Naming a project “Hercules” is a confident move.
It immediately has a lot to live up to.
The ancient Greek hero, famous for his epic adventures, was the superman of his time.
Just saying his name invokes a sense of power and strength; an irresistible force.
This inspiration was not lost on the founders of Eclipse Gold Mining (TSX.V:EGLD|OTC:EGLPF|F:43J).
When they first identified the Hercules Gold Project in Nevada last year, they immediately knew they had found something special.
For some mysterious reason, this “Hercules” was unloved.
Underexplored and untested, this exploration license had slipped under the radar of other exploration companies for years.
They missed its magnificent potential.
The team behind Eclipse spotted it immediately and knew they had to get the drill bit turning as quickly as they could.
Between them, these men have delivered over $4.5 billion in shareholder value in mining deals throughout their careers.
Their area of specialist focus is Nevada, where a great deal of this massive wealth has been created.
When it comes to recognizing the key attributes of what should make an extremely successful gold exploration project, there are very few teams out there who can compete.
Armed with this experience and regional insight, Eclipse is in the foothills of what promises to be an exceptionally exciting journey.
Vast deposits of GOLD hiding in plain sight?
Nevada has long been an enormously active mining region.
By now, it would be easy to assume that all of its most prospective ground has been scoured.
However, this is not the case.
There are still district-scale opportunities out there, if you know where to look.
One of Hercules’ most electrifying features is the huge area of “outcropping” gold mineralization at the surface.
This is plainly visible to the naked eye across the 85km2 project.
Eclipse’s (TSX.V:EGLD | OTC:EGLPF | F:43J)chief executive Mike Allen says it is even possible to walk up and collect samples containing impressive gold grades without drilling.
Yet despite this, work across the property has barely scratched the surface over the years.
This is the best thing that could have happened for Eclipse and its shareholders.
While some historic mining did take place at Hercules during the 1800s, technological limitations restricted this to only the very highest-grade ores.
Over the years that followed, Hercules was split up and passed from one owner to another.
However, that was the past.
This is the present.
By combining the entire Hercules project area into one company, Eclipse can develop the property as a single, enormous opportunity for the first time in modern history, using the latest exploration techniques and drilling technology.
Eclipse Gold Mining: confirming and expanding value at Hercules (TSX.V:EGLD | OTC:EGLPF | F:43J)
Eclipse (TSX.V:EGLD | OTC:EGLPF | F:43J) got to work at Hercules immediately after taking it over.
The firm began by putting historical exploration data covering more than 250 holes and more than 550 rock chip samples into one database. It then combined these with results from its own geological mapping and surface sampling.
The net results were outstanding.
As the maps above show, Eclipse identified six key surface gold targets in the north of Hercules covering roughly 8km2.
These boast regular gold samples of more than 3 grams per tonne (“g/t”).
For context, anything over 0.5 g/t gold so close to the surface stands a good chance of being economically mineable, especially in a pro-mining jurisdiction like Nevada.
Significantly, all of the targets present “epithermal-style veining” – typically indicative of the presence of a related, mineralized “epithermal system” beneath the earth’s surface.
This is of critical importance.
Mineralized epithermal systems are known to host some of the world’s leading gold mines.
Eclipse believes Hercules could be next to join these ranks.
See, the firm’s key premise is that all of the property’s targets arose from the same geological event and are joined at depth, creating one giant epithermal gold system.
This is the exact sequence that created Comstock, a silver and gold lode found right next to Hercules considered to be among the greatest mineral discoveries in US history.
If Eclipse’s instinct is correct, then we may be looking at Nevada’s next BIG GOLD DISCOVERY.
The scale of the epithermal gold system at Hercules is not necessarily limited to the six existing targets, either.
Eclipse’s work has already shown that this could be a district-scale geological feature.
Surface sampling by the firm immediately began to identify significant mineralization in areas previously thought to be “dead” by historical operators.
To test this theory, Eclipse’s experts turned to an innovative exploration method they had put to great success in previous ventures.
They flew satellites over Hercules and the results were thrilling.
By running “satellite hyper-spectral imaging” over the entire project area, Eclipse’s team has identified areas of elevated “sericite” throughout Hercules.
Sericite is a mineral that appears to be closely associated with gold mineralization at Hercules.
The colorful zones of elevated sericite in the above-left map match up almost precisely with the existing drill targets across the northern portion of Hercules (above-right).
The anomalies continue all the way down through the length of the project, culminating in a huge area of showings at the southern border.
The entire project area is literally littered with potential zones of gold mineralization.
And remember, the original target zone was eight square kilometers!
The potential is immense and the first set of drill results is highly encouraging.
Eclipse drilled twelve holes over 3,271m, eleven of which returned significant shallow gold mineralization. These holes covered a wide area of Hercules and are further evidence we are now looking at this containing a large prospective gold system.
Better yet, and the results correlate with the surface sampling work Eclipse had already completed. This is a great pointer that the company is heading in the right direction.
With strong gold grades also coming in, the suggestion now is that Hercules could be sitting on the next bulk-tonnage gold mine in Nevada.
The next phase of exploration in the second half of 2020 could be key to shareholders’ future fortunes.
As Eclipse continues to step out beyond its known zones of mineralization, there is a strong chance that it will encounter more and more gold
The impact on its share price could be phenomenal.
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Authors: Daniel Flynn & Ben Turney
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