Item 8.01 Other Events
Update On Windy Peak Gold Project
Patriot Gold Corp ("Patriot") has assembled a claim
block of 133 unpatented claims totaling approximately 2,727.3 contiguous acres as its Windy Peak gold project ("Windy Peak")
near Middlegate, Nevada. The land is administered by the Bureau of Land Management ("BLM"). The claims are 100% owned
by Patriot. Permitting for a drilling program has been granted by the BLM. Patriot has identified drilling targets, and is in the
process of selecting a drilling contractor.
The Windy Peak is located in the state of Nevada, approximately
5 1/2 miles south of Middlegate and approximately 45 miles southeast of Fallon. Access to the project area is by paved highway,
followed by a short stretch of gravel road. Windy Peak is located in a gold-producing region which hosts such deposits as the Paradise
Peak and Rawhide. Windy Peak is located near the edge of the Walker Lane, a northwest trending belt hosting several producing mines.
Exploration on and around the property has included geologic
mapping, rock chip sampling, sagebrush biogeochemistry, VLF-EM, VLF-resistivity and magnetic geophysical surveys, and reverse circulation
drilling. Various companies, including Terraco Gold Corp, Solitario Resources, Red Star Gold, Pegasus Gold Corp, Rio Tinto, and
Kennecott, have conducted drilling on and around the property, with more than 70 holes drilled. Limited small-scale mining activities
have been conducted by various private parties since the 1940's, including a small glory hole mined during the 1970's centered
on Hill 6483. Previous work on the property included many vertical holes, which are not suited to testing the high-angle structures
known to host the gold- bearing veins. Some of the holes previously drilled are inferred to be too shallow to properly test targets.
The general geology of Windy Peak consists of a thick sequence
of layered volcanic rocks which have been folded into a broad north-south trending antiform. Associated with the western part of
this fold is a widespread chalcedonic sinter breccia at the top and locally moderate amounts of visible cinnabar. Along the south
face of the main hill are exposures of east-west trending faulted vein-breccia zones. A small open pit follows one of the east-west
breccia zones. Gold-silver mineralization extends beyond the pit to the east and west, and may occur in several sub-parallel, vein-breccia
zones. Host rocks to the mineralization are generally latite in composition and consist of variably welded lithic ash flow tuff
units. Gold and silver mineralization is associated with several styles of mineralization that include both low angle and steeply
dipping structures that contain quartz veins, mineralization associated with hydrothermal vent breccias, mineralization associated
with the margins of volcanic domes and mineralization associated with volcanic formations that have undergone silicification resulting
in the development of jasperoid. Quartz veins are generally restricted to only one meter in width. Other styles of mineralization
are tens to hundreds of meters in size and display variably silicified and argillically altered latite volcanic bedrock. The mineralization
is characterized by low sulfide concentrations.
Soil sampling results include gold associated with silver,
mercury, arsenic, antimony and tungsten, although absolute values have tended to be low. The low values reflect the type of mineralization,
which is associated with Type 2, low sulfide-bearing quartz veins. This type of mineralization occurs as structurally-controlled
bonanza grades of gold as well as disseminated deposits of the Round Mountain type. Various higher gold values have been obtained
from veins and quartz stockworks on the property, but fluid inclusion data indicate that the veins exposed on the surface are mostly
above the gold zone.
This area is believed to be the focus of caldera resurgence
and hydrothermal activity, where extensive faulting and brecciation provided plumbing systems for the hydrothermal fluids that
precipitated gold in the structures. Drilling target areas indicate that large tonnage, high-grade gold deposits could occur within
them. In addition, a poorly consolidated tuft is often silicified and mineralized near the structures, which illustrates the potential
for large-tonnage, disseminated gold mineralization adjacent to gold-mineralized structures.
Patriot has not prepared a 43-101 compliant technical report
on the Windy Peak, and no known mineral reserves or resources have been identified.