New Enterprise Project
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NI 43-101 Technical Report Assessing the Au, Cu, Porphyry Potential of the New Enterprise Project Maynard Mining District, Kingman, Arizona, United States of America FOR Pershing Resources Company Inc. 200 South Virginia Street, 8th Floor Reno, NV 89501 AUTHORS: Edward Walker, Ph.D., P.Geo. Jim Renaud, Ph.D., P.Geo. Natalie Pietrzak-Renaud, Ph.D., P.Geo. Effective Date : June 18, 2018 Signature Date: May 22, 2018 Table of Contents Item 1: Summary .......................................................................................................................... 7 Item 2: Introduction.................................................................................................................... 12 Item 3: Reliance on Other Experts .............................................................................................. 14 Item 4: Property Description and Location ................................................................................ 14 Item 5: Accessibility, Climate, Local Resources, Infrastructure, and Physiography ................... 27 Location and Access ............................................................................................................... 27 Climate and Vegetation .......................................................................................................... 27 Local Resources and Infrastructure ........................................................................................ 27 Physiography .......................................................................................................................... 27 Item 6: History ............................................................................................................................ 28 New Enterprise Project Area and Relevant History ............................................................... 29 Prior to 1909 Enterprise Mine (From Schrader, 1909) ................................................................. 29 1949 to 1951 Detailed Descriptions of Chloride and Mineral Park Mining Districts .................... 30 1952 to 2000 Longstanding Continuous Claim Blocks - Mohave Standard Mining Claims ........... 30 1959 Geological Map of Mohave County ..................................................................................... 30 1974 to 1990 Mr. Gilbert Whitsett, Enterprise Mining Claims ..................................................... 30 1974 MSc Research by Vuich, J.S., Mineral Evaluation of the Wheeler Wash ............................. 30 1981 PhD Research by Wilkinson, W.H., Mineral Park Mine ........................................................ 31 1992 to 2000 Claim Block Holders - New Enterprise Mining Claims since Mr. Gilbert Whitsett .. 31 2004 to 2014 Simple Recovery Inc., New Enterprise Claim Block ................................................ 31 2013 to 2016 A&M Minerals Inc., – Mohave Standard Exploration, Drilling Program ................. 32 2015 MSc Research by Bain, W.M., Application of Fluid Inclusion Data, Kabba Project .............. 32 2005 to Present Bell Copper Corporation, Kabba Project ............................................................ 33 2015 to Present Pershing Resources Company Inc., New Enterprise Project .............................. 33 Item 7: Geological Setting and Mineralization ........................................................................... 35 Regional Geology .................................................................................................................... 35 Property Geology .................................................................................................................... 36 Precambrian Rocks ....................................................................................................................... 38 Laramide Intrusive Rocks .............................................................................................................. 39 Structure ....................................................................................................................................... 40 Alteration ...................................................................................................................................... 41 Mineralization ........................................................................................................................ 41 Porphyry Gold-Copper and Early Quartz Veining Occurrences .................................................... 42 Late Fracture and/or Fault Controlled Quartz Veining ................................................................. 45 Mineralized Vein Systems ............................................................................................................. 51 Porphyry Copper-Molybdenum Occurrences ............................................................................... 57 Item 8: Deposit Types ................................................................................................................. 58 Laramide Copper-Molybdenum Porphyry .............................................................................. 58 Veining Associated with the Porphyry Cu-Mo Model ............................................................ 59 Gold-rich Porphyry Deposits .................................................................................................. 60 Item 9: Exploration ..................................................................................................................... 61 Mineralized Rock Types within the Vein Systems .................................................................. 64 New Enterprise Mining Claim Group Vein Systems ............................................................... 71 Central Vein System ...................................................................................................................... 71 2 West Vein System ......................................................................................................................... 73 East Vein System ........................................................................................................................... 73 Multi-element Discrimination Plots .............................................................................................. 74 Item 10: Drilling ............................................................................................................................ 77 Item 11: Sample Preparation, Analyses, and Security .................................................................. 83 2013 and 2014 A&M Minerals Grab Samples ........................................................................ 83 2013 A&M Minerals Drill Core Samples ................................................................................. 83 2013 Bridge Metal Processing LLC. Grab Samples, Bain, D.J. ................................................. 86 2016 and 2017 Pershing Resources Grab Samples ................................................................ 87 2018 Grab Samples ................................................................................................................. 87 Pulp Duplicate Results ............................................................................................................ 88 Item 12: Data Verification............................................................................................................. 90 A&M Minerals Drill Core ........................................................................................................ 90 Item 13: Mineral Processing and Metallurgical Testing ............................................................... 91 Item 14: Mineral Resource Estimates ........................................................................................... 94 Item 15: Mineral Reserve Estimates ............................................................................................. 94 Item 16: Mining Methods ............................................................................................................. 94 Item 17: Recovery Methods ......................................................................................................... 94 Item 18: Project Infrastructure ..................................................................................................... 94 Item 19: Market Studies and Contracts ........................................................................................ 94 Item 20: Environmental Studies, Permitting, and Social or Community Impact.......................... 94 Item 21: Capital and Operating Costs ........................................................................................... 94 Item 22: Economic Analysis .......................................................................................................... 95 Item 23: Adjacent Properties ........................................................................................................ 95 Century Mine .......................................................................................................................... 95 Standard Mine (formerly known as the Telluride Chief) ........................................................ 95 Bell Copper Corporation, Kabba Project ................................................................................ 96 Item 24: Other Relevant Data and Information ........................................................................... 96 Item 25: Interpretations and Conclusions ...................................................................................