GRE, Inc.
Spar City Mineral Property

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Spar City Mineral Property

$177,262.90

Spar City Mining District

Mineral County, CO

Near Creede, CO

Property Overview


The Spar City Mine is located in Mineral County Colorado. South of Creede but noted to not be in the Creede geological formation. The property consists of three (3) contiguous lode mining claims, staked, and mapped to provide maximum coverage of the relevant gold and silver deposits in the area.

The Spar City is primarily a gold and silver mine with gold values averaging 0.1-0.25 oz. AU/T.

The Spar City originated sometime in the early 1920s and according to reports, a few hundred feet was cut on an exposed outcrop. The Bird Creek mine, located south and east was opened up in 1965-68 and when desired results were not found, the operator, MK Exploration, dug into the Spar City side of the hill, running 4200’ of drifting through the mountain. Detailed maps and assays were taken and are contained in this report.

The mine workings are reported to be stable at depth, once the hardrock structure is met. There is substantial overburden at the portals. 50’-150’ of loose soil and dirt at the surface is not uncommon.

There are multiple veins that are intercepted by the drifting, including the Smuggler, the World Vein and the Spar. There are a number of faults that are intercepted through the drifts. Mineral content is discussed in historical documents. As there was no immediate access to the sub-surface workings, samples were taken from the dumps and sent for assay. Assays from the dumps north of the portal showed good silver and gold values. Reports of assays from inside the workings varied with some up to 125 ounces per ton in silver with lead and gold.

Work needed at current would be to re-open the existing portal, which has sloughed and caved from overburden. There is an estimated 200’ of land side and glacial fill at the surface which will require timbering and or clearing. The drift workings are noted as stable from that point, but also noted as wet in many spaces.
The faults and the location of the Smuggler Vein are the high value components of the mine that have been defined. Other ore bodies and faults have been noted but not mapped or assayed for mineral content.

There is excellent access to the property. As the property moves into production, the road will only require minimal work to accommodate large dump trucks or to bring in machinery.

The mine is located in high country and is usually snowed in until the end of May. Snow typically begins at the start of October. The property is located on US Forest Service property and administered by the Colorado Division of Mining in conjunction with the Forest Service.

There are substantial dumps outside the mine and there were some extensive operations carried out at the site as evidenced by the infrastructure. There is a powder magazine, a workshop and a boarding house A built up load out is present on the site. The well-worn road is still visible from the load out which indicates extensive use.

Overall, the site is ideal for a small mine developer with a small budget. The dumps can be processed and will net some income. The larger target and payday will be in the underground development of the site. With multiple veins containing rich ore bodies, and multiple faults which are also noted as ore bearing, the mine is in an infancy stage. Small bonds will be required for initial clearing and processing work. Larger bonds will be required as the income from the mine grows.


Acres

Commodities

Type

60

Gold, Silver, Lead

Lode

Underground Dev

Surface Dump

Tailings

4,200 feet

154,219 tons

N/A

Access

Features

High Clearance 2WD

Workshop

Gold Reserves

Silver Reserves

Copper Reserves

Platinum Reserves

Tungsten Reserves

Molybdenum Reserves

69,861 oz

2,265,936 oz

N/A

N/A

N/A

N/A


Image Gallery


Map

Gold Rush Expeditions, Inc Spar City Mineral Property Map

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