THE BODIE BOWL MINING CLAIM VALIDITY EXAMINATION

The Bodie Mining District is on the western edge of the Basin and Range physiographic province and within the Walker Lane tectonic lineament. To the south of Bodie is Mono Basin and the Mono Craters Volcanic Chain. The Bodie Hills are underlain by two suites of volcanic rocks. The Bodie Mining District is classified by the US. Geological survey as Comstock low-sulfide hydrothermal epithermal fissure vein mineralization (Model 25c). The exploratory drilling and sampling at Bodie, which had been going on almost continuously since the late 1960s, became controversial in the late 1980s when Galactic began seriously talking about mining the property. The economic evaluation of the Bodie Bowl began in December 1988 using a team of over 20 specialists and lasted 20 months. The evaluation included review and confirmation of 49,865 feet of drilling in 128 drill holes, and 10,000 channel samples from over 10,000 feet of workings along with surface sampling programs and consultation with previous owners of the claims including ASARCO, AMAX. Phelps Dodge and Homestake Mining companies. In 1993 when the value of gold was $395 per ounce, a discounted cash flow analysis of the valid claims indicated 69,800,000 tons of or averaging .04 oz/ton Au. Had the BLM study been conducted in 2022 instead of 1996, conclusions would have been different by two orders of magnitude. Similar gold deposits throughout California and Nevada are now mining ores as low as 0.015 oz/ton Au. At that grade, there could be as much as 4 million ounces of minable gold remaining in the Bodie deposits.