Drilling For and Discovering Gold
There were were so many exceptionally impressive gold drill results announced in the past few days, that I just couldn't bring myself to limit the New Drill Results section of this week's Drill Rig to just five. Last week we saw some beautiful low-grade gold intercepts with widths including 200 meters, 233 meters, and 321 meters. We also saw unbelievably high-grade results including 1,375 g/t gold and a mind-bending 5,420 g/t gold. So instead of limiting the New Drill Results section to just five, we decided to list four low-grade sets of results and four high-grade sets of results. But first let's quickly go through some of the new and continuing drill programs.
NEW AND CONTINUING DRILL PROGRAMS
US Precious Metals Inc. (OTC BB: USPR) reported that drilling has begun on the Lal Sabila project in southern Michoacan, Mexico. The company said that the first drillhole is located adjacent to an outcrop that assayed 0.062 o/t (1.758 g/t) gold and 17.3 o/t (490.45 g/t) silver. Rock chip samples from another location on the property assayed 0.335 o/t (9.497 g/t) gold, 1.093 o/t (30.99 g/t) silver, and 0.185% copper, and is scheduled to be cored next.
Bison Gold Exploration Inc. (CNQ: BGEI) says that drilling is scheduled to resume on the Central Manitoba gold project in Canada during mid-February. Initial drilling of the Central Manitoba mine structure commenced in 2006 with interesting gold intersections from the Wentworth Vein and the Tene Deep target. Results from the Wentworth Vein returned 4.47 g/t Au over 2.01 meters, 3.63 g/t Au over 4.14 meters, and 1.84 g/t Au over 3.31 meters. More recent drilling on the Wentworth Vein returned 15.5 g/t Au over 1.91 meters and 7.0 g/t Au over 2.79 meters. The company is still expecting results from hole CM-07-4, which was drilled at the Tene Deep target, and says that results should be returned this month. Bison Gold also intends to re-examine their 100% owned Apex gold property in the Snow Lake district of Manitoba. The Apex property has been extensively sampled and drilled by several companies since 1920. This work has included 15 drill holes by Fifty Three Syndicate in 1934, 82 drill holes by Tungold Mines Ltd. in 1943-46, 4 drill holes by Placer Development in 1980 and 11 drill holes by Nord Resources Ltd. in 1981. In 1997, a pre-NI 43-101 resource calculation of 109,000 tons @ 0.107 o/t (30.99 g/t) Au with a 15.2 foot (4.72 meter) average true thickness was made for the Apex zone.
Gold Reef International Inc. (CNQ: GRIN) announced that it is conducting a core drilling program on the Gold Reef-Newmont Rimrock prospect in Nevada. Gold Reef has aqcuired an exploration permit from the Bureau of Land Management for a Phase I, eight-hole program on its expanded land position in the Rimrock project. The initial stage of the multi-phase core drilling program is expected to continue through May 2008. Core storage and core processing facilities are in place and fully operational near the drill sites.
Skygold Ventures Ltd. (TSX-V: SKV) and Wildrose Resources Ltd. (TSX-V: WRS) announced the commencement of a diamond drilling program at the Spanish Mountain project in central British Columbia. Three drills are currently being utilized to continue to expand the main mineralized zone. The winter drill program is part of a 2008 campaign that includes the completion of a 43-101 compliant resource by the end of March and an expanded summer drill program. Skygold owns a 70% interest and Wildrose holds a 30% participating interest in the Spanish Mountain project.
Little Squaw Gold Mining Company (OTC BB: LITS) has mobilized a drill rig to the Marisol gold property located just south of the US-Mexico border in the State of Sonora. The company intends to complete at least 10 diamond core drill holes for 1,500 meters (5,000 feet) to test for an ore target that has been identified. The Marisol property is in the Cucurpe mining district where some 2 million ounces of gold have been produced. The property consists of 541 hectares (1,337 acres) located 14 km (9 miles) east of the million-ounce San Francisco gold mine.
Shaw River Resources (ASX: SRR) announced the commencement of its on-ground exploration program for 2008 at its 100%-owned Hedland project in western Australia. Initial drilling at the Hunky Dory and Transformer anomalies on the Hedland project include 1.8 g/t Au over 9 meters including 2 meters of 5.76 g/t gold. Previous results from the Screamer anomaly on the Hedland project include 6.65 g/t Au over 1 meter, 1.15 g/t Au over 2 meters, and 0.69 g/t Au over 8 meters. Drilling to date has produced a number of gold intercepts over a 3.7 kilometers long trend. A large surface sampling program is currently under way over the entire area and reverse circulation drilling will recommence in March testing new targets as well as strike and depth extensions at Transformer.
Luiri Gold Ltd. (TSX-V: LGL) has started a +10,000 meter reverse circulation drilling program targeting six new targets in the Matala Dome structure on Luiri Hill gold project in Zambia. Recent trenching across one of the priority targets, the Eclipse target, returned a best intersection of 49 g/t Au over 3 meters. The project area is adjacent to ground held by BHP Billiton in Joint Venture with AIM Resources. This consortium has been actively exploring for iron oxide gold/copper mineral occurrences. The existence of this style of copper/gold deposits in Zambia has been confirmed by independent research, which highlighted similarities between the Dunrobin gold deposit and the Kansanshi copper-gold project of First Quantum, where a measured and indicated mineral resource of over 3 million tonnes of copper and 1.6 million ounces of gold has been defined.
Gold Summit Corp. (TSX: GSM) and joint venture partner Astral Mining Corp. (TSX-V: AST) began a diamond drilling program at the Bear Creek Prospect in North Carolina to test a large gold in soil and rock chip anomaly approximately 400 meters long and 100 meters wide. Three core holes totaling 1,000 meters are initially planned. The drill rig will then move to the Saluda Prospect in South Carolina to drill down dip of high grade gold mineralization intersected last summer. Grades of 14.4 g/t, 7.8 g/t, and 17.8 g/t Au over intersected widths of 2.16, 1.95, and 1.98 meters, respectively. Astral has the option to earn up to an 80% interest in Bear Creek.
Northern Lion Gold Corp. (TSX: NL) announced the commencement of a 3,000 meter diamond drill program on the company's 95%-owned Cercal license, and the continuation of the 5,000 meter diamond drill program on its 100% owned Moura license, both located in southern Portugal. Northern Lion currently has three diamond drills running, with two situated within the Cercal license and one on the Moura license. The Cercal license covers approximately 240 square kilometers, and is well positioned within the Iberian Pyrite Belt, which has been actively mined for over 2,000 years, and hosts giant (>100 million tonnes) and supergiant (>200 million tonnes) volcanic hosted massive sulphide deposits. Northern Lion is also continuing to drill within the Moura license, and is currently testing the Enfermarias deposit, where in the 1980s, the Portuguese government exploration authority drilled 13 holes. 11 of the 13 holes intersected mineralization. The deposit is open for expansion and further delineation.
Amera Resources Corp. (TSX-V: AMS, OTC BB: AJRSF) announced that a 2,500 meter diamond drill program is underway on the Laguna gold project, situated in the prolific Cerro de Pasco District, west-central Peru. Drilling will primarily focus on testing six targets previously identified by Placer Dome Inc. that have similar characteristics to the producing Quicay gold deposit, which is currently being mined by a private Peruvian company.
NEW DRILL RESULTS
This week's LOW GRADE drill result highlights
Brett Resources Inc. (TSX.V: BBR)
Hammond Reef Project, Canada
| Drilhole ID Number | Intersection
| Gold Grade
| Comments
|
| BR-81 | 67.5 meters | 1.03 g/t | n/a
|
| BR-83 | 321.0 meters
| 1.12 g/t | amazingly wide intercept
|
Mansfield Minerals Inc. (TSX: MDR)
Lindero Project, Argentina
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| LDH-102 | 166 meters | 0.70 g/t
| extended mineralization to the west and at depth
|
| LDH-103 | 142 meters
| 0.92 g/t | n/a
|
| LDH-104 | 120 meters | 0.91 g/t | n/a |
| LDH-105 | 200 meters
| 1.00 g/t
| n/a
|
| LDH-110 | 233 meters
| 0.94 g/t
| extended high-grade zone found in LDH-19
|
| LDH-111 | 134 meters
| 1.09 g/t
| extended high-grade zone of the east body |
| LDH-113 | 272 meters
| 0.52 g/t
| expanded the central body |
Pediment Exploration Ltd. (TSX-V: PEZ, OTC BB: PEZFF)
San Antonio Project, Mexico
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| PLRC-38 | 88.4 meters | 1.13 g/t | n/a |
PLRC-50
| 76.2 meters
| 1.52 g/t
| including 4.5 meters of 10.40 g/t Au |
PLRC-68
| 64.0 meters
| 1.64 g/t
| including 1.5 meters of 17.40 g/t Au
|
PLRC-58
| 71.6 meters
| 1.47 g/t | n/a
|
Osisko Exploration Ltd. (TSX-V: OSK)
Canadian Malartic, Canada
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| CM07-1140 | 295.2 meters | 0.84 g/t | n/a |
| CM07-1144 | 150.9 meters | 2.10 g/t | n/a |
| CM07-1160 | 184.0 meters | 1.27 g/t
| n/a
|
This week's HIGH GRADE drill result highlights
Claude Resources Inc. (AMEX: CGR, TSX: CRJ)
Santoy Lake property, Canada
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| JOY-07-285 | 0.99 meters | 105.07 g/t
| n/a
|
| JOY-07-286 | 10.88 meters | 24.31 g/t | including 1.00 meter of 140.95 g/t Au |
JOY-07-410
| 5.02 meters
| 33.36 g/t | including 1.25 meters of 119.40 g/t Au |
| JOY-07-479 | 1.74 meters | 314.25 g/t | n/a
|
HuntMountain Resources (OTC BB: HNTM)
La Josefina property, Argentina
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| A-06 | 0.66 meters | 75.20 g/t
| including 77.00 g/t silver
|
| A-07 | 0.53 meters | 107.00 g/t | including 71.40 g/t silver |
| A-07 | 0.46 meters | 1375.00 g/t | including 447.00 g/t silver |
| A-07 | 0.50 meters | 196.00 g/t | including 84.00 g/t silver
|
Centamin Egypt Ltd. (ASX: CNT, TSX: CEE)
Sukari project, Egypt
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| D1280 | 3 meters | 1,842.57 g/t
| including 1 meter of 5,420.00 g/t Au
|
Intrepid Mines Ltd. (TSX: IAU, ASX: IAU)
Paulsens Gold Mine,
Drilhole ID Number
| Intersection
| Gold Grade
| Comments
|
| JOY-07-285 | 14 meters | 49.7 g/t
| n/a |
I believe all of you already know by now that the Forex market is the largest traded market in the world. So how are these currency pairs quoted on the Forex market? You will see two numbers on all Forex quotes. The first number is called the bid and the second is known as the offer (or the ASK) price. Take for instance EURUSD, you will see 1.4394/1.4395. The first quote of 1.4394 is the bid price, the price where traders are prepared to buy Euro against the USD Dollar. The second number 1.4395 is the offer or ask price and it is the price traders are prepared to sell the Euro against the US Dollar. You will notice that there is a difference between the bid and the offer price. This difference is known as the spread. Based on the previous EUR/USD quote, you know that 1 Euro is equal 1.4394 US dollar.
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