Exploration work originally focused on the southern half of the Santa Fe property targeting oxide gold deposits in Tertiary carbonate rocks of the Luning Formation. These deposits were located along the northwest trending structures associated with the Walker Lane. The sulfide "pipe" identified by Homestake was initially tested by them and later by Victoria Gold in 2009 and 2010. Good grades and thicknesses of gold were encountered in those drill programs and mineralization remains open in several directions. There is potential for mineralization to extend down-plunge as well as laterally to the west and east. Additional work is planned when an updated geological model has been developed.
Recent exploration by Victoria Gold Corp has renewed efforts to locate near surface oxide deposits and in 2011/2012 the focus has been on the northern half of the property. Victoria initiated geological mapping and a soil and rock chip sampling program that produced significant gold anomalies similar to those overlying Santa Fe prior to mining. These geochemical anomalies are hosted in Tertiary volcanic rocks that are clay altered, oxidized and locally silicified. The area has the potential to host near surface oxide gold deposits in the volcanic rocks as well as gold mineralization in the carbonate rocks at depth. Santa Fe hosts drill-ready targets and has potential for rapid resource delineation.