 DownholeSurveyChecks........................................................................................97
14.2 ANALYSISOFSAMPLINGBIASANDCORRECTIONOFEXPLORATIONDRILLINGASSAYS97
14.3 ANALYSISOFSAMPLINGBIASANDCORRECTIONOFEXPLORATIONDRILLINGASSAYS
ORE 100
14.4 ELECTRONICDATABASEVALIDATIONSRK.................................................................101
14.4.1 DataCollectionAssayCertificatesandGeologicalLogs....................................102
14.4.2 DataCollectionElectronicData.........................................................................102
14.4.3 VerificationofAssays............................................................................................102
14.4.4 VerificationofGeologicalData.............................................................................103
14.4.5 VerificationofSurveys..........................................................................................103
14.4.6 ResultsandDatabaseCompilation.......................................................................103
14.5 ADJUSTMENTOFASSAYVALUESNEWRESOURCEMODEL.........................................104
15
ADJACENTPROPERTIES................................................................................................105
16
MINERALPROCESSINGANDMETALLURGICALTESTING..............................................106
16.1 PROCESSINGFACILITIES...............................................................................................106
16.1.1 BrimstoneLeachPad............................................................................................106
16.1.2 BrimstonePlant....................................................................................................106
16.1.3 Recovery................................................................................................................106
16.2 METALLURGICALTESTWORK......................................................................................109
16.2.1 HistoricTestWork.................................................................................................110
16.2.2 TestWork2000..................................................................................................110
May15,2009

ANV_43101_51509.docx
sew

PageVII

16.3 PREVIOUSLYMINEDORECOMPAREDTOREMAININGRESERVES...............................111
16.4 METALLURGICALTESTINGOFUNOXIDZEDMATERIAL................................................112
16.4.1 OreCharacterization.............................................................................................112
16.4.2 MetallurgicalTesting.............................................................................................113
17
MINERALRESOURCEANDMINERALRESERVEESTIMATES..........................................115
17.1 HYCROFTMINERALRESOURCE....................................................................................115
17.1.1 ResourceDataforGradeEstimationandBlockModeling...................................115
17.1.2 RESOURCEESTIMATION.......................................................................................124
17.1.3 VORTEXZONENEWLYDEFINEDSUBSETOFHYCROFTRESOURCE....................135
17.2 HYCROFTMINEMINERALRESERVES............................................................................136
17.2.1 ReserveDetermination.........................................................................................136
17.2.2 ReserveDeterminationProcedures......................................................................137
17.2.3 EconomicParameterstoDetermineReserveLevelPitDesign............................137
17.2.4 Dilution..................................................................................................................138
17.2.5 CutoffGrades........................................................................................................138
17.2.6 HycroftMineMineralReservesStatement..........................................................139
18
OTHERRELEVANTDATAANDINFORMATION..............................................................140
19
INTERPRETATIONSANDCONCLUSIONS.......................................................................141
20
RECOMMENDATIONS...................................................................................................142
20.1 VortexSulfideResourceDevelopmentPlan................................................................142
20.2 SulfideResourceDevelopmentPlan............................................................................142
20.3 HardBottomDrillingPlan............................................................................................142
21
REFERENCES.................................................................................................................145
22
DATE.............................................................................................................................147
23
ADDITIONALREQUIREMENTSFORDEVELOPINGORPRODUCINGPROPERTIES.........148
23.1 OPENPITMININGOPERATIONS...................................................................................148
23.2 MININGFLEET..............................................................................................................151
May15,2009

ANV_43101_51509.docx
sew

PageVIII

23.3 PROCESSINGANDRECOVERIES....................................................................................151
23.4 PERSONNEL..................................................................................................................151
23.5 ENVIRONMENTAL.........................................................................................................152
23.6 TAXESANDMARKETS...................................................................................................152
23.7 CAPITALANDOPERATINGCOSTESTIMATES...............................................................152
23.8 ECONOMICANALYSIS...................................................................................................153
23.9 MINELIFEDISCUSSIONANDEXPLORATIONPOTENTIAL.............................................155
24
AUTHORSCERTIFICATE................................................................................................160
ListofTables
Table1.1HycroftMineTechnicalReportRelevantStatistics.........................................................3
Table1.2HycroftMineMeasuredandIndicatedOxideGoldResources.......................................6
Table1.3HycroftMineMeasuredandIndicatedSulfideGoldResources.....................................6
Table1.4HycroftMineMeasuredandIndicatedOxideSilverResources.....................................6
Table1.5HycroftMineMeasuredandIndicatedSulfideSilverResources.....................................6
Table1.6HycroftInferredOxideGoldResources(IncludesCrofootPad).....................................7
Table1.7HycroftInferredOxideSilverResources.........................................................................7
Table1.8HycroftInferredSulfideGoldResources.........................................................................7
Table1.9HycroftInferredSulfideSilverResources........................................................................7
Table1.10HycroftMineProvenandProbableMineralReservesatOctober17,2008................8
Table4.1HycroftLandHoldingsCosts.........................................................................................23
Table4.2HycroftOperatingPermits............................................................................................25
Table4.3HycroftMiscellaneousPermits.....................................................................................26
Table5.1HycroftWaterWellsandPermittedYearlyConsumption............................................28
Table6.1HistoricDrilling..............................................................................................................31
Table6.2HistoricProduction(USImperialUnits)........................................................................34
Table6.3HistoricPadProduction(USImperialUnits).................................................................35
Table6.4HistoricMay2000Resource.........................................................................................36
Table6.5HistoricMAY2000Reserves.........................................................................................37
Table6.6ProductionPriortoFebruary1,2001...........................................................................37
Table9.1GradebyDomain..........................................................................................................49
Table10.1HycroftExplorationDrillCampaigns...........................................................................57
May15,2009

ANV_43101_51509.docx
sew

PageIX

Table10.2ExplorationDrillholesbyType....................................................................................58
Table10.3DiscoveryYearsofHycroftOxideZones.....................................................................58
Table10.4GeologicalLoggingCodes............................................................................................59
Table10.5Lithological,Structure,Alteration,SulfurandOxidationCodes.................................61
Table11.11999TwinRCDrillingCampaign.................................................................................66
Table11.2ComparisonoftheTwinDrillholes(FireAssaysImperialUnits)..............................67
Table11.3ComparisonoftheTwinDrillholes(CyanideSolubleAssays).....................................67
Table11.4AlliedNevadaHycroftDrillingProgram......................................................................75
Table13.1LaboratorySampleSizes.............................................................................................88
Table14.1ErrorFrequenciesbySelectionCriteria......................................................................96
Table14.2TabulationofErrorsinRandoreCategory.................................................................96
Table14.3TabulationofErrorsinRandomWasteCategory.......................................................96
Table14.4AdjustmentstoCyanideSolubleGoldforPresenceofSulfur....................................99
Table14.5CorrectionFactorsAppliedtothe1999TwinDrilling(USImperialUnits).................99
Table16.1ProductionPadLoadingandRecoveries(USImperialunits)....................................107
Table16.2Column/BarrelTestResultsonTransitionOxideandSilicifiedOxideOre.........110
Table16.3ColumnLeachResultsforOxideOre........................................................................111
Table16.4SouthBrimstoneDrillIntercepts(USImperialUnits)...............................................112
Table16.5NorthBrimstoneDrillInterceptsUSImperialUnits..................................................112
Table17.1VulcanRockUnitsandAlterationShapes...............................................................117
Table17.2BrimstoneTonnageFactors......................................................................................118
Table17.3BrimstoneCompositeStatistics(ImperialUnits)......................................................119
Table17.4Cut5CompositeStatistics.........................................................................................122
Table17.5CombinedResource_aug08.bmfDimensions............................................................125
Table17.6HycroftVariograms...................................................................................................125
Table17.7EstimationSamplingParameters..............................................................................126
Table17.8ReconciliationofOREtoSEWCResourceModelEstimation(USImperialUnits)....127
Table17.9HycroftResourceClassificationCriteria....................................................................128
Table17.10HycroftMeasuredandIndicatedInSituGoldMineralResources.........................128
Table17.11HycroftInferredInSituGoldMineralResources....................................................129
Table17.12MeasuredandIndicatedInSituSilverResources...................................................129
Table17.13InferredInSituOxideSilverResources...................................................................130
Table17.14CrofootPadOxideInferredMineralResources......................................................130
Table17.15March31,2009OxideMeasuredandIndicatedGold........................................131
May15,2009

ANV_43101_51509.docx
sew

PageX

Table17.16March31,2009SulfideMeasuredandIndicatedGold......................................131
Table17.17March31,2009OxideMeasuredandIndicatedSilver......................................132
Table17.18March31,2009SulfideMeasuredandIndicatedSilver.....................................132
Table17.19March31,2009OxideInferredGold..................................................................133
Table17.20March31,2009SulfideInferredGold................................................................133
Table17.21March31,2009OxideInferredSilver..................................................................134
Table17.22March31,2009SulfideInferredSilver................................................................134
Table17.23VortexZoneInferredResources.............................................................................135
Table17.24EconomicDesignParameters.................................................................................137
Table17.25PitDesignParameters.............................................................................................137
Table17.26October17,2008HycroftMineralReserveEstimate.............................................139
Table23.1HycroftMinePersonnel............................................................................................152
Table23.2OperatingCosts(ImperialUnits)...............................................................................153
Table23.3CapitalExpenditures(thousandsofdollars).............................................................153
Table23.4HycroftProjectAnualCashflowSummary(USImperialUnits).................................154

May15,2009

ANV_43101_51509.docx
sew

PageXI
ListofFigures
Figure4.1HycroftMinePropertyLocationMap..........................................................................19
Figure4.2PropertyLayout...........................................................................................................20
Figure4.3ClaimBoundaries.........................................................................................................22
Figure7.1SimplifiedGeologicalMapoftheSulfurDistrict..........................................................40
Figure7.2SimplifiedEastWestCrossSectionsthroughtheSulfurDistrict.................................41
Figure7.3BrimstoneNorthPitWallGeology...............................................................................44
Figure9.1BarrenSilicaPyrite.......................................................................................................47
Figure9.2SchematicCrossSectionofFractureControlledChalcedonyPyriteMarcasite..........48
Figure9.3HypogeneOxidationbyAcidSteamHeatedSolution...............................................51
Figure9.4SupergeneOxidation+NormalFaultMovement........................................................55
Figure11.1Recoveryvs.ChemexAuFA........................................................................................69
Figure11.2Recoveryvs.HycroftAuCN........................................................................................70
Figure11.3HoleLocationsandResultsofFireAssayProgramHistoricPulps........................73
Figure11.4ReservesandResourceDevelopmentDrillPlan........................................................74
Figure16.1HycroftLeachPadRecovery(CyanideSoluble)Comparisons.................................108
Figure17.1AllMineralizedBrimstoneComposites....................................................................120
Figure17.2BrimstoneCompositesatthe0.005AuFACutoffGrade..........................................121
Figure17.3GradeandRocktypeDistributionsatCut5(AllMineralization).............................123
Figure17.4GradeandRocktypedistributionatthe0.005cutoffgrade....................................124
17.5VortexZonewithSuggestedDrillingTargets.......................................................................135
Figure20.1Phase1SulfideandVortexDevelopmentPlan.......................................................143
Figure20.2DrillPlantoconvertOxidetoProvenandProbable.................................................144
Figure23.1PitSiteandFacilities................................................................................................149
Figure23.2HycroftMiningPhases.............................................................................................150
Figure23.3IRRSensitivity...........................................................................................................155
Figure23.4Cut4CrossSection..................................................................................................156
Figure23.5BayAreaCrossSection............................................................................................157
Figure23.6BrimstoneCrossSection..........................................................................................158
Figure23.7Geophysics...............................................................................................................159
May15,2009

ANV_43101_51509.docx
sew

Page1
SUMMARY
1.1
INTRODUCTION
ThisNI43101compliantTechnicalReportwaspreparedbyScottE.WilsonConsulting,Inc.
(SEWC)ofEnglewood,ColoradoforAlliedNevadaGoldCorp.(AlliedNevada),aDelaware
corporationlistedontheTorontoStockExchange,theNewYorkStockExchangeandthe
AmericanStockExchange(SymbolANV).AlliedNevadacontrolsmorethan100mineral
propertiesthroughoutNevadaincludingtheHycroftGoldMiningOperationwhichisthesubject
ofthisreport.
ThisreportvariouslydescribessixgoldandsilverdepositscollectivelyreferredtoastheHycroft
Mine,HycroftProjectorsimplyHycroft.Thesixdeposits,listedbelow,containthemineral
resourcesandmineralreservesaddressedinthisreport.
x
x
x
x
x
x
x
BrimstoneDeposit(MineralReservesandMineralResources)
Cut5Deposit(MineralReservesandMineralResources)
CamelHillDeposit(MineralResources)
BayAreaDeposit(MineralResources)
Boneyard(MineralResources)
CentralFault(MineralResources)
DeepSulfidesVortexZone
AllmaterialatHycrofthasbeenclassifiedinaccordancewiththeresourceclassificationofthe
CanadianInstituteonMining,MetallurgyandPetroleum(CIM)asincompliancewithNational
Instrument43101(NI43101).
ThisnewTechnicalReportidentifieschangestotheNI43101compliantMineralReservesand
MineralResourcesthatwerereportedintheOctober17,2009TechnicalReport,authoredby
SEWCandpublishedonSEDAR.Numeroussourcesofinformation,bothdigitalandhardcopy,
wereusedinthepreparationofthisreport.Thedatacomprisesoverthreethousand
explorationholesaswellasupdatedgeologicalinterpretations.OrdinaryKrigingwasusedas
thegradeestimationtechnique.
Theauthorofthisreport,ScottWilson,aQualifiedPerson,hasvisitedtheHycroftpropertyon
numerousoccasions.Mostrecently,Mr.WilsonvisitedtheHycroftMineonMarch3,2009to
reviewpitdesigns,mineplansandschedulingoptionsassociatedwiththeoperationofthe
HycroftMine.
May15,2009

ANV_43101_51509.docx
sew

Page2

TheHycroftMineisanopenpit,heapleachgoldandsilvermine.Hycroftislocated54miles
westofWinnemucca,Nevadaandhasproducedinexcessofonemillionouncesofgoldandtwo
millionouncesofsilver.FormerlytheHycroftMinewasknownastheCrofootLewisMine.
Miningbeganintheareain1983withasmallheapleachoperationknownastheLewisMine.
TheLewisMineproductionwasfollowedbyproductionfromtheCrofootpropertyintheBay,
SouthCentral,Boneyard,GapandCut4pitsalongtheCentralfault,andfinallythenorthendof
theBrimstonepitandcontinueduntilitwasputonacareandmaintenanceprogramin
December1998duetolowgoldprices(below$300perounce).
TheHycroftMinehistoricallycomprisedtwoprimaryleaseholdingsnamedtheCrofootand
Lewisproperties.Thesepropertiescompriseapproximately11,829acresofwhichtheCrofoot
propertyisapproximately3,636acresandtheLewispropertyis8,193acres.TheLewis
propertycompletelysurroundstheCrofootproperty.InMay,SeptemberandOctoberof2006,
717additionalclaimswerelocatedcomprising14,340acresinthenameofHycroftResource
andDevelopmentCorporation.Together,AlliedNevadaholds2,349unpatentedclaims
coveringapproximately48,000acresontheHycroftProperty.
TheCrofootpropertyisheldbyHycroftResourcesandDevelopmentInc.,awhollyowned
subsidiaryofAlliedNevada.A4%netprofitsinterestisretainedbytheoriginalCrofootowners.
In1996thelease/purchaseagreementwasamendedtoprovideforminimumadvanceroyalty
paymentsof$120,000onJanuary1ofeachyearinwhichminingoccursonbothpatentedand
unpatentedclaims.AllpaymentsfortheCrofootpropertyarecappedat$7.6million,after
whichAlliedNevadawillowntheproperty.Anadditional$120,000isdueiforeproduction
exceeds5.0milliontonsfromtheCrofootproperty,onbothpatentedandunpatentedclaims,
inanycalendaryear.Alladvancedroyaltypaymentsareavailableascreditagainstthe4%net
profitsroyalty.RoyaltypaymentstoCrofoothavetotaled$840,000sincetheamended
agreement.
TheleaseholdinterestintheLewispropertyiswhollyownedbyAlliedNevada.
Oftheapproximately50,000acresofpatentedandunpatentedmineralclaims7,700acresare
withinthecurrentplanofoperations.Nearly2,600acreshavebeendisturbedbymining
operations.Thereisone20acreclaimonthenorthendoftheCentralFaultthatisnot
controlledbyHycroft.Thisclaimisnotinanareathatimpactsanycurrentorfutureoperations.
TheHycroftMineisinfullproductionandhasbeenrecoveringgoldfromitsprocessing
facilities.Table1.1liststhemostimportantaspectsoftheHycroftMinethatareaddressedin
thisreport.
May15,2009

ANV_43101_51509.docx
sew


Page3
Table1.1HycroftMineTechnicalReportRelevantStatistics
Category
PropertyName
CompanyName
Owner
LandPosition
NearestPopulationCenter
MineLocation
Description
HycroftMine
HycroftResourcesandDevelopmentInc.
PublicandPrivateClaims,NevadaandBLM
Winnemucca,Nevada
FiftyfourmileswestofWinnemuccaviatheJungoRoad
Topography
Climate
HistoricProduction
ReasonforNI43101TechnicalReport
LowHills
AridDesert
Over1,000,000OuncesSince1983
MaterialChangestotheMineralResourcesandMineral
ReservesattheHycroftMine
FractureControlledDisseminatedGold
OrdinaryKriging
6.5Years
25MillionTonnesperYearMinedTargetof180,000
ContainedOuncesPlacedonPad
MineralizationType
EstimationType
MineLife
ProductionRateImperialTons
MiningMethod
ProcessingMethod
OpenPitTruckandShovel
RunofMineHeapLeaching
ProcessingGoldRecovery
GoldSellingPriceSEWCFinancialModel
MiningCostperImperialTonMined
ProcessingCostperImperialOreTon
(IncludesG&A)
OperatingCostperImperialOreTon
PreTaxCashFlowSEWCFinancial
Model
PreTaxNetPresentValueat10%SEWC
FinancialModel
PreTaxIRRSEWCFinancialModel
56%
$650USD
$1.14USD
$1.37USD
ApproximateTimeforPayback
42Months
May15,2009

$2.59
$86.582Million
$45.416Million
55%

ANV_43101_51509.docx
sew

Page4
1.2
GEOLOGYANDMINERALIZATION
TheHycroftDepositislocatedintheNevadaBasinandRangegeologicprovinceonthewestern
flankoftheKammaMountains,alongthecountylinebetweenHumboldtandPershing
Counties,Nevada.Tertiarytorecent,faultcontrolled,lowsulfidationgolddepositsoccurover
anareameasuring3milesinanorthsouthdirectionby1.5milesinaneastwestdirection.
Basedondrillingresults,mineralizationextendstodepthsofatleastthan330ftinthe
outcroppingtonearoutcroppingportionoftheBaydepositonthenorthwestsideandtoover
1000ftintheBrimstonedepositintheeasternportionoftheHycroftproperty.
Fivemajornorthnortheasttrending,westdipping,normalfaultzonesbroadlyboundgold
mineralization.ThefaultzonesarereferredtoastheCentral,Boneyard,Albert,FireandEast
Faults.TheLewis,Bay,CentralandSouthCentral,Cut3,andCut4depositsarehostedbythe
SulfurGroupinthehangingwalloftheCentralFault.
TheBrimstoneDepositishostedwithinthehangingwalloftheEastFault.Thisportionofthe
deposithasbeenhighlystructurallypreparedbyatleastfourphasesofalteration.Gold
mineralizationisthoughttohaveoccurredduringperiodsoffracturecontrolled,
chalcedony/pyrite/marcasitemineralization.Oxidationappearstoberelatedtoadeepacid
leachingevent.
1.3
DRILLINGANDSAMPLING
Explorationanddevelopmentdrilling,byAlliedNevadaanditspredecessors,totals1,270,583
feetofdrilling,in3,626,drillholesattheHycroftMine.InDecember2006,AlliedNevadadrilled
onereversecirculationholeatthesouthendoftheCut4Pit.TheCompanythencommenceda
drillingprogramofseventyholesinAugust2007todelineateoxideandsulfideresources
throughouttheentireHycroftproperty.AsofDecember31,2008,AlliedNevadahad
completed393holestotaling300,494feetdrilledwithencouragingresults.
Currentsamplecollection,assayingandcertificationofassaysareconsistentwithcurrently
acceptedminingandoperatingpractices.Thesamplingmethodsarestandardizedandtracked
byminesitegeologists.Samplepreparation,analysisandsecurityarehandledbytwo
reputablelaboratories.Alldataisverifiedbeforebeingenteredintothedrillholedatabasesfor
resourceestimation.
May15,2009

ANV_43101_51509.docx
sew

Page5
1.3.1 RESOURCES
SEWChasdevelopedthebreakdownforresourcesontheHycroftproperty.Resourcesforthis
reportarebrokendownaseither1)OxideGold2)OxideSilver3)SulfideGold4)SulfideSilver.
Thebreakdownsarecharacterizedas:
x
OxideMineralizationTheoxidematerialwillbeprocessedbyutilizingtheexistingand
expandedheapleachpadsandprocessingfacilities.OxideSilverisincludedonlyas
MineralResourcesduetolimitedunderstandingofoxidesilverrecoveries.Until
additionalsilverassaysareobtainedandsilverrecoverycanbedetermined,no
containedsilverwillbereportedfortheoxidereservesandresources.
SulfideGoldMineralizationTheinferredresourceestimateforsulfidematerial
containinggoldonlywascalculatedfromfireassaydataobtainedfromover3,400
historicexplorationdrillholes,comprisingapproximately1,100,000feetofdrilling.
Theseexplorationholesweredrilledtoashallowdepthandwerenotfireassayedfor
silver.Thesehistoricholesweredesignedtoidentifytheextentofoxide(heap
leachable)goldonlyandassuchwereneitherdesignedtotestthedepthnortheextent
ofthesulfidemineralization.Subsequentanalysisofthe3,200historicdrillholes
determinedthatapproximately90%ofthehistoricdrillholesbottomedinsulfides.
SulfideSilverMineralizationTheinferredresourceestimateforsulfidematerial
containingsilverwasdeterminedfrom393holesdrilledsincefallof2007,comprising
approximately300,000feetofdrilling.Theseholeswerefireassayedforbothgoldand
silver.ThisinferredresourceiscalculatedoverawideareaofHycroftdepositand
showsthepotentialfortheretobealargemineralizedsystematHycroft.Drilltestingof
thisresourceissufficientforthecalculationofinferredresource.Additionalresource
developmentdrillingwillconvertasubstantialportionofthisdepositintotheindicated
andmeasuredcategories.
May15,2009

ANV_43101_51509.docx
sew

Page6
1.3.2 NI43101COMPLIANTMEASUREDANDINDICATEDMINERALRESOURCES
TheMarch31,2009measuredandindicatedgoldresourceisreportedata0.17gAu/tcutoff
grade.MeasuredandIndicatedOxideGoldResourcesfortheHycroftMinedepositareshown
inTable1.2.MeasuredandIndicatedSulfideGoldResourcesfortheHycroftMinedepositare
showninTable1.3.
Table1.2HycroftMineMeasuredandIndicatedOxideGoldResources
March31,2009MeasuredandIndicatedGoldResource
CutoffgAu/t Tonnes1,000's Gradeg Au/t Contained ozAu
0.17
393,901
0.40
5,095,000

Table1.3HycroftMineMeasuredandIndicatedSulfideGoldResources
March31,2009MeasuredandIndicatedSXGoldResource
0.45
46,963
0.53
798,000

TheMarch31,2009measuredandindicatedsilverresourceisreportedata12.41gAg/tcutoff
grade.MeasuredandIndicatedOxideSilverResourcesfortheHycroftMinedepositareshown
inTable1.4.MeasuredandIndicatedOxideSilverResourcesfortheHycroftMinedepositare
showninTable1.4.
Table1.4HycroftMineMeasuredandIndicatedOxideSilverResources
March31,2009MeasuredandIndicatedSilver Resource
CutoffgAg/t Tonnes1,000s GradegAg/t Contained ozAg
12.41
70,385
31.13
70,452,000

Table1.5HycroftMineMeasuredandIndicatedSulfideSilverResources
March31,2009Measuredand IndicatedSilver Resource
12.41
34,198
42.79
47,050,000
May15,2009

ANV_43101_51509.docx
sew

Page7
1.3.3 NI43101COMPLIANTINFERREDMINERALRESOURCES
TheMarch31,2009HycroftInferredOxideGoldResourcesareshowninTable1.6atacutoff
gradeof0.17gptAuFA.HycroftInferredOxideSilverResourcesareshowninTable1.7ata
cutoffgradeof12.41gptAgFA.InferredSulfideGoldResourcesarereportedinTable1.8ata
goldcutoffgradeof0.45gptAuFA.InferredSulfideSilverResourcesaretabulatedinTable1.9
atacutoffgradeof12.41gptAgFA.Industryacceptedstandardsforresourceestimationwere
usedtodeterminetheextentofmineralizationatHycroft.Goldandsilvermineralizationwas
estimatedusingordinarykrigingof25footdrillholecomposites.
Table1.6HycroftInferredOxideGoldResources(IncludesCrofootPad)
March31,2009InferredGoldResource
0.17
139,408
0.37
1,643,000
Table1.7HycroftInferredOxideSilverResources
March31,2009InferredSilver Resource
12.41
11,503
51.27
18,962,000
Table1.8HycroftInferredSulfideGoldResources
March31,2009InferredGoldResource
0.45
218,524
0.62
4,371,000

Table1.9HycroftInferredSulfideSilverResources
March31,2009InferredSilver Resource
12.41
103,405
47.82
158,965,000

1.4
OPERATINGMINEPLAN
SEWCusedcurrenteconomicstodevelopanewmineplanfortheHycroftMine.Ata
productionrateofapproximately23milliontonnesoforeandwasteperyeartheminecan
operateforabout6.5years.TheorewillbeplacedonPhases1and2oftheBrimstonePad.
Leachingoftheorewilltakeapproximately8years.
Thecurrentplanisfortheminetoruntwentyfourhoursperday,sevendaysperweek.
Productionisexpectedtoaverage1.9milliontonnesoftotalmineproductionpermonth.The
orecutoffgradeis0.16gAu/t.OrewillbeplacedontheBrimstonePadwithoutcrushing(run
May15,2009

ANV_43101_51509.docx
sew

Page8
ofmine)andwastewillgotooneofseveraldumplocations.Muchofthewastewillbeusedto
backfilltheCentralfaultpit.
Alloregradematerialplacedontheleachpadwillberunofmineandcrossrippedtoenhance
permeability.Anetworkofsolutiondriplineswillbepositionedandtherunofminematerial
willbeleachedwithacyanidesolutionforaperiodof60to90daysbeforeanother30fthigh
liftoforeisplacedontopoftheexistingone.Returnsolutionfromthepadcontainingthe
preciousmetalsisdirectedtothepregnantsolutionpond.
ThepregnantsolutionwillbeprocessedataMerrillCrowezincprecipitationplantthathas
beenmaintainedinpristineconditionsinceitwasshutdownin1998.TheMerrillCrowe
processclarifiesanddeoxygenatesthepregnantsolutionusingtwo1,600squarefootSparkler
filters.Zincdustisappliedtotheclarifiedsolutionwheregoldprecipitatesandiscollectedon
three48inchrecessedplatefilterpresses.Thecollectedprecipitatewillberefinedatanew
refinerywheremercurywillberemovedandthegoldwillbefirerefined.Thisisaclosed
processsothebarrensolutionisreturnedtotheleachpadcircuittostarttheprocessagain.
Expectedrecoveryofgoldis56.6%ofthetotalgold.
1.5
NI43101COMPLIANTPROVENANDPROBABLEMINERALRESERVES
EconomicreservesfortheBrimstoneandCut5depositswerecalculatedbasedoncurrent
operationaleconomicsforHycroft.The2008SEWCreserveblockmodelwasused.SEWC
verifiedtheeconomicpitlimitsofthemineralreserveestimateusingWhittle4.0software.
Table1.10summarizestheHycroftreserveswhichareunchangedsincetheOctober17,2008
TechnicalReport.ThestatedMineralReserveEstimateconformstotheDecember23,2005
CIMdefinitionsofProvenandProbableMineralReserves.
Table1.10HycroftMineProvenandProbableMineralReservesatOctober17,2008
Cutoff
Category
Tonnes 1,000s
GradegAu/t
0.17gAu/t
Proven
42,236
0.55
747,831
0.17gAu/t
Probable
24,134
0.51
395,347
66,369
0.54
1,143,178
TotalProvenand
ProbableMineral
Reserves
Ounces
Thewastematerialinsidethefinalpitdesignincludes2.47milliontonnesofoxideinferred
materialgrading0.44gptAuFAabovea0.17gptAuFAcutoffgrade.Additionallythewastealso
includes13.63milliontonnesofsulfideinferredmaterialthatgrades0.45gptAuFAabovea
0.17gptAuFAcutoffgrade.ThoughthesemineralresourceswillbeminedwithintheHycroft
May15,2009

ANV_43101_51509.docx
sew

Page9
Pit,mineralresourcesthatarenotmineralreservesdonothavedemonstratedeconomic
viability.
1.6
ONGOINGRESOURCEDEVELOPMENT
AlliedNevadahasundertakenseveralmetallurgicalstudiestodeterminetherecoveries
associatedwiththepotentialtoprocesssulfidegoldandsilvermaterial.Theresultsare
encouraging.Thelargesulfideresourcehasbeendrilltestedanddelineatedbywidelyspace
drillingprograms.AlliedNevadashouldinstitutedrillingprogramstoincreasethedrilling
densityofthedeepsulfideandVortexZoneinferredgoldandsilverresourceportionoftheore
deposit.Thiswillallowforthepotentialtoconvertresourcesintotheindicatedmineral
resourcecategory.Indicatedresourcesshouldbeevaluatedforthepotentialtosustainsulfide
processingmethods.
1.7
CONCLUSIONS
1.7.1 AdequacyofProcedures
SEWC,aswellasotherreputablefirmsandconsultants,hasreviewedthemethodsand
proceduresofAlliedNevadaanditspredecessors.Themethodsofgeologicalinterpretation,
geotechnicalevaluation,mineplanningandassayingproceduresarereasonableandmeet
generallyacceptedpracticesforoperatingNevadagoldmines.
1.7.2 AdequacyofData
SEWCbelievesthatAlliedNevadahasconductedexplorationanddevelopmentsamplingand
analysisprogramsusingindustrystandardpractices.Theresultingdatacanberelieduponto
estimateMineralResourcesandMineralReservesattheHycroftProject.
1.7.3 AdequacyofFinancialInformation
TheeconomicsofthisTechnicalReportarebasedonactualandpredictedinformationgathered
fromdiscussionswithAlliedNevadapersonnel.SEWCbelievesthecosttrackingprocedures
andassumptionsatHycroftareadequateenoughtodrawreliableconclusionsonthe
economicsoftheHycroftMine.
1.7.4 CompliancewithCanadianNationalInstrumentNI43101
ThedrillholedatabaseandassayingqualityfortheHycroftMineissufficientforthe
determinationofMeasured,IndicatedandInferredMineralResources.Additionally,the
geologicalinterpretations,metallurgicalassumptionsandthespatialdrillingdensities,within
May15,2009

ANV_43101_51509.docx
sew

Page10

theBrimstoneandCut5deposits,aresufficienttodefineandstateProvenandProbable
MineralReservesforHycroft.Alloftheaforementionedcategoriesarecompliantasdefinedby
theDecember23,2005CIMStandardsofDisclosureforMineralProjects,Form43101F1and
CompanionPolicy43101CP.
1.7.5 CautionaryNotetoU.S.ReadersConcerningEstimatesofMeasured,Indicatedand
InferredResources
ThetermsMineralResource,MeasuredMineralResource,IndicatedMineralResource
andInferredMineralResourceusedinthisreportareCanadianminingtermsasdefinedin
accordancewithNI43101underguidelinessetoutintheCIMStandardsonMineral
ResourcesandMineralReservesadoptedbytheCIMCouncilonDecember11,2005.Whilethe
termsMineralResource,MeasuredMineralResource,IndicatedMineralResourceand
InferredMineralResourcearerecognizedandrequiredbyCanadianregulations,theyarenot
definedtermsunderstandardsoftheUnitedStatesSecuritiesandExchangeCommission.
UnderUnitedStatesstandards,mineralizationmaynotbeclassifiedasareserveunlessthe
determinationhasbeenmadethatthemineralizationcouldbeeconomicallyandlegally
producedorextractedatthetimethereservecalculationismade.Assuch,certaininformation
containedinthisreportconcerningdescriptionsofmineralizationandresourcesunder
CanadianstandardsisnotcomparabletosimilarinformationmadepublicbyUnitedStates
companiessubjecttothereportinganddisclosurerequirementsoftheUnitedStatesSecurities
andExchangeCommission.AnInferredMineralResourcehasagreatamountofuncertainty
astoitsexistenceandastoitseconomicandlegalfeasibility.Itcannotbeassumedthatallor
anypartofanInferredMineralResourcewilleverbeupgradedtoahighercategory.Under
Canadianrules,estimatesofInferredMineralResourcesmaynotformthebasisoffeasibilityor
othereconomicstudies.ReadersarecautionednottoassumethatalloranypartofMeasured
orIndicatedResourceswilleverbeconvertedintoMineralReserves.Readersarealso
cautionednottoassumethatalloranypartofanInferredMineralResourceexists,oris
economicallyorlegallymineable.Inaddition,thedefinitionsofProvenMineralReservesand
ProbableMineralReservesunderCIMstandardsdifferincertainrespectsfromthestandards
oftheUnitedStatesSecuritiesandExchangeCommission.
May15,2009

ANV_43101_51509.docx
sew

Page11
1.8
RECOMMENDATIONS
SEWCrecommendsthatAlliedNevadaimplementthefollowingresourcedevelopmentplansat
Hycroft.
1. DeterminetheprebackfillsurfaceattheBayArea
2. Investigategoldandsilverrecoveryandprocessingmethodsforsulfidematerial
3. DrilltheVortexZoneon200footcenters
May15,2009

ANV_43101_51509.docx
sew

Page12
2
2.1
INTRODUCTIONANDTERMSOFREFERENCE
PURPOSEOFTECHNICALREPORT
ScottE.WilsonConsulting,Inc.(SEWC)preparedthistechnicalreportoftheHycroftMineatthe
requestofAlliedNevadaGoldCorp.(AlliedNevada),aDelawarecorporation.TheHycroftMine
isownedbyAlliedNevada.AlliedNevadamadethedecisioninSeptemberof2007tore
activatetheirwhollyownedHycroftMinewhichwasplacedincareandmaintenanceprogram
inlate1998duetolowmetalprices.OpenpitminingoftheBrimstonePitresumedinthethird
quarterof2008.Goldproductionisexpectedinthefourthquarterof2008.Approximately
650,000ouncesofgoldwillberecoveredoverfiveyears.
ThisreportisintendedtoprovideatechnicalsummaryoftheHycroftMinegoldandsilver
resourceandreservesforAlliedNevada.Thistechnicalreportiswrittenincompliancewith
disclosureandreportingrequirementssetforthintheCanadianSecuritiesAdministrators
NationalInstrument43101,CompanionPolicy43101CP,andForm43101F1.Priortothis
report,SEWCofEnglewoodColoradoauthoredatechnicalreportpertainingtotheHycroft
MinedatedOctober17,2008(Wilson,2008).Thetechnicalinformationcontainedinthis
technicalreportreflectsmaterialchangesthathaveoccurredsincetheOctober2008Report.
TheremainingresourcesandreservescitedfortheHycroftMinearecurrentasofMarch30,
2009.
2.2
SOURCESOFINFORMATION
Thescopeofthisstudyincludedareviewofpertinenttechnicalreportsanddatainpossession
ofAlliedNevadarelativetothegeneralsetting,geology,projecthistory,explorationactivities
andresults,methodology,qualityassurance,interpretationsandresourcesandreserves
Materialchangesdiscussedinthisreportarebasedontheremodelingandreinterpretationof
geologyattheBrimstoneandCut5Deposits.Observationsandinterpretationsofgeostatistics,
geology,gradeestimationanddeterminationofmineralizedtrendsatHycroftweregenerated
independentlybySEWCanddiscussedinternallywithAlliedNevada.TheHycroftmodelwas
generatedandevaluatedwithVulcan3Dscientificsoftware.Economicpitlimitswere
determinedwithWhittleStrategicPlanningsoftware.
2.3
EXTENTOFINVOLVEMENTOFQUALIFIEDPERSON
Theauthorsmandatewastodeterminethemostcurrentoxideandsulfide,propertywidegold
andsilverMineralResourceestimatesfortheHycroftMine.Alsotheauthorwasmandatedto
determinetheProvenandProbableMineralReservesfortheHycroftMine.Theauthoris
May15,2009

ANV_43101_51509.docx
sew

Page13
responsiblefortheconstructionoftheHycroftblockmodelandtheinterpretationofstatistics
andgradeestimationtechniquesfortheHycroftMine.Theauthorvisitedtheminesitefora
personalinspectiononMarch3,2009tovalidatemineplanningoptionsrelatedtoproduction
ofgoldattheHycroftMine.
2.4
TERMSOFREFERENCE
Unlessstatedotherwise,allvolumesandgradesareinmetricunitsandcurrenciesare
expressedinconstant2009USdollars.DistancesareexpressedinUSimperialunits.Thisreport
iswrittenspecificallyfortheHycroftMineOperation.
2.5
UNITSOFMEASURE
2.5.1 CommonUnits

Cubicfoot.................................................................................................................................
Cubicyard................................................................................................................................
Degree......................................................................................................................................
DegreesFahrenheit..................................................................................................................
Foot..........................................................................................................................................
Gallon.......................................................................................................................................
Gram........................................................................................................................................
Inch..........................................................................................................................................
Kilo(thousand).........................................................................................................................
Lessthan..................................................................................................................................
Milesperhour..........................................................................................................................
Million......................................................................................................................................
Ounce.......................................................................................................................................
Partsperbillion........................................................................................................................
Partspermillion.......................................................................................................................
Percent.....................................................................................................................................
Pound(s)...................................................................................................................................
Shortton(2,000lb)..................................................................................................................
Shortton(US)..........................................................................................................................
Shorttonsperday(US)............................................................................................................
Shorttonsperhour(US)..........................................................................................................
Shorttonsperyear(US)...........................................................................................................
Squarefoot..............................................................................................................................
Squareinch..............................................................................................................................
Tonne.......................................................................................................................................
Year(US)..................................................................................................................................
May15,2009

ft3
yd3

F
ft
gal
g
"
k
<
mph
M
oz
ppb
ppm
%
lb
st
t
tpd
tph
tpy
2
ft
2
in
t
yr

ANV_43101_51509.docx
sew

Page14
2.5.2 CommonChemicalSymbols
Calciumcarbonate...................................................................................................................
Copper.....................................................................................................................................
Cyanide....................................................................................................................................
Gold..........................................................................................................................................
Hydrogen.................................................................................................................................
Iron...........................................................................................................................................
Lead..........................................................................................................................................
Silver........................................................................................................................................
Sodium.....................................................................................................................................
Sulfur........................................................................................................................................
Zinc...........................................................................................................................................
CaCO3
Cu
CN
Au
H
Fe
Pb
Ag
Na
S
Zn
2.5.3 CommonAcronyms
AA.............................................................................................................................................
AuEq.........................................................................................................................................
BLM..........................................................................................................................................
CIM...........................................................................................................................................
EIS............................................................................................................................................
EPA...........................................................................................................................................
FCCPM......................................................................................................................................
ISO............................................................................................................................................
NDEP........................................................................................................................................
NPI............................................................................................................................................
NSR...........................................................................................................................................
OzAg/ton.................................................................................................................................
OzAu/ton.................................................................................................................................
ROM.........................................................................................................................................
May15,2009

atomicabsorption
goldequivalent
U.S.BureauofLand
Management
CanadianInstituteof
Mining,Metallurgy
andPetroleum
Engineers
Environmental
ImpactStatement
U.S.Environmental
ProtectionAgency
Fracturecontrolled
chalcedonypyrite
marcasite
mineralization
International
Standards
Organization
NevadaDepartment
ofEnvironmental
Protection
Netprofitinterest
NetSmelterreturn
Silverouncesper
shortton
Goldouncespershort
ton
Runofmine

ANV_43101_51509.docx
sew

Page15
RQD..........................................................................................................................................
RCorRVC.................................................................................................................................
Rockquality
designation
Reversecirculation
May15,2009

ANV_43101_51509.docx
sew

Page16
RELIANCEONOTHEREXPERTS
Theopinionsexpressedinthisreportarebasedontheavailableinformationandgeologic
interpretationsasprovidedbyAlliedNevada.SEWCregularlydiscussestheHycroftMineand
materialinformationwiththefollowingpeople:
x
x
x
x
x
Mr.MikeDoyle,VicePresidentofTechnicalServices,AlliedNevadaGoldCorp.
Mr.HalKirby,VicePresidentandChiefFinancialOfficer,AlliedNevadaGoldCorp.
Mr.DavidFlint,ChiefGeologist,AlliedNevadaGoldCorp.
Mr.WarrenWoods,GeneralManager,HycroftResourcesandDevelopment,Inc.
Mr.ToddSylvester,MineManager,HycroftResourcesandDevelopment,Inc.
Theauthorhasexercisedindependenceinreviewingthesuppliedinformationandbelieves
thatthebasicassumptionsarefactualandcorrectandtheinterpretationsarereasonable.The
authorhasreliedonthisdataandhasnoreasontobelievethatanymaterialfactshavebeen
withheld.
May15,2009

ANV_43101_51509.docx
sew

Page17
4
4.1
PROPERTYDESCRIPTIONANDLOCATION
LOCATION
TheHycroftMineislocated54mileswestofWinnemuccainHumboldtCounty,Nevada(Figure
4.1)withasignificantportionofthepropertyinadjacentPershingCounty.Themineiseasily
accessibleviatheJungoroad,NevadaHighway49,anallweather,unpavedroadthatis
maintainedbyHumboldtCounty(Wilson,2008;Prenn,2006).
TheminepropertystraddlesTownships34,35,35.2and36NorthandRanges29and30East
withanapproximatelatitude4052northandlongitude11841.Themineissituatedonthe
westernflankoftheKammaMountainsandontheeasternedgeoftheBlackRockDesertin
unsurveyedSections1and2,Township34North,Range29East;Sections13,23,24,25,26,27,
34,35,36,Township35North,Range29East;andSections17,18,19,20,30,31,Township35
North,Range30East,MDB&M,HumboldtCounty,andSections1,2,3,11,12,13,14,23,24,
25,26,Township34North,Range29East;andSections5,6,7,8,17,18,19,20,29,30,
Township34North,Range30East,MDB&M,PershingCounty,Nevada.AlliedNevadastaked
25claimsinNovember,2007inSections28,31,32and33,Township35North,Range30East,
MDB&M,HumboldtCounty,andSections1,11,12and14,Township34North,Range29East,
PershingCounty.OneclaimwasstakedinJanuary,2008inSection34,Township35North,
Range29East,MDB&M,HumboldtCounty.Anadditional1,057unpatentedlodeminingclaims
werestakedinAprilandMay,2008andrecordedwiththeBureauofLandManagement
(BLM)inlateJune,2008.ThesenewclaimsarelocatedinSections1,2,3,10,11,12,13,14,
15,21,22,23,27,28,29,30,31,32and33,Township35North,Range29East;Sections36,
Township35North,Range28East;Sections25,26,35and36,Township35.2North,Range29
East;Sections4,5,6,7and8,Township35North,Range30East;Sections28,32and33
Township36North,Range29East;Sections19,28,29,30,31,32,33and34,Township36
North,Range30East,MDB&M,HumboldtCounty,andinSections3,4,5,6,7,8,9,10,15,16,
17,18,19,20and21,Township34North,Range29East;Sections1,2,11,12and13,Township
34North,Range28East;MDB&M,PershingCounty.Pleasenotethatmuchoftheprojectarea
islocatedonunsurveyedpublicandprivatelandandthesections,ranges,andtownshipslisted
abovehavebeeninterpolatedforpurposesofthisgeneraldescription.However,allpatented
claimshavebeensurveyed(Wilson,2008;Prenn,2006).
OnMay10,2007,VistaGoldCorp(Vista)transferreditsNevadaassets,includingHycroft,to
AlliedNevada.TheHycroftMinehistoricallycomprisedtwoprimaryleaseholdingsnamedthe
CrofootandLewisproperties.Thesepropertiescompriseapproximately11,829acresofwhich
May15,2009

ANV_43101_51509.docx
sew

Page18
theCrofootpropertyisapproximately3,636acresandtheLewispropertyis8,193acres.The
LewispropertycompletelysurroundstheCrofootproperty.InMay,SeptemberandOctoberof
2006,VistaGoldlocated717additionalclaimscomprising14,340acres.InNovemberof2007
Alliedlocated25claims,andin2008Alliedlocated1,058claimsinJanuary,AprilandMay,
comprising21,660acres.AlliedNevadacurrentlyholds2,349unpatentedclaimscovering
approximately48,000acres.
4.2
MINERALTENURE
ThemineismanagedandoperatedbyAlliedNevadaunderthenameofTheHycroftMine.
TheCrofootpropertyisownedbyHycroftResourcesandDevelopmentCorporation.A4%net
profitsinterestisretainedbytheoriginalCrofootowners.In1996thelease/purchase
agreementwasamendedtoprovideforminimumadvanceroyaltypaymentsof$60,000on
January1ofeachyearinwhichminingoccursonthepatentedclaimscoveredunderthe
amendedagreementand$60,000onJanuary1ofeachyearminingtakesplaceonthe
unpatentedclaimscoveredundertheamendedagreement.AllpaymentsfortheCrofoot
propertyarecappedat$7.6million,afterwhichAlliedNevadawillowntheproperty.An
additional$60,000isdueiforeproductionexceeds5.0milliontonsfromthepatentedclaims
onCrofootpropertyandanadditional$60,000ifproductionexceeds5.0milliontonsonthe
unpatentedclaimsontheCrofootpropertyinanycalendaryear.Alladvanceroyaltypayments
areavailableascreditagainstthe4%netprofitsroyalty.RoyaltypaymentstoCrofoothave
totaled$840,000sincetheamendmentagreement.
Thereare2,349unpatentedminingclaimscoveringapproximately48,000acresattheHycroft
site.Anadditional1,440acresareinpatentedlodeandplacerclaimsandarethecoreproperty
surroundedbytheunpatentedclaims.Thepermittedsitedisturbanceforcurrentandfuture
miningactivitiestotal2,600acres.Thereisone20acreclaimonthenorthendoftheCentral
FaultthatisnotcontrolledbyHycroft.Thisclaimisnotinanareathatimpactsanycurrentor
futureoperations.
AlliedNevadapossessesallofthenecessarypermits,facilitiesandinfrastructuretoallow
resumptionofminingatHycroft.Capitalinvestmenthasbeenapprovedforpreproduction
stripping,leachpaddevelopment,thepurchaseofausedminingfleetandothercapital
expendituresnecessarytorestarttheHycroftMine.Figure4.2showsthepropertylayout
includingsitefacilities,mineralizedzones,mineworkingsandwastedeposits.
May15,2009

ANV_43101_51509.docx
sew

Page19
Figure4.1HycroftMinePropertyLocationMap
May15,2009

ANV_43101_51509.docx
sew

Page20
Figure4.2PropertyandFacilitiesLayout
May15,2009

ANV_43101_51509.docx
sew

Page21
4.3
AGREEMENTSANDROYALTIES
TheleaseholdinterestsofHycroftMinearecomposedoftwoprimaryproperties,Crofootand
Lewis.TheCrofootandLewispropertiestogethercompriseapproximately11,829acres.The
Crofootpropertycoversapproximately3,636acresandisvirtuallysurroundedbytheLewis
propertyof8,193acres.

VistaexercisedtheiroptiontopurchasetheLewispropertyonDecember13,2005by
purchasingalltheoutstandingsharesofF.W.Lewis,Inc.for$5.1million.Inadditiontothe
LewisportionoftheHycroftmine,F.W.Lewis,Inc.owned52otherpropertiesthatwere
retainedbyVistaandsubsequentlytransferredtoAlliedNevada.F.W.Lewis,Inc.alsohada5%
NSRroyaltyongoldanda7.5%NSRroyaltyonsilverproducedfromtheLewisportionofthe
property.ThereisnolongeranyroyaltyongoldandsilverproducedfromthepreviousLewis
ownership.

InMay,SeptemberandOctoberof2006,VistaGoldlocated717additionalclaimscomprising
14,340acresinthenameofHycroftResourceandDevelopmentCorporation.

TheCrofootpropertywasoriginallyheldundertwoleasesandisnowoptionedbyHycroft
ResourcesandDevelopmentInc.(HRDI),subjecttoa4%netprofitsinterestretainedbythe
formerownersforproductionofallmineralsandoresexceptmercuryandsulfur.Thenet
profitsinterestformercuryshallbe7%andCrofootretainsallrightstothesulfurexceptasthat
amountneededtomaintainproductionofotheroresandminerals.In1996,the
lease/purchaseagreementwasamended(4thAmendment)toprovideforminimumadvance
royaltypaymentsof$120,000onJanuary1ofeachyearinwhichminingoccursbothon
patentedandunpatentedminingclaims.Anadditional$120,000isdueiforeproduction
exceeds5.0milliontonsfromtheCrofootpropertyinanycalendaryearonbothpatentedand
unpatentedminingclaims.Alladvanceroyaltypaymentsareavailableascreditagainstthe4%
netprofitsroyalty.Underthe1996amendedagreement,theCrofootroyaltyiscappedat$7.6
millionofwhich$3.8millionisforthepatentedclaimsand$3.8millionisfortheunpatented
claims.Todate,$0.84millionhasbeenpaidtotheCrofootfamilyundertheprovisionsofthe
1996amendedagreement.

May15,2009

ANV_43101_51509.docx
sew

Page22
Figure4.3ClaimBoundaries

May15,2009

ANV_43101_51509.docx
sew

Page23

Table4.1HycroftLandHoldingsCosts
MonthDue
Lessor
Type
$Amount
January
Crofoot
AdvanceRoyalty
U.S.BLM,Humboldt&PershingCounties
UnpatentedClaimFees
$120,000
$63,992
CommunicationSiteofFlokaPeak
AnnualFee
$1,809
PotableWaterPermit#Hu086412NCNT
StateDivisionofHealth
AnnualFee
$225
BioRemediationCellsPermit#GNV041995
BureauofMiningRegulation
AnnualFee
$200
February
AnnualFee
Permit#11822354Nevada
StateFireMarshal
Permit#03615NevadaBoardfortheRegulationof AnnualFee
LiquefiedPetroleumGas
$150
October
4.4
$135
ENVIRONMENTALLIABILITIES
Goldproductionbeganonthepropertyin1983andcontinuedthrough1985whenStandard
SlagopenedtheLewisMine.TherewasabriefgapinmininguntilHRDIacquiredtheLewis
MineandtheCrofootclaimsandstartedminingin1988.Miningoperationscontinueduntil
1998whenpitdevelopmentwasplacedonstandbyduetolowmetalprices.Theprocess
operationscontinueduntil2004whenthepropertywasplacedoncareandmaintenance.
TheMinesGroupInc.ofReno,Nevadarevisedandupdatedreclamationplansandcost
estimatesfortheHycroftMinein2003.InJanuary2004VistaannouncedthatHycroft
ResourcesandDevelopment,Inc.(HRDI)hadreachedanagreementwithmembercompanies
ofAmericanInternationalGroup,Inc.(AIG)toreplacetheexistingbondatitsHycroftMinewith
anewpackagethatincludesaninsurancecomponentandcoversallexistingreclamation
liabilityatHycroft.Thereclamationplanandbondingincludesallthehistoricminingatthe
Hycroftproperty.Thebondcalledforinitialpaymentof$4.0millionandtwoadditional
paymentsof$1.3millionafter6monthsand11monthsfromtheinitialpayment.Thebonding
instrumentwasacceptedbytheBureauofLandManagement(BLM),andthe
insurance/assurancebondinginstrumentreplacedtheexistingbondmadeupofa$5.1million
noncashcollateralizedbondfromAmericanHomeAssuranceCompany,lettersofcreditof$1.7
millionposteddirectlywiththeBLMandtheexistingindemnityagreement.
May15,2009

ANV_43101_51509.docx
sew

Page24
The2004bondcostestimateswererevisedandincreasedbyHRDIto$7,549,363attheendof
2006andbondamountincreasedtoBLM.
AlliedNevadaGoldcontractedSRKConsultingofRenotoreviewtheHycroftPlanofoperations,
updatethesitedisturbanceusingtheGeographicalInformationSystemprogramsandJuly2007
aerialphotograph.Theupdateddisturbanceandproposednewdisturbancewasthenloaded
intotheNevadaStandardizedReclamationCostEstimator(SRCE)version1.1.1,withtheNevada
CostDataFileandHycroftInterimFluidManagementplan.Thenewprojectreclamation
estimatetotals$14,343,100,whichhasbeenapprovedbyboththeNevadaDepartmentof
EnvironmentalProtectionandBureauofLandManagement.Theupdatedfinancialguarantee
hasbeensubmittedtotheBLM.
4.5
PERMITS
HycroftMineoperatesunderpermitauthorizationsfromtheBLM,NevadaDivisionof
EnvironmentalProtection,andtheNevadaBureauofMiningRegulation&Reclamation.Allied
NevadahaspostedabondforitsminingoperationsatHycroft.Alloperatingand
environmentalpermits,approvedbytheBLMandNDEP,areingoodstandingformining
operationsatHycroft.
Table4.2summarizestheoperatingpermits,whileTable4.3showsthemiscellaneouspermits
fortheproperty.
May15,2009

ANV_43101_51509.docx
sew

Page25
Table4.2HycroftOperatingPermits
OperatingPermits
IssuingAgency
PlanofOperations
BLM
&ReclamationPlan
ReclamationSuretyBond AmHomeAssureCo.
Manufactureof
BureauofAlcohol,Tobacco
HighExplosives
&Firearms
ClassIIAirQualityPermit NVDivisionofEnvironmental
Protection
BureauofAirQuality
WaterPollutionControl NVBureauofMining
CrofootOperation
Regulation&Reclamation
BrimstoneOperation
ClosureofLewis
Facility
Bioremediation
NVBureauofMining
FacilityPermit
NVBureauofMining
ReclamationPermit
Stormwater
NVBureauofWater
Pollution
PollutionControl
P
i
P
i
ArtificialPond
NVDeptofWildlife
Permit(Brimstone
Mine)
ArtificialPond
NVDeptofWildlife
Permit(Crofoot
Mine)
CrofootProcessPonds NVDivisionofWater
Resources
CrofootProcessWell#1 NVDivisionofWater
Resources
CrofootProcessWell#2 NVDivisionofWater
Resources
NVDivisionofWater
CrofootPotableWell
Resources
Hazardous
NVStateFireMarshall
MaterialsStorage
Permit

May15,2009

Number
#N2687002P
Status
Current
N64641
#9NV01320
5C12087
#AP1041
0661.01
Current
Current
NEV60013
Current
NEV94114
Current
NEV89017
Current
#GNV041995
Current
#0134
Current
#NV0050006
10037
S21090
Current
S23123
Current
#J273
Current
#60230
Current
#60231
Current
#49533
#11822354
Current
Current

Current

ANV_43101_51509.docx
sew

Page26
Table4.3HycroftMiscellaneousPermits
OperatingPermits
IssuingAgency
R/WCommunicationSite
BLM
onFlokaPeak
R/WPotableWater
BLM
Well/Pipeline/PowerLine
R/WProcess
BLM
Wells/Pipeline/PowerLine
R/WRoad&Waterline
BLM
(OldMancamptoLewis)
R/WMabelWellPipeLine
BLM
toMancamp
KammaPeakStation
FCC
SulfurMineStation
FCC
WinnemuccaMtn.Station
FCC
BaseStation&45Mobil
FCC
Units
NVBureauofWaste
Class3LandfillPermit
Management
NVDivisionofWater
PotableWaterPermit
Resources
NVBoardforthe
Propane
RegulationofLPG
U.S.ArmyCorpsof
RegionalGeneralPermit
Engineers
Number
N46292
Status
Current
N46564
Current
N46959
Current
N39119
Current
N44999
Current
WNER344
WNER345
WNER346
WNKK336
Current
Current
Current
Current
#SWM10811
Current
#HU0864
12NCNT
#03615
Current
Section404
Permit
Current
Current

May15,2009

ANV_43101_51509.docx
sew

Page27
5
5.1
ACCESS,CLIMATE,LOCALRESOURCES,INFRASTRUCTUREANDPHYSIOGRAPHY
ACCESS
Hycroftanditsrelatedfacilitiesarelocated54mileswestofWinnemucca,Nevada.Accessto
HycroftMinefromWinnemucca,NevadaisbymeansofStateRoadNo.49(JungoRoad),a
goodquality,unpavedroad.AccessisalsopossiblefromImlayandfromLovelockbydirtroads
intersectingInterstate80.ThemajorityoftheminesemployeesliveintheWinnemuccaarea.
Winnemucca(population15,000)isacommercialcommunityonInterstate80,164miles
northeastofReno,Nevada.Thetownisservedbyatranscontinentalrailroadandhasasmall
airport.Thereisaccesstoadequatesuppliesofwaterandpower.
5.2
CLIMATE
Theclimateoftheregionisarid,withprecipitationaveraging7.6inchesperyear.Themajority
oftheprecipitationoccursinthewinterandspringmonthsandagaininOctober.
Temperaturesduringthesummeraregenerallyinthe50sFatnightandnear90Fandabove
duringthedays.Wintertemperaturesareusuallyinthe20sFatnightandinthe40sFduring
theday.Thereisstrongsurfaceheatingduringthedayandrapidnighttimecoolingbecauseof
thedryair,resultinginwidedailyrangesintemperatures.Theaveragerangebetweenthe
highestandlowestdailytemperaturesisabout30to35F.Dailyrangesintemperaturesare
greaterinsummerthanthewinter.
Windsaregenerallylight.Dustorsandstormsoccuroccasionally,particularlyduringthespring.
Themineisgenerallynotknowntohavemajordelaysinproductionduetoinclementweather.
5.3
LOCALRESOURCESANDINFRASTRUCTURE
ThemineissituatedontheeasternedgeoftheBlackRockDesertandhasalkalitolerantlow
shrubvegetation.
WaterrightsaslistedintheProcessManagementPlanareshowninTable5.1.TheNearandFar
ProcesswellsandtheCrofootpotablewellarethemainsourcesofwaterfortheminesite.
Theminesitehasatruckshop,oreprocessingfacilities,anadministrationbuildingaswellas
otherservicerelatedstructures.Electricityisfurnishedfromnearbypowerlinesandthereisa
telephonesystem.
May15,2009

ANV_43101_51509.docx
sew

Page28
Table5.1HycroftWaterWellsandPermittedYearlyConsumption

Permit#

WellName

GallonsperWell
TotalCombined
Gallons
60230
60231
49533
47423
42675
46794
60230
NearProcess
FarProcess
CrofootPotable
LewisCamp
MabelCrofoot
GrableCamp
NearProcess
471,903,000
471,903,000
4,831,000
57,970,000
59,095,000
10,800,000
471,903,000
1,076,502,000

5.4
PHYSIOGRAPHY
ThemineissituatedontheeasternedgeoftheBlackRockDesertandonthewesternflankof
theKammaMountainsbetweenWinnemuccaandGerlach,Nevada.
TheBlackRockDesertisa400squaremile,thoroughlyflat,prehistoriclakebed,completely
devoidofanyvegetationoranimalhabitat.Itsnamecomesfromalarge,prominentdarkrock
formationlocatedatthenorthendofthedesert.Duringthesummer,thelakebedisprimarilya
hardpanalkalineplaya.Duringthewinter,itbecomesatemporarylake.
Therearenostreams,rivers,ormajorlakesinthegeneralarea.Elevationsrangefrom4,500to
5,500feetabovesealevel.
May15,2009

ANV_43101_51509.docx
sew

Page29
6
6.1
HISTORY
PROPERTYHISTORY
OnesmallandtwolargeopenpitoperationscomprisetheHycroftMine.Theminewas
formallyknownastheCrofootLewisopenpitmine.Miningbeganin1983withasmallheap
leachoperationknownastheLewismine.Lewismineproductionwasfollowedbyproduction
fromtheCrofootpropertyintheBay,SouthCentral,Boneyard,GapandCut4Pitsalongthe
CentralFault.ThenorthendoftheBrimstonePitcontinueduntilitwasplacedonacareand
maintenanceprograminDecember1998duetolowgoldpricesbelow$300perounceofgold.
TheLewisminewasacquiredbyVistainearly1987fromF.W.Lewis,Inc.andtheCrofootmine
wasacquiredbyVistainApril1988.TheleaseholdinterestintheLewispropertywas
purchasedbyVistaonDecember13,2005inconsiderationofthepaymentof$5.1millionand
theeliminationofthe5%NSRroyaltyongoldand7.5%NSRroyaltyonsilverproducedfromthe
property.TheHycroftMineproducedoveronemillionouncesofgoldfromthe
commencementofminingoperationsin1987,untiltheoperationsweresuspended.Gold
productionfromtheleachingandrinsingoftheheapleachpadscontinuedin2000through
2005andthenwasplacedoncareandmaintenance.
InMay2007AlliedNevadaacquiredtheNevadabasedholdingsofVista.TheHycroftMinewas
includedaspartofthetransferofownership,allowingAlliedNevadatoexplore,expandand
developtheresourcesatHycroft.AlliedNevadadeterminedin2008thattherewasawell
definedoxideandsulfideresourceoutsideofBrimstoneandBoneyardbasedonananalysisof
allknowndrillingattheminesite.AlliedNevadahasalsopursuedasuccessfulcampaignof
deepdrillingthathasidentifiedalargemineralizationsystembelowtheBrimstoneandCut5
deposits.
TheearliestrecordedminingintheSulfurdistrictbeganinthelate1800sfollowingthe
discoveryofsignificantnativesulfurdeposits(CouchandCarpenter1943,Willden1964).
Miningofnativesulfurwassporadicduringthe1900s,withthelastsignificantepisodeof
miningoccurringinthe1950s.Basedonhistoricalreports,atotalofover181,488tonsof
sulfurore,gradingapproximately2035%sulfurwasminedandmilled(Mclean1991).High
gradesilvermineralization,consistingofnearlypureseamsofcerargyrite(AgCl)plusalunite,
wasdiscoveredin1908atSilverCamelHill(Vandenburg1938).Assaysupto117.9Kg/tonne
and12.4g/tonnegoldwerereportedbyJones(1921).Silverproductionceasedby1912witha
totalestimatedproductionof5670kgofsilver.Minorsilvermininghasalsooccurredalongthe
EastFaultintheSnyderaditregion,andsilversamplesashighas66optwerereportedby
May15,2009

ANV_43101_51509.docx
sew

Page30

Friberg,(1980)and29optbyBates,(2000).ThestopealongtheSnyderaditisabout50feetin
length,10feetinwidth,and100feetindipextent.Anestimated2,500tonshasbeenminedat
anunknowngradebetween1932and1937.
DuringtheFirstWorldWar,three68footwideveinsofnearlypurealunitewereminedinthe
southernpartoftheSulfurdistrict(Clark1918).In1931severalhundredtonsofalunitewere
minedasasoiladditive(FultonandSmith,1932).Vandenburg(1938)estimatedthat454tons
ofalunitewereshippedtotheWestcoasttobeusedasfertilizer.From19411943cinnabar
wasminedfromsmallpits(BaileyandPhoenix,1944)intheexposedacidsulfatealteration
zone.Totalmercuryproductionduringthisperiodisestimatedat1,900lbs(McLean,1991).
In1966,theGreatAmericanMineralsCompanybeganextensiveexplorationfornativesulfur.
Approximately200shallowholesweredrilledandnumeroustrenchesdug(Friberg1980).In
1974,DuvalCorporationdrilled20holesonthepropertyinsearchofaFraschtypesulfur
deposit(Wallace,1980).DuvalCorporationfoundnoevidenceforasulfurdepositatdepth,but
didreportelevatedgoldandsilvervalues.Duvaldrilledtwocoreholes(DC1andDC2)and18
rotaryholes(DR3through20)(Ware,1989).In1977,CordexSyndicatemappedandrockchip
sampledtheproperty,recognizingthepotentialforabulktonnagelowgradepreciousmetal
deposit.In1978,HomestakeMiningbecameinterestedintheproperty,recognizingsimilarities
withtheMcLaughlinhotspringsdepositinCalifornia.Numeroussurfacesamplesweretaken
and112holesdrilled(Friberg1980),buttheoptionwasdroppedbecauseoflowgradesand
limitedextent.Homestakedrillingconsistedofeightcoreholes,(SC811through8),nineair
trackholes(AT1through9)and95rotaryholes(SR811through95).In1983,StandardSlag
CompanyacquiredtheLewisOptionoftheNorthPit(alongtheCentralFault),whichcontained
ahistorical,non43101compliantresourceof1.2milliontonnesat1.20gAu/t.Productionby
StandardSlagcommencedattheLewisminein1983andcontinueduntil1985.
TheCrofootdeposit,adjoiningtheLewismine,wasdiscoveredin1985.HRDIacquiredthe
CrofootclaimsandtheLewisminein1986.AlliedNevadaacquiredtheCrofootLewisminein
2007.
6.2
EXPLORATIONDEVELOPMENTANDHISTORY
HRDIdrilledbetween1985and1999,atotalof3,123explorationdrillholes,totaling943,822ft.
ThecurrentHycroftdrillholedatabaseconsistsoftheformerholes,plus61RCholesdrilledby
Homestakein1982and29rotaryholescompletedbyHomestakein1981.TheDuval
Corporationholesarenotincludedinthedatabase,butdidguidesomeearlyexploration.The
HistoricdrillingcampaignsaresummarizedinTable6.1byyear,operatoranddrillingtype.
May15,2009

ANV_43101_51509.docx
sew


Page31
Table6.1HistoricDrilling
Year
1981
1982
1985
1986
1987
1988
1989
1990
1990
1991
1992
1993
1993
1994
1994
1995
1996
1996
1997
1998
1999
1999
2005
2006
2007
2007
2008
2008
Total
Hole
Company #of
Type
Holes
Rotary Homestake
29
RC
Homestake
61
RC
Hycroft
195
RC
Hycroft
492
RC
Hycroft
632
RC
Hycroft
73
RC
Hycroft
43
DD
Hycroft
8
RC
Hycroft
134
RC
Hycroft
147
RC
Hycroft
265
DD
Hycroft
6
RC
Hycroft
297
DD
Hycroft
3
RC
Hycroft
208
RC
Hycroft
355
DD
Hycroft
1
RC
Hycroft
164
RC
Hycroft
13
Blasthole Hycroft
67
DD
Hycroft
9
RC
Hycroft
11
RC
Vista
33
RC
ANV
1
RC
ANV
14
DD
ANV
38
RC
ANV
281
DD
ANV
60

3640
Footage
ZonesDrilled
5,550
North,SC
10,015
North
33,482
North,Cut4,SC
96,877
North,Cut4,SC,Gap,Brim,Alb
138,385
Alb,Cut 4,Gap,North,SC
25,855
Alb,Brim,Cut4,North,SC
15,780
11,247
Cut4,Sulfur
52,675
44,360
Cut4,North,SC
83,030
2,318
Alb,Brim,SC
105,500
4,990
Brim
78,650
Alb,Brim,Cut4,Boneyard,SC
157,515 Alb,Brim,Cut 4,Gap,Boneyard,SC
1,078
Brim
75,000
Alb,Brim,Cut4,North,SCP
3,040
Brim,Boneyard
3,670
Brim
4,870
Brim
5,500
Brim
13,315
Brim
900
Brim
14,944
Alb,Brim
42,930
Alb,Brim,Bay
181,810
Alb,Brim
60,810
Alb,Brim,Bay
1,274,096
ExplorationbyHycroftandHomestakeresultedinthediscoveryofsevenzonesof
mineralization.Thesearedescribedindetailintheexplorationsectionofthisdocumentand
areshowninFigure7.1.Thesezonesinclude:
May15,2009

ANV_43101_51509.docx
sew

Page32
6.2.1 BayArea
TheBayareaisalargeblanketofoxidemineralizationhostedbyinterbeddedsintersand
conglomeritictosandydebrisflows(UpperCamelGroup).TheBayarearepresentsthenorth
endofthedistrict,andextendsfor2,000ftinanorthsouthdirectionalongtheCentralFault,
between49,000Nand51,000N.Thistypeofmineralizationextendsasfaras2,500fttothe
westoftheCentralFault.TheBayareawasthefocusofexplorationdrillingduring19851987,
andcanbethoughtofasthewesternextensionoftheLewismine,whichwastheareapartially
minedbyStandardSlagduring19831985.Alterationassociatedwithgoldvaluesisan
assemblageofreplacementopalKsparchalcedonypyrite.Oxidationformsan80100footthick
blanketoverthehypogenemineralizationintheformofclayalterationwithanabundant
zeolite(mordenite).Thisareawasdrilledoutasthefirstreserveontheproject.
6.2.2 CentralFault,SouthCentral,Gap,Cut4andCut5Deposits
Thesedepositsoccurina10,000ftsegmentintheimmediatehangingwalloftheCentralFault.
AllthedepositsarecomposedofoxidizedacidleachedCamelConglomerate.Thisunitis
composedofclastsofTriassicAuldLangSyngesediments,andTertiaryKammaVolcanics.The
CamelConglomeratehasbeenalteredtoanopalKsparpyriteassemblageandsubsequently
wasoxidizedtoaclayhematiteorsilicaaluniteassemblage.
TheSouthCentraldepositwasminedfirstaftertheBayarea,andextendsfromapproximately
42,000Nto46,000N;theGapwasminedsecondandextendsfrom46,000Nto49,000N.Cut4
wasminedlastalongtheCentralFault,andextendsfrom39,000Nto42,000N.Cut5isa
southerlyextensionoftheCut4deposit.
6.2.3 TheBoneyardDeposit
Thisdepositstrikesnorthnortheastandislocatedapproximately1,000fteastoftheBayarea.
ThisdepositissimilarinlithologyandalterationtotheCentralFaultdeposits.
Thedepositisabout2,000ftlongandextendsinanorthnortheastdirectionfrom20,300E,
48,500N.ThedepositwasminedconcurrentlywiththeGapdeposit.
6.2.4 TheFireandBrimstoneDeposit
TheFire&Brimstonedepositishostedinrhyolitic,aphaniticandtuffaceousKammavolcanicsin
thesoutheasternpartoftheCrofootLewisminearea.Thedepositconsistsof2majorzonesof
hydrothermalventing,displayingfracturecontrolledchalcedonypyritemarcasite
May15,2009

ANV_43101_51509.docx
sew

Page33
mineralizationasveinlets,hydrofracturefill,andchaotichydrothermalbreccia.Thedepositis
oxidizedbyanacidleach/oxidizingevent.
Thesystemextendsfromatleast40,000Nto45,000N,inthehangingwallofthewestdipping,
normalEastFault.Productionrecordsshow15,500,000tonsoforewasminedfromthe
Brimstonedepositwithanaveragecyanidesolublegradeof0.0143ozAu/ton.Theremaining
MineralReservesatHycroftarecontainedinthesouthernportionsofBrimstone.
6.2.5 TheAlbertDeposit
ThisareaofmineralizationislocatedapproximatelyhalfwaybetweentheCentralFaultandthe
Fire&Brimstonedeposit.Themineralizationishostedinbothsedimentaryandvolcanicrocks.
Thenorthstrikingwestdipping,AlbertFaultseparatesdominantlysedimentaryCamel
ConglomeratefromKammavolcanicrockinthefootwalloftheAlbertFault.
DeepdrillholesintheAlbertareasuggestadeepunconformitybetweentheKammaVolcanics
andtheCamelConglomerateabove.TheAlbertmineralizationisincludedintheBrimstone
resourcesandreserves.
6.3
CANYONRESOURCES2005DRILLINGPROGRAM
CanyonResourcesdrilleda33holeprogramtotestextensionsofoxidemineralizationboth
laterallyandatdepthinproximitytotheBrimstonedeposit.Gradeestimatesforthecurrent
reservesandresourcesincludedatafromtheseholes.
6.4
PRODUCTIONHISTORY
InformationontheproductionhistoryoftheHycroftMinecomesfromAlliedNevadainhouse
documents.ProductionbyStandardSlagcommencedattheLewisminein1983andcontinued
until1985.OrefromtheLewisMinewascrushedandstackedontheLewisPadsinthenorth
centralpartofthedistrict.LewismineproductionwasfollowedbyproductionfromtheBay,
SouthCentral,Boneyard,GapandCut4PitsalongtheCentralFault,andfinallythenorthendof
theBrimstonePit,asoutlinedbelowinTable6.2.Alldatainsection6.4expressedinUS
Imperialunits.
May15,2009

ANV_43101_51509.docx
sew


Page34
Table6.2HistoricProduction(USImperialUnits)

Deposit
YearsMined
(approximate)
19831985
Tons
(millions)
3.9
LewisMine

Bay
19881992
SouthCentral
19921995
Boneyard
19921993
Gap
19941995
Cut4
19941997
TotalCentralFaultProduction
NorthBrimstone
19961998
HycroftMineProduction
GradeCnoz
Au/ton
N/A
OuncesAu
produced
N/A

66.7
15.4
82.2
0.0163
0.0143
0.0159
877,460
175,954
1,053,414
TheCentralFaultdepositswereeithercrushedto80%passinginchortreatedasrunofmine,
dependingontheblastholegrade.TheCentralFaultproductionwasleachedonaseriesof
leachpadsreferredtoasPads13.Pads1and2wereconstructedin1987,andPad3was
constructedin1992.OreplacementwasmadeonPad1from19881997,onPad2from1989
1997andonPad3from19931997.SolutionsfromthepadsweretreatedinaMerrillCrowe
plant(Crofootplant)locatedonthenortheastsideofPad1.Since2000,solutionshavebeen
runthroughacarbonplantlocatedonthenorthwestsideofPad1.
DetailedrecordsarenotavailableonhistoricreservemodelingintheCentralFaultand
Brimstonedeposits,butdetailedrecordsareavailableforthepadloadingfromthesedeposits.
From19881997,atotalof82.2milliontonsoforewereplacedonallpads,withanaverage
cyanidesolublegoldgradeof0.016ozAu/tonor1.31millionouncesofgoldplaced.Atotalof
1.053millionouncesofgoldhasbeenrecovered,asshowninTable6.3.
May15,2009

ANV_43101_51509.docx
sew

Page35
Table6.3HistoricPadProduction(USImperialUnits)
Year

1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Totals
HycroftPadLoading Tons(000's)
CNAu
OreTons
WasteTons
Pad1
Pad2
Pad3
Pad4
Pad5
ozAu/ton Pad1
3,995.4
0.0
0.0
0.0
0.0
3,995.4
2,450.3
0.021
82.1
5,144.8
104.0
0.0
0.0
0.0
5,248.8
5,682.7
0.019
98.4
3,793.9 1,792.4
0.0
0.0
0.0
5,586.3
8,276.0
0.019
73.3
490.3 5,309.9
0.0
0.0
0.0
5,800.2
8,182.7
0.019
9.2
428.1 5,665.4
0.0
0.0
0.0
6,093.5
9,884.2
0.017
7.2
588.7 4,610.4
521.1
0.0
0.0
5,720.2
16,765.4
0.018
10.7
488.4 3,066.4
5,683.2
0.0
0.0
9,238.0
17,460.5
0.015
7.8
463.8 4,577.7
4,890.0
0.0
0.0
9,931.5
27,263.6
0.014
6.5
2,337.1 3,671.3
5,843.3
1,027.8
0.0
12,879.5
23,822.1
0.013
23.2
664.3
478.8
2,140.9
4,632.7 2,686.2
10,602.9
26,772.1
0.015
13.1
0.0
0.0
0.0
5,469.6 1,647.9
7,117.4
3,009.3
0.015
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18,394.8 29,276.3 19,078.5 11,130.1
4,334.1
82,213.6
149,568.9
0.016 331.4

TotalOz.Loaded(000's)
000'sOz.
Pad2
Pad3 Pad4 Pad5 Totals
0.0
0.0
0.0
0.0
82.1
38.1
2.0
0.0
0.0
0.0 100.4
73.6
34.8
0.0
0.0
0.0 108.1
89.3
99.4
0.0
0.0
0.0 108.5
92.6
95.1
0.0
0.0
0.0 102.3
99.1
87.0
7.9
0.0
0.0 105.6
86.5
42.2
89.7
0.0
0.0 139.8
94.9
53.6
78.8
0.0
0.0 139.0
101.1
35.2
91.5
11.6
0.0 161.5
89.4
9.3
30.9
64.8
38.0 156.1
117.4
0.0
0.0
82.8
24.0 106.8
112.7
40.1
13.0
3.2
1.8
0.6
458.6
298.9 159.2
62.0 1,310.1 1,053.4

ProductionfromtheBrimstonePitwasplaceddirectlyontheheapsasrunofmine.Theleach
padsusedfortreatingtheorewerePads4and5.Pad5consistsofextraliftsplacedontopof
Pads1and2.Pad4isanewpadconstructedimmediatelysouthoftheoldLewisPadandwas
completedin1996.LoadingofPad4andPad5commencedinOctober1996andJuly1997,
respectively.A2,800gallonperminuteMerrillCroweleachsolutionplantwascompletedand
putintooperationinFebruary1997.ThisisreferredtoastheBrimstoneplant.Theplanttreats
solutionsfromPad4andislocatedonthenorthwestsideofthepad.Pad5solutionswere
treatedintheolderCrofootplant.
May15,2009

ANV_43101_51509.docx
sew


Page36
6.5
HISTORICALRESOURCEANDRESERVEESTIMATES
PriorhistoricalresourceestimateswerecompletedbyMineralResourcesDevelopment,Inc.
(MRDI)aspartoftheirworkforVistainMay2000.MRDIthenusedthemodeltoreestimate
goldresourcesusingtheMRDIadjustedgoldandsilverdatabaseandanewgeological
interpretationoforetypes.Notethatthesehistoricalresourceswhichwerepreparedbefore
February1,2001arenotcompliantwithNI43101sincetheresourcecategorizationwasnot
addressed;however,MRDIhashadalongreputationofproducingreliablemineralestimates.
Mineralizedblockswithanestimationvarianceof0.36orlesswereconsideredtobemeasured
andblocksbetween0.36and0.47areconsideredtobeindicated.Blockswithanestimation
varianceinexcessof0.47areconsideredtobeinferred.Theresourcewasclassifiedprimarily
onthebasisofestimationvariancebecauseitreflectsthespatialdistributionofthedata,not
justthedistances.TheHistoricBrimstoneresourceestimateincludesmaterialfoundbetween
the$450goldfloatingconesandthe$375golddesignedpitandmaybeconsideredtobe
economicallymineableathighergoldprices.ThehistoricresourceestimateisshowninTable
6.4.Thehistoricresourceissummarizedusinga0.005cyanidesolublegoldcutoff.Thegrades
showninthetable6.4aretheestimatesgeneratedbymultipleindicatorkrigingofthecyanide
solublegoldvalues.Table6.5summarizesthehistoricinferredresourceestimate.Table6.6
summarizedthehistoricorereserve.
TheoremodelandresourceestimateswerereevaluatedbyOREin2005andreservesre
estimatedbyMDAin2006.Detailoftheresourceandreserveestimatesareincludedinsection
17ofthisreport.
Table6.4HistoricMay2000Resource

Category

Tons
Measured
21,126,000
0.41
307.6
0.51
385.1
Indicated
Totals
21,947,000
43,073,000
0.40
0.40
307.3
614.9
0.46
0.49
369.4
754.6
Cyanide
Soluble
gAu/t
Cyanide
Soluble
000sozAu
Fire
Assay
gAu/t

Contained
000sozAu

May15,2009

ANV_43101_51509.docx
sew


Page37
Table6.5HistoricMAY2000Reserves

Category
InsideHistoric
DesignedPit
OutsideDesigned
Totals

Tonnes

CyanideSoluble
gAu/t
Cyanide
Soluble
000sozAu

FireAssay
gAu/t
4,726,000
0.39
65.4
0.48
6,186,000
10,913,000
0.25
0.31
54.7
120.1
0.24
0.35

Contained
000sozAu
80.4
53.2
133.6

Table6.6ProductionPriortoFebruary1,2001

Category
Proven
Probable
Totals

Tonnes
14,759.0
14,660.0
24,919.0
CyanideSoluble CyanideSoluble
gAu/t
ozAu
0.45
0.45
0.45
FireAssayoz
gAu/t
234.0
224.2
458.2
0.56
0.53
0.54
Containedoz
Au
293.0
566.5
WasteTons
000's
TotalTons
000's
Strip
Ratio

52,431
81,850
1.78

May15,2009

ANV_43101_51509.docx
sew

Page38
7
7.1
GEOLOGICALSETTING
REGIONALGEOLOGY
TheHycroftMineislocatedonthewesternflankoftheKammaMountainsintheBasinand
RangephysiographicprovinceofnorthwesternNevadaastridetheHumboldtPershingCounty
line.Thedepositishostedinvolcaniceruptivebrecciasandconglomeratesassociatedwiththe
TertiaryKammaMountainvolcanicevent.Thevolcanicsaremainlyacidictointermediatetuffs,
flowsandcoarsevolcaniclasticrocks.Fragmentsoftheseunitsdominatetheclastsinthe
eruptivebreccias.Volcanicrockshavebeenblockfaultedbydominantnorthtrending
structures,whichhaveaffectedthedistributionofalterationandmineralization.TheCentral
FaultandEastFaultcontrolthedistributionofmineralizationandsubsequentoxidation.A
postmineralrangefrontfaultseparatesthegoldandsilverdepositsfromtheadjacent
PleistoceneLahontanLakesedimentsintheBlackRockDesert.Thegeologicaleventshave
createdaphysicalsettingideallysuitedtotheopenpit,heapleachminingoperationatthe
HycroftMine.TheheapleachmethodiswidelyusedinthewesternandsouthwesternUnited
Statesandallowstheeconomicaltreatmentofoxidizedlowgradeoredepositsinlarge
volumes.
TheKammaMountainswereformedduringMiocenetoQuaternarytimefromtheupliftof
MesozoicbasementrocksandTertiaryvolcanicrocksalongnorthtonortheasttrendingnormal
faults.Thestratigraphyalongthewesternflankoftherangestepsdownwestwardalonga
seriesofthesenormalfaults.Thefaultsalsoservedasconduitsofhydrothermalfluidsthat
formedaseriesofgoldandsilverdepositsthatcomprisetheSulfurDistrict.
SeeFigure7.1SimplifiedGeologicalMapoftheSulfurDistrict.
Fourmajornorthnortheasttrending,westdipping,normaltolistricfaultzonesappearto
broadlycontrolthelocationofgoldandsilvermineralization.Fromwesttoeast,thesefault
zonesarereferredtoastheCentral,Boneyard,Albert,andEastFaults.Figure7.2ashowsa
northlookingsectionthroughtheHycroftMineshowingstructuresandvolcanicstratigraphy.
Figure7.2boutlinesstructuresandalterationtypesinthesamearea.Therearealsoseveral
otherparallelfaultzonesthatmayhaveasignificantimpactonthelocalizationof
mineralization.Thedepthofoxideandmixedsulfideoxidegoldandsilvermineralization
variesconsiderablyoverthearea.
RockstothewestoftheBoneyardFaultareTertiaryconglomerates,siltstonesand
fanglomeratesoftheSulfurGroup.Theserocksaresedimentsformedfromerosionofthe
May15,2009

ANV_43101_51509.docx
sew

Page39
underlyingKammaMountainsGroup(KMG).Felsictuffsandmassive,flowbandedrhyolitesof
theKMGarepresenteastoftheBoneyardFault.
TheLewis,Bay,SouthCentral,Cut3,andCut4deposits(CentralFaultDeposits)arelocatedin
thehangingwalloftheCentralFaultandarehostedbysedimentaryrocksoftheSulfurGroup.
MineralizationintheAlbertZoneispresentalongtheAlbertFault,locatedapproximately2500
feeteastoftheCentralFaultdepositsand2,000feetwestoftheBrimstonedeposit.TheAlbert
ZoneishostedbyKMGeruptionbrecciasandvolcanicflowsinthehangingwalloftheAlbert
Fault.
May15,2009

ANV_43101_51509.docx
sew

Page40
Figure7.1SimplifiedGeologicalMapoftheSulfurDistrict
May15,2009

ANV_43101_51509.docx
sew

Page41
Figure7.2SimplifiedEastWestCrossSectionsthroughtheSulfurDistrict

May15,2009

ANV_43101_51509.docx
sew

Page42

TheFire&BrimstonedepositishostedbyvolcanicrocksoftheKMGrockswhicharepresentin
thehangingwalloftheEastFault.Thevolcanicrocksareprincipallyeruptionbrecciasand
volcanicflowsproximaltovents.Thevolcanicsoverliedeformedandmetamorphosedshales,
sandstonesandsiltstonesoftheMesozoicOldLangSyneGroup(OLSG).KMGvolcanicrocksare
stronglyalteredinthehangingwalloftheEastFault,whereasthesameunitsareonlyweakly
alteredtotheeastinthefootwalloftheFault.
TheEastFaultisanorthnortheaststrikingnormalfaultwithrepeatedepisodesofmovement.
WhereexposedintheBrimstonePit,theFaultclearlyshowssteepnormalmovement,with
slickensidesthatplunge80to85.Asindicatedbyrecentdrilling,theEastFaultmayflattenat
depthtoalistricfault.TheFaultmayhaveoriginallyservedasaconduittohydrothermalfluids,
butmostobservedmovementispostmineral,especiallyintheNorthBrimstonePit.
ApostmineralrangefrontfaultseparatestheHycroftgoldandsilverdepositsfromPleistocene
LahontanLakesedimentsintheBlackRockDeserttothewest.Recentalluviumoverlies
bedrockinthedistrict.
7.2
HYCROFTPROPERTYGEOLOGYFIRE&BRIMSTONEDEPOSIT
TheHycroftMinepropertyconsistsofTertiarytoRecentage,faultcontrolled,lowsulfidation
golddepositsthatoccuroveranareameasuringapproximately3milesinanorthsouth
directionby1.5milesinaneastwestdirection.Drillinghasshownthatmineralizationextends
fromdepthsoflessthan330feetfromtheoutcroppingtonearoutcroppinggoldandsilver
mineralizationoftheportionoftheBaydepositonthenorthwestsideandtoover1,000feetin
theFire&BrimstonedepositintheeasternportionoftheHycroftproperty.
GoldandsilverbearingrocksexposedintheBrimstonePitarelocatedinthehangingwallof
theEastFault.Theserockswerehighlyalteredbyatleastfourphasesofalteration.Goldand
silvermineralizationisthoughttooccurduringaperiodoffracturecontrolledchalcedony
pyritemarcasitemineralization.Asubsequentacidalterationeventproducedthecurrent
distributionofoxidizedandmixedsulfideoxideore.
7.2.1 HangingWalloftheEastFaultBrimstonePit
Theupper100to200feetofrockinthehangingwalloftheEastFaultisalatehydrothermal
eruptionbrecciacalledtheCrofootBreccia.Thisbrecciaismatrixsupportedwithclasts
dominatedbyKammaMountainsVolcanics.Locally,clastsofoxidizedfracturecontrolled
chalcedonypyritemarcasitegoldandsilvermineralizationareobservedintheCrofootBreccia,
indicatingapossiblesynorpostmineralizationsteamdominatederuptionevent.TheCrofoot
BrecciaisnotfoundinthefootwalloftheEastFault.Theaveragefireassaygradeofrocks
May15,2009

ANV_43101_51509.docx
sew

Page43
loggedasCrofootBrecciaislessthan0.003optgold,pointingtothepossibilitythatthis
eruptionbrecciaunitisapostmineralizationbarrencapoverlyingalteredandmineralized
rocksofclearlymagmaticorigin.
AttheFire&BrimstoneDeposit,thegoldandsilverbearinghostrocksarealteredfelsic
volcanicrocksoftheKMG.TheKMGrocksinthehangingwalloftheEastFaultaredominated
byepiclasticfeldspathictuffsandaphaniticrhyoliteflows.Untilrecently,correlationofthese
unitshasbeendifficultduetothelackofdiamonddrillingtoprovidecoreinwhichitispossible
toobservemacroscopictextures.
7.2.2 RocksInTheFootwallOfTheEastFaultFire&BrimstoneDeposit
InthefootwalloftheEastFault,rocksareexclusivelyKMGdominatedbyflowbandedrhyolite
andepiclastictuffsoffelsiccomposition.Alterationandoxidationofthesevolcanicrocksare
weak,withpropyliticalteration,clayalteration,andoxidationoccurringwithin50to150feetof
theEastFault.
May15,2009

ANV_43101_51509.docx
sew

Page44
Figure7.3BrimstoneNorthPitWallGeology
May15,2009

ANV_43101_51509.docx
sew

Page45
8
8.1
DEPOSITTYPE
GEOLOGICALMODEL
TheHycroftgolddepositsareTertiarytoRecentagelowsulfidationdeposits.Radiometric
datesofadularia(potassiumfeldspar)indicatethatthemainphaseofgoldandsilver
mineralizationformedfourmillionyearsago.Goldmineralizationwasfollowed2to0.4million
yearsagobyanintenseeventofhighsulfidation,acidleachingofthemineralizedvolcanics.
Acidleachingresultedlocallyindissolutionofthegroundmassofthevolcanicsandofthe
matrixofbreccias,leavingasilicaaluniterichrockwithabundantporespaces.Locally,the
acidleachedrockcontainsnativesulfur.
8.2
HYCROFTGEOLOGICALMODEL
TheknowngoldandsilvermineralizationwithintheHycroftMinepropertyextendsfora
distanceofatleast3milesinanorthsouthdirectionby1.5milesinaneastwestdirection.
Goldandsilvermineralizationextendstodepthsoflessthan330feetintheoutcroppingto
nearoutcroppingportionoftheBaydepositonthenorthwestsideofthepropertyandtoover
1,000feetintheBrimstonedepositintheeasternportionoftheproperty.
Notallthemineralizedzoneiscompletelyoxidized,andthedepthofoxideandmixedsulfide
andoxideorevariesconsiderablyovertheareaofthedeposits.Thedeterminationofwhether
ornotmineralizedmaterialcanbeminedandprocessedeconomicallybyheapleach
technologyisdependentonthegradeofgoldandsilvermineralization,thedepthof
overburden,andthedegreeofoxidation.
May15,2009

ANV_43101_51509.docx
sew

Page46
MINERALIZATION
9.1
ALTERATIONANDMINERALIZATIONINTHEEASTFAULTHANGINGWALL
HighlyalteredrocksarealmostexclusivelyfoundinthehangingwalloftheEastFault.There
areatleastfourmainalterationeventsthathaveaffectedthehangingwallrocks.These
alterationeventsoccurredinthefollowingsequence.
x
Barrensilicapyriteandgoldbearingchalcedonypyritemarcasitereplacedvolcanic
rocksonthewestsideoftheEastFault.Thisoriginalhypogenealterationand
mineralizationformedapproximatelyfourmillionyearsago.TheEastFaultmostlikely
servedasaconduitforhydrothermalfluids.
AsulfurrichhydrothermalsystemdevelopedalongtheEastFaultapproximately
400,000to2millionyearsago.Oldersilicasulfidemineralizationwasstronglyleached
byacidsgeneratedabovethepaleowatertable.Downwardpercolationofacidsformed
azonedpattern,fromtoptobottom,ofblanketacidleachmaterial,basalacidleachand
oxide.Oxideisoldersilicasulfidematerialinwhichsulfideshavebeenalteredtoiron
oxides.
Mostrecently,supergeneoxidationofacidleach,oxideandsulfidemineralizationhas
occurredalongtheEastFault.Thiswasaccompaniedbyasmallamountofnormal
movementalongtheFault,displacingmineralizationinthehangingwalldownward.
Eachalterationandmineralizationtypeisdescribedbelowindetail.
9.1.1 BARRENDISSEMINATEDSILICAPYRITE
Thefirstalterationeventwasawidespreadeventofbarrensilicapyritealteration,andwas
loggedasAlterationCode1.Therockshaveaglassyappearance,resultingfromstrong,fine
grained,disseminatedsilicificationthatpermeatestherockmass.Finegrained,euhedralto
subhedralpyriteisalwaysassociatedwiththisalteration.Thepyriteforms2to5%oftherock
asfairlyuniformgrainsabout0.2to0.5mminsize.Thisearlyphaseofpyriteisbrightyellowto
brassyandisevenlydistributedthroughouttherockmass.Figure9.1showsaschematic
sectionofthedistributionofthisalterationtype.
ThisalterationtypeisubiquitousintheFire&BrimstoneAlbertregion,extendingforatleast
6,000feetalongthestrikeoftheEastFaultandatleast2,000feetwestoftheEastFault.In
crosssection,theappearanceisfunnelshaped,withthefirstoccurrenceofunalteredvolcanic
rockbeing2,000feetwestoftheEastFaultatadepthofapproximately500feet.AstheEast
Faultisapproachedfromthewest,thethicknessofthisalterationtypeincreases.Untilrecently
veryfewdrillholespassedthoughthelowercontactofthisalterationtype,althoughdrillhole
May15,2009

ANV_43101_51509.docx
sew

Page47
962888,approximately600feetwestoftheEastFault,crossesintounalteredrockatadepth
of1,100feet.
Figure9.1BarrenSilicaPyrite

9.1.2 FRACTURECONTROLLEDCHALCEDONYPYRITEMARCASITEMINERALIZATION
Thefracturecontrolledchalcedonypyritemarcasitemineralizingeventwasassociatedwith
primarygoldandpossiblysilverdepositionatBrimstone.Figure9.2showsaschematicsection
ofthedistributionofthistypeofmineralization.Mineralizationoccursasveinlets,stockworks,
insitu(jigsaw)breccia,androtational(chaotic)breccia,andwasloggedasAlterationCode1,
withaStructuralCodeassignedasdescribedbelow.Thismineralizationtypeclearlycrosscuts
theearlierbarrensilicapyritealteration,asrandomlyorientedveinlets,stockwork,insitu(jig
saw)breccia,orchaoticbreccia.
Theveinletmineralizationstyleoccursas1mmto2cmveinletsforming2to10%oftherock
mass.Theveinletsarecomposedofgraytomilkwhitechalcedonywith5to10%sulfides.
Chalcedonyisrarelybanded,butmostlymassive.VeinletswereloggedasStructuralCode3.
StructuralCode6wasusedinchipswhereitwasclearthatveinletsintersected.
May15,2009

ANV_43101_51509.docx
sew

Page48
Insitu(jigsaw)brecciashowsfloodingoftherockfractureswiththechalcedonysulfide
assemblagefillinganetworkoffractures.Thesefracturesoccupy5to15%oftherockmass;
theremainingrockmasscanbefitbacktogether,asinajigsawpuzzle.Theinsitu(jigsaw)
brecciamineralizationwasloggedasStructuralCode1.
Withchaoticbreccia,unsorted,angular,wallrockfragmentsfloatinaseaofchalcedonysulfide.
Fragmentsarenotalignedandclearlyshowrotationwithrespecttoadjacentfragments.
Brecciamineralizationcomprises5to20%oftherockmass.Chaoticbrecciawasloggedas
StructuralCode2.
Figure9.2SchematicCrossSectionofFractureControlledChalcedonyPyriteMarcasite

Thetwobrecciafaciesindicateincreasingfractureopeningandfillingbythechalcedonysulfide
mixtures.
FCCPMsulfidesaredominatedbytwospecies:pyriteandmarcasite.Pyriteoccurswithinthe
veinletsasirregularanhedralmasseswhicharesubparalleltotheveinletedgesandfrom0.5
mmto0.5cmlong.Marcasiteoccursassimilarsizedmassesandassinglecrystals.Marcasite
iseuhedraltosubhedral,withmassesformingtwinnedsheaflikegroupsofcrystals.
May15,2009

ANV_43101_51509.docx
sew


Page49

Asmentionedearlier,goldandpossiblysilvermineralizationweremostlikelyintroducedduring
thisevent,andevidenceforthisistwofold(workremainstobecompletedforsilver
mineralization):
x
x
Visiblegold(50to120micronsinsize)hasbeenidentifiedwithinthechalcedonicveins
inthinsectionsfromdrillhole942458,andiscloselyassociatedwithmarcasite.
AssaystatisticsfromRCchiploggingduring1999showacorrelationbetweenFCCPM
andgoldmineralization.GoldgradesbyalterationdomainsareshowninTable9.1.
Table9.1GradebyDomain
AlterationDomain
Acidleach
Avg.FAAu
WithFCCPM
0.44
Avg.FAAu
WithoutFCCPM
0.25
%ofDomain
WithFCCPM
21
Oxide
0.49
0.16
58
Sulfide
0.47
0.18
57
Thedatainthistableclearlyshowsthatforoxideandsulfidemineralization,thepresenceof
FCCPMcorrelateswithhighergoldgrades.SampleswithouttheFCCPMstylealterationhave
averagevalueslessthantheexpectedcutoffgrade.
ThelowerpercentageofsamplesobservedtocontainFCCPMmineralizationintheacidleached
rocksisdueto:
x
x
Thepresenceofabarrenblanketofmaterialabovethegoldmineralizedzonethathas
beenacidleached,and
TheinabilityofpreviouschiploggerstorecognizetheFCCPMinthishighlyalteredrock
type.TheacidleachalterationobscuresthetexturalevidenceofFCCPM.
ThepresenceofgoldmineralizationinrockunitsnotbearingtheFCCPMstructuralcodescan
beexplained.TheFCCPMisonlyloggedwhentheveinletconcentrationisatleast2to5%of
therockmass.Lowergrademineralizationmaysimplyhaveanextremelylowconcentrationof
veinletsthatcouldnotbereliablylogged.
TheFCCPMmineralizationiswidespread,butlesswidespreadthanbarrensilicapyrite
alteration.Fracturecontrolledmineralizationisobservedindrillcoreandchipsupto500to
1,000feetwestoftheEastFault.Thenorthsouthextentofthistypeofmineralizationisat
least5,000feet,fromapproximately39,000Nto44,025N.Drillhole942458intersectedthis
typeofmineralizationtoadepthof1,000feet.
May15,2009

ANV_43101_51509.docx
sew

Page50
TheEastFaultclearlycutsFCCPMmineralization,asseeninthebottomoftheBrimstoneNorth
Pit,evidencedbyareasofFaultgougebearingfragmentsofthisimportantmineralizationtype.
ThebestexposuresofthistypeofmineralizationareinthebottomthreebenchesoftheNorth
BrimstonePit.
9.1.3 HYPOGENEACIDLEACHOXIDEALTERATION
Thehypogene,acidleach,oxidationalterationeventdeterminedthedistributionofthetwo
dominanttypesofoxidizedmaterial,acidleachandoxiderocks.Thealterationis
geometricallyzoned,suggestingthatasingleeventproducedthezoning.Acidleachandoxide
alterationclearlyoverprintbothearliersulfidephasesofalteration.Figure9.3showsa
schematicsectionofthedistributionofthisalteration.
Ingeneral,acidleachalterationformsahorizontallyorientedblanket,buthasaVshaped
aspectastheEastFaultisapproached.Thisalterationmaybebrokenintotwosubtypes,
blanketacidleachandbasalacidleachalteration.Bothacidleachsubtypeswereloggedas
AlterationCode2underthealterationcodingscheme.
May15,2009

ANV_43101_51509.docx
sew

Page51
Figure9.3HypogeneOxidationbyAcidSteamHeatedSolution

9.1.4 BLANKETACIDLEACHALTERATION
Thedominantblanketacidleachmaterialcoverstheentiredepositareaandistheuppermost
oxidizedalterationtype.Onaverage,blanketacidleachalterationis150200feetthickover
theentirestudyarea,butreachesthicknessesof450feetintheimmediatehangingwallofthe
EastFault.Blanketacidleachalterationischaracterizedbythefollowingproperties:
x
Theubiquitouspresenceofsecondaryporositydevelopmentatallscalesofobservation.
Dependingontheoriginalcompositionoftherock,openspacesaredevelopedafter
feldspars,finegrainedrockfragments,orassimplevugs.Sizesofthevoidspacesseenin
drillcorevaryfromcentimeterstovoidsoflessthan0.1mm.Voidspacesareduetothe
lossofmostofthealuminousmineralogyintheoriginalrock(feldspar,mica,orclay).
May15,2009

ANV_43101_51509.docx
sew
x
x
x
x

Page52

Remainingaluminousmineralogyisalmostalwayspowderyfinegrainedaluniteor
kaolinite,ofafewpercentatbest;
Theabsenceofironbearingminerals,eitheroxidesorsulfides;
Ingeneral,therockisalmostentirelycomposedofvuggy,finegrainedsilica;
Theoriginaltexturesassociatedwithvolcanicdepositionarecompletelyobliteratedor
obscured;
Accessorymineralsarecinnabar,realgar(rare),nativesulfur,opal,andgypsum.Native
sulfurformsmassiveveinsinacidleachrockorappearsasadisseminatedvarietywhen
itfillsvugs.Nativesulfurformationisalatestageprocess,withcrystalsgrowingintothe
centersofvoidsinthealreadyacidalteredwallrock;and
Blanketacidleachalterationcanbecrumblyandincompetent,orhardandcompetent.
9.1.5 BASALACIDLEACHALTERATION
Thesecondformofacidleachalterationisreferredtoasbasalacidleachalteration.Thisform
ofacidleachalterationisnotascontinuousasblanketacidleachalteration,andisalways
locatedattheloweracidleach/oxidecontact.
Basalacidleachalterationischaracterizedbythefollowingproperties:
x
x
x
x
Basalacidleachalterationrocksareextremelyhard,beingcomposedalmostentirelyof
veryfinegrainedsilica;
Accessorymineralsarerare,butnativesulfurhasbeenobserved;
Secondaryporosityisnotaswelldeveloped,butoccursasirregularvugsandcavitieson
thecentimetertodecimeterscale;and
Basalacidleachalterationrockshaveaconchoidalfracture.
Basalacidleachalterationisanywherefrom0to40feetthickandhorizontalinitslower
contactwithsilicicoxidealteration.Basalacidleachalterationwasnotconsideredcontinuous
enoughtoseparateasanalterationdomainindevelopingtherockmodelforBrimstone.
9.1.6 OXIDEALTERATION
Oxidealterationiscomposedoftwodominanttypes:silicicoxideandclayoxidealteration.
9.1.6.1 SILICICOXIDEALTERATION
Silicicoxidealterationisthedominanttypeofoxidealteration,formingabout85%ofalloxide
samples.Thesilicicoxidealterationunderliesacidleachalterationandreachesthicknessesof
upto200feet.Thedefinitionusedtodetermineoxiderockswasthatatleast25%ofthe
May15,2009

ANV_43101_51509.docx
sew

Page53

sulfidesinarockhadtohavebeenconvertedtooxides.Inthemajorityofoxidemineralization,
allsulfideshavebeenconvertedtooxides.
Silicicoxide,asobservedinchiptrays,isgenerallyfinegrainedandglassyappearing,withlittle
ornosecondaryporositydevelopment.Ironoxides,sulfates,andhydroxidesarecommon
accessorymineralswiththemostprevalentoxidebeinghematite.Otheraccessoryironbearing
phasesincludelimoniteandjarosite.Jarositemostoftenoccursasamber,euhedralcrystals,1
to2mminsize,asfracturecoatingsandlateveinlets.Red,earthyhematiteisgenerallyseen
replacingpyriteormarcasite.Finefracturenetworkscanbeobserved,oftenfilledwith
hematite,limonite,andminorclay.
Blacktometallicgray,specularhematiteisobservedasfracturecoatingsandpisoliticmasses
fillingminoropeningsintherock.Specularhematiteprobablyresultsfromironphasesbeing
precipitatedafterbeingleachedfromtheoverlyingacidleachmaterial.
Silicicoxidealterationcanhaveavarietyofdominantcolors;fromwhitetoyellowtoredand
evenpurple,dependingontherelativeamountsofironoxides,hydroxides,andsulfates.Silica
oxidewascodedasXX101XforAlterationCodeunderthecomputerloggingsystem.Silicic
oxideiscomposedof65to85%silica,5to20%clay,and5to15%hematiteandjarosite.
9.1.6.2 CLAYOXIDE
Clayoxidealterationmakesupabout15%ofmaterialclassedasoxide,andrepresentsamore
clayrichzone.Clayzonesappearwhitetoyellowtopinkishandarecomposedof50%ormore
clay,withtheusualaccessoryironoxides.Claysarethoughttobemixturesofmontmorillonite
andkaolinitewithaccessoryalunite.
Clayzonesaremostcommonasalayer30to50feetthick,directlybeneathbasalacidleach
alterationorasirregularveinsoramoeboidshapedareasscatteredthroughoutthesilicaoxide
alteration.Clayoxidealterationisthoughttobeanintermediateoxidizedcomposition
betweenpureacidleachandsilicaoxidealteration,representingformationunderweaklyacid
oxidizingconditions.
ClayoxidealterationwascodedasXX601XfortheAlterationCodeinthecomputercoding
system.Clayoxidealterationwasnotcontinuousenoughtobeseparatedasaseparate
alterationdomain.
May15,2009

ANV_43101_51509.docx
sew

Page54
9.1.7 SUPERGENEOXIDATIONANDFAULTGOUGEALTERATION
SupergeneoxidationandfaultgougeisazoneofoxidationthatisliterallywithintheEastFault,
andmanifestsitselfasazoneofoxidestainedfaultgouge.Figure9.4showsaschematic
sectionofthedistributionofthisalteration.Supergeneoxidationwasthefinalalterationevent.
Thezoneappearsverysimilartosilicaoxidealteration,butsmallfragmentsofacidleach
alterationarecaughtupinthismaterial.Brightredhematitemostoftencoatsallfragmentsin
thiszone.IndeeperlevelsoftheNorthBrimstonePit,blackmanganiferrousoxidesalsooccur.
Supergeneoxidationformsawestdippingband20to80feetwide,formingtheEastFault
footwallcontact.
May15,2009

ANV_43101_51509.docx
sew

Page55
Figure9.4SupergeneOxidation+NormalFaultMovement

9.2
ZONINGOFACIDLEACHANDOXIDE
Oxidemineralizationnearlyalwaysunderliesacidleachalteration.Withinacidleachalteration,
thereareremnantpodsofunoxidizedrockcontainingsulfidemineralization.Theseremnant
podsofsulfidesarealwayssurroundedbyaclayoxiderim,suspendedinacidleachalteration.
May15,2009

ANV_43101_51509.docx
sew

Page56
Themineralassemblagesineachalterationtypeandstronggeometriczoningsuggestthatacid
leachalterationandoxidealterationformedfromtheinteractionoftheoxidizedfluidsatthe
watertablewithdescendingacidfluids.
Wholerockgeochemicalanalysisshowsthattheacidleachmaterialcontainsonly2to4
weightpercentAl2O3,clearlyindicatingdepletionofthealuminum.Thisdepletionrequires
thatthepHofconditionsunderwhichacidleachalterationformedhadtobelowerthan2.
TheabsenceofironphasesinacidleachalterationsupportsalowpH,sinceironissolublein
acidbutinsolubleunderneutral,oxidizingconditions.Ironwastransportedtotheneutral
watersfromoverlyingacidwatersandprecipitatedasspecularhematiteorjarositeinoxidizing
neutralwater(silicicoxidealteration),orweaklyacidoxidizedwater(clayoxidealteration).
Theupperlevelacidfluidswerecreatedthroughoxidationofhydrogensulfideonreachingthe
surface,orsimplytheoxidationofpyritebysurfacewaters.
May15,2009

ANV_43101_51509.docx
sew

Page57
10 EXPLORATION
10.1 HISTORICEXPLORATIONANDDEVELOPMENT
Between1985and1999,HRDIdrilledatotalof3,123explorationdrillholes,totaling943,822ft.
Canyoncompleted33drillholestotaling13,315ftofreversecirculationdrillingduring2005.
ThecurrentHycroftdrillholedatabaseconsistsoftheformerholes,plus61RCholesdrilledby
Homestakein1982and29rotaryholescompletedbyHomestakein1981.Drillingcompleted
bytheDuvalCorporationisnotincludedinthedatabase,butdidguidesomeearlyexploration.
DrillingcampaignsaresummarizedinTable10.1byyear,operatoranddrillingtype.A
breakdownofthedrillholesbytypeandorientationisfoundinTable10.2.
Table10.1HycroftExplorationDrillCampaigns
Year
1981
1982
1985
1986
1987
1988
1989
1990
1990
1991
1992
1993
1993
1994
1994
1995
1996
1996
1997
1998
1999
1999
2005
Total
HoleType Company
Rotary Homestake
RC
Homestake
RC
Hycroft
RC
Hycroft
RC
Hycroft
RC
Hycroft
RC
Hycroft
DD
Hycroft
RC
Hycroft
RC
Hycroft
RC
Hycroft
DD
Hycroft
RC
Hycroft
DD
Hycroft
RC
Hycroft
RC
Hycroft
DD
Hycroft
RC
Hycroft
RC
Hycroft
Blasthole
Hycroft
DD
Hycroft
RC
Hycroft
RC
Canyon

#ofHoles
29
61
195
492
632
73
43
8
134
147
265
6
297
3
208
355
1
164
13
67
9
11
33
3246
Footage
ZonesDrilled
5,550
North,SC
10,015
North
33,482
North,Cut4,SC
96,877 North,Cut4,SC,Gap,Brim,Alb
138,385
Alb,Cut4,Gap,North,SC
25,855
15,780
11,247
Cut4,Sulfur
52,675
44,360
Cut4,North,SC
83,030
2,318
Alb,Brim,SC
105,500
4,990
Brim
78,650 Alb,Brim,Cut4,Boneyard,SC
157,515
Alb,Brim,Cut
1,078
Brim
75,000
Alb,Brim,Cut4,North,SCP
3,040
Brim,Boneyard
3,670
Brim
4,870
Brim
5,500
Brim
13,315
Brim,Boneyard
972,702

May15,2009

ANV_43101_51509.docx
sew


Page58
Table10.2ExplorationDrillholesbyType
DrillType
DiamondDrill
RC
Rotary
Blast
Total
Angle
Vertical
Number Footage
27 24,503
3123 938,979
29
5,550
67
3,670
3246 972,702
1198
2048

ExplorationbyHycroftandHomestakeresultedinthediscoveryofseveralzonesof
mineralization.ThesearebrieflydescribedbelowandareshowninFigure7.1.
x
x
x
BayAreaalargeblanketofoxidemineralizationhostedbyinterbeddedsintersand
conglomeritictosandydebrisflows(UpperCamelGroup).TheBayarearepresentsthe
northendofthedistrict.
CentralFaultdeposits;SouthCentral,Gap,Cut4,Cut5a10,000footsegmentinthe
immediatehangingwalloftheCentralFault.Allthedepositsarecomposedofoxidized
acidleachedCamelConglomerate.
BoneyardDepositstrikesNorthNortheastandislocatedapproximately1,000fteastof
theBayarea.ThisdepositissimilarinlithologyandalterationtotheCentralFault
deposits.
BrimstoneDepositlocatedinthehangingwallofthewestdipping,normalEastFault.
TheremainingreservesatHycroftarecontainedinthesouthernportionsofBrimstone.
AlbertDepositlocatedhalfwaybetweentheCentralFaultandtheBrimstonedeposit.
ThediscoveryyearofeachoxidedepositisshownbelowinTable10.3.
Table10.3DiscoveryYearsofHycroftOxideZones
Deposit
Discovery
Year
Hole
Number
Company
Orientation
Of Hole
Present
Condition
Cut4
Bay
SouthCentral
Boneyard
Gap
Brimstone
Albert
1977
1981
1981
1986
1986
1986
1988
Duval
SR1
SR27
86230
86290
86256
881389
Duval
Homestake
Homestake
Hycroft
Hycroft
Hycroft
Hycroft
Vertical
Vertical
Angle
Vertical
Angle
Angle
Vertical
Mined
Mined
Mined
Mined
Mined
TobeMined
Mineralization
EarlyworkbyHomestakeandDuvalledtothediscoveryoforezonesonthesouthandnorth
endsoftheCentralFault.AdditionaloxidediscoveriesweremadebyHycroftinashortperiod
May15,2009

ANV_43101_51509.docx
sew

Page59
ofdrillingduring1986.Nonewoxidezoneshavebeendiscoveredsince1988,althoughthe
currentdrillpatternisnotsubstantiallyoutsideofpreviousdiscoveryareas.
10.2 RELOGGINGANDGEOLOGICLOGGINGCODES
Anhistoricreviewofthedrilllogsfromholesdrilledduringtheperiodfrom1986to1998onthe
BrimstoneProjectledtothefollowingconclusions:
x
x
x
Therewereseriousproblemswiththecontinuityandconsistencyofloggingduetothe
largenumberofpeopleinvolvedovertheperiod,theirvaryinglevelsofexperienceand
expertise,andthelackofaformalwrittenloggingscheme;
Theloggingwas,attimes,notbasedonobservationbutratherwasinterpretive.This
interpretativemethodleadstoseriousproblemsastheknowledgeandunderstanding
ofthedepositandthegeologicmodelevolves;
Thegeneralizationsandlackofdetailclearlyindicatethattheloggersdidnotalwaysuse
microscopesbutrathermadebroadjudgmentsbasedoncolor;and
Whenchangesinthemodeloccurredandadditionalfeaturesgainedimportance,
samplesfromthepreviousdrillingwerenotrelogged.Whenthedrillcuttingswere
reloggedduringthe1999program,itwasclearfromtheconditionofthechiptraysthat
theyhadnotbeenopenedsincebeingplacedinstorage.
Rocktypesweregenerallyclassifiedaseitheroxidizedorunoxidizedfelsicvolcanics.This
generalclassificationevolvedintoaloggingschemebasedonlithology,alteration,and
oxidationstatethatassignedasinglenumericalvaluetoeachfivefootintervalasshownin
Table10.4.
Table10.4GeologicalLoggingCodes
Code
1
2
5
6
7
8
9
10
Lithology
Alluvium
AcidLeach
Clay
QuartzSinter
UnoxidizedKammaFelsicVolcanics(Footwall)
OxidizedKammaFelsicVolcanics(Footwall)
UnoxidizedFelsicVolcanics
OxidizedFelsicVolcanics
Thisschemeeffectivelycombinesthreeseparateanddistinctgeologicparameters(lithology,
structure,andorehabit)intoasinglenumericalcode.Insomecaseswherethisschemewas
notinuseduringtheinitiallogging,codeswerelaterassignedbasedontheoriginal
descriptionsorthecyanidesolublegoldrecoveryratioinsteadofrelogging.The
May15,2009

ANV_43101_51509.docx
sew

Page60
inconsistenciesinloggingandthegroupingofwhatshouldbedistinctfeaturesresultedin
inaccurategeologicmodeling.
Lackingaformalclassificationscheme,theclassificationofmaterialbasedonthedegreeof
oxidationandalteration(acidleach,claybearing)becamecompletelysubjective.This
subjectivityleadstoinconsistencywhennumerouspeopledotheloggingoverthelifeofa
project.
Useofthetermquartzsinterisanexampleofinterpretivelogging,whichwasquitemisleading.
Thepresenceofsintersonthesurface,withinthedistrict,apparentlyledtotheconclusionthat
allofthedrillintervals,composedmainlyofquartzand/orchalcedonyweresinters.This
assumptionisclearlyadangerousandinappropriateconclusionwhenappliedtoadepositwith
significantoccurrencesofbothquartzandchalcedonyveiningassociatedwiththe
mineralization.
Inmanycases,thepresenceorabsenceofpyrite,assupportforaconclusionregardingthe
levelofoxidation,couldonlybedeterminedbyuseofamicroscope.Otherrathersubjective
judgmentssuchastheacidleachboundarywouldhavebeenmoreconsistentifamicroscope
hadbeenused.
Thepresenceofelementalsulfuranditsimpactoncyanidesolubleassayswasrecognized
ratherlateinthedevelopmentofthedeposit.Elementalsulfurwasobservedtodepressthe
cyanidesolublegoldrecoveryattheassaylevelwhilenotsignificantlyimpactingtherecovery
achievedincolumntesting.Anadditionalcodewasaddedtothegeologiclogsafter1994to
indicatethepresenceofelementalsulfur.Thisadditionalcodeallowedanupwardadjustment
ofthecyanidesolublegoldassaystobemadewhichaccountedfortheartificialdepressionof
theassays.However,despitetheimportanceofthisfeature,littleornoattemptwasmadeto
refinelogsfromearlierdrilling.Thelevelofdetailinthewrittenlogswasinsufficientwithmany
havingnoreferencetothepresenceofsulfur.Duringthe1999reloggingprogram,thenumber
ofsampleswithgoldgradesgreaterthanorequalto0.005optobservedtocontainelemental
sulfurtotaled1,045comparedtoonly85samplesrecordedintheolddatabase.Thisdifference
contributedsignificantlytotheunderestimationofreserves.
Asanintegralpartofthereevaluationofthedeposit,twoexperiencedVistageologistswere
assignedtorelogalloftheavailabledrillchipsandcore.Priortothestartoflogging,anew
classificationsystemincludingfivefieldswasdeveloped.Thisclassificationsystemincluded
fieldsforlithology,structure(orehabit),alteration,presenceorabsenceofsulfurand/or
sulfides,anddegreeofoxidation.
Approximatelyhalfwaythroughtherelogging,anadditionalfieldwasaddedtorecordan
estimateofthepercentofsulfur.Samplesthathadalreadybeenreloggedwerereexamined
andthepercentsulfurrecorded.Theloggingsystemwasdesignedtoinsureconsistencyandis
showninTable10.5.Themoredetailedloggingsystemwitheachfieldrepresentingan
May15,2009

ANV_43101_51509.docx
sew

Page61
independentgeologicparameterallowsformorerefinedinterpretationandbettergeologic
modeling.
Table10.5Lithological,Structure,Alteration,SulfurandOxidationCodes
Alluvium
1
2
1
2
GougeMaterial
Und.FelsicVolcanics
3
4
5
6
7
8
9
10
3
4
5
6
7
8
9
10
Rhyolite
FlowBandedRhyolite
RhyoliteTuff
EpiclasticTuff
CrofootBreccia
MaficVolcanics
AuldLangSyne
Alteration
code
Code
Structure
Code
Lithology
NoStructure
JigSawBreccia
ChaoticBreccia
FracturedZone
Fault,Gouge,ShearZone
Voids
Stockwork
Unaltered
1
2
Silicic;Quartz,Chalcedony,K
Feldspars
AcidLeach
3
4
5
6
7
Propylitic
Argillic
Calcite
Clay
QuartzVein>1'
CalciteVein>1'
SedimentaryGroupOr
1
2
3
4
9
DataMissing

PresenceorAbsence
99
DataMissing

OxidationState
Sulfide
NoSulfurandSulfide
1
2
Sulfide
SulfurandSulfide
DataMissing
ofSulfurandor
Sulfur
GypsuminAcidLeach
<25%ofthesulfideoxidized
>25%ofthesulfideoxidized

DataMissing
9
%NativeSulfur
(Observed)
Code
code
99
10
99
Code
DataMissing
1
2
3
4
99
Trace
<5%
>5%
>10%
DataMissing

Allloggingwasdonewiththeaidofbinocularmicroscopesandthegeologistsassignedto
loggingfrequentlycomparednotesandchiptraystoinsureconsistency.Newcodeswere
recordedonpaperlogsheetsforeachfivefootintervalduringtherelogging.Holeswere
May15,2009

ANV_43101_51509.docx
sew

Page62
groupedbysectionforloggingtoinsuregeologicalcontinuity.Thegeologistsresponsiblefor
theloggingenteredthecodesintoanewdatabase.
The1999reloggingprogramleddirectlytotherecognitionofseveralnewgeologicalunits,a
betterunderstandingofthetemporalrelationsbetweenmineralizationandalteration,abetter
understandingofthestructuralenvironment,andamoreaccurategeologicalmodelofthe
depositthatisstillinusetoday.
10.3 SURVEYING
DrillholesaresurveyedinUTMcoordinatesandconvertedtoNad27StatePlanecoordinates.
10.3.1 DrillCollarSurveys
StandardoperatingprocedureistolayoutplannedexplorationdrillholelocationsbyGPS.
Afterdrillingiscompletedonasite,theactualdrillholelocationissurveyedwithTrimbleGPS,
andthesurveydataisenteredintothecollarfile.
10.3.2 DownHoleSurveys
Inthepast,downholesurveyingofexplorationholeswasnotcarriedoutonaroutinebasis.
Duringthe1999drillingprogram,downhole,multishot,gyrosurveysweredoneonseveralof
theholes.Resultsofthisworkhavenotshownsignificantdeviationsandthusdonotindicate
thatthelackofdownholesurveysinthebulkoftheexplorationholesposesaproblem.All
downholesurveydatawhichisavailablehasbeenenteredintothedatabase.Currently,
downholesurveysarecarriedoutonanyholegreaterthan900feetindepth.
May15,2009

ANV_43101_51509.docx
sew

Page63
11 DRILLING
DrillingprogramsatHycroftwereintendedtoverifythenatureandextentofmineralization.
Themajorityofsampleswerecollectedon5footsampleintervals.Thismethodofsample
collectiondoesnotindicatethetruethicknessofanymineralizationatHycroft.
11.1 HISTORYOFDRILLINGANDSAMPLINGINTHEFIRE&BRIMSTONE/ALBERTAREA
ReversecirculationdrillingoftheFire&Brimstonedepositthrough1996formedthebasisfor
theorereservemodeling,andwasdonewithreversecirculationdrillingtoolsutilizinga
crossoversubandwetsamplecollection.Thesemethodswereconsideredtobestandardat
thetimedespitethefactthatsamplerecoverywasgenerallypoorduetolossofsampleinto
openspacesintheformationandthepotentialfordownholecontamination.
InadepositsuchasBrimstone,wherethefinefractioncontainsadisproportionatelyhigh
portionofthegold,poorsamplerecoveryislikelytointroducealowbiasintoanalyticalresults
duetothepreferentiallossoffines.Thisbiaswillbeexacerbatedifarigoroussample
collectionprotocolthatinsurescollectionoftheentiresamplepriortosplittingisnotfollowed.
Anecdotalevidencesuggeststhatthesamplecollectionprotocolemployedduringtheearlier
drillingwasnotsufficientlyrigorousinthatthesamplecontainerswereallowedtooverflow
duringdrilling.Whensamplecontainersareallowedtooverflow,aportionoftheveryfine
samplefractionisinsuspensionandislost.Also,finelydividedsulfidesmayfloatoffandbe
lost.Downholecontaminationmayresultineitheralowsamplebiaswhenunmineralized
materialfromtheupperportionoftheholefallsintothemineralizedsampleintervalsorahigh
biaswhenhighergradematerialdriftsdownholebelowthemineralizedzone.Thehigherthan
projectedproduction,bothtonnageandgrade,fromNorthBrimstonesuggeststhattheprimary
samplingproblemsduringdrillingwereacombinationofcontaminationoftheorezonewith
lowgradematerialandthelossofhighergradefinematerial.
Modestdiamonddrillingprogramswereimplementedin1993and1999.The1993program
wascarriedouttoobtainmetallurgicalsamplesthroughdrillingoffourPQsize(3.345)core
holesthattwinnedearlierreversecirculationholes.The1999programwasdesignedto
providebothtwinholeinformationandtofillinsomegaps.Thetwinholesweredrilledtotest
thehypothesisthattheearlierreversecirculationdrillinghadunderstatedtheoregrades.The
1999programresultedinfourtwinholesintheorezonesdrilledwithHQsize(2.5)core.
Theseprogramsbothindicatedthatthepreviousreversecirculationprogramsunderstatedthe
gradeofthedeposit.
11.2 1999TWINDRILLINGPROGRAM
Afterreviewingtheresultsfromthediamonddrilltwins,itwasclearthatadditionaltwindrilling
wasnecessarytobetterquantifypossibleunderstatementsofresourcesandreservesinthe
remainingsouthernportionofthedeposit.Afterconsiderationoftheproblemsassociatedwith
thediamonddrillingandtheimprovementsinreversecirculationdrillingandsampling
May15,2009

ANV_43101_51509.docx
sew

Page64

techniques,thedecisionwasmadetoimplementanewreversecirculationtwinholeprogram.
Anothersignificantconsiderationinthisdecisionwasthelargersamplevolumethatcanbe
generatedduringreversecirculationdrilling.Anominal5.5reversecirculationdrillhole
generatesapproximately4.84timesthesamplevolumeofHQcoreand2.70timesthatofPQ
core.
A10holereversecirculationtwinholeprogramwasplannedwiththeprospectivedrillsites
selectedtoprovidearepresentativesamplingoftwooretypes,acidleachandoxide,withand
withoutelementalsulfur.Thesitesselectedwerespreadoutoverthestrikeandwidthofthe
depositandtwinnedearlierholesdrilledinseveraldifferentyears.Atotalof12siteswere
selectedtoallowforthelossorabandonmentofholesifconditionswouldnotallowfordrilling
tosufficientdepth.
Inordertoinsurethebestpossiblesamplerecovery,thedecisionwasmadetocarryoutthe
drillingprogramwithcenterreturntools,andwithoutwaterinjection.Itwasrecognizedatthe
timethatthiswouldresultinextremelydifficultdrillingduetotheabrasive,cavinggroundand
theinabilitytomaintainawellconditionedhole.
Contractorselectionwasconsideredtobeofcriticalimportancefortheplannedreverse
circulationtwinholes.Themostimportantcriteriaintheselectionprocessweretheavailability
ofanappropriatedrillrig,theabilitytosupplyspecializedsamplingequipment,andthelevelof
cooperationandsupportwhichwouldbenecessarytocarryouttheprogramunderthedifficult
conditionsanticipated.LangExploratoryDrillingwasselectedbasedonthesecriteria,and
provedtobeaverygoodchoiceinthattheprogramwascompleteddespiteconditionsthat
wereevenmoredifficultthananticipated.
ThedrillrigusedwasaD40Kmodifiedforangleholedrillingandequippedwith750cfm/300
psiairsupply.Thedrysamplecollectionsystemprovidedconsistedofthreecyclonesinseries
withafilteronthefinalexhaust.Centerreturntoolsincludedbothtriconeandhammer
systems.
Thefirsttwoholeswerestartedwithaskirtedtriconebit.Drillingprovedtobeextremelyslow
duetotheratherlowpenetrationrateandcavinggroundthatnecessitatedexcessiveback
reaming.Also,samplerecoverywhiledrillingwiththeskirtedtriconebitdidnotappeartobe
satisfactory.Duringdrillingofthesecondhole,thetoolswerechangedovertoacenterreturn
hammer.Animmediateimprovementwasnoticedinsamplerecoverywhenthischangewas
made,butthedrillingremainedextremelydifficult.Duringthebalanceoftheprogram,one
stringofpipewiththebitandhammerwaslost,onehammerwasstuckandactuallypulled
apart,andtwohammerswerecompletelywornout.
Theprogramascompletedtotaled5,545feetofdrillingin11holes.Sevenoftheholeswere
completedtotheplanneddepth,twowereabandonedearlyafterreachingadepthsufficientto
testthetarget,andtwowereabandonedpriortotestingthetargethorizon.Table11.1
summarizesthedrillingcompletedduringtheprogram.
May15,2009

ANV_43101_51509.docx
sew

Page65
Eachholewasstartedwithconventionalrotarytools,drilling10to40feetpriortosettingthe
surfacecasing.Duringthisphaseofthehole,sampleswerecollectedonfivefootintervalsby
settingbucketsaroundthedrillstring.Alloftheholeswerecollaredabovethemineralized
zones,sothesesampleshadnoeffectontheresourceestimates.
May15,2009

ANV_43101_51509.docx
sew

Page66
Table11.11999TwinRCDrillingCampaign

Hole
992648
991975
991432
991950
991419
991504
991523
991378
991976
991944
991949

Planned Actual

Northing Easting Elevation Attitude Depth
Depth
Comments
40,428.46 22,344.84 5,037.97 90
700
305
Abandoned,hammers
dead
41,843.76 23,284.69 4,960.24 90
600
545
Stuck,ShotRods
42,012.88 23,465.51 4,959.92 90
500
500
TD
41,424.90 22,805.34 4,961.38 90
500
485
Tight,calledTD
42,157.92 23,084.14 4,991.56 90
650
665
TD
41,418.09 22,402.90 4,956.37 90
700
655
Bitswornout,calledTD
40,788.09 22,529.26 4,965.98 90
550
435
Twistedhammeroff
41,091.08 22,441.71 4,937.40 90
650
650
TD
40,524.15 22,376.59 5,027.97 90
600
600
TD
41,615.89 23,148.27 4,961.00 70E
550
250
Scrapironinhole
41,744.94 23,290.13 4,961.22 70E
450
455
TD

Thesamplecollectionsystememployedaftersettingthesurfacecasingconsistedofatriple
cyclonesetupwithanairfilteronthefinalexhaust.Thissetupinsuredthatvirtuallytheentire
samplereturnwascollectedwithaminimumoffugitivedust.Allofthesamplereturnwas
collectedattherigonfivefootintervalsusingnonporousplasticbags.Initially,thefine
materialdischargedfromthethirdcyclonewascollectedseparately.However,theamountof
finematerialactuallyrecoveredfromthethirdcyclonewasquitesmall,soitwascombinedwith
thecoarsematerialafterthefirsthole.
Standardpracticeduringthedrillingwastopullbackattheendofthesampleinterval,allow
thesampletocleartheinnertube,thenopenthecyclonesandcollectthesample.Therewas
nosamplevolumereductionorsplittingcarriedoutattherig.Afterthesamplewascollected,
thecycloneswereleftopenandtheholecleanedoutpriortothedrillstringreturningtothe
bottom.Whentheholewasclean,thecycloneswereclosedanddrillingresumed.
Table11.2showsthecomparisonoffireassaysofthetwinholeprogram,whileTable11.3
showsthecomparisonofcyanidesolubleassays.The1999drillresultsgenerallyindicated
highergradesthantheolderdrillholeassays.
May15,2009

ANV_43101_51509.docx
sew


Page67
Table11.2ComparisonoftheTwinDrillholes(FireAssaysImperialUnits)
1999 Interval
Fireoz CnSoluble
Old
Fireoz CnSoluble
Feet
Drillhole
Au/ton ozAu/ton Drillhole
Au/ton ozAu/ton
991378B 180
230
0.015
881378
0.013
0.012
0.009
991419B 410
565
0.009
891419
0.008
991432B
475
0.017
891432
0.009
991504B 0565
570
0.014
901504
0.012
991523B
340
0.016
901523
0.017
991944B 25500
250
0.003
921944
0.005
991949B 30600
410
0.013
921944
0.011
991950B
405
0.018
921950
0.014
991975B 30370
470
0.027
921975
0.023
991976B
405
0.016
921976
0.020
992648B 0250
205
0.004
952648
0.004
Totals

4,325
0.015
0.013

Table11.3ComparisonoftheTwinDrillholes(CyanideSolubleAssays)
1999
Drillhole
991378B
991419B
991432B
991504B
991523B
991944B
991949B
991950B
991975B
991976B
992648B
Totals
Interval
180
410
330
565
240
460
125
600
Feet
230
235
220
475
185
250
410
405
470
405
205
3,490
Fireoz CnSoluble
Old
Fireoz CnSoluble
Au/ton ozAu/ton Drillhole
Au/ton ozAu/ton
0.012
881378
0.009
0.015
0.013
0.010
891419
0.010
0.024
891432
0.014

0.009
901504
0.006
0.021
901523
0.027

0.002
921944
0.003
0.013
921944
0.011

0.014
921950
0.010
0.022
921975
0.018

0.012
921976
0.007
0.002
952648
0.001

0.013
0.010

11.3 CANYONRESOURCES2005DRILLING
Canyoncompleted33reversecirculationdrillholesusingcenterreturnbitstoimprovesample
recovery,howeverthecenterreturnhammerbroke,andanormalreversecirculation
interchangewasusedforthelastfourCanyondrillholes.
May15,2009

ANV_43101_51509.docx
sew

Page68
11.4 DRILLSAMPLERECOVERY
11.4.1 Pre1999Drilling
Priortothe1999drilling,noeffortwasmadetoestimatesamplerecoveryduringreverse
circulationdrilling.Anecdotalevidencefromseveralemployeeswhoworkedinthelabduring
earlierreversecirculationdrillingprogramsindicatesthatrecoverywasratherlow.Thisis
basedonthenumberofverysmallsamplesreceivedforpreparation.Vistaestimatesthatpre
1999RCdrillingachievedsamplerecoveriesintherangeof10to15percent.
Corerecoveryforthe1993PQdiamonddrillingaveraged86percent.Giventhatthisdrilling
wasdonetoobtainmetallurgicalsamples,therecoverywasgenerallyinadequate.
11.4.2 1999Drilling
Averagecorerecoveryforeightholesdrilledin1999was81percent,althoughdiligentefforts
weremadetomaximizerecovery.Twentypercentofdrillrunshadrecoveriesof60percentor
less.Poorrecoverywascausedbyabrasiveandlooseacidleachmaterial.Thismaterial,
combinedwithstronglyoxidizedsiliceousmineralization,islikelytocontainthehighestgold
values.InMRDIsopinion,thedrillingdidnotmeetindustrystandardsforgolddepositsofthe
Brimstonetype.
Forthe1999twinholeprogram,samplerecoveryvariedwiththetypeofbitused.Theupper,
barrenportionsofthefirsttwoholes,drilledwithatriconebit,hadanaveragerecoveryof32
percent.Thiswasinadequate,giventhepurposeofthedrilling,butisstillbelievedtobemore
thantwicetheaveragerecoveryinpreviousRCdrilling(RCrecoverywasnotcarefullymeasured
previously).Fortheremainderoftheprogram,RCholesweredrilledwithacenterreturn
hammer.Theseobtainedanaveragesamplerecoveryof63percent.InMRDIsexperience,this
isaboveaveragefordrydrilledRCholes.Thecalculationofrecoverydoesnotmakeallowances
forthesignificantnumberofvoidsencounteredintheacidleachzoneandthusissomewhat
conservative.
MRDIplottedrecoveryagainstfireassayandcyanidesolublegoldvaluestoevaluatethe
relationshipbetweenrecoveryandgoldgrades(Figures11.1and11.2).Thereareno
discerniblepatternsbetweenrecoveryandeitherfireassayorcyanidesolublegoldvalues.No
relationshipcanbeseenbetweenlowrecoveryinthe1999RCdrillingcampaignandlowgold
values.MRDIbelievesthatthisisbecausethedrillingwasdonedry,preventingaseparationof
particlesizesbythedrillingfluid.Inotherwords,allparticlesizesmaybeaffectednearly
equallybyrecovery,andgoldgrainsinfineparticlesaremoreadequatelyrepresentedin
samples,regardlessofdrillingrecovery,whendrillingisdonedryratherthanwet.
May15,2009

ANV_43101_51509.docx
sew

Page69
Figure11.1Recoveryvs.ChemexAuFA

May15,2009

ANV_43101_51509.docx
sew

Page70

Figure11.2Recoveryvs.HycroftAuCN
May15,2009

ANV_43101_51509.docx
sew

Page71
11.4.3 AlliedNevadaDrilling
AlliedNevadacommencedexplorationandresourcedevelopmentdrillinginAugust2007.
SincethenAlliedNevadahascompleted393drillholesforatotalof300,494feetdrilledonthe
Hycroftproject.Figure11.3showsthedrillinglocationsforthedrillingprogramtodate.The
drillingprogramfocusedonthefollowingpurposes:
x
x
x
x
x
Oxidedelineation
Widespaceddeepsulfideexploration
CondemnationdrillingfortheHycroftheapleachexpansion
GradeconfirmationonthehistoricCrofootpad
Wastedumpcondemnation
11.4.4 SilverMineralizationinDrillholes
Goldandsilvermineralizationhavebeenextendedatleast1,500feetsouthofthesouthern
endoftheCentralFaultPitandtoatleast2,400feetsouthoftheBrimstonePit.Silver
contributesasignificantvaluetomanymineralizedintervals.AlliedNevadaconductedasilver
fireassayanalysesprogramon13,168historicaldrillpulps,sampledfrom185individualholes
(Figure11.3).Historicdrillholeswerefireassayedforgoldandcyanidesolubleanalyseswere
doneforgoldandsilver.Onlylimitedanalysesforfireassaysilverwerecompletedbyprevious
operatorsupto2006.
Historicdrillholesamplepulpswereidentifiedfromsomeperiodsofpastdrilling.Thesepulps
hadbeenstoredinadrillmaterialshedattheHycroftmineandwereingoodconditionwhen
collectedinNovember2007.Eachsamplehadbeenlabeledwiththedrillholenumberand
from/todepth.Collarcoordinateanddownholesurveydata,whereavailable,arerecordedin
thehistoricaldrillholedatabase.Onlythoseintervalsrepresentingpresentlyunmined
materialwereselectedforsilverfireassayanalysis.Severalhundredhistoricalpulpsarestill
availabletoassayforintervalsthathavebeenmined.
SRKConsulting(Elko)managedthecollectionandsubmissionofthedrillholepulps.SGS
Laboratorycompletedtheanalyses.SamplesweresubmittedtotheirElkoprepfacilityandfire
assayanalysiswascompletedintheirTorontolaboratory.Standardandblanksampleswere
submittedwiththedrillholepulpstoevaluatetheanalyticalquality.
Thefollowingaresummaryobservationsbasedontheanalyticalresults:
x
Basedonstandards,blanksandcomparisontotheresultsofcompletesilverfirere
assayofhistoricdrillhole963013,analyticalresultsappeartobeaccurateandreliable.
May15,2009

ANV_43101_51509.docx
sew

Page72
x
x
x
x
Silverisbelowdetectionlimit(3ppm)forapproximately76%ofthesamples.
Approximately57%oftheholescontainsignificantsilver(20feetof8ppmor0.23opt)
(Figure11.3).
Silvervaluesashighas3240ppm(94.50oz/ton)havebeenreceivedfromthe
laboratory.
HoleswithsilvermineralizationarelocatedintheSilverCamel,northernBoneyard,and
southernFireandBrimstonezones.

May15,2009

ANV_43101_51509.docx
sew

Page73
Figure11.3HoleLocationsandResultsofFireAssayProgramHistoricPulps
May15,2009

ANV_43101_51509.docx
sew

Page74
Figure11.4ReservesandResourceDevelopmentDrillPlan

May15,2009

ANV_43101_51509.docx
sew


Page75
Table11.4AlliedNevadaHycroftDrillingProgram
Drill
Hole
Hy0601
(Vista,12/06)
Station
Resource
Area
C59
CentralSouth
Ox&Sulf
H07R*13071
H07R3072
H07D*23073
H07R3074
H07R3075
H07R3076
H07R3077
H07D3078
H07D3079
H07R3080
H07R3081
H07R3082
H07D3083
H07R3084
H07R3085
H07D3086
H07D3087
H07R3088
H07D3089
H07R3090
H07R3091
H07R3092
H07D3093
H07R3094
H07R3095
H07R3096
H07D3097
H07R3098
H07R3099
H07D3100
H07D3101
H07R3102
H07R3103
H07R3104
H07R3105
H07R3106
B/S7
B/S7
B/S1
Brimstone
Brimstone
Brimstone
B/S6
C58
C58
B/S18
B/S1
B/S20
C58
B/S13
C53
C513
B/S22
C53
C513
C515
C53
C515
B/S22
B/S34
C55
C517
B/S19
C55
B/S19
C517
C55
C516
C56
C52
B/S30
C526
B/S104
C51
C528
Brimstone
CentralSouth
CentralSouth
Brimstone
Brimstone
Brimstone
CentralSouth
Brimstone
CentralSouth
CentralSouth
Brimstone
CentralSouth
CentralSouth
CentralSouth
CentralSouth
CentralSouth
Brimstone
Brimstone
CentralSouth
CentralSouth
Brimstone
CentralSouth
Brimstone
CentralSouth
CentralSouth
CentralSouth
CentralSouth
CentralSouth
Brimstone
CentralSouth
Brimstone
CentralSouth
CentralSouth
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
May15,2009
Target

Depth(ft)
FromTo
0900
01230
01190
01300
Assay
Status
Complete

Complete
Complete
Complete
0940
01160
01040
01500
01429
01190
01160
01200
01120
01225
01500
01075
0600
01330
01080
0673
0400
01155
01200
01499.5
01440
01160
01230
01200
0320
01300
0797
01140
01230
0975
01200
0940
01065
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete

ANV_43101_51509.docx
sew


Page76
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H07R3107
H07R3108
H07D3109
H07R3110
H07R3111
H07R3112
H07R3113
H07R3114
H07R3115
H07D3116
H07R3117
H07R3118
H07D3119
H07R3120
H07R3121
H07R3122
H07R3123
H07R3124
H07R3125
H07R3126
H07R3127
H07R3128
H07R3129
H08D3130
H07R3131
H08R3132
H08D3133
H08D3134
H08R3135
H08R3136
H08R3137
H08R3138
H08R3139
H08R3140
H08R3141
H08D3142
H08D3143
H08D3144
H08R3145
H08R3146
B/S102
C532
C527
C530
B/S105
C525
B/S101
C529
CC006S
YN004S
B/S110
B/S36
YN004S
B/S111
CC006S
B/S32
B/S31
CC006S
B/S32
BC053O
BC055S
BC052O
BC071S
BC070S
BC070S
BC052O
YN004S
YN004S
FC095S
FC097S
BS005O
FS113S
FC013O
FC096S
FC057O
FC043OS
BC003S
FS114S
FS113S
FC056O
Brimstone
CentralSouth
CentralSouth
CentralSouth
Brimstone
CentralSouth
Brimstone
CentralSouth
Gap
BoneYard
Brimstone
Brimstone
BoneYard
Brimstone
CentralPit
Brimstone
Brimstone
CentralPit
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
BoneYard
BoneYard
Fire&Brimstone
Fire&Brimstone
Brimstone
Fire
Fire
Fire
Fire
Fire
Brimstone
Fire
Fire
Fire
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Oxide
Ox&Sulf
Oxide
Oxide
Oxide
01085
01150
01160
01195
01220
01160
01200
01225
01100
0145
01100
01200
0540
01200
01200
01200
01120
01200
0650
0650
01360
0750
01200
01858
0700
0750
01000
01230
01200
01200
0750
0540
0750
0995
0460
0468
01028
0390
0750
0750
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Pending
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page77
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08R3147
H08R3148
H08R3149
H08R3150
H08R3151
H08R3152
H08R3153
H08R3154
H08D3155
H08R3156
H08R3157
H08R3158
H08R3159
H08D3160
H08D3161
H08R3162
H08R3163
H08R3164
H08R3165
H08R3166
H08R3167
H08R3168
H08D3169
H08D3170
H08D3171
H08R3172
H08R3173
H08D3174
H08D3175
H08R3176
H08R3177
H08R3178
H08R3180
H08D3181
H08R3182
H08D3183
H08R3184
H08R3185
H08D3186
H08R3187
FC056O
FC057O
FC090S
FC094S
BS006OS
FC090S
FS012O
BS004OS
FS002O
FS009O
BS007O
FS026OS
FS033OS
FS025O
FC050O
FS030OS
BC041O
BC042O
FS024OS
FS035OS
BC044O
FS003O
BC009O
BS24
BC010O
BC043O
FS032OS
FS037OS
FS008OS
FS039OS
FS040OS
C514
FS043S
FS044OS
FS045OS
BC100C
FS050O
FS046S
FC078OS
BC033OS
Fire
Fire
Fire&Brimstone
Fire&Brimstone
Brimstone
Fire
Fire
Brimstone
Fire
Fire
Brimstone
Fire
Fire
Fire
Fire
Fire
Fire&Brimstone
Fire&Brimstone
Fire
Fire
Brimstone
Fire
Brimstone
SouthBrimstone
Brimstone
Fire&Brimstone
Fire
Fire
Fire
Fire
Fire
CentralSouth
Fire
Fire
Fire
Condemnation
Fire
Fire
Fire
Fire&Brimstone
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Sulfide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
0580
0750
0380
0940
0900
0180
0500
0650
0700
0500
0700
0600
01000
0500
0596
0860
0600
0650
0500
0305
0750
0500
0601
01358
0550
0530
0500
0905
0856
0400
0750
0800
0350
0251
0520
0155
0750
0380
0731
0300
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page78
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08D3188
H08R3189
H08R3190
H08R3191
H08R3192
H08D3193
H08D3194
H08R3195
H08R3196
H08R3197
H08R3198
H08R3199
H08R3200
H08D3201
H08D3203
H08R3204
H08R3205
H08R3206
H08R3207
H08D3208
H08R3209
H08R3210
H08R3211
H08R3212
H08R3213
H08D3214
H08R3215
H08R3216
H08D3217
H08D3218
H08R3219
H08R3220
H08R3221
H08R3222
H08R3223
H08R3224
H08D3225
H08D3226
H08R3227
H08R3228
BC061S
BC011O
BC012O
BC014
BC022OS
BC101C
FC091S
FC092S
BC098C
BC048C
BC032O
BC046O
BC045S
FC093S
BC038S
FC098S
FS021OS
BC019O
BC047O
BC054S
BS002O
BS10
BS2
FC003O
FC005OS
FC009OS
FC010OS
FC001OS
FC015OS
FC046OS
FC051O
FC052O
FC062.O
FC066O
FC067O
FC068O
FC072O
FC079O
FC084O
FC089O
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Condemnation
Fire
Fire
Condemnation
Condemnation
Brimstone
Brimstone
Brimstone
Fire
Brimstone
Fire
Fire
Fire&Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Ox&Sulf
Oxide
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
01764.5
0500
0720
0500
0400
0693.5
01321
0800
0600
0750
0350
0740
01200
01145
0800
0800
0400
0400
0500
0400
0400
0500
0400
0500
0500
0600
0500
0500
01200
0600
0500
0500
0500
0120
0600
0500
0627
0600
0400
0500
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page79
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08R3229
H08R3230
H08R3231
H08R3232
H08R3233
H08R3234
H08R3235
H08R3236
H08R3237
H08R3238
H08R3239
H08R3240
H08R3241
H08R3242
H08R3243
H08R3244
H08R3245
H08R3246
H08R3247
H08D3248
H08R3249
H08R3250
H08R3251
H08R3252
H08R3253
H08D3255
H08R3256
H08R3259
H08R3260
H08R3261
H08R3263
H08R3264
H08D3265
H08R3267
H08R3268
H08R3269
H08R3271
H08D3272
H08R3273
H08R3274
FS006S
FS008O
FS010OS
BC004OS
BC003OS
BC0370S
FS108S
FC002OS
CN004S
FC019OS
FC016OS
FC017OS
FC004OS
FC006OS
FC007OS
FC008OS
BC024OS
FC012OS
FC013OS
CN017S
FS041OS
BC030S
BC031S
BC098C
FC023OS
FC025OS
FC026OS
FC029OS
FC030S
FC031OS
FC033S
FC034OS
FC035OS
FC037OS
FC038OS
FC045OS
FC041S
BC09S
FC044OS
FC0450S
Fire
Fire
Fire
Brimstone
Brimstone
Fire&Brimstone
Fire
Fire
NorthCentral
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Brimstone
Fire
Fire
NorthCentral
Fire
Brimstone
Brimstone
Condemnation
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Condemnation
Fire
Fire
Oxide
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Oxide
Ox&Sulf
Oxide
Ox&Sulf
Oxide
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Oxide
Oxide
0355
0500
0360
0400
0400
0800
0360
0700
01398
0600
0650
0490
0160
0600
0500
0600
0600
0650
0800
0836
0740
01200
0505
01200
0600
0600
0800
01100
0800
01200
0695
0650
01757
0865
01100
0750
0800
0200
0280
0280
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page80
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08D3275
H08D3276
H08R3277
H08R3278
H08R3279
H08R3280
H08R3281
H08R3282
H08R3283
H08R3284
H08R3285
H08R3287
H08R3289
H08R3290
H08D3291
H08R3292
H08R3293
H08R3294
H08R3296
H08R3297
H08R3298
H08R3299
H08R3300
H08R3301
H08R3302
H08R3303
H08R3304
H08D3305
H08R3306
H08R3307
H08R3308
H08D3309
H08D3310
H08R3311
H08R3312
H08R3314
H08R3315
H08R3316
H08R3317
H08R3318
FC047OS
FS044O
FC049O
BC036O
FC054O
BC072S
BC073OS
FC0600
CN018S
BN014C
BN015C
FC069OS
FC0710
BC100C
BC101C
BC096C
BC097C
FC080S
FC081S
FC101OS
FC083O
FC100OS
BC098C
BC060S
FC098S
FC088OS
YN008S
CC004S
C510
CS008O
CS006O
BC069S
BS24
C54
C57
BC067S
BC001O
BC002O
BC005O
BC006O
Fire
Fire
Fire
Brimstone
Fire
Condemnation
Condemnation
Fire
NorthCentral
Condemnation
Condemnation
Fire
Fire
Condemnation
Condemnation
Condemnation
Condemnation
Fire
Fire
Fire
Fire
Fire
Condemnation
Brimstone
Fire
Fire
BoneYard
Gap
CentralSouth
CentralSouth
CentralSouth
Condemnation
S.Brimstone
CentralSouth
CentralSouth
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
0600
0319
0625
0500
0650
01200
01000
0600
01000
01000
01000
0650
0550
01000
01049
01000
01000
0670
0800
01200
0650
01040
0900
0800
0800
01200
01040
0400
0400
0500
0580
01000
0649
0500
0460
0600
01110
01110
01115
0850
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page81
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08R3319
H08D3337
H08R3347
H08D3349
H08D3350
H08D3351
H08R3354
H08R3355
H08R3356
H08R3361
H08R3362
H08D3363
H08R3366
H08R3367
H08R3368
H08R3370
H08R3371
H08R3372
H08R3373
H08R3383
H08D3384
H08R3388
H08R3392
H08R3393
H08R3394
H08R3395
H08R3396
H08R3397
H08R3398
H08R3399
H08R3400
H08R3401
H08R3402
H08R3403
H08R3404
H08R3405
H08R3406
H08R3407
H08R3409
H08R3410
BC061S
FC034OS
C510
FC091S
BS24
BS24
FC004OS
C510
C512
FC106OS
FC107OS
FC108OS
FC111OS
FC112OS
FC113OS
FC115OS
BC072S
BC073S
BC065S
BS22
BS24
BS22
CFA2.5P
CFA3.5P
CFA4.5P
CFA3.5P
CFA6.5P
CFA7.5P
CFA8.5P
CFA9.5P
CFB2.5P
CFB3.5P
CFB4.5P
CFB5.5P
CFB6.5P
CFB7.5P
CFB8.5P
CFB9.5P
CF2.5P
CFC3.5P
Brimstone
Fire
CentralSouth
Fire&Brimstone
S.Brimstone
S.Brimstone
Fire
CentralSouth
CentralSouth
Fire
Fire
Fire
Fire
Fire
Fire
Fire
Brimstone
Brimstone
Brimstone
Fire
Brimstone
Brimstone
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
Oxide
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
0600
0879.5
0380
01337
01320
01330
0850
0840
0800
0650
0260
01223
01000
0800
0650
0850
0700
01000
0800
01145
01792
01575
0120
0120
0120
0120
060
0120
0100
040
080
080
080
0100
0100
0100
080
040
040
040
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page82
Drill
Hole
Station
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
H08R3411
H08R3412
H08R3414
H08R3415
H08R3416
H08R3417
H08R3418
H08R3419
H08R3421
H08R3427
H08R3428
H08R3442
H08R3443
H08R3444
H08D3453
H08R3454
H08R3462
H08R3463
H08R3464
H08R3465
H08R3466
H08R3467
H08R3468
H08D3471
H08D3476
H08D3490
H08R3491
H08R3492
H08R3493
H08R3494
H08R3495
H08R3505
H08D3506
H08R3507
H08R3515
H08R3516
H08R3517
H08R3518
H08R3520
H08R3522
CFC4.5P
CFA6.5P
CFC7.5P
CFC8.5P
CFC9.5P
BS008O
RN001S
BS008O
RN003S
SN007OS
SN008OS
WN012S
WN011S
WN012S
CN004S
CN005S
YN010S
RN002S
CN011S
CN011S
CN012S
CN013S
CN014S
CN017S
FC004OS
RS001S
FC034OS
RS003S
RS004S
RS005S
RS007S
SS002S
SS005S
SS008S
WS001S
WS002S
WS003S
SN008S
FS104S
WS016S
CrofootPad
CrofootPad
CrofootPad
CrofootPad
CrofootPad
Brimstone
BayArea
Brimstone
BayArea
BayArea
BayArea
BayArea
BayArea
BayArea
NorthCentral
NorthCentral
NorthBoneYard
BayArea
NorthCentral
NorthCentral
NorthCentral
NorthCentral
NorthCentral
NorthCentral
Fire
SilverCamel
Fire
SilverCamel
SilverCamel
SilverCamel
SilverCamel
SilverCamel
SilverCamel
SilverCamel
SilverCamel
SilverCamel
BayArea
BayArea
SouthBrimstone
DevilsCorral
Oxide
Oxide
Oxide
Oxide
Oxide
Oxide
Ox&Sulf
Oxide
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
080
060
080
040
040
0480
0960
0600
0100
01060
0280
01005
01040
0700
01645
0660
01200
01140
01200
01200
01160
0960
0860
01348
0924.5
0997
01020
0990
0900
0800
01020
01000
0897
01000
01200
01000
01000
01200
01030
0790
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
May15,2009

ANV_43101_51509.docx
sew


Page83
Drill
Hole
Station
H08R3523
SS007S
H08R3524
WS017S
H08R3525
WS005S
H08R3526
WS018S
H08D3529
SS005S
H08D3530
RS004S
H08R3545
BC024OS
H08R3546
YS002S
H08R3548
YS004S
H08R3549
YS005S
H08R3551
CS002S
H08R3552
CS001S
H08D3559
RS001S
H08D3560
RS001S
H08R3561
CN018S
H08R3563
FC033S
H08R3576
FS011S
H08R3577
FS016S
H08R3579
FS102S
H08R3580
FS109S
H08R3581
FS109OS
H08R3583
FS104S
H08D3584
BS009O
H08D3617
BC3617S
H08D3618
BC3618S
H08D3621
BC3621S
H08R3623
BC3623S
H08R3625
BC025S
H08D3626
BC026S
H08D3633
BC3633S
H08D3634
BC3634S
49ShallowHoles CFA2PToCF
C10P&CFA205

PToCFC9.5P
Totals:371

HolesDrilled
Resource
Area
Target
Depth(ft)
FromTo
Assay
Status
SilverCamel
DevilsCorral
DevilsCorral
DevilsCorral
SilverCamel
SilverCamel
Brimstone
Albert
Albert
Albert
Cut5
Cut5
SilverCamel
SilverCamel
NorthCentral
Fire
SouthFire
SouthFire
SouthBrimstone
SouthBrimstone
SouthBrimstone
SouthBrimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
Brimstone
CrofootPad
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Ox&Sulf
Oxide
01000
0640
01000
01000
01105
01786
0880
Moving
0590
0720
0960
01000
01957
01387
01000
01075
01200
01120
0910
0590
0900
0600
0692
0925
01050
01527
01000
01000
01171
0805
0160
4020Totalfeet
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
Complete
300,494Feet
Drilled
393Holes
AssaysComplete
May15,2009

ANV_43101_51509.docx
sew

Page84
12 SAMPLINGMETHODANDAPPROACH
12.1 SAMPLINGMETHODS
12.1.1 ReverseCirculationRotary
ReversecirculationoftheBrimstoneDepositpriorto1999wasdonewithreversecirculation
toolsutilizingacrossoversubandwetsamplecollection.Thesemethodswereconsideredto
bestandardatthetime,despitethefactthatsamplerecoverywasgenerallypoorduetolossof
sampleintoopenspaceintheformationandlossoffinesduetosampleoverflow.Theexact
amountofsamplerecoveryisunknown,becausesamplingweightswerenotrecorded.HRDI
staffthatwereinvolvedinsomeoftheseearlierdrillingcampaignsestimatethataverage
samplerecoveryrangedfrom10to15percent.
EleventwinRCholesweredrilledin1999totestthehypothesisthatpreviousRCdrillinghad
underestimatedgoldgrades.Thetwindrillingwasdonedry,usingatriplecyclonesampling
systemandtriconeandcenterreturnhammerbits.Triconewasusedfortheuppermost
portionsofsomedrillholes(405fttotal),wherepreviousdrillingindicatedbarrenrock;the
averagedrillingrecoveryofthetriconedrillingis31percent.Anaveragerecoveryof61percent
wasobtainedfromintervalsdrilledwithacenterreturnhammer(4,800ft).Recoverycouldnot
beaccuratelymeasuredfromtheverytopsofholeswherecasingwasbeingset(250ft).
Newholesreturnedhigherfireandcyanidesolublegoldgradesthantheoriginalholesover
mostintervals.Baseduponanalysisofassayanddrillingrecoverydata,MRDIfoundthatlow
recoveryisnotassociatedwithhighgrades,aswouldoccurifmineralizedmaterialwas
preferentiallyrecoveredorunmineralizedmaterialwaspreferentiallylost.
MRDIsanalysisofdecayandcyclicityinRCassayprofilesindicatethatneitherdownhole
contaminationnordownholedilutionwasaprobleminanyoftheRCholesdrilledtodate.
AlliedNevadadrillingcontinuestoperformasexpectedalthoughthereareareasnear
Brimstone,Cut5,SouthCentralFaultandBoneyardwhererecoveriesaredifficult.Thesample
weightsarerecordedandtheassayresultsarereviewedbysitegeologistsforreliability.
Samplenumberinghasbeenstandardizedandasystemisinplaceforerrorchecking.
12.1.2 CoreDrilling
Attherig,coredrillersareresponsibleforobtainingacompleteandrepresentativesampleof
thecoredinterval,generallyinrunsnottoexceed5feetandinshorterincrementsindifficult
conditions.Coringisbegunwithlargediameter(PQ)rodsuntilgroundconditionsdictate
reducingtopermitconventionaldiameter(HQ,2.5)drilling.Coreisrecoveredfromthebarrel
byusingawirelinecoretube;ifpossible,thecoreispumpedoutofthetubehydraulically.
Recoveriesforbothcorediametersareexcellent.
May15,2009

ANV_43101_51509.docx
sew

Page85
12.2 SAMPLEQUALITY
12.2.1 ReverseCirculationRecovery
Reversecirculationsamplerecoveryisexcellent,withfull10lb.bagscollectedfromnearly
everyintervalofeveryhole,withtheexceptionofabout100samplesintheentireAllied
Nevadasetofsamplescollectedtodate.Themissingsamplesoccurinisolatedzonesofvoidsor
badlybrokenground.
12.2.2 CoreRecovery
Corerecoveryismeasuredbytheratiooflengthofmaterialreturnedinthetubeversusthe
totallengthdrilledfortherun,andexpressedasapercent.Coresamplerecoveryisalso
excellent,inexcessof99%ofthebedrockcored,oncethebroken(alluvial)groundofthe
surface50isbreached.Therearefewinstancesofcorelossbelowthebedrockcontact.The
vastmajorityofsuchlosseswereduetovoidswithinthestratigraphy.
12.3 SAMPLELOCATION
12.3.1 DownholeSurveys
DownholesurveyingisconductedbyInternationalDirectionalServices(IDS)ofElkoNevada.
Gyroscopictechniquesareusedtolocatedrillholedeviations,anindustrynorm.Mosthistoric
drillingwasnotdownholesurveyed.
12.3.2 FinalCollarSurveys
Upondrillholecompletion,AlliedNevadausesalicensedsurveyingcompanytolocatethecollar
coordinatesofexplorationdrillholes.Oncethemineisbroughtbackintoproductionand
staffed,drillholeswillbelocatedinternally.
12.4 SAMPLINGINTERVALS
12.4.1 ReverseCirculation
Rockchipsarecollectedcontinuouslydownthehole.Samplesarecollectedeveryfivefeet.
SuchwasthecasewiththeAlliedNevadadrillprogram.Samplesaresubmittedforassay,as
collectedontherig;inadditionstandards,blanksandduplicatesareinsertedintothesample
sequenceasdescribedinthesectiononQA/QC.
12.4.2 Core
TheAlliedNevadacoreprogramusesa10barreltocollectsamples.Afterthecoreisloggedit
isthegeologist'sresponsibilitytodetermineappropriatesampleintervalsandboundaries.
Originalcoreblocksusedbycoredrillerstomarktheendofacoredrunordinarilyserveasthe
primarysampleboundary,subjecttotherulesbelow;whereaconflictexistsbetweenthe
blocksandthoserules,therulesprevail,andextrablocksareinsertedbythegeologistto
compensate:
May15,2009

ANV_43101_51509.docx
sew

Page86
x
x
x
x
AsamplemustNEVERcrossalithologyboundary.
Asamplemustnotcrossanobviousalterationboundary,includingoxidation.
Asamplemustnotexceed7feetinlength,andonlybethatlongifsuretobebarren;5
feetmaximumisbetter.
Anycoreblocksthatdonotmarkasampleboundary,forwhateverreason(suchas
'cave,','loss,''void,'etc.),mustbelabeledinblackmagicmarkerforphotographic
visibility.
May15,2009

ANV_43101_51509.docx
sew

Page87
13 SAMPLECOLLECTION,PREPARATION,ANALYSISANDSECURITY
13.1 SUMMARY
Thesamplepreparationprocedurepriorto1999isnotdocumented.MRDI,intheirreviewof
theprocedures,believedthatasmallpulp(perhaps150to300grams)waspreparedfroma
splitofnominal10meshmaterial(crusheroutputfromreversecirculationdrillingisgenerally
about50percentpassinga10meshscreenand95percentpassingeitheraor3/8inch
screen).Thecombinationoflargeparticlesizeandsmallsamplemasstakeninthefirstsplitis
substandardrelativetocurrentindustrypracticeforgolddepositscontainingvisiblegold.
Samplepreparationin1999consistedofdryingan1122poundsplitat175degreesF,crushing
theentiresampleto95percentpassing10mesh,splitting400800gramsandpulverizingthe
splitto95percentpassing150mesh.
AlliedNevadausestwolaboratoriesforassayanalysis.ThecompaniesareALSChemexandSGS
Laboratories.ALSisISO9001:2000compliant.SGSconformstoCANP1579,CANP4E(ISO/IEC
17025:2005)standards.
ItistheSEWCsopinionthatAlliedNevadaisusingbestindustrypracticeswithregardto
samplepreparation,securityandanalysis.
13.2 SAMPLEPREPARATIONANDANALYSIS
SamplepreparationbyAlliedNevadapersonnelislimitedtositetechnicianswhosawcore
samples.Noofficers,directorsorassociatesoftheissuerareinvolvedwiththesample
preparationprocess.
13.2.1 Pre1999SamplePreparation
Thesamplecollectionmethodisnotdocumented;however,itislikelythatdrysampleswere
collectedbysplittingthereversecirculationcuttingsatthedrillwitharifflesplitterandwet
sampleswerecollectedbyusingawetrotarysplitter.Priortotheendof1991,allofthe
sampleswerepreparedforshipmenttoBarringerLabsinReno,Nevada,whichweresubmitted
forfireassay.Followupcyanidesolubleassayswererequestedforselectedintervalsafterthe
fireassayswerereceived.
Thesamplescollectedaftertheendof1991werepreparedforassayatthelaboratoryfacilities
atthemine.
Industrystandardmethodsusedduringthistimeframeweretodrythedrillsample(typically5
15lbs),crushto10mesh(sometimesthisstepwasomitted),takeasplittopulverize(usually
300600grams),pulverize,andprepareaoneassaytonpulpforassay.Itisnotknownifthese
methodswereemployedatHycroftduringtheexplorationprogramspriorto1999.
May15,2009

ANV_43101_51509.docx
sew


Page88
13.2.2 Post1999SamplePreparation
ThesamplesweretransportedtothesamplepreparationfacilityattheHycroftlaboratoryfor
processingpriortoshipmenttotheoutsideanalyticallaboratory.Allsampleswereloggedin
andweighedasreceivedwiththedatarecordedontheSampleCollectionDataSheetdesigned
forthisprogram.Thesamplepreparationprotocolestablishedfortheminebuckingroom
requiredthattheentiresampleberetained.Thesamplewastobesplitintoduplicate
laboratorysamples,AandB,eachweighingbetween5and10kilograms(11and22
pounds)withthebalanceofthematerialbaggedasacoarsereject.Theweightofthesample
receivedwasrecordedonaSampleSplittingDataSheetandthenumberofsplitsrequiredto
providelaboratorysamplesoftheappropriateweightwasdeterminedasshowninTable13.1.
Table13.1LaboratorySampleSizes
SampleWeightReceived
<22Pounds
ASplit
100%
BSplit
0
CoarseReject
0
2244Pounds
50%
50%
0
4488Pounds
25%
25%
50%
88176Pounds
12.5%
12.5%
75%
>176Pounds
6.25%
6.25%
87.5%
ThesampleswerethenpassedthroughasinglestageGilsonAdjustableSplittertheappropriate
numberoftimesandthesamplesbagged.Aftersplitting,theresultingsampleswereweighed
andtheweightswererecordedontheSplittingDataSheet.Thisallowedforacheckonthe
splittingandinsuredthatthesamplewassplitproperly.TheAsplitswerethenlinedupfor
shipmenttotheanalyticallaboratory(ALSChemex)andtheotherswereplacedinstorageat
thecoreshedatthemine.
AllsamplepreparationwasperformedattheALSChemexfacilitylocatedinSparks,Nevada.
Thesamplepreparationprotocolestablishedforthisprogramincluded:
x
x
x
x
x
x
Weigheachsampleasreceived.Thisweightwasreportedandrecordedasthewet
weight.
Ovendrythesamplesatatemperaturenottoexceed175F.Thistemperaturewas
selectedtominimizethevolatilizationoftraceelementsandsulfur.
Weigheachsampleafterdrying.Thisweightwasreportedandrecordedasthedry
weight.
Crushtheentiresampleto95%passing10meshpriortoanysplitting.
PassthecrushedsamplethroughaJonessplittertoobtain400to800gramsfor
pulverization.RetaintheentirecoarserejectforreturntoHycroft.
Pulverizethe400to800gramsplitto95%passing150mesh.
May15,2009

ANV_43101_51509.docx
sew

Page89
x
x
RifflesplitthepulpwithonesplitretainedbyALSChemexforanalysisandtheother
returnedtoHycroft.
Thewetanddryweightswereusedtoadjustthetotalsampleweightsthatwerethen
usedtocalculatethesamplerecovery.
AlldrillsampleswereanalyzedforgoldbyoneassaytonfireassayperformedbothbytheALS
ChemexlaboratoryinVancouver,BCandtheHycroftMinelaboratory.ALSChemexusedanAA
finishwiththedetectionlimitreportedat0.0002optgoldwhileHycroftusedagravimetric
finishwiththedetectionlimitreportedat0.001optgold.Thestandardoperatingprocedure
hasnotincludedthecalculationofafireassaysilvervalue.Thus,therearevirtuallynofire
assayvaluesforsilverinthedatabase.
Elementalsulfuranalyseswereperformedonallsamplesthatwerereportedtocontaintotal
goldconcentrationsgreaterthanorequalto0.005opt.Thisthresholdwasselectedinorderto
insurethatanyintervalthatcouldbeoregradewouldberun.Theanalyseswereperformed
byALSChemexusingacarbontetrachlorideleachandgravimetricfinish.Theresultsofthese
analyseswerethenusedtovalidatethegeologicloggingofsulfurinthesamplesandtoassess
theimpactofsulfuronthecyanideleachanalyses.
AllofthesampleswereanalyzedforcyanidesolublegoldandsilverattheHycroftlaboratory.
ThemethodemployedatHycroftisanonstandardprocedurethathasbeendevelopedto
provideasemiquantitativemeasurementofrecoverablegold.Theseanalysesareusedinthe
resourcemodelingandforgradecontrolduringtheminingphase.Thefollowinganalytical
proceduresarefollowed:
x
x
x
x
x
x
Thesamplepulpsareblendedonarollclothand20gramsarestippledoutandplacedin
50mlplasticcentrifugetubes.
20gramsof20lb.pertonNaCNsolutioncontaining20lb.pertonofNaOHare
dispensedintoeachtube.
Thetubesarecappedandshakenuntilhomogenized.Thetubesaretheninsertedin
racksthatareplacedinanagitatingwaterbathatatemperatureof160F.Theracks
areplacedsothecentrifugetubesareinahorizontalposition.
Thetubesareshakenatamoderatelyslowspeed,approximately60rpmonthe
eccentric,foronehour.
Thesampletubesareremovedfromthewaterbath,allowedtocoolforseveral
minutes,andthencentrifuged.
Theliquidphaseisthenanalyzedforgoldandsilverusingatomicabsorption
spectrophotometry.
Thismethodologyhasbeenconsistentthroughthelifeoftheprojectandhasprovedtobe
reliablebasedonmetallurgicaltestingandproductionresults.
Attemptstovalidatethelaboratorymethodologyduringtherecentprogramdemonstratedthat
itisquitesensitivetoseveralparametersinadditiontothereagentconcentrationsasfollows:
May15,2009

ANV_43101_51509.docx
sew
x

Page90

Temperatureiscriticaltoanycyanidesolublegoldanalysis.Anyrelativechangein
temperaturewillaffectthereactionrateand,thus,howfarthereactionproceeds
duringtheessentiallyfixedleachtime.WorkwithALSChemexhighlightedthe
requirementtomaintaintheappropriatetemperaturewhencoldcyanideleachresults
failedtocomparefavorablywiththeHycroftresults.
Leachtimeandagitationarecritical.Assumingaconsistentleachtime,agitationwill
alsoaffectthereactionrate.Inordertoduplicateamethod,agitationmustbe
consistentbothintheattitudeofthesampleandintheagitationrate.Thiseffectof
agitationwasalsoconfirmedduringtheworkwithALSChemex.
Thepresenceofelementalsulfurinsampleshasasignificanteffectonthecyanide
solublegoldrecovery.Historically,samplescontainingsignificantamountsofelemental
sulfurhaveyieldedmuchlowerthananticipatedcyanidesolublegoldrecovery.During
thetestworkwithALSChemex,itwasfoundthatelementalsulfurnotonlysuppressed
thegoldsolubilitybutthatitcouldalsobepregrobbing.Thiscyanidesolublegoldin
thepresenceofsulfurassayproblemwasdemonstratedwhenseveralsamplesolutions
werereadaftersequentialleachtimeswithdepressedresultsafterthelongertime
intervals.Thisphenomenonwouldmakethetimeintervalsbetweenleaching,
centrifuging,andreadingcriticalforduplicationofresultsfromsamplescontaining
elementalsulfur.
AftertheinitialtestworkwithALSChemex,AmericanAssayLaboratorieslocatedinSparks,
Nevada,wasselectedtorunaseriesofsamplesusingtheHycroftmethodology.
AmericanAssayLaboratorieswasprovidedwiththewrittenmethodologyandoneheated
agitatingwaterbathfromtheHycroftLaboratory.Ameetingwasheldwherethemethodology
andpotentialproblemswerediscussedand106pulpsfromdrillsamplesweresubmittedfor
analysis.TheAmericanAssayLabchecksindicatedgoodcorrelationwiththeHycroft
Laboratorycyanidesolublegoldassays,butontheaveragewereabout7%lowerthanthe
Hycroftresults.
Presently,samplesarepreparedasfollows:
x
x
x
x
x
Samplesareweighed,driedandreweighed.
A1kgsplitofsample,pulverizedtobetterthan85%passing75microns(PREP31B)
AuAgfireassayfollowedbygravimetricAAfinish(AuGRA21;detectionrange0.05to
1,000ppm)
MultielementICPby4acidneartotaldigestions(MEICP61;detectionrangevariesby
element)
Hgbyaquaregiadigestion,AAS(HgCV42;detectionrange0.01to100ppm)
May15,2009

ANV_43101_51509.docx
sew

Page91
13.2.3 Post1999SampleCollection
Historically,alldrillsamplingwascompletedwithwetsamplescollectedthroughthecyclone
anda36"rotarywetsplitter.Sampleswerecollectedonfiveftsampleintervalsdirectlyinto
20"x24"samplebagsplacedin5gallonbuckets.Athinpolymer(EZMud)mixwasprepared
foruseasaflocculentwithsomeaddedtoeachbagpriortosamplecollection.
Initially,therotarysplitterwassettodeliver25%ofthecuttingsreturnedtothesampleport
usingthe"pie"covers.Assumingsamplereturnwouldbeaveragingabout60%(actualrecovery
duringthe1999RCTwinProgram)thisarrangementwouldyieldsamplesbetween13and20
poundsdependingonthebitsizeandmaterialbeingdrilled.Thesamplereturnwasmonitored
duringdrillingandthe"pie"coversremovedtodeliver50%ofthereturnwhencirculation
appearedtobefallingoff.Thesplittersettingwasnotedandrecordedtoallowforcalculation
ofactualrecoveries.
Drillwaterinjectionwasregulatedtominimizethefluidreturnwhilemaintainingsufficientflow
fordrillingandsamplereturn.One5gallonbucketwassufficientformostoftheintervals
whencollecting25%ofthereturn.Whenitappearedthatonebucketwouldbeinsufficient,a
secondbucketwasusedtocollectthebalanceofthesample.Iftwobucketswereusedfora
sample,theyweresetaside,flocked,allowedtosettle,decanted,andcombined.Samplebags
weretiedclosed,setaside,andallowedtoweeppriortotransport.
AlliedNevadageologistsnowprovidedrillcrewswithasetofbagsprenumberedinorder
representingthefootageintervalcompleted.Thesamplenumberingsequenceincludesblanks
andstandardsinsertedevery20thsample,thedriller'ssampleronlyhastokeeptrackofthe
actualfootagedrilled,withrespecttothefootagemarkedonthebags.Theactualinsertionof
blanksandstandardsishandledindependentlybygeologists,whocreateduplicatenumbersat
appropriateintervals,postscriptedwithSforstandardandBforblank.Thedrillers
samplerisprovidedwithchiptraysaccuratelynumbered.Cuttingsarecollectedasa
continuousfractionofthereturnstreamfromthedrillrig.Thecuttingsaredivertedtoa
10"x17"meshbag,andtraychipsaredivertedtoakitchenstrainer.Filledchiptraysare
collectedbyanAlliedNevadageologistforloggingunderabinocularmicroscope.Samplebags
areshippedtotheanalyticallaboratoryforpreparationandassaying.
Samplebagsareallowedtodryanddrainatthedrillsiteorinaholdingareanearthecore
facility.Samplesarethenbroughtdowntotheshipmentstagingarea,whereAlliedNevada
personnelfinishpreparingextrabagsforstandardsandblanks.Thesamplesarethenloadedin
4'x4'x3'woodencratesfordeliverytothelaboratory.
13.2.4 Post1999SampleCollectionCore
Thedrillcrewsplacethecoreinwaxedcardboardcoreboxes,withtopsandbottomsaccurately
labeledastoCompanyPropertyHoleIDBox#FromTo.Thebottomofthecoreboxis
laidoutlongwaysfromlefttoright,withthemarkedorlabeledendtotheleftandthe
May15,2009

ANV_43101_51509.docx
sew

Page92

unlabeledendtotheright.Thereare5rowsortrays.Thefirstportionofcoreislaidinthe
upperlefthandtray,andcontinuouslylaidinthetrayfromlefttoright,advancing"down"one
rowaseachtrayiscompleted.Thebottomofthecoreisterminatedinthelowerrightcorner.A
woodenblockisinsertedattheendofeachrun,andinlocationsdeemedimportantbythe
drillerstonoteadverseconditions,suchascaving,voids,ormislatches(situationswherethe
coretubefailedtoseatproperlyinthecorebarrel).Theendingblockfortherunismarkedwith
anendingfootageonthethinedge,andtwonumbersonthelargersurface:
C[cut]m.nfeet
R[recovered]m.nfeet
TheCutnumberresultsfrommeasuredrodfootageandtheRecoverednumberstemsfroma
tapedmeasurementofcoreinsitu.
Thegeologistsprovidethesamplepreptechnicianswithworkingcopiesofonedocument:the
basicsamplesequencelist,whichcontainsthedrillholenumberandtheappropriatesample
intervalsindicated.Thesampletechnicianworksfromthesamplelistinconjunctionwiththe
coretoseewhyandhowsampleboundarieswerepicked.Thisprovidesaredundancycheckon
theaccuracyofthesamplelist.
Intervalsofnosamplerecoveryareidentified,taggedandaccountedforseparatelyinthe
samplelists,sothatthelabreportsthemasnosampleratherthan0orsomeotherarbitrary
value.
Thesamplingoperationavoidsbias,whereverpossible,bycuttingthecoreinhalfperpendicular
tothetraceofthevisiblebedding.Theportiontobesavedremainsinthecorebox,inits
properposition,withcoreblocksinplace,andtheboxesarestackedonpalletsforstorageina
coreshed.Thesplitportionofcoreisbaggedandboxedin4'x4'x3'woodencrates.
13.3 SAMPLESECURITY
13.3.1 ReverseCirculationandCoreSamples
Cratedsamplesaredeliveredtotheanalyticallaboratoryinthenumberedbags,alongwitha
transmittalsheetstatingwhetherthesamplesarecuttingsorcore,therangeofsample
numbers,andthetotalsamplecount.Thelabhasnocoordinateknowledgeofthespatial
referenceoftheindividualsamples,beyondknowingthefootageofaparticularhole.
Byinspectionofthesubmittedsamplebags,thelabcanidentifytheblanks(samplesofquartz
sandpostscriptedbyBinKraftenvelopes),standards(pulppowderpostscriptedbySin
Kraftenvelopes),butwillhavenoknowledgeoftheacceptedvalueofeach,asavarietyof
standardsaresubmitted,rangingfrom0.2ppmto9.0ppm.Inaddition,asampleof
unmineralizeddecorativerockissubmittedastheleadsampleineachdrillholegroupof
samples.
Atpresent,sitesawnsamplesaredeliveredtoALSChemexinWinnemuccabyAlliedNevada
staff,orpickedupbyALSChemexdriversfordeliverytotheirfacilitiesinWinnemuccaandElko.
May15,2009

ANV_43101_51509.docx
sew

Page93
Chainofcustodyisestablishedbytransmittalsheets.Someuncutcoreishanddeliveredtoa
contractcorecutterinElkowhoprovidesahandwrittenreceiptfordelivery.Aftercutting,a
transmittalsheetispreparedforsubmissiontoSGSLaboratoriesinElko.
13.3.2 AnalyticalResults
Followinganalysis,resultsarepostedtoadigitallaboratorydatabaseonwhichAlliedNevada
hassecurepermissionprivileges.ManagersdownloadthedatatoExcelfiles,wherethesample
resultsarecrossreferencedtosamplenumbers.Eachdrillholecarriesauniqueselfidentifying
samplenumber,simplifyingthecrossreferencing.Thecompleteddigitalfileforeachdrillhole
isemailedtoAlliedNevada,andafollowuphardcopycertificateismailedtocompanyoffices.
13.4 QA/QC,CHECKSAMPLESANDCHECKASSAYS
Until1992,selectedmineralizedintervalswereanalyzedforcyanidesolublegoldandcyanide
solublesilverbyBarringerLaboratories,Reno.WhencontactedbyMRDIduringthe1999drill
program,BarringerLaboratoriessuccessorcompanywasunabletoprovidedetailsofthe
methodologyusedduringthisperiod.
Allexplorationsamplessubsequentto1991thatwereassayedforcyanidesolublegoldand
cyanidesolublesilverwereassayedattheHycroftMinelaboratory.Fireassayswerealso
performed.Inmostcases,ifthefireassaywasbelowdetection,thecyanidesolubleassays
werenotperformed.NodecipherableQA/QCdataexistfortheseassays.ThereareQA/QC
datafortheHycroftblastholeassays.
Allsamplesinthe1999ReverseCirculationTwinDrillholeprogramwerefireassayedforgold
byALSChemex,Vancouver,andHycroft.ComparisonbetweenHycroftandALSChemex
revealedanumberofoutliers,promptingtheuseofConeGeochemicalasanUmpireforthe
disagreements.Conecheckassayson40pairswithdisagreementwereinbetteragreement
withALSChemexthanwithHycroft.Consequently,theChemexdatawereusedforcalculating
correctionfactorstofireassayresultsfortheblockmodel.
SamplebagsthatareintendedasStandardsandBlanksarelabeledattheoffice.Forstandards,
theidentifyingcodenumberoftheblankorstandardandgradevalueiswrittenonthe
samplerssheetatthecorrectsampleIDvalue,andinsertedintotheappropriatelymarked
samplebag.
StandardsandBlanks,numberedasdescribedabove,areinsertedinthecratesatarateofone
standardandoneblankforevery40drillsamples.
Eachcratecontainstherawsamples,duplicates,standardsandblanksintendedforeachhole.
Thecratesalsocontainbagsfornonrecoveredsamples.Totheextentpossible,allsamplesfor
oneholeareaggregatedtogether,andsampletransmittalsheetsarefilledoutatleastin
duplicate(onetothelab,oneforfileretention),withonejobnumberassignedtoeachhole
shipment.
May15,2009

ANV_43101_51509.docx
sew

Page94
AnAlliedNevadacopyofthetransmittalsheetisstoredinafilecabinetintheoffice.Once
assayshavebeenreceived,acopyoftheassaysheetswillbestoredwiththedrilllogsandthe
originalwiththetransmittalsheets.Thetransmittalsheetsareindexedbyjobnumber.
Copiesofthesamplesequencelist,thelithologylogandassaysarestoredinonadedeicated
Hycroftcomputer,indexedbyholenumber.Originalsofalllogsandassaysarestoredinfile
cabinetsonaperholebasis,alsoindexedbyholenumber.AlliedNevadapersonnelcontactthe
labtoobtainajobnumberassignmentforholeorpartialholeshipment,andarrangesfor
samplepickupbythelab'sdriver.Insomecases,anAlliedgeologistreturningtoWinnemucca
fortheeveningmaydeliveracratedirectlytothelab.
Toincreasetheintegrityofthesamplehandlingprocess,fromcollectiontoshipmenttoassay,
standardsareinsertedinthesamplestreamatarateofonestandardandoneblankforevery
40drillsamples.ThereferencestandardswerepreparedbyMineralExplorationGeochemistry
(MEG)ofCarsonCityNevada.
Standardsarestoredinplasticbinsattheoffice.MEGhasnotedthegoldcontentand
identifyingcodeonagummedlabeloneachKraftenvelope.Whenasampleshipmentisbeing
prepared,standardswithdifferentgoldconcentrationsareselectedrandomlyfromthe
availablegroupandinsertedintothesamplestream.Whenthestandardorblankisusedfor
thesamplestream,thestickonidentifyinglabelisremovedfromtheenvelopeandthe
informationistransferredtothedigitalsamplerecord.Theactuallabelispreservedona
separatesheetofpaperfiledwiththedrillhole.TheactualKraftenvelopecontainingthe
powderedstandard,andturnedintothelab,isNOTlabeled.
May15,2009

ANV_43101_51509.docx
sew

Page95
14 DATAVERIFICATION
14.1 INTEGRITYOFDATABASE
Areviewandvalidationstudywasperformedonthedatabasein2000(MRDI,2000)Thiswork
andtheresultsaredescribedinthefollowingsections.Aspartoftheprojectrestartpre
feasibility,SRKConsultingofElko,NVhasperformeda100%datavalidationontheexploration
databasesandthatworkisdescribedattheendofthissection.SEWCverifiedthatthe
databaseswerecorrectbeforeanyinformationwasusedinthisreport.
14.1.1 DataSelection
Fivedifferentcriteriawereusedtoselectassaydataforchecking.Twoofthesecriteria
consistedofrandomselectionsfromassayedintervals,fromtwomutuallyexclusivelistsof
assayedintervals;intervalswithgoldfireassaysgreaterthan0.01opt,orcloserthan15feet
fromanintervalwithgoldgreaterthan0.01optmadeupthepotentialorezonegroupandall
otherintervalswereplacedintheprobablewastegroup.Eightpercentoftheintervalsinthe
potentialorezonegroupwererandomlyselectedforchecking,andonepercentoftheprobable
wastegroupwasselected.Randomselectionssuchastheseallowerrorfrequencyratesfor
dataentrytobeestimated.
Threeothergroupsofsampleswereselectedforsamplingtocheckforcertaintypesoferrors.
Becausethesedirectedchecksareselectedonthebasisofcertaincharacteristicsthatmay
correlatewithanincreasedlikelihoodthatdataentryerrorshavebeenmade,theerror
frequencyratemaybehigher,andisnotrepresentativeofthedatabaseasawhole.One
directedcheckwasbaseduponselectingintervalswherethecyanidesolublegoldresult
markedlyexceedsthegoldfireassayresult;asamplewasselectedifthe[cyanidesolublegold/
fireassaygold]ratioexceeded1.2andthecyanidesolublegoldresultwasatleast0.03optgold
higherthanthegoldfireresult.Anotherdirectedcheckwasmadebyselectingintervalsthat
havetwonearestneighbors(oneaboveandonebelow)withthesamegeologiccharacteristics
(oxide,sulfur/sulfide,andalterationtype)butwithnearlyanorderofmagnitudedifferencein
grade;anintervalwasselectedifitwaseithermorethaneighttimeshigherthanbothits
neighbors,oritsneighbor.
14.1.2 AssaySelection
Assaydatawerecheckedagainstsourcedocuments.Sourcedocumentsconsistofphotocopies
ofBarringerassaycertificates,orhandwrittenentriesfromtheHycroftMinelaboratory.A
tabulationoferrorsfoundforgroupschosenbythevariousselectioncriteriaisshowninTables
14.1through14.3.
May15,2009

ANV_43101_51509.docx
sew

Page96
Table14.1ErrorFrequenciesbySelectionCriteria
No.
No.
No.
%
Samples Checked Errors Errors

Cyanidegradesignificantlygreaterthanfire
Value(>8xfactor)betweenintervalandits2
nearestneighbors
The75(unique)highestconcentrationgold
Randomselectionin>.01gradeenvelope(Rand
ore)
Randomselectionoutsidegradeenvelope(Rand
waste)
Totals
116
43
88
41
36
11
40.9%
26.8%
22
920
22
876
3
34
13.6%
3.9%
232
214
26
12.2%
1,333
1,241
110
8.9%
Table14.2TabulationofErrorsinRandoreCategory
5
PercentErrors
(total=3.9%)
0.6%
15
14
1.7%
1.6%
NumberofErrors(total=34)
DescriptionofError
Missingsamplesenteredas
0.001oz/ton
CNAgmistypeerror
FAAuand/orCNAumistype
Table14.3TabulationofErrorsinRandomWasteCategory
NumberofErrors(total=26)
4
13
9
PercentErrors
(total=12.2%)
1.9%
6.1%
4.2%
DescriptionofError
Missingsamplesenteredas
0.001oz/ton
CNAgmistypeerror
FAAuand/orCNAumistype
Oftherandomlyselectedsamples,0.8percentofthemwereinerrorregardingmissingsamples
enteredas0.001opt,2.6percentwereinerrorregardingcyanidesolublesilvermistypeerrors,
and2.1percentwereinerrorregardingfireassaygoldand/orcyanidesolublegoldmistype
errors.Themistypeerrorsexceededtheindustrystandardof1percent;therefore,Vista
reviewedcyanidesolubleandfireassaygoldentriesfororeholesandcorrectedanyerrors
found.MRDIdidnotreauditthecorrecteddatabase.
14.1.3 GeologicalDataChecks
Thenewgeologicloggingwascheckedfordataentryerrors.Inadditiontothedrillholename
anddepths(fromandto),therearesixfieldscontainingsingledigitintegerscorrespondingto
geologicobservations.Approximatelyfivepercentofthereloggeddrillholeintervalswere
selectedatrandom.Nearlyeveryreloggeddrillholehadatleastoneintervalselectedfor
checking.Of1,740selectedintervals,logswereavailablefor1,696(afewofthenewlogshad
May15,2009

ANV_43101_51509.docx
sew

Page97
beenmisplacedatthetimeoftheaudit).Seventyseven(4.5percent)oftheselectedintervals
werefoundtohaveanerrorinoneofthefields.Becausetherearesixdifferentfieldsforeach
interval,theerrorratewasfoundtobe0.8percent.Drillholelogshavingerrorswere
recheckedbyVistaintheirentirety.Thisledtodetectionandcorrectionofsomeadditional
entryerrors.
Subsequentinvestigation(MRDI,2000)revealedentrieswhereanintervalhadnativesulfur
observed,butnoestimateofpercentage(aseparatefield).Thisledtosomeadditionalre
loggingtocorrectthesediscrepancies.
14.1.4 CollarSurveyChecks
MRDIcheckedeverydrillholecollarlocationagainstentriesintheoriginaldrilllogs.Twolarge
errorswerefoundincollarlocationsandthesewerecorrectedinthecollardatabase.Inone
case,twodrillholesdifferingbyonenumberweregiventhesamecollarcoordinates.Inthe
othercase,thedrillholenumberhadtwoofitsdigitstransposed.Theseerrorswerecorrected
orresolved(inatleastonecase,asourcedocumentwasreportedtobeinerror)byVista
geologists.
14.1.5 DownholeSurveyChecks
Veryfewdrillholeshaddownholesurveys.Alldrillholeswithdownholesurveyswerespot
checked.Noerrorswerefound.
ThereconciliationofBrimstoneproductionindicatedthattheBrimstoneModelslightlyover
predictedoregradetons(2.2%),butsubstantiallyunderpredictedthegradeofthematerial
senttotheleachpad(21%).Thisreconciliationandtheresultsofthe1999twinhole
comparisonindicatedthatasamplingbiasmayberesponsiblefortheunderpredictionofthe
gradeofthematerialmined.MRDIstudiedthisindetailandconcludedthattheoldersamples
inthedatabaseshouldbecorrectedtobetterpredictthegradeofthematerialminedfromthe
Brimstonedeposit.
WhileminingtheBrimstoneDeposit,Vistafoundthatitwasrecoveringmoregoldthanwas
predictedfromtheresourcemodel.Theblastholesampleswerealsoreturninghighercyanide
solublegoldassays(blastholesampleswerenotfireassayed)thanpredictedbytheresource
modelforcyanidesolublegold.
Mostoftheexplorationsamples,andalloftheblastholesamples,wereassayedbythemine
laboratoryusingthesamecyanidesolublegoldprotocol.Vistahypothesizedthatthesamples
collectedduringexplorationreversecirculationdrillingwerebiasedlow,asaconsequenceof
preferentiallossoffines.Explorationdrillingwasperformedwet,andsamplecollection
bucketswereallowedtooverflow,withoutanyefforttocapturethefines.Insuch
circumstances,ifthefinefractionhasahighergradethantherestofthesample,thesample
May15,2009

ANV_43101_51509.docx
sew

Page98
willhavealowbias,relativetowhatwouldbeobtainedfromaproperlycollected,
representativesample.
MRDIandVistasworkin1999andearly2000determinedthatdrillingpriorto1999wasclearly
biasedlowincyanidesolublegoldrelativetoblastholes,andthatthesourceofthisbiasmost
likelywaslossinfineswiththewetdrillingmethod.Inaddition,MRDIfoundthatcyanide
solublegoldvaluesaredepressedinsamplescontainingnativesulfur(asseenwheredrilllog
visuallyestimatedsulfurexceeds5.0percent),comparedtoassaysofsampleswherenative
sulfurisnotobserved.Thisismostlikelyaconsequenceofapregrobbingeffectbyfine
particlesofsulfurcreatedinsamplepreparation.Apregrobbingeffecthasnotbeennoticed
ontheheaprobbingrecoveries,mostlikelybecausenativesulfurtypicallyoccursasmuch
largerfragmentswhenfoundinrunofmineore.
Correctionfactorsforfireassayandcyanidesolublegoldduetosamplingbiasesandthe
presenceofnativesulfurwerederivedbyMRDIfromthreesourcesofcomparativedata:
x
x
x
Comparisonofblastholecyanidesolublegoldassaystocyanidesolublegoldassaysof
nearbyexplorationholes.
ComparisonoffireassayandcyanidesolublegoldinnewtwinRCholesandfireassay
andcyanidesolublegoldinoldexplorationholes.
Correctionofcyanidesolubleassaysforthepresenceofsulfur,usingpairedsulfur
bearingintervalsintwinholesandoldholes.
Thesestudiesproducedthefollowingmethodofcorrection:
x
Forintervalswithnativesulfurloggedathigh(>5percent)levels,thecyanidesoluble
goldassayswerediscardedandreplacedwithanestimatederivedfromCNsolAutofire
Auratiosfromnearbyintervals(ofthesamealterationtype)withoutobservednative
sulfur
Intervalswithnativesulfurloggedatlowormoderatelevelsweretaggedandcyanide
solublegoldwasadjustedwiththefactorsdeterminedbytheyearofthesampling
campaign.Fivedifferentadjustmentswerepossible,dependingontheoretypeand
yearofassay.ThesearelistedinTable14.4
CNsolgold:Aftercorrectionsforsulfurweremade,thefollowingadjustmentswere
appliedtotheassayswithgold<0.045oz/ton:
o AcidLeachOre
Originalassayx1.40
o OxideOre

Originalassayx1.19
FireAssaygold:Adjustmentsweremadetoassayswithgold,0.08oz/ton:
o AcidLeachOre
Originalassayx1.39
o OxideOre

Originalassayx1.19
Correctionstocyanidesolublegoldassayswerevalidatedusingblastholecyanidesolublegold
assaysforthenorthhalfoftheBrimstonedeposit.Noadjustmentsweremadetocyanide
solublesilvergrades.Thiswasnotundertakenbecausesilverisabyproduct;itwasestimated
May15,2009

ANV_43101_51509.docx
sew


Page99
thatevenalargeadjustmentofsilverassayswouldproduceonlyaverysmall,perhaps
negligible,changeintheresourcemodel.
Table14.4AdjustmentstoCyanideSolubleGoldforPresenceofSulfur
AcidLeach
NativeSulfurLoggedObservation,DrillYear
Adjustment(CNisCNsolAu)
TraceS(S=0)
Barringer(pre1991)
noadjustment
1999
noadjustment
MineLab,19921998
y=0.6386*(AuCN)+0.2944*(Fire)
MinorS(S=1)
19881997,AuCN/Fire<0.4
y=1.450*(AuCN)+0.160*(Fire)
19881997,AuCN/Fire0.4to0.9
y=0.3143*(AuCN)+0.6143*(Fire)
1999
noadjustment
OtherOxide(notacidleach)
TraceS(S=0)orMinor(S=1)
AuCN/Fire<0.33
y=1.387*(AuCN)+0.2157*(Fire)
AuCN/Fire0.33to0.9
y=0.2923*(AuCN)+0.6788*(Fire)
Table14.5showsthecorrectionfactorsappliedtothecyanidesolubleassaysfromthetwin
drillholes.
Table14.5CorrectionFactorsAppliedtothe1999TwinDrilling(USImperialUnits)
1999
Interval
Drillhole
991378B 180
991419B 410
991432B
991504B 330
991523B 565
991944B
991949B 240
991950B 460
991975B 125
991976B 600
992648B
Totals
Feet
230
235
220
475
185
250
410
405
470
405
205
3,490
May15,2009
Original Corrected
Old
AuFA/ton AuCN/ton
Drillhole
0.012
881378
0.009
0.012
0.010
891419
0.010
0.011
0.024
891432
0.014
0.018
0.009
901504
0.006
0.007
0.021
901523
0.027
0.029
0.002
921944
0.003
0.004
0.013
921944
0.011
0.013
0.014
921950
0.010
0.011
0.022
921975
0.018
0.020
0.012
921976
0.007
0.010
0.002
952648
0.001
0.001
0.013
0.010
0.012
AuFA/ton AuCN/ton
0.015
0.003
0.013
0.018
0.027
0.016
0.004

ANV_43101_51509.docx
sew

Page100
ORE
OREalsoevaluatedtheoriginalassaysandthecorrectionsappliedbyMRDI.OREusedslightly
differentcorrectionfactorscomparedtoMRDI,asdescribedbyNoble(2005).
Sincepowersfromtheregressionanalysisweregenerallyclosetoone(1.0),adecisionwas
madetoassumethatthepowerisone(1.0),whichcausesthepowercurvetotransformtoa
simpleconstantthatismultipliedtimestheuncorrectedgrade.Usingasimpleconstantrather
thanthepowercurveintroducesaslightconservativebiasforresourceestimation,since
highergradeassaysarecorrectedlessthanwouldbeindicatedforthepowercurve,whenthe
powerisgreaterthanone(1.0).
Acorrectionfactorof1.19wasusedforoxidezoneassaysand1.32foracidleachzoneassays.
The1.19factorforoxidezoneassaysisthesameasthatdevelopedpreviouslybyMRDI.The
1.32factorforacidleachzoneassaysis6%lowerthanthe1.40correctionusedbyMRDI.MRDI
didnotcorrectcyanidesolublegoldassaysabove0.045optAuCN,however,whileallassays
werecorrectedforthisstudy,sotheoveralldifferencebetweentheMRDIandOREadjusted
gradesislessthan1%.
MRDIuseddifferentcorrectionfactorsforfireassaygoldandcyanidesolublegoldbasedon
regressionanalysisoftheRCtwindata.ORErecommendsuseofthesamefactorsforfireassay
goldandcyanidesolublegoldbecausetheamountoftwinholedataistoosmalltoestablish
differentbiascorrectionsbetweenthetwoassays,particularlyinthesulfidezonewhereany
differencewouldbemostsignificant.
Ithasbeenshownthathighsulfurcontentisassociatedwithlowerthanexpectedcyanide
solublegoldassaysandthatsomecorrectionofthoseassaysisjustified.Sincesomeofthe
highsulfursampleshavehighAuCN:AuFAratiosandsomelowsulfursampleshavelow
AuCN:AuFAratios,itisclearthatnotallhighsulfursamplesshouldbecorrectedandthatthe
amountofcorrectionisnotentirelyrelatedtosulfurcontent.
Amethodofcorrectionforthehighsulfurcyanidesolublegoldassayswasdevelopedbasedon
theassumptionthatthedistributionoftheAuCN:AuFAratioshoulddependonlyonthedegree
ofoxidation.Thus,if50%ofthewelloxidizedsampleswithnosulfurhaveAuCN:AuFAratios
above0.75,soshouldsamplesthatcontainsulfur.Thecorrectionequationswerederivedas
follows:
1) Thedrillholedatacontainscodesidentifyingthequantityofsulfurinthesamplebased
onvisualexaminationofdrillcuttingsbythegeologist.Sulfurcategoriesare:
a) NoSulfur,
b) TraceSulfur,
c) <5%Sulfur,
d) 5%to10%Sulfur,and
e) >10%Sulfur
May15,2009

ANV_43101_51509.docx
sew

Page101

2) Cumulativefrequencydistributionswerepreparedforeachsulfurcategory.QQplots
wereprepared,wherethesulfurbearingratioswereplottedonthelogscaledXaxis
andthesulfurfreeratioswereplottedonthenormalscaledYaxis.Asexpected,these
curvesimplygreatercorrectionsforhighersulfursamples.Thecumulativeplotswere
preparedusingonlythosedatapointswithfireassaygoldgrades(afteradjustmentfor
RCbias)greaterthan0.004optAutominimizeproblemscalculatingratioswhenthe
assayvaluesapproachtheprecisionoftheassay.
3) LogarithmiccorrectioncurveswerefittotheQQpointsintheform:

1. Y=Aln(X)+B,whereAandBareconstants.

Twocurveswereusedforthe5%to10%Sulfur,and>10%Sulfurcategories,becausethelow
ratioendofthecorrectionswerenotlinear.
4) SulfurcorrectionsontheAuCNassaywerethenmadebylookinguptheappropriate
correctionequationforthesulfurcontentcategory,calculatingtheuncorrected
AuCN/AuFAratio,calculatingthecorrectedratiofromthecorrectioncurve,then
multiplyingthecorrectedratiotimestheoriginalAuFAassay.
Asecondsetofcorrectioncurveswasdevelopedforpartiallyoxidizedmaterialsusingtheabove
method.
TheequationsdevelopedusingtheQQcorrelationstudieswereusedtocorrectcyanidesoluble
goldassaysinwelloxidizedandpoorlyoxidizedsamples.Cyanidesolublegoldassayswerenot
correctedinsulfides.
14.4 ELECTRONICDATABASEVALIDATIONSRK
SRKofElkoNevadacompletedaonehundredpercentdatacheckofthedatabaseinFebruary
2008.ThedatabaseiscertifiedcleanforusewithallfuturegradeestimationmodelsatHycroft.
Thistechnicalreportisbasedonthecleandatabase.Theprimarypurposeoftheverification
programwastoidentifyandcorrectdataentryerrorstotheHycroftelectronicanalytical
databaseusingallavailablehistoricassaycertificates,drilllogsandsurveys.Theelectronic
databaseprovidedtoSRKbyANVcontainedapproximately3,183drillholesincluding186,123
records.SRKwasabletolocateandcheckoriginalhardcopyassaycertificatesfor175,002
records(94%).Intheprocess,thedrillcollarfilewassupplementedwithadditionaldetails
regardinglaboratoriesandanalyticaldetectionlimits.Thedataverificationprogramwascarried
outfromOctober,2007throughJanuary,2008andincludedthefollowingactivities:
x
x
x
x
Datacollection
Verificationofassays
Verificationofgeologicdata
Verificationofsurveys
May15,2009

ANV_43101_51509.docx
sew

Page102
Resultsanddatabasecompilation
14.4.1 DataCollectionAssayCertificatesandGeologicalLogs
ANVrequiredthatalloftheoriginalassaycertificatedataremainontheHycroftsite.This
practiceminimizedtheriskofdatalossordamageduringtransport,astherewereinitiallyno
duplicatehardcopydataavailable.
Tosatisfythisrequirement,SRKsentfieldtechnicianstoHycroft,wheretheyworkedduring
normaldayshifthourstocreateaduplicateofalloftheanalytical,geologicalandsurveydata.
Theanalyticalandgeological(drilllog)datawerefoundinagroupofeightfilingcabinets
locatedinthebullroomoftheformerengineeringofficenearthemainminereceptionand
signinarea.Additionalsurveydatawerelocatedintheformersurveyofficeadjacenttothe
bullroom.Thedatawereorganizedasindividualfilesarrangedsequentiallybyholenumber.
Approximately60%ofthefilescontainedanalyticaldatasheetsonly,while40%containedboth
assaysanddrilllogs.Oncereproduced,thedatawereboxedandtransportedtoSRKsElko
officeforverificationandfurtherprocessing.
14.4.2 DataCollectionElectronicData
TheHycroftelectronicdatabasewasprovidedbyANVinMSAccessformat.SRKexaminedthe
contentsoffourhistoricdatasetsbeforedeterminingthemostcompleteset.Thedatabase
usedforverificationanddevelopmentwascalledhyc2000.db1.mdb.Tothisdatabase,the
datafromthe2005CanyonResourcesdrillingprogramwereadded.
14.4.3 VerificationofAssays
Priortodataverification,SRKdevelopedaprebackfilltopographicsurfaceusinghistoric
electronictopographicfilesandphotographs.Analyticaldatawerecodedusingthissurface
resultinginaninsituorminedoutdesignationforeachinterval.Allavailableintervals
codedinsituwerechecked.Atotalof1015%oftheminedoutintervalswerealsochecked.
TheAccessdatabasewasconvertedtoExcelformat.Formulaewerewrittentoconvert
analyticalresultsfromouncesperton(opt)topartspermillion(ppm)andpartsperbillion
(ppb)forrapidassessment.Thedatabasewasthensubdividedintofourequalpartsfor
verification.Eachofthepartswasaddressedbyatwopersonteaminwhichoneteammember
wasworkingwiththeelectronicworksheetandtheotherwasworkingwiththeassay
certificate.Analyticaldatasheetscontainedresultsforfouranalyses:
x
x
x
x
FAU
FAG
CNAU
CNAG
Fireassaygold;
Fireassaysilver;(rarelyassayed/reported)
Cyanidesolublegold;and
Cyanidesolublesilver.
May15,2009

ANV_43101_51509.docx
sew

Page103
From1983to1992somefullholesamplesetsandotherpartialholesets(selectedmineralized
ranges)wereanalyzedbyBarringerLaboratories.SRKwasunabletolocatetheassay
methodologyorQA/QCproceduresfromBarringer.
From1991to1999allexplorationsampleswereanalyzedonsitebytheHycroftMine
Laboratory.NoQA/QCrecordsareavailableforthisperiodoftesting.Ontheoccasionwhen
BarringercheckassayswereavailableinadditiontoHycroftresults,theBarringercheckassay
resultswereconsideredmostreliable(asBarringerwasanaccreditedfacility).From1999to
2007onlyminoranalyticalworkwasdone,allbyoffsitelaboratoriessuchasAmericanAssay
Laboratories,ChemexandALSChemex.
Rarely,multielementdatawereavailablefromBarringerandrecentlaboratories.Whilethese
datawerenotenteredasindividualfieldsandrecords,thepresenceofthesedatawasrecorded
intheupdateddrillcollarfilefortheproject.
14.4.4 VerificationofGeologicalData
Geologicdatawerecheckedandvalidatedbypreviousworkers(MRDI,2000).Aspartofthe
MRDIprogram,1,740drilllogswereselectedforcheckingagainsttheelectronicfiles.Atotalof
0.8%errorwasidentified,suggestingthedatawasaccurate.SRKfollowedupontheprevious
work,selecting150drilllogsatrandomforconfirmatorychecking.Localizederrorswere
observedinsomeofthesixfieldsofgeologicaldata,butnosystematicerrorswereidentified,
i.e.largerangesofintervalswithmismatcheddata.SRKconcludesthatthereissufficientlylow
incidenceofentryerrorforuseinresourcecalculations.
14.4.5 VerificationofSurveys
SeveralsurveyrecordbookswerelocatedinthefilesoftheHycroftengineeringoffice.The
bookscontainedcollarcoordinatesofdrillholes.Approximately100holeslistedinthesurvey
recordbookswerecheckedintheelectronicdatabase.Noerrorswerefound.Allofthedrill
datawereimportedintoa3Dmodelingprogram.Thecollarelevationswerecheckedagainst
thetopographicsurfaceappropriateforthetimeinwhichtheyweredrilled.Alloftheholes
examinedcorrelatedinelevationwithtopography.
Downholesurveysareuncommoninthedatabase.Therewerenohistoricrecordstowhich
theelectronicdatacouldbecompared.Anexaminationofthedrillholetracesin3Dusingthe
modelingprogramindicatedreasonableprojectionsforthesurveyedholes.
14.4.6 ResultsandDatabaseCompilation
Followingrigorous,recordbyrecordchecksoftheanalyticaldatabase,thetemporary
electronicworksheetswerereassembledintoasingledatabase,whichservesastheassay
filefortheproject.Thereviseddatabasecontainsoriginalandupdatedfieldsforthefourmain
analysesasfollows:
May15,2009

ANV_43101_51509.docx
sew


Page104
NEW
DESCRIPTION
FAU
NFAU
Fireassaygold
FAG
NFAG
Fireassaysilver;(rarelyassayed/reported)
CNAU
NCNAU
Cyanidesolublegold
CNAG
NCNAG
Cyanidesolublesilver
ORIGINAL
Thepopulationofassayintervalswas186,123.SRKchecked175,002intervals(94%).Thetotal
errorswere13%,ofwhich7%wererelatedtomissingdataordatabelowdetectionlimit.A
totalof6%ofthedatabasecontainedsubstantivenumericalerrors,whichwerereplacedby
newvaluesfromtheassaycertificates.Comparedtotheoriginalvalues,thenewvalues
resultedinpositiveadjustmentsataratioof2:1.Themostcommonerrorsweresingleshifts,
whereallrecordsofanassaycertificatewereshiftedbyoneinterval(upordown).Next,there
weremanyexamplesofmissinggradesintheoriginalelectronicdatabaseforwhichcertificate
valuesexisted.Thecertificatevalueswereenteredintotheappropriatefields.Finally,there
wereoccasionaldecimalerrorsmadeduringinput.Thesewerecorrected.
Drillholecoordinateswerecompiledintoanewcollarfileforthedatabase.Inadditionto
collarcoordinateinformation,thecollarfilewasalsousedtotrackthelaboratoryusedforeach
drillhole,aswellasthedetectionlimitsforthemajorelementstested.
Intheassaydatabase,recordswithnosample,nodataormissingdatawerecodedas9.For
allintervalswhosevaluewasbelowthedetectionlimitforthatelement,theintervalswere
codedas8.Sincethedetectionlimitsforeachelementarerecordedinthecollarfile,the
intervalsbelowdetectioncanbereadilyrecodedwithrealnumbersifdesired.
Itisimportanttonotethattherearemanygradevaluesinthedatabaselistedas0.00.The
HycroftMinelaboratory,whichgeneratedmostofthehistoricresults,didnotreportvalues
belowdetection.Instead,theyreported0.00onthecertificates.Fortheserecords,SRKdidnot
substitute8.
14.5 ADJUSTMENTOFASSAYVALUESNEWRESOURCEMODEL
Agreatlevelofdetailandcorrectionwentintothe561drillholesatBrimstonethatwereused
fortheOREmodel.ForthisreportAlliedNevadaloggedandadditional1,205drillholesfor
geology.ThisprovidedenoughinformationtoapplythesameMRDIandOREderivedfactors
therecentlyloggeddrillingdata.The561originallyfactoreddrillholeswereleftunchanged.
SEWCappliedfactorsonlytofireassaysthatwereidentifiedaseitheracidleachoroxide.
x
x
AcidLeachfireassayswerefactoredbytheequation:AuFA*1.32
Oxidefireassayswerefactoredbytheequation:AuFA*1.19
Nootherfactorswereappliedtotherawdata.
May15,2009

ANV_43101_51509.docx
sew

Page105
15 ADJACENTPROPERTIES
Therearenoproperties,adjacenttotheHycroftProject,withrecentMineralResourceor
MineralReserveestimates.
May15,2009

ANV_43101_51509.docx
sew

Page106
16 MINERALPROCESSINGANDMETALLURGICALTESTING
TheBrimstoneDepositisbeingminedandprocessedusingaROMheapleachpadandaMerrill
Croweplant.Productiondatafromthepadsgivethebestpossibleindicationoffuture
processingrecoveries.Thefeasibilityofminingisbasedonthepastperformanceofthe
Brimstoneleachpads.Theoretypesthatwillbeplacedarethesameoretypesthatwere
placedonthepadsuntil1998.ThePad4wascontinuouslyleachedafterminingceasedandthe
recoveryforthatpadstandsat56.6%ofthetotalgoldbyfireassays.Theestimatedrecovery
fortheremainderofBrimstoneisprojectedtobe56.6%offireassaygoldbasedonreviewsof
historicproductionandtestwork.
16.1 PROCESSINGFACILITIES
16.1.1 BrimstoneLeachPad
Theexistingheapleachpadispermittedforanexpansionof9.1millionsquarefeet.A3Million
squarefootadditionwasconstructedduringthe2ndquarterof2008.ROMorewillbeplaced
ontheleachpadwithtrucks.Successiveleachpadliftswillbe30ftinheight.
Theoreliftsonthepadwillbecrossrippedforenhancedpermeability.Theorewillbeirrigated
atarateof0.00250.0030gpm/ft2withabufferedcyanidesolution.Theanticipatedleach
periodwillbe60to90days.
16.1.2 BrimstonePlant
TheBrimstoneplantcomprisesfoursolutionponds,aMerrillCrowezincprecipitationplantand
arefinery.Therearetwoprimaryponds;thepregnantpondandthebarrenpond.Each
primarypondhasacapacityof2.6milliongallonseach.Thethirdpondisanemergencypond
andhasacapacityof2.8milliongallons.ThelastpondistheoldLewispregnantpondandit
hasacapacityof4.0milliongallons.
Solutionprocessingandpreciousmetalrecoverywillbeaccommodatedwitha2,800gpm
MerrillCroweplant.Pregnantsolutionisbuffered,fortifiedwithcyanideandthenclarified
withSparklerfilters.Theclarifiedsolutionisdeaeratedwithvacuumpumpsandapacked
vacuumtower.Zincdustisaddedtotheclarified/deaeratedsolution.Goldandsilver
precipitatesarecapturedwiththree48inchrecessedplatefilters.Thecollectedprecipitates
aretransportedtotherefinery,retortedtoremovemercuryandthenfirerefined.Barren
solutionisdischargedtothebarrenpondandtherecirculatedbacktotheBrimstonepad.
16.1.3 Recovery
ActualfinalgoldrecoveryfromPad4forallpreviousoperationswas79.5%(pad#4,historic
results).Consideringalltheinformationavailable,theprojectedrecoveryof56.6%ofAuFA
representsarealisticestimateofrecoveryfortheremainingoresintheBrimstonepit.Historic
productionfiguresfortheBrimstonePads4and5areshowninTable16.1.
May15,2009

ANV_43101_51509.docx
sew

Page107
Table16.1ProductionPadLoadingandRecoveries(USImperialunits)

Pad
4
5

GoldLoaded
TonsofOre
Oz
11,130,054
159,206
4,334,061
61,991
CNSol
GradeOpt
0.0143
0.0143
Recovery
GoldOz
126,622
49,348
Actual%
Recovery
79.5
79.6
Figure16.1showstheactualrecoveriesofgoldfromtheBrimstonepad.Thefigureshowsgold
recoveryversustimefortheROMorethatwasplacedonpads4and5.Sincethesame
materialtypeswillbeplacedbytrucks,justasinthepast,thesearethebestindicatorsthat
recoverieswillremainthesameforfutureoreplacementandleaching.Estimatedrecoveries
arealsoshownonthegraph.Itshowsalowerrecoverybasedonminimaloreplacementinthe
beginningofthemineplan.Itisanticipatedthatonceproductionhitsitspeakandadditional
testingofsolutiontothepadareevaluatedthatmetallurgicalrecoverywillimprove.
May15,2009

ANV_43101_51509.docx
sew

Page108
Figure16.1HycroftLeachPadRecovery(CyanideSoluble)Comparisons
May15,2009

ANV_43101_51509.docx
sew

Page109
16.2 METALLURGICALTESTWORK
SeveralmetallurgicalstudieshavebeenundertakenontheHycroftore.Thesestudieswere
reviewedbytheauthorandarebrieflyrevisitedinthissection.In1994,ametallurgical
programwasinitiatedattheHycroftminetoevaluatethegoldrecoverythatcouldbeexpected
fromrunofmineleachingoftheBrimstoneorebody.Itwasapparentatthestartofthe
Brimstoneevaluationthattwobasicoretypesexistedwhichwereclassifiedatthetimeas
silicifiedbrecciaandacidleach.Theacidleachmaterial,whichgenerallyformstheupper
partoftheBrimstonedeposit,isfineandfriable,whereasthesilicifiedbrecciaissignificantly
morecompetent.DuringtheinitialtestingoftheBrimstoneores,relativelygoodbulksamples
ofacidleachmaterialwereavailableforcolumnandheapleachingtestswhilealimited
quantityofsilicifiedbrecciacoresampleswereavailablefortesting.Asaresult,good
confidenceintherecoveriesfromacidleachmaterialwereobtainedthroughtestworkwhile
additionaltestingneededtobeundertakentoimprovetheconfidenceintheexpectedrecovery
fromthesilicifiedbrecciamaterial.
WhenminingstartedatBrimstoneatthenorthendofthedeposit,orewastruckedtoPad4
whichwasconstructedsolelyforBrimstoneore,andtoPad5whichwasBrimstoneoreplaced
ontopoftheoldCrofootPad1.Asaresultofthisplacementofore,recoveryfromPad5could
bebiasedbysomeresidualleachingfromPad1belowit.Pad4,ontheotherhand,was
exclusivelyusedforBrimstoneoreand,therefore,goldproductionfromthispadaccurately
reflectsactualgoldrecoveryachievedfromBrimstoneoreplacedonPad4.OreplacedonPad
4waspredominatelyacidleachmaterialbutdidincludeapproximately27percentofsiliceous
oxide(previouslycalledsilicifiedbreccia)ore.
Duetosustainedlowgoldprices,miningintheBrimstonepitwashaltedinDecember1998and
nofurthermetallurgicaltestworkwasdoneatthattime.Itwasapparent,however,that
significantlymoregoldhadbeenplacedontheBrimstoneheapthanwasreportedinthemine
model,soadetailedstudyoftheBrimstoneorebody,minedtodateandfuturereserves,was
undertaken.Duringthecourseofthisstudy,alltheexistingdrillholedatawasrelogged,and
togetherwithpitmappingandblastholedata,thegeologyoftheBrimstonedepositwas
reinterpreted,resultinginmuchbetterunderstandingoftherelationshipbetweentheore
materialtypesandmetallurgicalresponse.Whilethereremainstwopredominantoretypes,
theyarenowreferredtoasacidleachandsiliceousoxide,insteadofacidleachand
silicifiedbreccia,andthereisonlyonepotentialsubsetthathasanysignificanceclay
bearingoxide.Inlightofthisadditionalinformation,thesamplesusedforallprevious
metallurgicalworkwererereviewedtoseewhichoretypetheyrepresented.Inaddition,areas
inthepitwherespecificoretypesarenowexposedwereidentifiedandnewsampleswere
collectedforadditionaltestwork.
May15,2009

ANV_43101_51509.docx
sew


Page110
16.2.1 HistoricTestWork
Asignificantamountoftestworkwascompletedin1994,priortomakingthedecisionto
proceedwiththedevelopmentoftheBrimstonedeposit.Thisworkincludedbottlerolltests,
barreltests,columntests,andtwotestheaps.Themajorityoftheworkfocusedonacidleach
material,whichwasmorereadilyavailableandledtotheconclusionthatatleast75percent
recoveryofcyanidesolublegoldwasachievablefromacidleachore.
Fourcolumn/barreltestswererunata3rocksizeonmaterialdesignatedtransitionoxide
materialandsilicifiedoxidematerial.Thecompositionoforesampleswhichwereusedfor
thesetestswasreviewedtodeterminewhetherornotthecolumnscanbeconsidered
representativeunderthenewdefinitionofoxideore.Theconclusionisthatthesampleswere
representative.
Goldrecoveriesachievedfromthesecolumn/barreltestswereasshowninTable16.2.
Table16.2Column/BarrelTestResultsonTransitionOxideandSilicifiedOxideOre
TestNumber
9413A
FireAssayGoldRecovery(%)
CNSolubleGoldRecovery
(%)
72.7
9413B
9413C
9413D
61.9
77.6
65.3
74.7
69.7
52.2
65.9
Thefirstrecoveryfigureisbasedoncyanidesolublegoldassayswhilethesecondfigureis
basedonfireassays.Theaveragecyanidesolublegoldrecoveryforthesetestswas72.6
percent,butifthelowestrecoverytestisrejected,theaveragegoldrecoveryis75percent.
TheresultsofthetestsonAcidLeachandoxideoreswerethebasisforproceedingin
production.TheactualresultsofproductionfortheROMpadsdemonstratedsignificantly
higherrecoveriesovertime.
16.2.2 TestWork2000
In2000atestprogramwasinitiatedtobetterunderstandthemetallurgicalresponseofore
typesthatwouldbeencounteredinfuturemining.Thetestsincludedcolumntestingofcore
samplesanddrumtestingofbulksamplescollectedfromthepit.Theresultsaretabulatedin
Table16.3.
May15,2009

ANV_43101_51509.docx
sew


Page111
Table16.3ColumnLeachResultsforOxideOre
Sample
Material
4636
4434
4400
Core1
Core2
Core3

ClayBearingOxide
ClayBearingOxide
ClayBearingOxide
SilicifiedOxide
SilicifiedOxide
SilicifiedOxide
CurrentGoldExtraction
%CNSolAu
83.2
77.5
79.6
61.7
64.3
70.4
%FAAu
76.9
69.9
72.4
50.5
55.7
60.4
90Day
Projected
Gold
Extraction
90.5
86.7
84.0
70.3
70.4
77.0
R2
0.99
0.99
0.99
0.99
0.99
0.99
TheresultsofcolumntestsCore1,2&3,whichemployedsamplestakenfromintactcorenot
representativeofRunofMinematerialshowedsimilarresultstoprevioustests.Thedrumtests
weremorerepresentative,basedontestworkcarriedoutonbulksamplestakenfromthe
blastedoreinthepit,withamoreappropriatesizedistribution.The90dayprojected
recoveriesforthreedrumtestsvariedfrom84.0%to90.5%.Thedrumsampleswere,however,
alittlehighergradethanthegradeofthefuturereserves.Theloweroraveragegradeoreswill
probablynotachievequiteashigharecovery.However,inaproductionsituationtheplaced
oreisleachedformuchlongerthan90days,whichwouldtendtorecovermoregold.An
importantpointtonoteisthatthedrumtestresultsandsubsequenttailingsanalysisindicate
thatfutureoreswillyieldsimilarmetallurgicalperformancetopreviouslyminedore.
16.3 PREVIOUSLYMINEDORECOMPAREDTOREMAININGMINERALRESERVES
Anindicationoffuturemetallurgicalperformanceistocomparethecyanidesolubledataof
samplesrepresentativeoftheoreobtainedduringpreviousminingoftheBrimstoneorewith
samplesrepresentativeoftheremainingBrimstonereserves.Adetailedcomparisonofthe
cyanidesolubledataforsamplesoftheSouthBrimstonedrillinterceptsandNorthBrimstone
drillinterceptswascompleted.SouthBrimstoneistypicalofpreviouslyminedBrimstoneores
andNorthBrimstoneisrepresentativeoffutureBrimstonereserves.Theresultsofthese
comparisonsareinTables16.4and16.5.

May15,2009

ANV_43101_51509.docx
sew

Page112
Table16.4SouthBrimstoneDrillIntercepts(USImperialUnits)
OreType
Siliceous
AcidLeach
Claybearing
Other
TotalAverage
Footage %OfTotal
CNSol
%CNSol
Included Footage
Au(opt)
Recovery
13,873.0
45.7%
0.0155
73.5%
12,677.1
41.8%
0.0191
76.7%
3,165.7
10.4%
0.0239
80.2%
615.0
2.0%
0.0142
85.9%
30,330.8
0.0178
76.0%
Table16.5NorthBrimstoneDrillInterceptsUSImperialUnits
OreType
Siliceous
AcidLeach
Claybearing
Other
TotalAverage
Footage
Included
11,355.0
18,727.0
1,485.0
260.0
31,827.0
%OfTotal
Footage
35.7%
58.8%
4.7%
2.0%
CNSol
%CNSol
Au(opt)
Recovery
0.0137
75.3%
0.0160
75.8%
0.0136
79.5%
0.0088
59.5%
.0150
75.7%
Theseresultsindicatethatthereisvirtuallynodifferencebetweentheoverallpercentageof
cyanidegoldrecoveryfortheNorthandSouthportionsoftheBrimstonepit.Theaverage
percentageofcyanidesolublegoldinbothsamplesetswithinexperimentallimitsofsamplingis
identical;76%versus75.7%.Theconclusiontobedrawnfromthecyanidesolublecomparison,
theproductiondataandcompletedtestworkisthatalldescribedoretypes,withintheerrorof
quantifiableresults,aremetallurgicallyidenticalinaROMsituation.
16.4 METALLURGICALTESTINGOFUNOXIDZEDMATERIAL
InSeptember2008AlliedNevadasentabulksampleofrepresentativeunoxidizedmaterialto
SGSMineralServicestoinvestigaterecoverymethodsforthismaterialtype.SEWCbelievesthis
stepisthefirststeprequiredtomovethedeepsulfidesintotheindicatedcategory.The
purposeoftheprogramwastodevelopapreliminaryprocessflowsheet.Theprogram
incorporatedorecharacterizationtestsaswellastheevaluationofanumberofmetallurgical
processingoptionsincluding:gravityseparation,flotationandcyanidation.
16.4.1 OreCharacterization
Testworkindicatedthefollowing:
May15,2009

ANV_43101_51509.docx
sew
x
x
x

Page113

Goldandsilvergradeswereslightlylowerthananticipatedat0.52g/tAuand16.0g/t
Ag.Theaveragegoldandsilvervaluesanticipated,basedoninformationprovidedby
AlliedNevadawere0.61g/tAuand17.3g/tAg.
At17.2(metric),theBondballmillworkindexisconsideredtobemoderatelyhardin
termsofgrindabilityincomparisontotheSGSgrindabilitydatabase.
Ascopinglevelmineralogicalevaluationrevealedthatpyritewastheprinciplesulphide
mineralobservedatanestimated15%inalleightcomposites.Marcasitewhichis
essentiallypyritewithachemicalcompositionslightlyweightedtowardS(Scontentin
marcasiteis53.5%andonly53.4%inpyrite,bothareFeS2)waspresentintherangeof
15%inZonecompositesA,BandCand<1%intheothers.Pyrrhotiteoccurredat<1%in
ZonecompositesE,FandGonly.Stibnite,at<1%wasnotedonlyinZonecompositeB.
GraphitewasidentifiedinZoneA.Notethatthemineralogystudywasintendedforvery
basicscopinglevelreconnaissanceinformationonly.Amoreindepthstudymayreveal
othersignificantparametersnotidentifiedhere.
16.4.2 MetallurgicalTesting
x
Gravityseparationtestworkindicatedthatthereisverylimitedpotentialforsignificant
gold/silverrecoverythroughgravitymethods.Goldandsilvercontentappearstobe
mainlyinintimateassociationwithsulphidespecieswhichinturnappeartobefairly
fineandnotamenabletoefficientrecoverybygravitymethods.
Flotationthroughthisprogramhasdevelopedtothepointwhere~8085%gold,silver
andsulphiderougherrecoveriesareattainableinarelativelysimpleflowsheet.Further
flowsheetdevelopmentisclearlyrequiredtoattaincleaner(highergrade)rougher
concentratesandtoimproverecoveries.Wefeelthattherearestillasignificantnumber
ofoptionsavailablefortestingintheroughercircuit,including:
o Optimizingpulpviscosityanddensityconditions
o Evaluatingthepotentialofdeslimingpriortorougherflotation
o Investigatingcoarserprimarygrinding(thetestworkinthisprogramwas
somewhatinconclusivewithregardtoestablishingtheuppergrindlimit).
o Conductingamoreindepthevaluationofactivatorsandactivatorcombinations
intheroughercircuit.
o Flotationcleaningefficiencieswerereasonablyhighandappeartopresentno
insurmountablechallenges.
Wholeorecyanidationyieldedverylowextractionsforbothgoldandsilver.Ataprimary
grindsizeof65m(P80),goldextractionwas15%whilesilverwas45%.Basedonthe
availablemetallurgicalevidenceitappearsthattheassociationsofgoldandsilverdiffer
somewhat.
Cyanidationtestscompletedoncleanerflotationconcentratealsoyieldedpoorunit
(andoverall)extractionvalues.Atafeedsizeof~20m(P80),goldandsilver
extractionswere13.8%and55.9%respectively.Consideringflotationrecovery,those
May15,2009

ANV_43101_51509.docx
sew

Page114

valuescorrespondto8.5%(gold)and36%(silver)overallrecovery.Ultrafinegrindingto
P80=4mimprovedextractionsomewhatbutalsoresultedinratherdisappointing
overallrecoveryvaluesof14%and54%forgoldandsilverrespectively.
Asingleaquaregiaacidleachtestcompletedonthecleanerflotationconcentrate
resultedin~99%sulphideoxidationandyieldedexcellentsimilardegreesofgoldand
silverextraction.Thisresultindicatedthattherefractorypretreatmentoxidation
processwillbenecessarytoachieveadequategoldandsilverrecoveryfromtheHycroft
sulphideore.
Theeconomicviabilityofthesepretreatmentoxidationprocessesneedstobeevaluated.
Considerabletestworkisclearlyrequiredinordertooptimizeunitprocessesandtodefinethe
metallurgicalflowsheetrequiredfortreatmentoftheHycroftsulphideore.Finalproduct
recoveriescanonlybeconfirmedaccuratelyaftertheflowsheethasbeentestedandoptimized.

May15,2009

ANV_43101_51509.docx
sew

Page115
17 MINERALRESOURCEANDMINERALRESERVEESTIMATES
TheresourcesstatedforHycroftMineinthisreportconformtothedefinitionsadoptedbythe
CanadianInstituteofMining,MetallurgyandPetroleum(CIM),December23,2005,andmeet
thecriteriaofMeasuredMineralResources,IndicatedMineralResourcesandInferredMineral
Resources
TheHycroftMineralResourceandMineralReservesarenotmateriallyaffectedbyanyknown
environmental,permitting,andlegal,title,taxation,socioeconomic,politicalorotherrelevant
issues.TheestimatesofMineralResourcesandMineralreservesmaybemateriallyaffectedif
mining,metallurgical,orinfrastructurefactorschangefromthosecurrentlyanticipatedatthe
HycroftMine.
InferredmineralresourceshavenotbeenusedintheeconomicanalysisoftheHycroftMine.
17.1 HYCROFTMINERALRESOURCE
17.1.1 ResourceDataforGradeEstimationandBlockModeling
TheresourceestimateinthisreportwascompletedbySEWCunderthedirectionofScottE.
Wilson,anindependentqualifiedpersonasdefinedinNI43101.
17.1.1.1 DrillingData
DrillholedatafortheHycroftpropertyismaintainedinanMicrosoftdatabasebyAlliedNevada.
AlliedNevadavalidatesthedatabaseconstantlyandhascertifiedthedatatobecleananderror
free.ThedrillholedatabasehasbeenconvertedtoaVulcanIsisdatabasenamed
Feb09_2.dhd.isis.
17.1.1.2 AssayCorrections
Noassaycorrectionswereappliedtothenewresourceblockmodel.Thereisnogeologic
loggingassociatedwiththemajorityofthehistoricdrillingdata.Hycroftgeologistsare
presentlyreloggingthemajorityofthedrillcuttingsforfuturegeologicalmodelingexercises.
TheHycroftassaydatawerecorrectedforresourceestimationasfollows:
x
Iftheratioofcyanidesolublegold(AuCN)tofireassaygold(AuFA)wasgreaterthan
1.00,andAuCNwaslessthan0.002optAugreaterthanAuFA,AuCNwassetequalto
AuFA.
BrimstoneandCut5assaydatawerecorrectedforresourceestimationasfollows:
x
x
Iftheassayintervalwasapre1999holeandwasnotfactoredbyOREandthealteration
wasacidleachthentheAuFAgradewasmultipliedby1.32tocorrectfordrillingbias.
Iftheassayintervalwasapre1999holeandwasnotfactoredbyOREandthealteration
wasoxidethentheAuFAgradewasmultipliedby1.19tocorrectfordrillingbias.
May15,2009

ANV_43101_51509.docx
sew

Page116
17.1.1.3 TopographicData
Themostrecentaerialsurvey(AerographicsSaltLakeCity,Utah,October,2007)wasusedas
thebasetopographyatHycroft.AerographicsprovidedthetopoinAutocadformatandSEWC
convertedthetopotoaVulcantriangulationsurface.Thesurfacewasusedtoseparateair
versusgroundintheblockmodel.
SRKgeneratedanasmined,prebackfillsurfacethatwasusedtocodetheblockmodel
withblocksthatarestillremainingintheground,underneathdumpsandbackfilledpits.The
differencebetweentheaerialsurveysurfaceandtheSRKsurfaceequalsbackfillmaterialand
thisfillmaterialwascodedtotheVulcanblockmodel.
x
x
AerialSurveySurfacetriangulationOcober_topo.00t
AsMinedPreBackfilltriangulation4sw_prebackfill_cont5.00t
17.1.1.4 GeologicalModelExcludingBrimstoneandCut5
Thequaternaryalluvium/bedrocksurfacewasinterpretedbySRKandHycroftsitegeologists.A
Vulcansurfacewasprovidedandwasusedtocodetheblockmodelwiththisbreakbetween
rocktypes.Ablockthatisgreaterthan50%inthegroundiscodedasbedrockotherwiseitis
codedasalluvium.
17.1.1.4.1DeterminationofOxidevs.Mixedvs.SulfideZones
ZonesofthevariousoxidationstatesoftheHycroftmineralizationweredeterminedwith
indicatorkrigingoftheAuCN:AuFAratiosofthe5footrawassayinformation.Oxidationwas
classifiedaseither1)Oxide,2)Mixedand3)Sulfidebythefollowingmethodsandformulas.
1.
2.
3.
4.
5.
6.
Twocolumns(redox,ratio)wereaddedtothedrillholedatabase.
TheratioofAuCN/AuFAwasstoredintheratiocolumn.
If(ratio>=70%)thenredox=1,where1indicatesOxide
If(ratio<=30%)theredox=3,where3indicatesSulfide
Allotherassayintervalssetto2,where2indicatesMixed
Thisresultsintheredoxfieldcontainingones,twosorthrees.
Theredoxvalueswerecombinedinto25footcompositesbasedonthemajorityvalueofthe
five5footredoxvalues.
7. Determinedtheanisotropicpreferreddirectionoftheredoxindicators.
8. Estimatedtheredoxindicatorsintotheblockmodelvariableredox.
Theendresultistheindicatedoxidationstate,asinterpretedfromstatisticalmodelingofthe
ratiosofAuFA:AuCN,isstoredintheblockmodel.Basedonobservedmineralizedrockcoming
fromtheBrimstonePit,itwasdeterminedthatOxideandMixedmaterialcouldbelumped
togetherasOxideforthepurposedofreportingMineralResourcesaseitherOxideorSulfide.
May15,2009

ANV_43101_51509.docx
sew

Page117
17.1.1.5 GeologicalModelBrimstoneandCut5
ThescopeofthisreportwastoupdatethereserveleveldetailofBrimstoneandCut5.
Therefore,interpretedgeologicshapeswererequiredforincreasedconfidenceinthemineral
estimateforthesetwodeposits.
AlliedNevadastaff,alongwithinputfromSRKElko,loggedthegeologyofalltheholesinthe
proximityofBrimstoneandCut5.Theresultinginterpretationsofrockunitsandalteration
zones,intheformofVulcantriangulations,wereprovidedtoSEWC.Thedefinitionofrock
unitsallowfortheproperdistributionofbulkmaterialdensities.Thisinturnhelpsprovidea
morereliableestimateofthecontainedmetalofthedeposit.Thealterationshapesalsohelp
determinetherocktypedensitiesbutalsohelpsubdividethedepositforfurthermetallurgical
characterizations.Table17.1liststherockunitsandalterationshapesusedfortheBrimstone
andCut5geologicalmodel.
Table17.1VulcanRockUnitsandAlterationShapes
VulcanTriangulation
GeologicZone
B_AcidminusEBlk.00tBrimstone
AcidLeach(Alteration)
C_AcidLeach.00tCut5
AlluviumSEWC
Alluvium(RockType)
B_ArgillicminusEBlk.00tBrimstone
ArgillizedRocks(Alteration)
C_Argillic.00tCut5
B_OXCN_080623MS.00tBrimstone OxideZone(Redox)
C_OXCN_080623MS.00tCut5
VulcanTriangulation
GeologicZone
B_PropminusEBlk.00tBrimstone
PropyliticallyAlteredRocks(Alteration
B_SilicicMinusEBlk.00tBrimstone
SilicifiedRocks(Alteration)
C_Silicic.00tCut5
B_UnaltMinusEBlk.00tBrimstone
NoAlteration
C_Unalt.00t
May15,2009

ANV_43101_51509.docx
sew

Page118
17.1.1.6 TonnageFactors
Thedensitieswereadjustedbasedonprevioustechnicalreporttothenewrocktype
characterizations.Table17.2liststhedensitiesusedinthisreport.
Table17.2BrimstoneTonnageFactors
GeologicZone
Alluvium
BackfilledPits
AcidLeach
OxideSilicicAlteration
OxidePropyliticAlteration
OxideArgillicAlteration
SulfideRocks
Unaltered
Undefined
TonnageFactor(ft3/ton)
18.00
20.00
17.50
13.70
14.00
16.00
13.00
13.00
14.25

17.1.1.7 DrillholeCompositing
Drillholeassayswerecompositedusing25footdowntheholecompositesfortheentire
HycroftProject.Thestartofthecompositeisthecollarofthedrillhole.Ifthedownholelength
ofthecompositewaslessthan12.5feetthennocompositewasgenerated.Assayvaluesof9
wereignoredandthenanewcompositewouldbegeneratedatthatpoint.Assayvaluesof8
weresetto0.0001optforAuFA,AuCNandAgFA.
GeologiczonecodeswereaddedtotheBrimstonecompositesusingthesamegeologicmodel
solidsthatwereusedtodefinethegeologicblockmodel.Codeswereassignedbasedonthe
locationofthecompositecentroidrelativetothegeologicmodelpolygonsonthesamebench
asthecentroidofthecomposite.
17.1.1.8 CompositeStatisticsBrimstone
Basicstatisticswerecompiledforexplorationdrillholedatausinggeologiccodestransferred
fromtheBrimstonegeologicmodelpolygons,assummarizedinTable17.3.Observationsfrom
thesestatisticsinclude:
x
x
x
Thehighestaveragegoldgradeisinthesilicifiedunitwithanaveragefireassaygradeof
0.4098optAuFA.ThiscompositewasminedoutintheVistaminingdays.
Thehighestaveragegradeinunalteredinsiturockis0.288optAuFA.
Thehighestgradeinsituoxideis0.228inacidleach.
May15,2009

ANV_43101_51509.docx
sew


Page119
Table17.3BrimstoneCompositeStatistics(ImperialUnits)
Brimstone
AllComposites
GeologicZone
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Propylitic
Unaltered

Brimstone
838
1471
5982
5332
782
157
1310
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Propylitic
Unaltered

Brimstone
786
469
5879
3245
463
25
824
Average StdDeviation
ozAu/t
0.0030
0.0060
0.0050
0.0067
0.0074
0.0121
0.0123
0.0137
0.0146
0.0189
0.0159
0.0191
0.0042
0.0070

SulfideComposites
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Propylitic
Unaltered
52
1002
103
2087
319
132
486
1.7422
1.5468
1.6297
1.0605
1.3844
1.0077
1.2995
C.V
GeologicZone
C.V
GeologicZone
Average StdDeviation
ozAu/t
0.0034
0.0059
0.0043
0.0067
0.0074
0.0120
0.0114
0.0121
0.0112
0.0155
0.0103
0.0104
0.0059
0.0077

OxideComposites
Compositesat0.005CutoffAuFA
Average
ozAu/t
0.0043
0.0040
0.0047
0.0100
0.0063
0.0092
0.0088
1.7940
1.3504
1.6295
1.1179
1.2906
1.2015
1.6724
Number
Number
C.V.
Average Std.Deviation
ozAu/t
126
0.0138
0.0099
0.7140
377
0.0110
0.0106
0.9624
2071
0.0175
0.0159
0.9075
3604
0.0157
0.0126
0.8063
414
0.0193
0.0177
0.9190
107
0.0138
0.0108
0.7822
469
0.0134
0.0088
0.6564

OxideCompositesat0.005CutoffAuFA
C.V.
ozAu/t
112
0.0143
0.0102
0.7163
142
0.0115
0.0092
0.8024
2041
0.0176
0.0160
0.9074
2196
0.0170
0.0144
0.8471
268
0.0238
0.0203
0.8517
18
0.0212
0.0202
0.9545
179
0.0135
0.0106
0.7905

SulfideCompositesat0.005CutoffAuFA
StdDeviation
C.V
Number
0.0046
0.0067
0.0057
0.0088
0.0057
0.0071
0.0079
1.0760
1.6555
1.2146
0.8773
0.9116
0.7754
0.8938
14
235
30
1408
146
89
290
ozAu/t
0.0102
0.0050
0.0107
0.0113
0.0114
0.0067
0.0135
0.0087
0.0110
0.0053
0.0123
0.0067
0.0133
0.0074
C.V.
0.4948
1.0587
0.5882
0.6464
0.4860
0.5417
0.5550

Lognormalcumulativefrequencyplotswerecompiledbygeologicunittofurtherevaluatethe
goldgradedistributionsindrillholecomposites.Theplotsindicatealognormaldistributionat
allgraderanges.
Itisobservedthatthedistributionsofgoldintheacidleachoxideunitsaresimilarbuttheacid
leachunitcontainsalargerfractionofmineralizedmaterial(Figure17.1).Figure17.2shows
thatatthe0.005CutoffgradethereanearlyequalamountsofSilicicandacidleachalteration.
May15,2009

ANV_43101_51509.docx
sew

Page120
Figure17.1AllMineralizedBrimstoneComposites
BrimstoneDeposit
NumberofCompositesbyAlteration Mineralized
0.0180
7000
0.0160
6000
0.0120
4000
0.0100
3000
0.0080
0.0060
2000
AverageGrade
NumberofComposites
0.0140
5000
OxandSx
Oxide
Sulfide
TotalGrade
0.0040
1000
0.0020
OxideGrade
SulfideGrade
0.0000
Rock/AlterationTypes
May15,2009

ANV_43101_51509.docx
sew

Page121
Figure17.2BrimstoneCompositesatthe0.005AuFACutoffGrade
BrimstoneDeposit
NumberofCompositesbyAlteration 0.005COG
4000
0.0300
0.0250
3000
0.0200
2500
2000
0.0150
1500
0.0100
AverageGrade
NumberofComposites
3500
OxandSx
Oxide
Sulfide
TotalGrade
1000
0.0050
500
OxideGrade
SulfideGrade
0.0000

May15,2009

ANV_43101_51509.docx
sew


Page122
17.1.1.9 CompositeStatisticsCut5
Basicstatisticswerecompiledforexplorationdrillholedatausinggeologiccodestransferred
fromtheBrimstonegeologicmodelpolygons,assummarizedinTable17.4.Distributionsof
gradebyrocktypeareshowninFigure17.3atthe0.000cutoffgradeand17.4atthe0.005
cutoffgrade..

Table17.4Cut5CompositeStatistics
Cut5
AllComposites
GeologicZone
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Unaltered
951
312
2923
1612
282
7971
Average
ozAu/t
0.0083
0.0050
0.0036
0.0166
0.0098
0.0108
Cut5
Compositesat0.005CutoffAuFA
StdDeviation
C.V
Number
0.0149
0.0060
0.0064
0.0202
0.0154
0.0167
1.8027
1.1861
1.7712
1.2194
1.5680
1.5533
414
103
584
1451
139
5245
OxideComposites
GeologicZone
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Unaltered
803
81
2854
788
185
3939
Average
ozAu/t
0.0083
0.0062
0.0035
0.0215
0.0127
0.0136
Cut5
Number
Alluvium
Undefined
AcidLeach
Silicic
Argillic
Unaltered
148
231
69
824
97
4032
Average
ozAu/t
0.0081
0.0043
0.0083
0.0119
0.0044
0.0080
C.V.
1.1508
0.5395
0.8602
1.1498
1.0260
1.2495
OxideCompositesat0.005CutoffAuFA
StdDeviation
C.V
Number
0.0160
0.0072
0.0064
0.0259
0.0180
0.0218
1.9377
1.1566
1.8232
1.2007
1.4229
1.5947
306
34
532
734
107
2657
SulfideComposites
GeologicZone
ozAu/t
0.0168
0.0194
0.0117
0.0063
0.0122
0.0105
0.0181
0.0208
0.0181
0.0186
0.0153
0.0191
ozAu/t
0.0192
0.0219
0.0124
0.0073
0.0123
0.0109
0.0229
0.0263
0.0207
0.0202
0.0193
0.0246
C.V.
1.1371
0.5862
0.8795
1.1465
0.9760
1.2735
SulfideCompositesat0.005CutoffAuFA
StdDeviation
C.V
Number
0.0051
0.0054
0.0052
0.0108
0.0050
0.0086
0.6640
1.2557
0.6352
0.9075
1.1452
1.0854
108
69
52
717
32
2588
ozAu/t
0.0101
0.0046
0.0113
0.0057
0.0103
0.0044
0.0131
0.0110
0.0094
0.0060
0.0112
0.0093
C.V.
0.4616
0.5054
0.4254
0.8350
0.6385
0.8315

May15,2009

ANV_43101_51509.docx
sew

Page123
Figure17.3GradeandRocktypeDistributionsatCut5(AllMineralization)
Cut5Deposit
NumberofCompositesbyAlteration Mineralized
9000
0.0250
8000
NumberofComposites
6000
0.0150
5000
4000
0.0100
3000
AverageGrade
0.0200
7000
OxandSx
Oxide
Sulfide
TotalGrade
2000
0.0050
1000
OxideGrade
SulfideGrade
0.0000

May15,2009

ANV_43101_51509.docx
sew

Page124
Figure17.4GradeandRocktypedistributionatthe0.005cutoffgrade
Cut5Deposit
NumberofCompositesbyAlteration 0.005COG
0.0250
6000
0.0200
4000
0.0150
3000
0.0100
2000
AverageGrade
NumberofComposites
5000
OxandSx
Oxide
Sulfide
TotalGrade
0.0050
1000
OxideGrade
SulfideGrade
0.0000

17.1.2 RESOURCEESTIMATION
17.1.2.1 ResourceModelDefinition
TheVulcanresourceblockmodelfortheHycroftProjectsubdividestheoredepositinto25ft
by25ftby25ftcubedblocks.Alloftherequiredinformationaboutthedepositisstoredin
eachindividualblock.Thisincludesestimatedcharacteristicssuchasgoldandsilvergrades.
Statisticalcharacteristicssuchaskrigingvariances,numberofsamplesusedinanestimate,
distancestothenearestdrillhole,etc.,arealsostoredineachindividualblockfordescriptive
evaluations.Physicalinformationstoredintheblockscanincluderocktypes,bulkdensities,
containedmetalandalterationisstoredinordertoevaluateengineering,productionand
geotechnicalparametersthatmightbeutilizedtodeterminetheviabilityofminingtheore
deposit.
May15,2009

ANV_43101_51509.docx
sew


Page125
17.1.2.2 ResourceModelDimensions
TheVulcanModeldimensionsarelistedinTable17.5.ThemodelissavedasFeb09_5.bmf.All
theblocksareorthogonalattheSelectiveMiningUnitof25feet.
Table17.5CombinedResource_aug08.bmfDimensions

East North Elevation
MinimumMineCoordinates 16000 37000
2350
MaximumMineCoordinates 24700 53000
5200
NumberofBlocks
348
640
114

17.1.2.3 HycroftGradeModel
17.1.2.3.1VariographyParameters
FireAssayandColdCyanideAssayswereestimatedintotheblockmodelusingordinarykriging.
Variogramswerecalculatedforeachoredeposit,ordomain,onthepropertyandtheresults
tabulatedinTable17.6.
Table17.6HycroftVariograms
Domain
BayArea
Boneyard
Brimstone
Cut5
CamelHill
Central
Fault
Deep
Sulfides
Rotation Rotation Rotation Major

Aboutz Aboutx Abouty
Axis
Axis
Axis
Axis
Length
320
241
0
40
159
90
40
58
10
8
36
0
16
51
0
65
72
0
250
125
152
150
265
265
0
0
500
Semi Minor Nugget

Sill
Major
Axis
Differential
Axis Length
Length
220
160
0.577
0.428
100
30
0.399
0.581
145
106
0.158
0.906
90
70
0.156
1.36
140
80
0.553
0.703
125
80
0.126
0.878
500
125
0.795
0.233
Range
at
95%
ofSill
73
90
120
75
165
115
195

17.1.2.3.2GoldGradeEstimationParameters
Goldgradewasestimatedusingordinarykrigingestimationwithgoldgradeselectionranges
andparametersvaryingaccordingtothevariographyofeachdomain.Thegeneralprocedure
forcreationofthegoldgrademodelwasasfollows:
x
Themajoraxisofthesearchellipsewasorientedatthesameanglesasthevariograms
May15,2009

ANV_43101_51509.docx
sew


Page126
x
x
Acompositehadtobe12.5feet,orhalftheSMU,inordertobeusedinthegrade
estimationrun
AuCNandAgFAgradeswereestimatedusingthegoldvariographyparameters
ThegradeestimationsearchparametersarelistedinTable17.7.
Table17.7EstimationSamplingParameters
Domain
Minimum
Samples
MaximumSamplesper
Estimate
MaximumSamplesper
Hole
Discretization
BayArea
Boneyard
Brimstone
Cut5
CamelHill
CentralFault
Deep
Sulfides
1
1
1
1
1
1
1
9
9
10
10
9
9
9
3
3
4
4
3
3
3
4X4X1
4X4X1
4X4X1
4X4X1
4X4X1
4X4X1
4X4X1

17.1.2.3.3ReconciliationofResourceModeltoValidatePerformance
Therearenohistoricblockmodels,exceptatBrimstone,tocomparetheaccuracyofthe
resourcemodel.However,gradeswereestimatedusingNearestNeighborandInverseDistance
Squaredgradeestimationtechniques.Allthreetechniquesyieldnearlythesamegradeand
tonnage.SEWCbelieveskrigingisthebestapproachtohandlelocalvariancesofgradessothis
methodwaschosentoreportgradeandtonnagesfortheHycroftProject.
ThemostrecentgradeestimateatBrimstonewascompletebyOREin2005.Itisdifficultto
reconcilethetotalresourceatBrimstonewiththenewresourcemodelduetothefactthat
over270additionalholeswereusedinthenewBrimstoneestimate.Sincethereisapitdesign
inexistenceforBrimstonethatareaoftheresourcecanbecheckedformodelperformance.
Table17.8liststhereconciliationoftheOREmodeltotheSEWmodel.
May15,2009

ANV_43101_51509.docx
sew


Page127
Table17.8ReconciliationofOREtoSEWCResourceModelEstimation(USImperialUnits)
CutOff Ktons
0.500 1,669
0.040 2,746
0.030 5,087
0.020 12,232
0.018 14,924
0.016 19,364
0.014 22,794
0.012 27,994
0.010 30,432
0.009 33,342
0.008 38,864
0.007 41,540
0.006 44,856
0.005 44,856
0.004 53,546
0.003 60,628
0.002 75,417
0.001 82,366
TotalPit 82,366
OREModel
AuFA
KOz
0.071
0.060
0.049
0.035
0.032
0.028
0.026
0.024
0.023
0.022
0.020
0.019
0.018
0.018
0.016
0.014
0.012
0.011
0.011
SEWCModel
Ktons
AuFA
KOz
118 702
0.061
165 1,733
0.051
249 3,963
0.042
428 11,415
0.030
478 14,227
0.028
542 17,697
0.026
593 21,722
0.024
672 26,298
0.022
700 31,898
0.020
734 34,973
0.019
777 37,921
0.018
789 41,004
0.017
807 43,983
0.017
807 46,959
0.016
857 50,637
0.015
849 55,626
0.014
905 62,765
0.013
906 74,138
0.011
906 88,466
0.009
DifferenceofSEWtoORE
Tons
Grade
Ounces
43
138%
16%
177%
88
58%
18%
86%
166
28%
17%
50%
342
7%
17%
25%
398
5%
14%
20%
460
9%
8%
18%
521
5%
8%
14%
579
6%
9%
16%
638
5%
15%
10%
664
5%
16%
10%
683
2%
11%
14%
697
1%
12%
13%
748
2%
6%
8%
751
4%
13%
7%
760
6%
7%
13%
779
9%
0%
9%
816
20%
8%
11%
816
11%
0%
11%
796
7%
22%
14%
Thereconciliationshowsthat,atthecutoffgradeof0.005thetonsarefairlyclosetotheORE
modelestimate.Thereissubstantialdifferenceatothercutoffgradesbuttheseareattributed
tothefactthattheOREmodelhandlesAuFAgradesasanafterthought.Theafterthoughtwas
becauseVistawasconcernedwiththemodelingofrecoverablegoldratherthantheentire
metalcontentoftheoredeposit.TheSEWCmodelhandlesthetotalgoldandsilvercontentof
theoredeposit.
17.1.2.3.4ResourceClassification
Resourceclasseswerebasedonthedistancerangeofthevariogramat95%ofthesillandthe
fulllengthofthemajoraxisofthevariogram.InferredMineralResourcesaredefinedatany
blockreceivinganestimatedgrade,wheretherewasatleastoneholewithinthesearchellipse.
Indicatedresourcesaredefinedasbeingwithintherangeat95%ofthesill(d95)andhavingat
least2drillholesintheestimate.MeasuredMineralResourcesrequireaminimumof2
drillholesfortheestimatewhereatleast1holeiswithind95andoneholemustbewithinhalf
thed95distance,expressedasd95/2.Table17.9identifiestheClassificationCriteriaforthe
Hycroftoredeposits.
May15,2009

ANV_43101_51509.docx
sew


Page128
Table17.9HycroftResourceClassificationCriteria
Measured
Indicated
Distance
Inferred
Distance
BayArea
<36.5
36.573
>73
Boneyard
<62.5
62.5115
>115
Brimstone
<60
60120
>120
CentralFault
<82.5
82.5165
>165
Cut5
<37.5
37.575
>75
CamelHill
<57.5
57.5115
>115
DeepSulfides
<97.5
97.5195
>195
Domain
17.1.2.3.5ResourceSummaryGold
TheremainingmeasuredandindicatedinsitugoldresourceasatMarch31,2009is
summarizedinTable17.10.ThetotalinferredinsituresourceissummarizedinTable17.11.

Table17.10HycroftMeasuredandIndicatedInSituGoldMineralResources
Cutoff
0.17
0.45
Cutoff
0.17
0.45
March31,2009MeasuredResource
Type
Tonnes Gra de g/t Ounces
Oxi de Gol d
Sul fi de Gol d
218,894
26,963
0.42 2,986
0.46 399
March31,2009IndicatedResource
Type
Oxi de Gol d
Sul fi de Gol d
175,008
20,000
0.37 2,109
0.62 399
March31,2009MeasuredandIndicatedResource
Cutoff
Type
0.17
0.45
Oxi de Gol d
Sul fi de Gol d
393,901
46,963
0.40 5,095
0.53 798
May15,2009

ANV_43101_51509.docx
sew


Page129
Table17.11HycroftInferredInSituGoldMineralResources
March31,2009InferredResource
Type
Tonnes Gradeg/t
Cutoff
0.17
0.45
OxideGold
SulfideGold
107,337
218,524
Ounces
0.38 1,325
0.62 4,371
17.1.2.3.6ResourceSummarySilver
TheremainingmeasuredandindicatedinsitusilverresourceissummarizedinTable17.12.The
totalinferredresourceissummarizedinTable17.13.
Table17.12MeasuredandIndicatedInSituSilverResources
March31,2009MeasuredResource
Cutoff
Type
Tonnes
12.41
Oxi deSi l ver
49,296
26.50 41,997
Sul fi deSi l ver 19,665
35.83 22,654
12.41
Gra deg/t
Ounces
March31,2009IndicatedResource
Cutoff
Type
Tonnes
12.41
Oxi deSi l ver
21,088
41.97 28,455
52.21 24,396
12.41
Gra deg/t
Ounces
March31,2009MeasuredandIndicatedResource
Cutoff
12.41
12.41
Type
Tonnes
Gra deg/t
Ounces
Oxi deSi l ver
70,385
31.13 70,452
42.79 47,050

May15,2009

ANV_43101_51509.docx
sew


Page130
Table17.13InferredInSituOxideSilverResources
March31,2009InferredResource
Cutoff
Gra de g/t
Type
Tonne s
Ounce s
12.41
Oxi de Si l ve r
11,503
51.27
18,962
12.41
Sul fi de Si l ve r
103,405
47.82
158,965
17.1.2.3.7ResourceSummaryCrofootPadInferredGoldResource
AlliedNevadadrilledawidelyspaced,500by500foot,gridofexplorationholestodetermine
whetheranymineralresourcesremainonthepreviouslyleachedpad.Thedrilling,sampling
assayingandQA/QCprocedures,usedforexploration,wereappliedtotheCrofootPaddrilling
program.Severallarge,contiguouszonesofidentifiablemineralizationweredelineatedonthe
closedheapleachpad.TenrepresentativesamplesweresubmittedtoMcClellandLaboratories
Inc.forbottlerolltestingtodeterminethegoldrecoveriesforthismaterial.Resultsarenot
availableasofthepublicationofthistechnicalreport.SEWCbelievesthatthewidelyspaced
drilling,ontheCrofootPad,issufficienttoestablishcontinuityofmineralization;however,until
metallurgicalrecoveriesareestablished,thismineralizationonlymeetsthestandardsof
InferredMineralResourcesasdefinedbyCIM2005.Table17.14summarizesthetonnageand
gradeofthemineralresourcesontheCrofootPad.
Table17.14CrofootPadOxideInferredMineralResources
March31,2009CrofootInferredResource
Gra de g/t
Cutoff
Type
Tonne s
Ounce s
0.34
CrofootPa d1
7,118
0.44
110
0.17
CrofootPa d2
24,954
0.24
208
May15,2009

ANV_43101_51509.docx
sew


Page131
17.1.2.4 ResourceSummaryGrade/TonneCharts
Table17.15March31,2009OxideMeasuredandIndicatedGold
Cutoff
g Au/t
0.09
0.12
0.16
0.19
0.22
0.25
0.28
0.31
0.34
0.37
0.40
0.44
0.47
0.50
0.53
0.56
0.59
0.62
Mea s uredOxi deAu

KTonnes
gAu/t
KOz
266,090
0.37
3,166
241,020
0.39
3,031
218,893
0.43
2,995
197,691
0.46
2,924
177,132
0.48
2,734
158,778
0.49
2,525
141,104
0.53
2,400
123,743
0.56
2,242
107,669
0.58
2,018
92,814
0.62
1,842
79,268
0.65
1,660
67,775
0.69
1,494
57,402
0.70
1,295
48,720
0.74
1,153
41,151
0.77
1,020
34,775
0.81
900
29,299
0.84
791
24,477
0.87
688
Indi ca tedOxi deAu

KTonnes
gAu/t
KOz
240,958
0.31
2,379
204,212
0.34
2,254
175,007
0.36
2,031
148,206
0.40
1,886
124,287
0.45
1,781
106,620
0.48
1,645
91,226
0.51
1,508
77,583
0.55
1,368
65,812
0.57
1,202
55,328
0.60
1,072
45,506
0.64
931
37,320
0.67
805
30,932
0.71
701
25,726
0.76
628
21,783
0.79
556
18,322
0.84
497
15,614
0.88
441
13,344
0.90
385
M&IOxi deAu
KTonnes
gAu/t
507,048
0.34
445,231
0.37
393,899
0.40
345,897
0.43
301,420
0.47
265,398
0.49
232,330
0.52
201,326
0.56
173,481
0.58
148,142
0.61
124,774
0.65
105,095
0.68
88,334
0.70
74,446
0.74
62,934
0.78
53,097
0.82
44,914
0.85
37,820
0.88
KOz
5,545
5,285
5,026
4,810
4,515
4,171
3,909
3,610
3,220
2,913
2,591
2,299
1,996
1,781
1,576
1,397
1,231
1,073
Table17.16March31,2009SulfideMeasuredandIndicatedGold
Cutoff
g Au/t
Mea s uredSul fi deAu

KTonnes
Indi ca tedSul fi deAu

KTonnes
M&ISul fi deAu
gAu/t
KOz
gAu/t
KOz
gAu/t
KOz
0.09
184,784
0.34
2,037
449,558
0.31
4,460
KTonnes
634,342
0.32
6,497
0.12
169,426
0.38
2,054
399,450
0.34
4,403
568,876
0.35
6,458
0.16
156,299
0.41
2,067
355,852
0.34
3,923
512,151
0.36
5,990
0.19
142,085
0.41
1,879
310,990
0.38
3,771
453,076
0.39
5,650
0.22
127,189
0.45
1,823
265,768
0.41
3,516
392,958
0.42
5,338
0.25
112,777
0.48
1,740
224,026
0.45
3,210
336,803
0.46
4,951
0.28
97,143
0.48
1,499
184,019
0.45
2,637
281,161
0.46
4,136
0.31
82,690
0.51
1,367
149,364
0.48
2,305
232,055
0.49
3,672
0.34
69,860
0.55
1,232
118,791
0.51
1,964
188,651
0.53
3,196
0.37
58,271
0.58
1,092
93,735
0.55
1,653
152,006
0.56
2,745
0.40
48,208
0.62
957
73,892
0.58
1,385
122,100
0.60
2,341
0.44
39,940
0.65
836
57,809
0.65
1,211
97,749
0.65
2,047
0.47
33,235
0.69
733
45,263
0.69
998
78,498
0.69
1,731
0.50
27,432
0.72
635
35,541
0.72
823
62,974
0.72
1,458
0.53
22,378
0.75
543
27,972
0.75
678
50,350
0.75
1,221
0.56
18,065
0.79
458
22,045
0.79
559
40,110
0.79
1,017
0.59
14,528
0.82
384
17,551
0.82
464
32,080
0.82
849
0.62
11,683
0.86
322
13,960
0.89
400
25,642
0.88
722
May15,2009

ANV_43101_51509.docx
sew

Page132
Table17.17March31,2009OxideMeasuredandIndicatedSilver
Cutoff
g Au/t
15.55
31.10
46.66
62.21
77.76
93.31
108.86
124.41
139.97
155.52
171.07
186.62
202.17
217.72
233.28
248.83
264.38
279.93
295.48
311.04
Mea s uredOxi deAg

KTonnes
gAg/t
KOz
32,285
32.65 33,890
6,756
68.19 14,810
2,264
122.97 8,952
1,169
183.76 6,908
758
241.81 5,896
533
304.55 5,223
445
342.86 4,900
404
365.74 4,747
368
386.44 4,576
315
424.41 4,295
283
452.10 4,114
269
466.31 4,026
254
480.19 3,921
234
500.98 3,770
221
516.09 3,673
209
531.55 3,566
193
550.55 3,420
179
569.82 3,274
165
591.05 3,137
155
607.55 3,030
Indi ca tedOxi deAg

KTonnes
gAg/t
KOz
13,865
56.09 25,003
4,930
116.20 18,416
1,445
291.66 13,551
1,024
386.89 12,740
928
419.04 12,503
857
445.83 12,288
792
473.60 12,059
730
503.12 11,813
715
510.95 11,743
704
516.32 11,686
667
534.91 11,467
662
537.59 11,446
643
547.44 11,320
578
582.87 10,829
557
595.56 10,665
542
604.13 10,537
534
609.27 10,467
524
615.10 10,369
513
621.96 10,249
499
629.50 10,098
M&IOxi deAg
KTonnes
gAg/t
KOz
46,150
39.69 58,893
11,685
88.44 33,226
3,709
188.69 22,503
2,194
278.61 19,648
1,686
339.34 18,399
1,391
391.64 17,511
1,236
426.60 16,958
1,134
454.21 16,559
1,083
468.61 16,319
1,019
487.92 15,981
950
510.23 15,581
931
517.02 15,472
897
528.40 15,242
559.27 14,599
812
778
572.96 14,338
751
583.97 14,102
728
593.68 13,887
703
603.59 13,643
678
614.43 13,387
654
624.30 13,128
Table17.18March31,2009SulfideMeasuredandIndicatedSilver
Cutoff
g Au/t
15.55
31.10
46.66
62.21
77.76
93.31
108.86
124.41
139.97
155.52
171.07
186.62
202.17
217.72
233.28
248.83
264.38
279.93
295.48
311.04
Mea s uredSul fi deAg

KTonnes
gAg/t
KOz
24,938
42.17 33,813
8,121
80.57 21,037
3,835
124.46 15,344
2,139
176.92 12,167
1,399
230.06 10,347
984
286.98 9,081
721
351.78 8,157
582
405.95 7,589
514
440.24 7,280
459
473.50 6,988
445
483.10 6,904
435
489.96 6,845
406
509.16 6,638
388
521.84 6,514
374
532.13 6,394
357
545.50 6,253
327
570.19 5,987
317
578.76 5,891
309
584.59 5,814
298
594.53 5,688
Indi ca tedSul fi de Ag

KTonnes
gAg/t
KOz
27,402
72.69 64,037
10,873
147.43 51,540
6,177
229.04 45,484
3,484
360.01 40,331
2,751
435.78 38,549
2,310
501.27 37,223
2,022
557.16 36,221
1,953
572.24 35,934
1,911
581.85 35,756
1,867
591.45 35,501
1,818
602.76 35,230
1,777
612.02 34,968
1,715
626.07 34,530
1,675
636.02 34,243
1,648
641.85 34,014
1,620
648.70 33,791
1,550
665.16 33,155
1,516
673.39 32,818
1,486
680.59 32,514
1,452
688.82 32,164
M&ISul fi deAg
KTonnes
gAg/t
KOz
52,341
58.15 97,849
18,995
118.85 72,577
10,012
188.98 60,828
5,624
290.37 52,498
4,150
366.45 48,896
3,294
437.24 46,304
2,743
503.17 44,378
2,535
534.09 43,523
2,426
551.82 43,036
2,326
568.17 42,488
2,263
579.25 42,134
2,212
588.04 41,813
2,121
603.72 41,168
614.53 40,757
2,063
2,022
621.57 40,408
1,977
630.09 40,044
1,877
648.64 39,141
1,833
657.04 38,710
1,795
664.05 38,328
1,750
672.79 37,852
May15,2009

ANV_43101_51509.docx
sew


Page133
Table17.19March31,2009OxideInferredGold
Cutoff
0.09
0.12
0.16
0.19
0.22
0.25
0.28
0.31
0.34
0.37
0.40
0.44
0.47
0.50
0.53
0.56
0.59
0.62
InferredOxi deAu
KTonnes
gAu/t
KOz
142,950
0.33
1,501
123,778
0.36
1,440
107,339
0.40
1,369
92,075
0.41
1,218
79,393
0.45
1,138
68,156
0.48
1,052
57,366
0.51
949
46,930
0.55
828
39,915
0.58
748
32,669
0.64
669
27,375
0.67
591
22,441
0.72
523
18,660
0.76
455
15,443
0.81
403
13,185
0.86
366
11,433
0.90
331
10,160
0.93
305
9,143
0.95
280
Table17.20March31,2009SulfideInferredGold
Cutoff
0.09
0.12
0.16
0.19
0.22
0.25
0.28
0.31
0.34
0.37
0.40
0.44
0.47
0.50
0.53
0.56
0.59
0.62
InferredSul fi deAu
KTonnes
gAu/t
KOz
952,937
0.31
9,454
853,844
0.34
9,412
765,293
0.34
8,436
665,915
0.38
8,075
563,919
0.41
7,459
474,084
0.45
6,794
378,942
0.48
5,848
299,267
0.51
4,948
236,263
0.55
4,167
185,367
0.58
3,474
144,807
0.62
2,873
114,454
0.69
2,523
91,576
0.72
2,120
72,847
0.79
1,847
58,698
0.82
1,553
47,347
0.89
1,357
40,624
0.93
1,209
35,005
0.96
1,080
May15,2009

ANV_43101_51509.docx
sew

Page134
Table17.21March31,2009OxideInferredSilver
InferredOxideAg
KOz
10,178 55.96 18,311
8,129 64.03 16,735
1,537 147.84 7,304
1,012 194.43 6,329
721 240.95 5,587
529 292.75 4,978
344 391.03 4,322
233 519.13 3,891
230 523.95 3,881
226 530.31 3,851
199 579.68 3,703
191 595.65 3,648
177 624.18 3,550
153 683.88 3,371
150 695.68 3,348
149 698.42 3,341
148 701.16 3,333
145 709.39 3,310
142 714.88 3,273
140 723.11 3,248
Cutoff KTonnes gAg/t
15.55
31.10
46.66
62.21
77.76
93.31
108.86
124.41
139.97
155.52
171.07
186.62
202.17
217.72
233.28
248.83
264.38
279.93
295.48
311.04
Table17.22March31,2009SulfideInferredSilver
InferredSulfideAg
KOz
33,518 78.17 84,241
17,373 128.92 72,008
8,421 221.15 59,875
6,147 281.49 55,631
3,951 394.98 50,170
2,976 493.73 47,232
2,343 597.62 45,022
2,024 672.36 43,750
1,998 679.22 43,622
1,860 717.62 42,907
1,579 813.97 41,331
1,568 818.77 41,265
1,548 826.65 41,132
1,468 859.22 40,547
1,452 865.74 40,425
1,442 870.20 40,329
1,430 875.00 40,220
1,415 880.83 40,076
1,400 887.34 39,933
1,382 894.20 39,720
Cutoff KTonnes gAg/t
15.55
31.10
46.66
62.21
77.76
93.31
108.86
124.41
139.97
155.52
171.07
186.62
202.17
217.72
233.28
248.83
264.38
279.93
295.48
311.04
May15,2009

ANV_43101_51509.docx
sew


Page135
17.1.3 VORTEXZONENEWLYDEFINEDSUBSETOFHYCROFTRESOURCE
TheresultsofthedeepsulfidedrillingprogramidentifiedanareasouthofBrimstonethathas
beennamedtheVortex.Therewereseveralsuccessfuldrillinginterceptsinthisareathat
suggestalargeblanketofsulfidemineralizationexistsdirectlybeneaththeoxidemineralization
inthisarea.Thereisevidencethatasignificantportionofthe4millioninferredsulfideounces
canbeconvertedtoahigherconfidencecategorywithinfilldrilling.SEWCrecommendsthat
AlliedNevadadrillthiszoneatahighenoughdensityofdrillholestosignificantlyexpandthe
knownindicatedmineralresourcesatHycroft.Table17.23liststheinferredmineralresources
withinthedeepVortexZone.Figure17.5showsthelocationoftheVortexZoneatHycroft.
Table17.23VortexZoneInferredResources
March31,2009VortexInferredResource
Gra de g/t
Cutoff
Type
Tonne s
0.45
Sul fi de Gol d
61,973
0.78
1,548
Ounce s
12.41
Sul fi de Si l ve r
48,080
68.14
105,328
17.5VortexZonewithSuggestedDrillingTargets
May15,2009

ANV_43101_51509.docx
sew

Page136
17.2 HYCROFTMINEMINERALRESERVES
MineralreservesatHycroftweredeterminedbyapplyingcurrenteconomiccriteriathatare
validfortheHycroftmine.TheselimitationswereappliedtotheSEWCresourcemodelinorder
todeterminewhichpartofthemeasuredandindicatedresourceiseconomicallyextractable.
OfthetotalHycroftMineralResources,onlytheBrimstoneandCut5depositswereconsidered
forreserveleveldeterminations.ThereportedreservesmeetthestandardsassetforthinNI
43101,December23,2005,where:
x
AProbableMineralReserveisdefinedastheeconomicallymineablepartofan
Indicated,andinsomecircumstancesaMeasuredMineralResourcedemonstratedbyat
leastaPreliminaryFeasibilityStudy.ThisStudymustincludeadequateinformationon
mining,processing,metallurgical,economic,andotherrelevantfactorsthat
demonstrate,atthetimeofreporting,thateconomicextractioncanbejustified.
AProvenMineralReserveisdefinedastheeconomicallymineablepartofaMeasured
MineralResourcedemonstratedbyatleastaPreliminaryFeasibilityStudy.ThisStudy
mustincludeadequateinformationonmining,processing,metallurgical,economic,and
otherrelevantfactorsthatdemonstrate,atthetimeofreporting,thateconomic
extractionisjustified.
SEWCevaluatedAlliedNevadascurrenteconomicforecastsandusedthesecriteriatoreport
theProvenandProbableMineralReservesfortheHycroftProject.Miningsequenceswere
determinedandminingplansweredeveloped.AlliedNevadawillemploythesemineplansand
recommendationsintoitsLifeofMineSchedulingandbudgetingprocesses.Allthenecessary
federal,stateandlocaloperatingpermitsareinplaceandabondpaymenthavebeenposted.
SEWCbelievesthattherehavebeensufficientevaluationsofmining,processing,economicand
environmentalfactorstosupportthedeterminationofProvenandProbablereservesforthe
HycroftMine.
TheresultsofSEWCseconomiccalculationsarethattherearesufficientquantitiesofgoldand
silverwithintheBrimstonedeposittosustainallofthemining,processing,generaland
administrativecostsassociatedwiththeoperationoftheHycroftMine.MineralResourcesthat
arenotMineralReservesdonothavedemonstratedeconomicviability.
17.2.1 ReserveDetermination
TheresourcemodelwasbuiltbySEWCwithVULCANScientificModelingsoftware.SEWCuses
Vulcanmineplanningsoftwareforreservecalculationsandpitdesigns.SEWCusesWhittle
4Xsoftwaretodeterminetheeconomiclimitsofpits.Whittle4XusestheLerchsGrossman
economicalgorithmwhichisanindustrystandardmethodforoptimizingopenpitresources.
SEWCevaluatesnumericaldataandgeneratesminingschedulesandsequenceswith
MicrosoftExcelspreadsheetsoftware.
May15,2009

ANV_43101_51509.docx
sew

Page137
17.2.2 ReserveDeterminationProcedures
x
x
x
x
x
x
x
ExportselecteddatafromVulcaninaformatsuitabletobeevaluatedwithWhittle4X
software.
CalculateeconomicandphysicalconstraintstobeusedasinputstoWhittle4X.
OptimizepitshellswithWhittlesLerchsGrossmanalgorithm.
ExportpitshellsfromWhittleandimportintoVulcan.
Usepitshellsasguidestodesigntheultimateeconomicpitdesign.
Designsuitableminingphasesthatcanallowforlogicalextractionoforeandwaste
fromtheoredeposit.
TabulatemeasuredandIndicatedresourceswithintheultimatepitthatmeetthe
criteriatobereportedasProvenandProbablereserves.
17.2.3 EconomicParameterstoDetermineReserveLevelPitDesign
EconomicinputsforcalculatingcutoffgradesandforinputtoWhittle4XarelistedinTable
17.23.PhysicaldesignparametersfortheReservePitsareshowninTable17.25.

Table17.24EconomicDesignParameters
Value
Description
Units(US$)
$750 Goldprice
$/oz
$1.52 Costofmining
$/ton
$1.40 Costofprocessing
$/tonore
Costofadministration,Jungoroad,environmental,reclamation
$0.22
$/tonore
56.6% AuFAgoldrecovery
%

Table17.25PitDesignParameters
Description
Value
SlopeAngle
46 degrees
BenchHeight
25 feet
RoadWidth
90 110 feet
MaximumLoadedRampGrade
13%
MinimumMiningWidth
200 feet
TonnageFactorft3/ton
1320
May15,2009

ANV_43101_51509.docx
sew

Page138
17.2.4 Dilution
SEWCbelievesthatthemodelblocksareofsufficientsizetoaccountfordilutionrelatedto
openpitminingpractices.AlliedNevadaisusingindustryacceptedorecontrolsoftwareand
methodstodelineateoreandwasteboundaries.Periodicreconciliationswillbedoneto
accountforandquantifydilutionproblems.Adjustmentswillbemadeasnecessarytoensure
thatwasteandorearecategorizedproperlyduringtheminingprocess.
17.2.5 CutoffGrades
SEWCevaluatedthecutoffgradebasedonthecurrentcostsassociatedwiththeminingofthe
BrimstoneDeposit.SEWCusedacutoffgradeof0.17gAu/tandaGoldsellingpriceof$650
USD(theapproximate3yearaverageLondonFixedGoldPrice)toverifyreservesforthe
BrimstonePit.
May15,2009

ANV_43101_51509.docx
sew


Page139
17.2.6 HycroftMineMineralReservesStatement
Table17.26October17,2008HycroftMineralReserveEstimate
Material
ProvenReserve
ProbableReserve
TotalReserve
Waste
TotalPitTonnes
StripRatio
Tonnes
X1000
gAu/t
AuOunces

42,236 0.55
747,831

24,133 0.51
395,347

66,369 0.54 1,143,178
86,366
152,735

1.29

May15,2009

ANV_43101_51509.docx
sew

Page140
18 OTHERRELEVANTDATAANDINFORMATION
ThereisnootherdataorinformationthatcouldberelevanttotheHycroftMine.
May15,2009

ANV_43101_51509.docx
sew

Page141
19 INTERPRETATIONSANDCONCLUSIONS
SEWCreviewedpertinentdatafromtheHycroftGoldMineregardingexplorationdataand
methods,resourceestimates,metallurgy,processperformanceandreserveestimates.SEWC
determinedthatAlliedNevadasstatementofmineralresourcesandmineralreservesatthe
HycroftMineareinaccordancewithCanadianNationalInstrument43101,assetforthinthe
CIMStandardsonResourcesandReserves,DefinitionsandGuidelines(2005).SEWCcompleted
itsreviewoftheprojectinpreparationforthistechnicalreport.SEWCmetitsobjectiveand
concludes:
x
x
x
x
x
x
x
Explorationdrilling,sampling,samplepreparation,assaying,densitymeasurementsand
drillholesurveyshavebeencarriedoutinaccordancewithbestindustrystandard
practicesandaresuitabletosupportresourceestimates.
Samplingandassayingincludesqualityassuranceproceduresincludingsubmissionof
blanks,referencematerials,pulpduplicatesandcoarserejectduplicates,andexecution
ofcheckassaysbyasecondlaboratory.
TheHycroftgoldandsilverdepositresourcemodelsweredevelopedusingindustry
acceptedmethods.
Minedesignshavebeendevelopedusingindustrystandardpracticesandappropriate
designcriteria.
ProvenandProbableMineralReservesaredevelopedfromMeasuredandIndicated
Resourceswithappropriateapplicationofcostanddesigncriteria.
MineralresourcesareclassifiedasMeasuredandIndicatedMineralResourcesandas
InferredMineralResources.Resourceclassificationcriteriaareappropriateintermsof
theconfidenceingradeestimatesandgeologicalcontinuityandmeettherequirements
ofNationalInstrument43101andCIMStandardsonResourcesandReserves,
DefinitionsandGuidelines(2005).
Metallurgicalstudieshavebeencarriedoutonasufficientnumberandsufficiently
representativesuiteofsamplestoestimategoldrecoveryforoxideleachmaterial.
Estimatedrecoveriesarebasedonhistoricproduction.Similarmaterialswillbe
processedasinthepastandSEWCbelievesthisisthebestestimationoffuture
recoveries.
Historically,theHeapLeachandMerrillCrowefacilitiesatHycrofthaveperformedas
designed.
SEWChasvalidatedAlliedNevadaGoldsMineralResourceandMineralReserve
Statements.
May15,2009

ANV_43101_51509.docx
sew

Page142
20 RECOMMENDATIONS
TheVortexZoneoftheHycroftDepositisalargenewadditiontotheHycroftInferred
resources.Theshapeofmineralizationisunknownbutthelateralextentsarecontinuous
enoughtowarrantadrillingprogramtoconvertthissulfidesilverandgolddepositintoahigher
confidencecategory;indicatedmineralresourcesatminimum.SEWCrecommendsaresource
developmentdrillingprogramtoconfirmtherobustnatureoftheVortexZone.
20.1 VortexSulfideResourceDevelopmentPlan
x
x
SixtyRCholes
20DiamondCoreHoles
o Cost$7MillionUSD
o Plantocommenceassoonaspracticaltobefinishbythefourthquarter2009
SuccessofthisphasewouldbemeasuredbyaconversionofInferredMineralResourcestothe
IndicatedMineralResourceCategory(Figure20.1).
20.2 SulfideResourceDevelopmentPlan
Combinesamplesfromthe20Coredrillingprogramintoarepresentativesampleforfuture
metallurgicaltesting.
x
Cost$400,00USD
20.3 HardBottomDrillingPlan
ThelargeincreaseinOxideResources,ascomparedtotheOctober2007Technicalreport,is
dueinlargeparttotheadditionoftheentiredrillingdatasetforresourceanalysis.Thenorth
endoftheCentralFault,theBayAreaandtheBoneyarddepositsallcontributetothe
MeasuredandIndicatedResourcesatHycroft.Theseareaswereamongthefirstpartsofthe
Hycroftdeposittobemined.Topographyandminingprogresswaskeptinhardcopyformand
neverconvertedtodigitalformats.Itisknownthatsomepartsofthethreeareaswere
backfilledinareas.Sincethoseareasareuncertain,SEWCrecommendsthatadrillingprogram
(Figure20.2)beimplementedtoconfirmthehardbottomandunminedsurface.Thisplan
wouldentailthedrillingofseveralstrategicallylocateddrillholesmeanttogiveSEWCthe
confidencetopullremainingMeasuredandIndicatedMineralresourcesintotheProvenand
ProbableReservecategory.
x
Cost$500,000USD
May15,2009

ANV_43101_51509.docx
sew

Page143
Figure20.1Phase1SulfideandVortexDevelopmentPlan

May15,2009

ANV_43101_51509.docx
sew

Page144
Figure20.2DrillPlantoconvertOxidetoProvenandProbable
May15,2009

ANV_43101_51509.docx
sew

Page145
21 REFERENCES
Agterberg,F.P.,1974,Geomathematics;DevelopmentsinGeomathematics1,ElsevierScientific
Publ.Co.,Amsterdam,596p.
AlliedNevadaGoldCorp.Memorandum:September11,2007,HycroftHeapLeachMineRe
commissioningStudy
Bailey,E.H,andPhoenix,D.A.,1944,QuicksilverDepositsinNevada,UniversityofNevada
Bulletin,v.38,no.5
Bates,W.R.,2000,HycroftExplorationUpdate,unpublishedVistaGoldreport
Bates,W.R.,2001,AproposedExplorationProgramfortheHycroftMine,unpublishedVista
Goldreport
Call&Nicholas,Inc.January29,1997,HycroftCrofoot&LewisMine:BrimstoneEastWall
StabilityStudy
Clark.I.C.,1918,RecentlyRecognizedAluniteDepositsatSulphur,HumboldtCounty,Nevada,
engineeringandMiningJournal,v.106,no.4
Couch,B.FandCarpenter,J.A.,1943,Nevadasmetalandmineralproduction(18591940
inclusive)Univ.NevadaBulletin,v.37,no.4GeologyandMiningServicesno.38
Davis,J.C.,1986,StatisticsandDataAnalysisinGeology(2nded.);JohnWileyandSonsInc.,
NewYork,646p.
Ebert,S.W.,1996TheanatomyandOriginoftheCrofoot/LewisMine,alowsulfidationhot
springtypegoldsilverdepositlocatedinnorthwestNevada;Ph.D.thesis,Universityof
WesternAustralia,NedlandsWestAustralia,(unpublished)
Friberg,R.S.,1980,DetailedEvaluationReportoftheSulphurgoldsilverprospect,Humboldt
andPershingCounties,Nevada.UnpublishedHomestakeMiningCompanyReport,32p.
FultonandSmith,1932,NevadaBureauofMinesandGeologyFileManuscript
HycroftMemorandum:July21,1994,BrimstoneR.O.M.testworkconductedonblastround
B.C.002material
HycroftMemorandum:August11,1994,FinalReportonBrimstoneCoreColumnLeaching
HycroftMemorandum:August24,1994,ResultsofBarrelLeachingtheResiduesfrom
BrimstoneCoreColumnLeachSamples
HycroftMemorandum:September20,1994BrimstoneTestHeapResultsHycroft
Memorandum:December22,1994,FinalReportonBrimstoneOrefromBench4935,
TestPad#4
HycroftMemorandum:July19,1995,BrimstoneRecoveries
May15,2009

ANV_43101_51509.docx
sew


Page146

Jones,J.C.1921,ReportonthePropertyoftheSilverCamelMiningandDevelopmentCompany,
Sulphur,Nevada.UnpublishedSilverCamelMiningandDevelopmentCompanyReport,
6p.
MacDonald,J.andDymov,I.etal,2009,AnInvestigationoftheRecoveryofGoldandSilver
fromHycroftProjectSulphideSamples36p.
McLean,D.A.,1991GeologyoftheCrofootMine;unpublishedHycroftResourcesand
DevelopmentIncReport11p.
MRDI,May2000EvaluationofSamplingBiases,ResourceModelandReserves,BrimstoneGold
Deposit,Nevada,Volume1Report,unpublishedreportforVistaGoldCorp.completed
byMineralResourcesDevelopmentInc.
MRDI,June2002,BrimstoneRestartReport,unpublishedreportpreparedforVistaGoldCorp.,
completedbyMineralResourcesDevelopmentInc.
Noble,AlanC.,2005,BrimstoneandBoneyardResourceEstimates,preparedforCanyon
ResourcesCorporation.
Prenn,Neil,2006,TechnicalReportVistaGoldCorp.,HycroftMine,Winnemucca,Nevada,
USA,43101TechnicalReportpreparedbyMineDevelopmentAssociates,142p.
Ridgley,Vic,2007,Memorandum:December18,2007,Scott_VicHycroftMasterDocument
SRKConsulting,May28,2008,DatabaseVerificationProcedures,aninternalmemotoAllied
NevadacompletedbySRK.4p.
Vandenburg,W.O.,1938,ReconnaissanceofMiningDistrictsinHumboldtCounty,Nevada;U.S.
BureauofMinesCircular6995,47p.
VistaGoldCorp.andAlliedNevadaGoldCorp.PressRelease:May10,2007,VistaGoldand
AlliedNevadaAnnounceClosingofArrangement
Wallace,A.B.,1980,GeologyoftheSulphurDistrict,SouthwesternHumboldtCounty,Nevada,
unpublishedreportfortheSoc.Econ.Geol.FieldTrip,1984
Ware,G.H.,1989,SurfaceMapping,SamplingandSelectedCrossSections,unpublishedreport
forHycroftResourcesandDevelopment
WilldenR.,1964,GeologyofMineralDepositsofHumboldtCounty,Nevada,NevadaBureauof
MinesBulletin59,154p.
Wilson,S.E.,2008,TechnicalReportAlliedNevadaGoldCorp.,HycroftMine,Winnemucca,
Nevada,USA,43101TechnicalReportpreparedbyScottE.WilsonConsulting,Inc.,136
p.
May15,2009

ANV_43101_51509.docx
sew

Page147
22 DATE
TheeffectivedateofthisreportisMay15,2009.
May15,2009

ANV_43101_51509.docx
sew

Page148
23 ADDITIONALREQUIREMENTSFORDEVELOPINGORPRODUCINGPROPERTIES
TheHycroftcashflowmodelsarebaseonforecastandactualcosts.Allcosts,volumesand
gradesinsection23arereportedinUSImperialunits.
23.1 OPENPITMININGOPERATIONS
Allminingfromcurrentlyscheduledorereserveswillbeconductedbyopenpitmethods.The
reserveswillbeminedentirelyfromtwopits;theBrimstonePitandtheCut5pit.Brimstone
willbeminedinfiveminingphases.Cut5willbeminedfromthetopdowninonesingle
sequence.Thefollowingpitdesigncriteriaareused:
x
x
x
x
x
x
25ftbenchheightonprimarystrippingbenchesandfinalwalls
Interrampwallslopeanglesofapproximately50dependingonwallorientationor
geology
Benchfaceanglesrangingfrom55to60dependingonmaterialtype
13%maximumhaulroadgrade
110ftwidehaulroads
Minimumminingwidthof200ft,butnarrowerwidthsareminedovershortdistances
whenunavoidable.
ThecurrentlyexcavatedBrimstonePitwassuccessfullyminedandhasremainedintactwith
theseparameters.
Theminingisaccomplishedwithatypicaldrill,blast,load,andhaulcycle.Allminematerialis
blastedandtheoreishauledanddirectdumpedontheBrimstoneLeachPad.Thewasteis
hauledandplaceddirectlyinpermanentwastedumps,someofwhichwillbackfillpreviously
minedpits.
Oreandwasteissegregatedbasedonmodelingofblastholeassays.Aproductionblockmodel
isbuiltusinginversedistancenumericalmodelingoftheblastholedata.Theoreandwaste
zonesareflaggedinthefieldtoprovidevisualguidancetotheproductioncrewsandequipment
operators.SEWCrecommendstheuseofblastholemodelsforuseinproductioncontrol.The
orecontrolatHycroftisperformedusingindustryacceptedstandardsofproductiongeology.
Shorttermmineplansconsistofrollingthreemonthplansthatareupdatedonamonthlybasis.
Lifeofmineplanswerescheduledbymonththrough2009andquarterly,thereafter,through
thelifeofthemine.Theplansincludeschedulingofmajorequipmenttomakesurethat
forecastounceflowsareviable.
Miningoperationswillbeconducted24hoursperday,sevendaysperweek.Leachgradeore
willbeplaceddirectlyonheapleachpads.Wastewillbedumpedonpermitteddumplocations
andinsomecaseshistoricallyminedpitswillbefilledwithwaste.
TheBrimstonepitandsitefacilitiesareshowninFigure23.1.MiningphasesforBrimstoneare
showninFigure23.2.
May15,2009

ANV_43101_51509.docx
sew

Page149
Figure23.1PitSiteandFacilities
May15,2009

ANV_43101_51509.docx
sew

Page150

Figure23.2HycroftMiningPhases

May15,2009

ANV_43101_51509.docx
sew

Page151
23.2 MININGFLEET
AlliedNevadaisminingwithaKomatsuMiningequipmentfleet.Includedinthefleetarefive
730Ehaultrucks(twohundredtonclasstrucks),twoWA1200wheelloaders,oneWA900wheel
loader,oneWA380wheelloader,oneD475bulldozer,twoD375Abulldozers,oneD65W
bulldozer,oneDrillTechD45KSblastholedrill,twoATLASCOPCODMLblastholedrillsandone
PC200LCexcavator.ThereisalsoanolderbackupfleetthatcomprisesoneCaterpillar16G
motorgrader,oneCaterpillar994wheelloader,twoDresser385MwatertrucksandoneDrill
TechD65Wblastholedrill.
23.3 PROCESSINGANDRECOVERIES
MinedorewillbeplacedonthePhaseIIexpansionoftheBrimstonepad.Therewillbean
additional6millionsquarefeetofpadconstructedtoaccommodatetheBrimstoneore.
Pregnantsolutionswereappliedinthe4thquarter2008.
MerrillCrowesolutioncapacityisapproximately3,000gpm.Pondsandpumpingstationswere
modifiedtoincreaseefficiencybybeingabletodirectsolutionstothepadsortothezincplant.
ThisgivesHycroftflexibilitytomaximizethepregnantsolutiongradesandtominimize
downtime.
AnewrefineryhasbeenconstructedincloseproximitytotheMerrillCrewfacility.Dorewillbe
producedonsite.TherefinerywillmeetNevadaemissionstandardsformercury.
Expectedrecoveries(basedonpastperformance)fortheBrimstoneoreis56.6%inthefirst455
days;42.1%willberecoveredinthefirst90daysand52.0%recoveredinthefirst180days.
23.4 PERSONNEL
Table23.1liststhepersonnelforthemine.Theseemployeesareresponsibleforthedaily
operationofthemine,leachpads,processingfacilitiesandtechnicalsupport.AlliedNevadais
providingcorporatesupportforaccounting,purchasingandothernonsiteessentialactivities.
AlliedNevadaunderstandsthatemployeeretentionisvitalforthesuccessoftheHycroftMine.
AlliedNevadahasdevelopedastrategyforattractingandretainingemployees.Wagesand
salariesarecompetitivewithotherNorthernNevadaminingoperations.TheHycroftMine
providestransportationtotheminesite.
May15,2009

ANV_43101_51509.docx
sew


Page152
Table23.1HycroftMinePersonnel
Item
Number
Mining
Supervision
Operators
Maintenance
SubtotalMineOperations
MineEngineeringandGeology
Engineers
Geologists
Surveyors
SubtotalEngineeringand Geology
Processing
Supervision
Operators
Maintenance
AssayersandRefiners
SubtotalProcessing
Administration
GeneralManager
MineManager
OfficeManager
SeniorAccountant
AccountingClerks
Purchasing
HumanResources
Warehouse
Safety
Environmental
InformationTechnology
UtilityMaintenance
SubtotalAdministration
10
77
19
106
2
2
2
6
6
10
7
12
35
1
1
1
1
1
3
2
3
6
2
1
2
24
23.5 ENVIRONMENTAL
TheupdateddisturbanceandproposednewdisturbancewascalculatedwiththeNevada
StandardizedReclamationCostEstimator(SRCE)version1.1.1,withtheNevadaCostDataFile
andHycroftInterimFluidManagementplan.Theprojectreclamationestimatetotals
$14,343,100,whichhasbeenapprovedbyboththeNevadaDepartmentofEnvironmental
ProtectionandBureauofLandManagement.Thefinancialguaranteebondhasbeensubmitted
totheBLM.
23.6 TAXESANDMARKETS
CashflowsandanalysisfortheHycroftMinearedevelopedforthisreportonapretaxbasisata
goldsellingpriceof$650.However,therearetwotaxesthatareapplicabletotheHycroftMine:
x
x
IncomeTaxTherateapplicabletotaxableincomefromminingoperationsis35%
NevadaNetProceedsTaxTherateapplicabletogoldsalesis2.2%
23.7 CAPITALANDOPERATINGCOSTESTIMATES
InOnApril1,2008,AlliedNevadaenteredintoanunderwritingagreementwhereunderwriters
purchased14,375,000commonsharesofANVstockwhichgeneratednetproceedsof
May15,2009

ANV_43101_51509.docx
sew

Page153
approximately$69.3Million.Theproceedsarecurrentlybeingconsumedtofundmining
operationsatHycroftuntilthemineproducespositivecashflowfromgoldproduction.Cash
flowisprojectedtobe$72.3millionover8years.AlliedNevadascontractsformining,and
leachpadconstructionarewithinindustrynorms.Table23.2liststheoperatingcostsforthe
HycroftProject.Table23.3showsthecapitalcostsanticipatedfortheproject.
Table23.2OperatingCosts(ImperialUnits)
73,495
TonsofOreProcessed(000s)
0.016
GradeAuFA/ton
650
GoldRecovered(Ounces000s)
$422,525
TotalRevenue(US$000s)
$5.75
RevenuePerTonProcessed@$650Au
$1.14
CostperTonMined
$1.05
ProcessingCostperTonProcessed
$0.32
GeneralandAdministrationCostperTonMined
$2.59
MiningCostperTonofOreProcessed
55%
PreTaxInternalRateofReturn
Note:NosilverwasusedintheeconomicevaluationoftheHycroftProjectMinePlan.
Table23.3CapitalExpenditures(thousandsofdollars)
Capital
TruckComponents
LoaderComponents
TotalCapitalCost
$34,892
$7,049
$4,432
$46,373
23.8 ECONOMICANALYSIS
TheLifeofMinecashflowschedulefortheHycroftpropertyislistedinTable23.4.Thepretax
IRRsensitivityanalysisfortheHycroftMineisshowninFigure23.3.Thegraphshowsthatthe
projectismostsensitivetogoldpriceandminingcost.TheestimatedpretaxIRRoftheproject
is55%atagoldsellingpriceof$650.
ThepaybackperiodfortheHycroftrecommissioningisapproximately42months.Lifeofmine
theprojectwillgenerateandNPVof$45.4Millionata10%discountrate.
May15,2009

ANV_43101_51509.docx
sew

Page154
Table23.4HycroftProjectAnualCashflowSummary(USImperialUnits)

May15,2009

ANV_43101_51509.docx
sew


Page155

Figure23.3IRRSensitivity
HycroftIRRSensitivity
140%
PreTaxInternalRateofReturn
120%
100%
80%
60%
40%
20%
0%
20%
80%
85%
90%
GoldPrice
95%
100%
105%
%ofBaseCase
Processing
Mining
110%
115%
120%
Capital

23.9 MINELIFEDISCUSSIONANDEXPLORATIONPOTENTIAL
TheProvenandProbableMineralReservesattheHycroftmineasofOctober17,2008totals
73.2Mtcontaining1,143,178ouncesofgoldatanaveragegradeof0.016opt.Thisissufficient
foranapproximateminelifeof6.5yearsandanapproximategoldproductionof8years.
ThereisexcellentpotentialtoaddminelifetotheHycroftproject.SEWCevaluatedmanyparts
oftheHycroftProjectincrosssection.Thereareareaswheredrillinghasahighpotentialto
convertinferredmineralizationtomeasuredorindicatedstatus.Theseareasincludewider
spaceddrillingintheperipheryofthepitaswellasmineralizationbeingopeninmanycases
duetoalackofexplorationdrilling.SEWCbelievesAlliedNevadawilladdoxidereservesand
resourcesbyincreasingthedensityofdrillingneartheBrimstoneandAlbertzones.
TheCut4andCut5areashavedrillinginterceptsofhighergrademineralization.AlliedNevada
hasplannedholestoquantifythepotentialtoaddhighergradesulfideresources.
Figures23.4,23.5and23.6arecrosssectionsthroughhistoricandcurrentdrillholesand
relevantgeology.
May15,2009

ANV_43101_51509.docx
sew

Page156

Figure23.4Cut4CrossSection

May15,2009

ANV_43101_51509.docx
sew

Page157
Figure23.5BayAreaCrossSection

May15,2009

ANV_43101_51509.docx
sew

Page158
Figure23.6BrimstoneCrossSection

May15,2009

ANV_43101_51509.docx
sew

Page159
AlliedNevadahasretainedZongeGeosciencetocompleteagrounddipoledipoleinduced
polarization/resistivityprogram.ResultswereshowntoAlliedNevadaonNovember10with
targetrecommendations.Figure23.7showsthegeophysicslinesthatwereinterpretedatthe
Hycroftproperty.
Figure23.7Geophysics

May15,2009

ANV_43101_51509.docx
sew

Page160
24 AUTHORSCERTIFICATE
I,ScottE.Wilson,ofHighlandsRanch,Colorado,doherebycertify:
1. IamcurrentlyemployedasPresidentbyScottE.WilsonConsulting,Inc.,6Inverness
CourtEast,Suite110,Englewood,CO80112.
2. IgraduatedwithaBachelorofArtsdegreeinGeologyfromtheCaliforniaState
University,Sacramentoin1989.
3. IamaCertifiedProfessionalGeologistandmemberoftheAmericanInstituteof
ProfessionalGeologists(CPG#10965)andaRegisteredMember(#4025107)ofthe
SocietyforMining,MetallurgyandExploration,Inc.
4. Ihavebeenemployedaseitherageologistoranengineercontinuouslyforatotalof20
years.
5. IhavereadthedefinitionofQualifiedPersonsetoutinNationalInstrument43101
(NI43101)andcertifythatbyreasonofmyeducation,affiliationwithaprofessional
association(asdefinedinNI43101)andpastrelevantworkexperience,Ifulfillthe
requirementstobeaQualifiedPersonforthepurposesofNI43101.
6. ImadeapersonalinspectionoftheHycroftMineonMarch3,2009.
7. IhavehadpriorinvolvementwithAlliedNevadaastheauthorof3priortechnical
reportsregardingtheHycroftMine.
8. IamresponsibleforthepreparationofthetechnicalreporttitledTechnicalReport
AlliedNevadaGoldCorp.,HycroftMine,Winnemucca,Nevada,USAdatedMay15,
2009,relatingtotheHycroftProperty
9. Asofthedateofthereport,tothebestofmyknowledge,informationandbelief,the
technicalreportcontainsallscientificandtechnicalinformationthatisrequiredtobe
disclosedtomakethetechnicalreportnotmisleading.
10. ThatIhavereadNI43101andForm43101F1,andthatthistechnicalreportwas
preparedincompliancewithNI43101.
11. IamindependentoftheissuerapplyingallofthetestsinSection1.4ofNI43101.
12. IconsenttothefilingoftheTechnicalReportwithanystockexchangeandother
regulatoryauthorityandanypublicationbythem,includingelectronicpublicationinthe
publiccompanyfilesontheirwebsitesaccessiblebythepublic,oftheTechnicalReport.
DatedMay15,2008

_____________________________
SignatureofQualifiedPerson

ScottE.Wilson
PrintedNameofQualifiedPerson
May15,2009

ANV_43101_51509.docx
sew

Tech Report

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Tech Report

Загружено:

Авторское право:

Доступные форматы

ScottEWilsonConsultingInc

Rotation Rotation Rotation Major

Semi Minor Nugget

Oxi deSi l ver

Sul fi deSi l ver 19,665

Oxi deSi l ver

Sul fi deSi l ver 14,533

Oxi deSi l ver

Sul fi deSi l ver 34,198

Mea s uredOxi deAu

Indi ca tedOxi deAu

Mea s uredSul fi deAu

Indi ca tedSul fi deAu

Mea s uredOxi deAg

Indi ca tedOxi deAg

Mea s uredSul fi deAg

Indi ca tedSul fi de Ag

Cutoff KTonnes gAg/t

Cutoff KTonnes gAg/t

Вам также может понравиться