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Despite a thinner-than-usual crowd at Canvest this month, gold juniors appear to be keeping busy. Following Tuesday’s announcement of an epic merger between five gold companies, a flurry of drill results have been released, and some have been quite high grade.
Following Tuesday’s announcement of an epic merger between five gold companies, a flurry of drill results have been released, and some have been quite high grade. And it wasn’t just gold results coming out this week either — Maya Gold & Silver (TSXV:MYA) put out results from drilling at its Zgounder silver mine in Morocco as well.
Here’s a look at some of the gold-focused companies that have put out drill results in the past few days.
NuLegacy Gold (TSXV:NUG)
NuLegacy is currently conducting a US$1.3-million drill program at the Iceberg gold deposit in Nevada in order to earn a 70-percent working interest in the project. On Thursday, the company released assay results from the latest six holes drilled at the project, with highlighted intercepts including 1.68 g/t gold over 15.2 meters and 0.55 g/t gold over 12.2 meters. Both are at the North zone of the project.
Calibre Mining (TSXV:CXB)
Calibre put out the fourth set of drill results from work at its Borosi gold-silver project this Thursday. Located in Nicaragua, the project is currently under an option agreement with IAMGOLD (TSX:IMG,NYSE:IAG). The latest results extend the high-grade gold and silver mineralization at the Guapinol gold-silver vein system on the property, with highlights including an intercept of 1.39 meters grading 98.72 g/t gold and 49.1 g/t silver.
Dynacor Gold Mines (TSX:DNG)
Dynacor runs a toll milling operation in Peru, but it’s also moving forward at several exploration properties in the country. The company put out the first results from underground drilling at the Lisa vein and Manto Nazareno and Manto Dorado gold mineralized structures at its Tumipampa property this week. Significant results include intercepts of 7.41 g/t gold over 2.49 meters, including 22.21 g/t gold over 0.6 meters, as well as 2.24 g/t gold, 2.8 ounces per tonne silver and 4.43 percent copper over 3.5 meters, including 5.44 g/t gold, 7.14 ounces per tonne silver and 11.87 percent copper over 1.3 meters.
Merrex Gold (TSXV:MXI)
Merrex released initial drill results from reverse-circulation drilling at its Siribaya gold project in Mali this week. The company’s release states that the results “confirm the presence of multiple zones of gold mineralization over a wide area with several lenses related to alteration zones,” and adds that the deposit area is open in all directions and at depth. Significant assays include 40 meters of 2.52 g/t gold, including 9 meters of 8.83 g/t gold, and 38 meters of 2.52 g/t gold, including 10 meters of 5.7 g/t gold.
Avnel Gold Mining (TSX:AVK)
Drilling at Avnel’s Kalana Main project in Mali has extended Vein 1, the most significant vein at the project. Highlights include 22.5 g/t gold over 4 meters, including 82 g/t gold over 1 meter.
“The confirmation of the up-dip extension of Vein 1 is highly encouraging as it is expected to support the conversion of a significant portion of the Inferred Resource to the measured and indicated categories,” the company’s release states.
Balmoral Resources (TSX:BAR,OTCQX:BALMF)
Definitely a favorite in the junior space, Balmoral has gotten plenty of attention for its nickel discovery and high-grade gold results at its properties in Quebec. Most recently, Balmoral released the final results from drilling at the Bug Lake trend at its Martiniere project. Highlights include an intercept of 4.16 g/t gold over 38.19 meters, including 25.05 g/t gold over 5.1 meters, from the Lower Bug Lake zone.
“Exploration activities have resumed and we look forward to more strong results as we continue to delineate the opportunities at Martiniere and Grasset, and continue our evaluation of our extensive holdings in the area,” said Balmoral CEO Darin Wagner in Wednesday’s release.
Carlisle Goldfields (TSX:CGJ)
Carlisle reported results from its “Special Exploration” drill program, which is focused outside the feasibility study area of its Lynn Lake joint venture ground. The company is jointly funding its $4-million exploration program with its joint venture partner AuRico Gold (TSX:AUQ). Highlighted intercepts include 1.63 g/t gold over 10.6 meters and 5.63 g/t gold over 5.6 meters.
Canada Strategic Metals (TSXV:CJC)
Canada Strategic Metals, together with Matamec Explorations (TSXV:MAT), reported that the latest results from its March 2015 drill program confirm the extension of the 25 zone at the Sakami gold property in Northern Quebec. Intercepts include 0.96 g/t gold over 24 meters, including 10.65 g/t gold over 0.85 meters, 3.32 g/t gold over 2.8 meters and 0.53 g/t gold over 52.5 meters.
The upshot
Certainly, there’s been plenty going on in the junior gold space this week, and it might be a lot for investors to take in.
Tools such as Corebox might be worth checking out to help interpret some of those results, and it’s always worth taking a look at what industry watchers like Brent Cook, John Kaiser and Gwen Preston have to say about what to look for in junior mining companies.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Calibre Mining is a client of the Investing News Network. This article is not paid for content.
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