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 |   History
The ground now covered by the large Jack Creek property was explored during the 1980's and 1990's by a number of companies. Basic geological and geochemical surveys were completed and a limited number of reverse circulation holes were drilled in selected areas. Although some encouraging results were reported from the drilling, the property was allowed to lapse at the time of closure of the Big Springs operation. Gateway staked the ground in early 2004 based on published geological mapping and the apparent similarity of the geology with that seen at Big Springs and Dorsey Creek.
Geology
Published geological mapping, confirmed by recent Gateway work, shows that prospective stratigraphic units similar to those found at Dorsey Creek, as well as favorable intrusive rocks, underlie parts of the Jack Creek property. Areas of silicification ("jasperoid") are widespread. Numerous major fault systems have been mapped; others can be inferred on the basis of topography and remote sensing data.
Potential
Targets at Jack Creek include large bodies of near-surface open-pittable disseminated gold mineralization, with possible structurally controlled higher-grade feeder zones amenable to underground mining. The general geological setting is analogous to Dorsey Creek and parts of the Jerritt Canyon mining district. Jack Creek is at an early stage in exploration and more definitive data should emerge as further work is undertaken.
Click on the image to the right to enlarge
Current Exploration Program
Work by the Company has included a geological evaluation as well as a comprehensive soil geochemical survey over a large portion of the claim group. While the results of the program were promising, Gateway has decided to option Jack Creek and concentrate its efforts on its other properties. The Company agreed to grant Stanley B. Keith and Earl W. Abbott an option to acquire a 50% interest in the Jack Creek property with a further option to increase that interest to a 70% interest in the property.
In order to maintain the option in good standing and earn a 50% interest in the Claims, the Optionees must incur aggregate expenditures of USD$500,000 before March 1, 2009. Once the Optionees have earned a 50% interest, Gateway can either participate as a 50% joint venture partner or allow the Optionees to earn an additional 20% interest in the Claims by spending an additional USD$500,000 before March 1, 2011. If the Optionees earn the additional 20% interest, Gateway can elect to either participate as a 30% joint venture partner or convert the 30% interest to a 10% Net Profits interest.
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