The IVY Property consists of 161 unpatented mining claims located within the Contact Mining District in northeastern Elko County, Nevada, 20 miles (32 km) southwest of the town of Jackpot and 5 miles (8 km) southwest of the village of Contact (Figure 1).  Claims are located on land administered by the Bureau of Land Management (BLM).  The southeast corner of the claim block is within 1 mile of State Highway 93.  The property is 100% owned by Carlin Gold US, Inc. (“Carlin”, or “Company”), subject to a 1% net smelter production royalty on gold and silver and 0.75% on all other metals.

The primary exploration target at IVY is a copper-gold skarn deposit contained in a mostly steeply dipping carbonate sequence – the Main Skarn Zone (MSZ). In addition to the principal MSZ target, the Company believes there is potential for additional skarn zones as well as buried disseminated intrusive porphyry-style mineralization associated with the skarn zones.

Copper mineralization observed to date occurs mainly in calc-silicate altered limestone/skarn exposed in numerous historic workings, including prospect pits, shafts and adits. Historic production from these workings is estimated to be minor, with the only documented production being 500 tons grading 8% copper in 1929-1930 from the Ivy Wilson mine (Schrader, 1935). Copper mineralization is localized but widespread; rock chip sampling has encountered significant copper values (≥1.00%) stretching over a northwest-southeast distance of 2.6 miles (4.3 km), and over widths up to 0.9 miles (1.4 km). Mineralization occurs in disseminated sulfide-bearing skarn zones containing chalcopyrite, bornite, with minor pyrite, and oxidized zones of calc-silicate altered carbonate rocks containing secondary copper minerals. Lesser covellite and chalcocite have also been described in a recent MSc thesis study of the skarns (Smith, 2019). Skarn mineral assemblages contain varying amounts of garnet, vesuvianite, tremolite, wollastonite, clinopyroxene and calcite. A 1912 United States Geological Survey Bulletin (Schrader, 1912) describes a 6,000 ft. (1.8 km) long, 400 ft. (122 m) wide northwest trending sulfide zone in carbonates about 1,200 ft. outboard (west) of the contact with the large granodiorite stock that occupies the central portion of the district.

Detailed mapping by the Company has defined an area in which skarn alteration occupies greater than 20%, named the Main Skarn Zone (MSZ) and other areas with calc-silicate skarn., shown in Figure 2. The MSZ is a principal exploration target. The main expression of this zone as approximately 1 mile (1.6 km) long, reaching maximum widths of 490 ft (150 m). The only intrusive body observed in spatial association with the MSZ is a rhyolitic dike (termed “aphanitic rhyolite”). The rhyolite occurs in several relatively narrow northwest-southeast striking, steeply dipping dikes with widths generally less than 50 ft. (15 m) that extend for 3.4 km (2.1 miles) northwest-southeast, and occur over a width of 240 meters (790 ft). The dikes display a variety of textures ranging from aphanitic to porphyritic with to 2-4 mm quartz eyes and feldspar phenocrysts. The easternmost expression of the dike is in contact with mineralized skarn in the southern portion of the MSZ. Approximately 4,000 ft (1,200 m) northwest this dike/skarn contact, and 860 ft (260 m) west of the northern end of the MSZ, this same rhyolite dike contains hairline chalcopyrite-bearing quartz veins. A select sample of this material assayed 4.3% copper. The nature of the relationship of the rhyolite to the mineralized skarns, and possible relationship to a buried intrusive system generating the mineralized skarns and possible deeper, porphyry-style mineralization, is still to be determined.

The MSZ and most of the skarns are distal to the main intrusive bodies of granodiorite (or related leucogranite) to the east which appear to have limited contact alteration and skarn. The possibility of a separate buried mineralizing intrusive related to the rhyolite and skarn mineralization was investigated by the DC IP survey.

The intensity and amount of skarn alteration appears to diminish to the northwest and southeast, although copper mineralization and weaker skarn development are encountered in those areas, as well as to the west. A 4,900 ft (1.5 km) northwest trending zone of strong rock chip copper values is located east and southeast of the MSZ closer to the granodiorite stock and related leucogranite bodies in the area of the old Ivy Wilson workings. North of the MSZ, zones of tremolite-bearing calc-silicate alteration are prevalent and may represent a distal expression of stronger skarn mineralization at depth. Smith (2019) identified chalcopyrite in a thin section of diopside-bearing “tremolite skarn” collected 700 ft (250 m) northwest of the northern end of the MSZ. Rock chip copper values to 2.95% occur further north in the northeast corner of the claim block.

Carlin has collected 92 rock chip samples from outcrop, subcrop and dumps of the old workings. 46 samples contain >0.50% Cu, with 36 of these containing >1.0% Cu. The highest copper value (15.2% Cu) came from a small dump of an adit located about 600 meters southeast of the southeast end of the MSZ. This sample contains 1.7 ppm gold. 27 of the 92 Carlin samples contain >0.100 ppm Au. Silver values range up to 231 ppm. Lead and zinc values are low. In addition to the Carlin rock samples, there are 102 historical rock samples collected on the property. The historical samples are generally consistent geochemically in areas where samples were collected in the same location as the Carlin samples and considered reliable. Both Carlin and historical samples are illustrated in Figure 2, showing copper values. In the MSZ, copper values from 19 samples range from 0.09% to 5.96%, averaging 1.68%. Eleven additional historical samples collected from the MSZ average 2.0% Cu.

Detailed mapping indicates that, while well mineralized skarn containing significant copper values can be observed at the surface in the Main Skarn Zone, it occurs in fairly narrow (<3 m) lenses. These lenses, however, occur within larger skarn outcrops and interpreted skarn bodies up to several hundred meters long and over 70 meters wide. The Company’s work is lent further support by thin section descriptions of approximately 20 samples collected along the MSZ, many showing significant copper sulfide mineralization. Following the geological mapping and rock sampling Carlin initiated a DC/IP Resistivity survey.

An Induced Polarization/Resistivity survey (DC/IP) was completed by Zonge International, Inc. Survey objectives were two-fold: 1. Investigate the subsurface area downdip of the Main Skarn Zone, and 2. Evaluate the potential for a deeper mineralized porphyry.

The DC/IP survey was completed using a dipole-dipole acquisition array. Six lines were completed (see Figure 3). All lines were surveyed utilizing a 75 meter dipole spacing. Five of these lines were designed to evaluate the subsurface response in the vicinity of the MSZ. Three of the lines over the MSZ were also surveyed utilizing 200 meter dipoles, in order to evaluate potential for the deeper skarn mineralization, as well as for buried deeper mineralized porphyry-style targets.

The 75 meter dipole DC/IP survey identified an IP anomaly spatially coincident with the calc-silicate/skarn zone in the Main Skarn Zone. The Zonge Data Analysis Report described this anomaly as at least 1500 meters long, 200-300 meters wide, and may be open at depth. The report states that the observed IP values are consistent with the expected response from disseminated sulfide mineralization. The depth to the top of the IP anomaly below the MSZ on most of the lines is interpreted to be about 100 meters. Zonge estimates that adequately testing the central highs of the MSZ IP targets will require drilling to depths of 200-250 meters.

All three 200 meter dipole lines have identified deep IP anomalies, located both vertically below and west of the 75 meter dipole MSZ responses.

The IP inversions for are provided in Figures 4, 5 and 6.  Depth plan for 75 m dipole inversions and 200 m dipole inversions are provided in Figures 7 and 8, respectively.

The detailed mapping outlining the MSZ and the related IP anomalies underneath present excellent drill targets. The surface expression of the MSZ in the IP survey is quite low and begins to pick up at 100 m depth. The better chargeability target is 150 m and lower, below 250 m. It has a strike length of at least 1,500 m and 200-300 m wide. The geological target is copper mineralized skarn bodies in a subvertical orientation. The deep IP response suggests there is a separate and adjoining chargeable body between 400-500 m deep.

Extensive drilling would be required to test the skarn target immediately beneath the MSZ and also the deeper chargeable body at 500 m. Further definition by IP would also be required for the deeper target. The weaker skarns north of the MSZ would be further evaluated by IP.

The Contact Mining District was established in 1870 and was initially prospected for gold and silver. It soon became evident, however, that copper was the principal commodity of value (Schrader, 1937). A smelting furnace was built in 1897, but operations ceased shortly thereafter. Intermittent production occurred over short time intervals through 1950, mainly from quartz-filled fissures and alkali alteration zones in the granodiorite and in skarns at the north edge of the granodiorite contact with carbonate sedimentary rocks (Gibbons, 1973). This historically most productive part of the district is centered 4.5 miles (7.2 km) northeast of the IVY claims, and historical estimates indicate that approximately 34,000 tons grading 4.2% Cu was produced in the 1870-1950 period. In the last half of the 20th century up to the present, various exploration efforts including mapping, sampling, geophysics and drilling have been carried out, mostly in the vicinity of the main part of the district northeast of the Ivy claims. Prior exploration here, as reported by Faraday Copper Corp, has delineated an oxidized resource grading 0.20% Cu, amenable to heap leach SX/EW extraction. Most of this resource is hosted in sheeted quartz vein zones within the granodiorite.

The Carlin exploration work was aided by MSc theses completed in 2019 by two students. The Smith thesis noted above was a detailed study on the mineralogy of the skarns and related mineralization on the current Ivy claim block and adjacent areas. Zens completed a broader-based study, but mainly focused on the main part of the district near Contact.

Gibbons, J. A., 1973, The geology of part of the Contact mining district, Elko county, Nevada, Unpublished Masters thesis p.140.

Schrader, F. C. (1912), A reconnaissance of the Jarbidge, Contact and Elk Mountain mining districts, Elko County, Nevada. U.S. Geological Survey Bulletin 497, p. 162

Schrader, F. C. (1935), The Contact Mining District, Nevada. U.S. Geological Bulletin, 847-A:1–41.

Schranz, Luke J., (2025), Geology of the Ivy Project, Southwestern Contact Mining District, Elko County, Nevada, June-December 2024. Private consulting report for Carlin Gold US, Inc.

Smith, L. R. (2019). Investigation of the Copper Skarn on the Western Part of the Contact Mining District, Elko County, NV. Master’s thesis.

Zens, Z. A. (2019). Geochronology and geochemistry of the Contact copper porphyry. Master’s thesis.