Yukon-Nevada Gold Corp. - Jerritt Canyon - Exploration History

Projects Overview Jerritt Canyon

Overview SSX - Steer Complex Smith Recovery Process Reserves & Resources Exploration Overview Exploration History Technical Report Jerritt Canyon Map

Ketza River Manto Zone Ketza Shamrock Silver Valley Property Wolf Property Money Property

Yukon-Nevada Gold Corp.
490-688 West Hastings Street
Vancouver BC V6B 1P1
Canada

Tel: 604.688.9427
Fax: 604.688.9426
Email: nicole@yngc.ca

Exploration History

The Jerritt Canyon district was originally explored by prospectors looking for antimony in the early 1900s. FMC Corporation, exploring for antimony in the 1970s, discovered gold occurrences similar to those in the nearby Carlin trend. In 1976, FMC, then known as Meridian Mining, formed a joint venture with Freeport Minerals to explore and develop the deposits. Mining commenced in 1981 at Jerritt Canyon with the North Generator open pit.

Since then, the operators of Jerritt Canyon conducted exploration programs for the identification and development of new mineralized areas. The Jerritt Canyon operation has had a history of exploration and discovery since the 1970s. Historically, most of the exploration efforts were concentrated at and around the existing underground mines in the northern part of the district. Several open pit deposits were discovered, developed and mined during the 1980s and 1990s, including North Generator, Alchem, Marlboro Canyon, Burns, Steer, Saval and Dash. Underground targets were also identified, and the first to be exploited was the West Generator underground deposit in 1993. The MCE, Smith and Steer deposits were more recent discoveries. The million-ounce Murray Mine unexpectedly was discovered by drilling an area being prepared for surface support facilities. The SSX deposit was discovered in the early 1990s by geologists following the structural trends between Burns Basin and California Mountain open pits. The SSX Mine produced its millionth ounce of gold in 2005, becoming the fifth millionth-ounce mine at Jerritt Canyon.

The first gold reserves from the Starvation Canyon project and Mahala Basin were delineated in 2005 and added to in 2006 and 2007. Additional drill holes targeting previously identified indicated resources at West Mahala, as identified in the 2008 43-101 report, and other mineralization at the Mahala Basin are warranted in the future. The resources at West Mahala lie within 900 to 2900 feet to the existing underground development at the SSX-Steer Complex. Exploration opportunities are plentiful throughout the entire Mahala Basin area as evidenced from the 2007 and 2008 exploration drilling results.

Exploration drilling has recommmenced at the Smith mine as of July 12, 2010. Currently one diamond drill is operating underground and completing both exploration and resource conversion drill holes.