Bellehelen
Nye County, Nevada
Bellehelen is a district-scale, low-sulphidation epithermal silver-gold system in Nevada’s Walker Lane Trend, one of North America’s most prolific precious-metal belts. Historic underground mining (1900s–1930s) produced ~311,000 silver-equivalent ounces across a 7+ km mineralized corridor. After decades without modern exploration or drilling, Excalibur is advancing the first integrated, data-driven exploration program across the district.
Recent exploration by Excalibur has materially expanded the known footprint of mineralization. Rock sampling completed in late 2025 extended mineralization ~1 kilometre northeast onto newly staked ground, and soil surveys have identified a newly discovered 400-metre silver-gold anomaly located 700 metres north of the historic trend.
Phase 1 exploration is nearing completion (mapping, rock sampling, underground chip sampling, alteration studies, regional soil geochemistry and ground geophysics) is nearing completion and supports a planned 2,500 metre drill campaign for this spring. The results to date demonstrate that Bellehelen is transitioning from a historically known mining district into a modern exploration project supported by a cohesive geological framework. The emerging dataset confirms a robust, expanding epithermal system with the scale characteristics associated with major Nevada precious-metal discoveries.
Highlights
The Bellehelen Silver-Gold Project is situated in Nevada’s Kawich Range in north-central Nye County, approximately 70 km east-southeast of Tonopah. The project encompasses two claim groups totalling 90 Federal Lode Claims across 7.51 km² (751 ha), covering much of the historic Bellehelen Mining District. This area is known for its early 1900s silver and gold production and remains one of Nevada’s least systematically explored epithermal regions.
Bellehelen lies along the Kawich–Toiyabe (KT) Lineament—an important 100 km west-northwest structural corridor linking the Reveille Range to Monitor Valley near Tonopah. This crustal-scale feature hosts several precious-metal systems across Central Nevada and provides the structural framework for Bellehelen’s low-sulphidation epithermal mineralization. Its position within the Walker Lane Trend further enhances the district’s potential, aligning it with some of the region’s most productive gold-silver deposits.
Location
The Project area is underlain by early Miocene rhyolitic ash flow tuff and megabreccia deposited in the Bellehelen Caldera centred the Bellehelen Fault Zone. Mineralization likely occurred following crater-collapse driven by hydrothermal circulation along master faults beneath the caldera.
At the Ajax and Ben Hur Mines and at numerous other showings on the property, gold and silver occurs in fracture zones and sheeted quartz veinlets. This material has returned grab sample assays up to 11.25 g/t gold and 3,490 g/t silver. Extensive gold-in-soil anomalies up to 1,300 m long are associated with this structurally-controlled style of mineralization. In addition, stratabound disseminated quartz-adularia gold mineralization has been found in sparsely exposed lithic ash tuff on the margins of the Bellehelen Caldera. Rock samples of this material have returned up to 0.744 g/t gold.
Geology & Mineralization
Silver and lesser gold were first found in the Bellehelen Mining District at the turn of the twentieth century. The first claims were staked in 1904 and the district was named after 2 mules, Belle and Helen. The district had its best years from 1909-1910 when about 500 people lived in tents and a few shacks at a townsite near the mouth of Bellehelen Canyon. All that currently remains of the Bellehelen townsite are several stone cabin walls and surface metal debris.
Initial work was centered on the southeastern portion of the district. According to historical reports, about 1300 ft (396.24 m) of underground workings were documented in 1912 including 370 ft (112.77 m) of shafting at the Bellehelen Mine (later part of the Bellehelen-Merger Mine). The Bellehelen-Merger Mine is not on Excalibur’s Bellehelen Property.
In 1917, the Pacific States Mining Company began operations in the southeastern area of the district. In 1918, production was also recorded from the Doreen Group in this same area. Finally, in 1918, the Kawich Mining & Milling Company (KM&M) began production near the area of the current Bellehelen-Merger Mine.
In 1922, Pacific States and KM&M joined to create the Bellehelen-Merger Mine, covering the principal workings in the southeastern end of the district. They built a 50 t per day cyanide mill and operated intermittently until 1927. Further to the northwest, the Ben Hur Mine, on the current Bellehelen Property, was put into operation. There are no documented returns from this mine, but evidence of mining remains onsite, including a hoist and several bunkhouse and service cabins.
The Ajax Mine at the northwest end of the district was developed in 1919 and last recorded production from the district was in 1935. Elsewhere throughout the district, numerous exploration shafts and adits were sunk or driven on prospects during the initial phase of exploration from 1904 to 1920. Most have no documented production, but several sites were sampled by Nevada Bureau of Mines and Geology (NBMG) geologists during the 1980’s and returned grab samples containing up to 3,000 g/t silver (Quade, 1985a). These include sites near the Ajax, Merger and Peterson mines. Production records in the area outside of the Bellehelen-Merger Mine are fragmentary. Publications in the 1980s summarize documented production from specific operations at approximately 311,000 oz silver equivalent.
Since the 1980’s, there has been claim staking in the district by Pacific Intermont (Seabridge Gold), AngloGold, Kennecott, and Homestake Mining. Drilling was reported northwest of the Bellehelen-Merger Mine in the early 1980’s and there are drill pads northwest of the Ben Hur Mine and near the Ajax Mine on the Property. In 2013, Panarc Resources Ltd. staked the BH 1-8 claims in the Ajax Mine area. In 2016, Panarc vended the BH claims to Silver Range Resources. In October 2019, Silver Range staked the Kawich claims covering the Ben Hur Mine and surrounding showings. In September 2020, Silver Range staked the Neversweat claims covering a high-grade Ag showing near the Bellehelen-Merger Mine. Together, these non-contiguous claims make up the current Bellehelen Project. Excalibur has signed a Definitive Agreement with Silver Range granting Excalibur an option to purchase 100% of the Bellehelen Project.
The Property is an early-stage exploration property and does not have a mineral resource or mineral estimate.
History
Excalibur’s Plan
Excalibur is advancing the Bellehelen Project through a systematic, multi-phase exploration program designed to evaluate a district-scale precious-metal system. Recent field work has confirmed a 7 km+ mineralized trend, expanded the known footprint by approximately 1 km to the northeast onto newly staked ground, and identified a new 400 m silver-gold soil anomaly north of the historical trend — the highest silver-in-soil value recorded in the modern dataset. These results support an evolving structural model and indicate Bellehelen may host a much larger low-sulphidation epithermal system than previously recognized.
During October–November 2025, the field team completed surface and underground chip sampling, regional soil surveys, mapping of historical workings, and target definition across key corridors. Assays include values up to 17.35 g/t Au and 1,385 g/t Ag, with new mineralization identified well off the historic trend, confirming system continuity beyond previously defined limits. The mineral system remains open in all directions.
With this foundation in place, Phase 1 exploration is focused on integrating modern datasets to generate first-pass drill targets, including:
Detailed geological mapping of alteration zones, vein orientations, and structural controls
Resampling and documentation of historic underground workings, providing cost-effective geological exposure
Regional and infill soil geochemical surveys to refine gold and multi-element anomalies
Ground-based geophysics (CSAMT) to image mineralized structures under cover
Target refinement ahead of a planned ~2,500 m first-pass drill program
Integration of all datasets into a unified district-scale geological model
Ongoing results continue to reinforce Bellehelen’s potential for both high-grade vein systems and bulk-tonnage targets within a large structural corridor. With expanded mineral rights, new high-grade assays, and the first integrated modern exploration dataset in decades, Excalibur is positioned to unlock the full scale of this under-explored Nevada district.
Maps
Bellehelen Property Location
Bellehelen Claim Map
Bellehelen trend with silver and gold rock and soil samples
Disclaimer
General Disclaimer
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Certain statements contained on this website constitute forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: (i) future events or Excalibur’s future performance; (ii) Excalibur’s business objectives, operational timelines, and investment requirements; (iii) removal of conditions relating to the completion of the Transaction; (iv) future exploration work on the Property and its potential to host mineralization; (v) completion of any concurrent financing; (vi) receipt of TSXV, regulatory and, if applicable, shareholder approvals of the Transaction; and (vii) waiver of the sponsorship requirements. All statements other than statements of historical fact may be forward-looking statements.Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "estimate", "expect", "forecast", "may", "will", "project", "potential", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Excalibur believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon.These forward-looking statements speak only as of the date of this website, or as of the date specified in the documents incorporated by reference on this website, as the case may be. With respect to forward-looking statements contained on this website, Excalibur has made assumptions regarding, among other things: the accuracy, reliability and applicability of Excalibur’s business model; the impact of COVID-19 on Excalibur’s operations; the ability of Excalibur to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions where Excalibur carries on business; commodity prices; the success of exploration and development activities; the impact of competition; and the availability of financing to execute the business plan.By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; inability to achieve TSX Venture Exchange approval; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the Company’s reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations.Excalibur has included the above summary of assumptions and risks related to forward looking statements provided on this website in order to provide investors with a more complete perspective on Excalibur’s current and future operations and such information may not be appropriate for other purposes.Dr. Alan Wainwright, a consultant of the Company, is a Qualified Person (“QP”) as defined by National Instrument 43-101. Dr. Osterman has reviewed and is responsible for the technical information disclosed on this website.