Since recommending Colt Resources to readers in September at $.10, Colt's share price currently sits at $.25 for a gain of 150%. Investors are beginning to appreciate Colt's two prong high-grade tungsten and high-grade gold approach to success. Colt recently completed a small private placement and management is hosting a property tour this week with analysts and potential institutional investors. Even with the current share price of $.25, this is still a company with a tiny market cap under $10 million. The Coffin brothers continue to follow this story and should be impressed by the high-grade tungsten drill results announced today (January 20th). Reports from other tungsten juniors indicate the Chinese come calling once a nice hole is pulled and this high-grade hole may draw such interest. Since the average grade of producing tungsten mines is 0.5% WO3, anything higher is considered high grade and will grab investors attention. The press release is shown below:
Colt Resources drills 18.8 m of 0.73% WO3 at Tabuaco
2010-01-20 08:51 ET - News Release
Mr. Nikolas Perrault reports
COLT RESOURCES INC. REPORTS ON DIAMOND DRILLING RESULTS ON THE TABUACO TUNGSTEN PROJECT NORTHERN PORTUGAL
Colt Resources Inc. has provided the first assay results from the diamond drilling program on its 100-per-cent-owned Tabuaco tungsten project. The initial hole successfully confirmed significant historical tungsten results over a wide interval. The current drill program objective is to confirm and expand on the historical resource (non-NI 43-101-compliant).
Located on the 436.81-square-kilometre Armamar-Meda concession in northern Portugal, the Tabuaco tungsten project is situated about 100 km east of the coastal city of Porto. Past exploration in the Tabuaco area in the early 1980s led to the discovery of significant tungsten mineralization at Sao Pedro das Aguias.
Mineralization consists of fine- to coarse-grained disseminations of scheelite within thick (up to 19 metres) shallow-dipping skarn horizons in metasedimentary rocks adjacent to a major intrusive unit. Limited widely spaced drilling at the Sao Pedro das Aguias zone produced significant historic drill results including 19.35 m grading 1.18 per cent WO3. A non-NI 43-101-compliant historical resource of one million tonnes grading 0.87 per cent WO3 was calculated by the S95PE-BRGM joint venture in the early 1980s.
The goal of the current diamond drilling program by Colt Resources at Sao Pedro das Aguias is to verify historical drilling results and to confirm and expand the historical resource. Drilling is also planned to test lateral southeast and northwest extensions of the main skarn horizon, as well as newly discovered lower skarn horizons, located about 40 m below the main skarn horizon.
To date, Colt has completed two shallow drill holes, DHT-01B and DHT-02; a third hole is under way. Hole DHT-01B, total depth of 59.85 m, intersected two shallow skarn horizons at 7.10 m to 11.85 m and at 19.15 m to 21.25 m and then cut the main skarn horizon at 24.18 m to 37.95 m. The skarn horizons are well mineralized with generally coarse-grained scheelite mineralization (visible under ultraviolet light).
Average grade results from hole DHT-01B show two major intervals: an upper interval of 4.75 m grading 0.52 per cent WO3; and a lower interval, which includes the main skarn horizon, of 18.80 m grading 0.73 per cent WO3. The lower interval includes 13.77 m grading 0.84 per cent WO3, which includes zones of 3.00 m grading 1.14 per cent WO3 and 6.32 m grading 0.99 per cent WO3. These wide and high-grade results confirm and compare well with nearby historical drill hole results of 19.35 m grading 1.18 per cent WO3.
Hole Depth From To Interval % WO3*
No. (m) (m) (m) (m) (calc.)
DHT-01B 59.85 7.10 11.85 4.75 0.52
19.15 37.95 18.80 0.73
includes 19.15 21.25 2.10 1.01
includes 24.18 37.95 13.77 0.84
includes 24.18 27.18 3.00 1.14
includes 29.18 35.50 6.32 0.99
*calculated
Hole DHT-02, total depth of 90.30 m, located 100 m southeast of hole DHT-01B, intersected an early mixed skarn horizon at 52.60 m to 54.80 m and then the main skarn horizon at 54.80 m to 65.25 m. As in hole DHT-01B, skarn horizons contain coarse-grained scheelite mineralization (visible under ultraviolet light). This core has been sampled and shipped for analysis: results are pending.
Colt is extremely encouraged by the significant widths and grades encountered in hole DHT-01B and in the scheelite mineralization encountered in hole DHT-02 (results pending). Hole DHT-03, located approximately 100 m southeast of hole DHT-02, is currently being drilled.
Additional drilling is planned to test strike extensions of the main skarn horizon and newly discovered lower skarn horizons located about 40 m below the main skarn horizon. Mapping and local surface sampling in these poorly exposed areas returned very encouraging tungsten results extending over a strike length of over one km.
Colt believes that the combination of the following favourable factors may indicate the presence of a tungsten deposit with world-class potential.
Location:
Project is located in a mining friendly, stable state, member of the European Union.
Project area has an excellent, established infrastructure and road access.
Project is situated in close proximity (tilde), 100 km, to coastal port facilities.
Mineralization potential:
Original historical resource estimation was very preliminary, being based on six shallow drill holes and channel sampling. The areal extent of blocks used in the estimation was less than 300 m by 180 m. This covers less than half of the potential area of the exposed main skarn horizon at Sao Pedro das Aguias.
Extensions of the Sao Pedro das Aguias main skarn horizon over a strike length of nearly one km, as well as recently discovered skarn zones located about 40 m below the Sao Pedro das Aguias main skarn horizon, remain poorly explored and have never been drill tested.
The region surrounding the project area contains several encouraging tungsten occurrences and remains largely underexplored.
Elements suggesting mining potential at Sao Pedro das Aguias include the following:
Local relatively high tungsten grades in the order of 0.5 per cent WO3 and higher.
Skarn horizons are relatively thick, five to 20 m, and gently dipping, 5 degrees to 25 degrees.
Mineralization consists of fine- to coarse-grained disseminations of scheelite.
Mineralized skarn horizons are generally devoid of sulphides.
Colt will be giving priority to the Tabuaco tungsten project with the aim of fast tracking development.
Sample intervals are reported as metres (m) downhole and as such do not represent true width. The actual dip of the skarn-controlled mineralization is generally shallow.
All samples were analyzed at OMAC Laboratories Ltd., Galway, Ireland, an ISO 17025 accredited facility. Samples were analyzed using a metaborate fusion followed by ICP-MS. Assay results for tungsten are reported by the laboratory as W per cent. WO3 values are calculated using a conversion factor of 1.261.
Quality control
A set of standards, duplicates and blanks is employed by Colt in its sample stream as well as the laboratory's own standards and duplicates. Results to date are well within the accepted norm.
The technical portions of this news release have been prepared and approved by J.W. Murton, PEng, a qualified person as defined by National Instrument 43-101. Mr. Murton is a director of Colt.
Colt recently completed a small private placement and management is hosting a property tour this week with analysts and potential institutional investors. Even with the current share price of $.25, this is still a company with a tiny market cap under $10 million.
Wednesday, January 20, 2010
Saturday, January 16, 2010
Lovitt Resources at the Vancouver Resource Show
For those attending the Vancouver Resource Show this weekend, please be sure to stop by the Lovitt Resources booth and speak with Lorne Brown. They are really moving forward on their marketing efforts and will also be attending the Phoenix show in February as well as doing some Howe Street presentations in Vancouver. With only a $3 million market cap and 400,000 historical non 43-101 compliant high grade gold ounces, Lovitt's share price represents an exceptional entry point right now.
Saturday, January 9, 2010
4thQ Update on Colt Resources Available
The 4thQ update on Colt Resources is now available at the top left of the website or can be accessed here. They are currently drilling a high grade gold and high grade tungsten project. Their stock is up 130% since my initial report in September but remain undervalued based on their exciting properties.
Sunday, December 27, 2009
5-Part Webcast on Investing in Canadian Junior Exploration Companies
Click here to view the 5-Part Webcast
For those new to investing in gold and silver and the related Canadian junior exploration companies, I've prepared a 5 segment webcast on investing in these companies. I get into why the next few years will be an exciting time for those investing in the juniors, why Canada is the hot bed for exploration companies, various resources to use in conducting reasearch, how to buy and sell these stocks on the Canadian exchanges and how to make the next few years both exciting and profitable.
A link is provided at the top right of the website. For those already invested in these juniors, you might pick up a thing or two from watching. Each segment is only about 5 minutes in length so it's a quick 30 minute primer but I try and touch on a variety of topics.
Happy Holidays!
Saturday, December 5, 2009
December Alerts Now Available
The December Alerts are now available at the top left of the website. This month 3 companies are featured:
Black Panther Mining
Mala Noches resources
ICN Resources
All 3 will be reporting significant news over the next 30 days so these should go on your watchlist and further due diligence performed.
Black Panther Mining
Mala Noches resources
ICN Resources
All 3 will be reporting significant news over the next 30 days so these should go on your watchlist and further due diligence performed.
Thursday, November 26, 2009
Colt Resources starts diamond drilling at Tabuaco
The Chinese are closely watching any junior who pulls a nice tungsten hole. In addition, with gold closing in on $1,200, the Penedono deposit is drawing quite a bit of investor interest.
Colt Resources starts diamond drilling at Tabuaco
2009-11-26 10:46 ET - News Release
Mr. Nikolas Perrault reports
COLT RESOURCES INC. REPORTS ON DIAMOND DRILLING PROGRESS ON TWO CONCESSIONS
Diamond drilling has started on Colt Resources Inc.'s Tabuaco tungsten property located in the Armamar Meda concession in northern Portugal. This initial program will consist of four holes totalling approximately 325 metres.
Diamond drilling is also continuing on its Santo Antonio gold property in the Penedono concession, located adjacent to the Armamar Meda concession. This is a continuing program at Santo Antonio with an initial target of approximately 750 metres in 10 to 15 holes.
Colt Resources starts diamond drilling at Tabuaco
2009-11-26 10:46 ET - News Release
Mr. Nikolas Perrault reports
COLT RESOURCES INC. REPORTS ON DIAMOND DRILLING PROGRESS ON TWO CONCESSIONS
Diamond drilling has started on Colt Resources Inc.'s Tabuaco tungsten property located in the Armamar Meda concession in northern Portugal. This initial program will consist of four holes totalling approximately 325 metres.
Diamond drilling is also continuing on its Santo Antonio gold property in the Penedono concession, located adjacent to the Armamar Meda concession. This is a continuing program at Santo Antonio with an initial target of approximately 750 metres in 10 to 15 holes.
Wednesday, November 25, 2009
Frederick Shale takes center stage
I had been hoping that the Utica would prove out before the Frederick but CDH just nailed it. These results represent the first significant flow of natural gas from the Frederick Brook formation, and are encouraging for future horizontal drilling and multistage fracturing of this large unconventional resource play.
For those interested, I did a small write-up on the maritime shale play last year. CEX and PTW are the most leveraged to this news besides Corridor.
http://www.statesidereport.com/Four_Horsemen_of_the_Maritime_Shale.pdf
stateside
Corridor well flows at 4.1 mmscfd at Frederick Brook
2009-11-25 08:19 ET - News Release
Mr. Norman Miller reports
CORRIDOR FRACTURES AND TESTS THE FREDERICK BROOK FORMATION AT THE GREEN ROAD G-41 WELL
Corridor Resources Inc. has conducted propane fracs and completed initial cleanup flow of two intervals in the upper part of the Frederick Brook formation at the Green Road G-41 (vertical) well. The well is located approximately 20 kilometres east of the McCully gas plant and four kilometres north of the village of Elgin in southern New Brunswick. The first of the two fracs resulted in the placement of 46 tonnes of proppant in a black shale interval at a depth between 2,000 and 2,050 metres. The second frac resulted in the placement of 68 tonnes of proppant in a silty interval of the formation containing thin interbeds of sandstone at a depth between 1,850 and 1,900 metres. Following completion of the fracturing operations, commingled cleanup flow was conducted for the two intervals. At the end of a 57-hour flow period, the well was flowing at a restricted rate of 4.1 million standard cubic feet per day, consisting of approximately 85 per cent natural gas and 15 per cent propane frac fluid at a flowing wellhead pressure of 2,083 psi. A temperature log confirmed that both intervals were contributing to the flow. A tubing string with packer will be installed in the well to facilitate independent flow testing of each interval. These results represent the first significant flow of natural gas from the Frederick Brook formation, and are encouraging for future horizontal drilling and multistage fracturing of this large unconventional resource play.
For those interested, I did a small write-up on the maritime shale play last year. CEX and PTW are the most leveraged to this news besides Corridor.
http://www.statesidereport.com/Four_Horsemen_of_the_Maritime_Shale.pdf
stateside
Corridor well flows at 4.1 mmscfd at Frederick Brook
2009-11-25 08:19 ET - News Release
Mr. Norman Miller reports
CORRIDOR FRACTURES AND TESTS THE FREDERICK BROOK FORMATION AT THE GREEN ROAD G-41 WELL
Corridor Resources Inc. has conducted propane fracs and completed initial cleanup flow of two intervals in the upper part of the Frederick Brook formation at the Green Road G-41 (vertical) well. The well is located approximately 20 kilometres east of the McCully gas plant and four kilometres north of the village of Elgin in southern New Brunswick. The first of the two fracs resulted in the placement of 46 tonnes of proppant in a black shale interval at a depth between 2,000 and 2,050 metres. The second frac resulted in the placement of 68 tonnes of proppant in a silty interval of the formation containing thin interbeds of sandstone at a depth between 1,850 and 1,900 metres. Following completion of the fracturing operations, commingled cleanup flow was conducted for the two intervals. At the end of a 57-hour flow period, the well was flowing at a restricted rate of 4.1 million standard cubic feet per day, consisting of approximately 85 per cent natural gas and 15 per cent propane frac fluid at a flowing wellhead pressure of 2,083 psi. A temperature log confirmed that both intervals were contributing to the flow. A tubing string with packer will be installed in the well to facilitate independent flow testing of each interval. These results represent the first significant flow of natural gas from the Frederick Brook formation, and are encouraging for future horizontal drilling and multistage fracturing of this large unconventional resource play.
Sunday, November 1, 2009
Lovitt Resources - 5 million shares outstanding, $2 million market cap, 400,000 high grade gold ounces
Hi,
My highlighted company for November, Lovitt Resources (LRC.V), can be accessed at the top left of the site. They are unique in that they have a substantial historical, high-grade resource (non-43 101) of 400,000 ounces of gold in the state of Washington and only 5.1 million shares outstanding with a market cap of under $2 million. A summary of the report in bullet points includes:
• Only 5.1 million shares outstanding with no options or warrants issued
• Non 43-101 compliant resource of approximately 400,000 ounces of gold (historical) at ~ 7 g/t
• No deep drilling on the Lovitt property but plans to deep drill it over the next few months
• Cannon Mine less than a mile away on trend produced 1.25 million ounces high grade gold
• Prior production at Lovitt Mine of 400,000 high grade gold ounces in the 1950's and 1960's
• In 1982, Breakwater went from $.18 to over $40 over the next few years on the Cannon discovery
• Current replacement cost of Lovitt Mine infrastructure and data would exceed $40 million
• Real estate and high tech processing equipment worth Lovitt's current market cap – gold for free
• Near-term production from high grade areas by hauling out material for milling
• Minimal capital cost of $1-$2 million....Kinross Buckhorn plant in Washington has excess capacity
• No prior promotion or marketing means this is a truly undiscovered story
• Current market cap of $1.8 million....private sales of this type have gone for over $10 million
• Safe jurisdiction with water, power, labor and other requirements available locally
• Patented claims 100% owned by Lovitt Resources with no exploration permitting required
• With gold at the $1,000 level and the junior market heating up, investors will be looking for high
grade gold exploration companies with a ultra-tight share structure for the most leverage
• Recent exhibiting at the Toronto Resource Show was the “coming out party” - building awareness
My highlighted company for November, Lovitt Resources (LRC.V), can be accessed at the top left of the site. They are unique in that they have a substantial historical, high-grade resource (non-43 101) of 400,000 ounces of gold in the state of Washington and only 5.1 million shares outstanding with a market cap of under $2 million. A summary of the report in bullet points includes:
• Only 5.1 million shares outstanding with no options or warrants issued
• Non 43-101 compliant resource of approximately 400,000 ounces of gold (historical) at ~ 7 g/t
• No deep drilling on the Lovitt property but plans to deep drill it over the next few months
• Cannon Mine less than a mile away on trend produced 1.25 million ounces high grade gold
• Prior production at Lovitt Mine of 400,000 high grade gold ounces in the 1950's and 1960's
• In 1982, Breakwater went from $.18 to over $40 over the next few years on the Cannon discovery
• Current replacement cost of Lovitt Mine infrastructure and data would exceed $40 million
• Real estate and high tech processing equipment worth Lovitt's current market cap – gold for free
• Near-term production from high grade areas by hauling out material for milling
• Minimal capital cost of $1-$2 million....Kinross Buckhorn plant in Washington has excess capacity
• No prior promotion or marketing means this is a truly undiscovered story
• Current market cap of $1.8 million....private sales of this type have gone for over $10 million
• Safe jurisdiction with water, power, labor and other requirements available locally
• Patented claims 100% owned by Lovitt Resources with no exploration permitting required
• With gold at the $1,000 level and the junior market heating up, investors will be looking for high
grade gold exploration companies with a ultra-tight share structure for the most leverage
• Recent exhibiting at the Toronto Resource Show was the “coming out party” - building awareness
Thursday, October 15, 2009
Colt Resources Inc. Reports on Progress on the Penedono Concession and Ongoing Exploration Plans
Colt is now drilling on their high grade gold property in Portugal. They are one of the few juniors to have both a high grade gold and high grade tungsten property selling for less than $5 million.
MONTREAL, Oct. 15 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to provide an update on property work completed during the current 2009 exploration program on their Penedono Concession, located in northern Portugal.
The Penedono Concession consists of 102.471 km2 and is located approximately 100 air km east from the coastal city of Porto.
Colt has been conducting a trenching and diamond drilling program in the Marofa area, (adjacent to the west from the Santo Antonio veins), where previously reported good grade values for gold and tungsten have been reported. These values, as reported in the News Release of Dec.15, 2008, ranged up to 96 g/t gold and 18,364 ppm (1.84%) W or 2.32% WO3 in individual relatively narrow veins. The focus of the exploration has been on areas where there is a high frequency of veins and veinlets. Colt has completed 657 meters of surface trenching and 341 meters of diamond drilling in 6 holes. When all assay results have been received and the data analyzed, a decision will be made as to further work on this potential open pit target area.
The diamond drill has now been moved to the Santo Antonio area to veins 11 and 13 where additional drilling has begun. This drilling program will focus on expanding the strike extension of the vein systems located last year. On vein 11, DDH 08-04 returned 8.14 m of 5.89 g/t gold including 1.54 m of 18.37 g/t gold while DDH 08-02 on vein 13 returned 1.47 m of 59.99 g/t gold. These veins remain open on strike and to depth. Additional drilling is being considered on other veins in the immediate area such as vein 12 lying between veins 11 and 13 plus other veins in the Santo Antonio system.
Colt is also reviewing all data relating to the Turgueira area of the Penedono Concession. This area is located approximately 7 km to the west from the Santo Antonio veins and where in previous work conducted by Rio Narcea, a potential open pit target is apparent. Gold values from a large area of greisen alteration containing disseminated arsenopyrite as well as quartz veinlets containing arsenopyrite are in the range of 1 - 2 g/t gold over widths of 10 - 30 metres both in diamond drill holes and trenches. Several areas in trenches returned higher grades such as 3.0 g/t gold over 13 metres and 6.2 g/t gold over 5.2 metres. The Turgueira area was also worked in the past by local tungsten miners during World War 2. Evidence of their activities is scattered over the main target area and future exploration by Colt will include tungsten analysis. Wolframite has been observed in hand specimens.
The technical portions of this news release have been prepared and approved by J.W. Murton, P. Eng., a qualified person as defined by National Instrument 43-101. Mr. J.W. Murton is a director of Colt.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts
Nikolas Perrault
President & CEO
Colt Resources Inc.
(514) 501-2985
(514) 394-0009
Fax (514) 394-0888
info@coltresources.com
Aurelio Useche
CMA
MBA
Director & CFO
Colt Resources Inc.
(514) 824-8559
auseche@coltresources.com
MONTREAL, Oct. 15 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to provide an update on property work completed during the current 2009 exploration program on their Penedono Concession, located in northern Portugal.
The Penedono Concession consists of 102.471 km2 and is located approximately 100 air km east from the coastal city of Porto.
Colt has been conducting a trenching and diamond drilling program in the Marofa area, (adjacent to the west from the Santo Antonio veins), where previously reported good grade values for gold and tungsten have been reported. These values, as reported in the News Release of Dec.15, 2008, ranged up to 96 g/t gold and 18,364 ppm (1.84%) W or 2.32% WO3 in individual relatively narrow veins. The focus of the exploration has been on areas where there is a high frequency of veins and veinlets. Colt has completed 657 meters of surface trenching and 341 meters of diamond drilling in 6 holes. When all assay results have been received and the data analyzed, a decision will be made as to further work on this potential open pit target area.
The diamond drill has now been moved to the Santo Antonio area to veins 11 and 13 where additional drilling has begun. This drilling program will focus on expanding the strike extension of the vein systems located last year. On vein 11, DDH 08-04 returned 8.14 m of 5.89 g/t gold including 1.54 m of 18.37 g/t gold while DDH 08-02 on vein 13 returned 1.47 m of 59.99 g/t gold. These veins remain open on strike and to depth. Additional drilling is being considered on other veins in the immediate area such as vein 12 lying between veins 11 and 13 plus other veins in the Santo Antonio system.
Colt is also reviewing all data relating to the Turgueira area of the Penedono Concession. This area is located approximately 7 km to the west from the Santo Antonio veins and where in previous work conducted by Rio Narcea, a potential open pit target is apparent. Gold values from a large area of greisen alteration containing disseminated arsenopyrite as well as quartz veinlets containing arsenopyrite are in the range of 1 - 2 g/t gold over widths of 10 - 30 metres both in diamond drill holes and trenches. Several areas in trenches returned higher grades such as 3.0 g/t gold over 13 metres and 6.2 g/t gold over 5.2 metres. The Turgueira area was also worked in the past by local tungsten miners during World War 2. Evidence of their activities is scattered over the main target area and future exploration by Colt will include tungsten analysis. Wolframite has been observed in hand specimens.
The technical portions of this news release have been prepared and approved by J.W. Murton, P. Eng., a qualified person as defined by National Instrument 43-101. Mr. J.W. Murton is a director of Colt.
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts
Nikolas Perrault
President & CEO
Colt Resources Inc.
(514) 501-2985
(514) 394-0009
Fax (514) 394-0888
info@coltresources.com
Aurelio Useche
CMA
MBA
Director & CFO
Colt Resources Inc.
(514) 824-8559
auseche@coltresources.com
Thursday, October 8, 2009
The gift from those playing games with Decade (DEC)
Decade Resources share price has fallen from $1.72 to $1.11 as profit takers rang the register and certain institutions playing games with the share price. With gold melting up tonight and the news release from Decade today showing a 20-30 meter wide, 2 kilometer long 400 meter deep high grade (7-10 g/t)zone plus the potential for a deeper, longer zone identified in hole #9, a $1.11 entry price will make most giddy a few months from now.
Wednesday, September 23, 2009
Colt Resources: "One of the Favorite Horses to Ride"
My initial Colt Resources (GTP) research report can be accessed at the link at the top left of the website tonight. Colt Resources is one of my favorite "unknown" companies that has 3 exciting plays in Portugal (1) a high grade gold deposit (2) a high grade tungsten deposit and (3) a potential elephant-sized VMS deposit. The reason it is one of my favorites is if you combine the properties listed above with a tight share structure, a tiny market cap (under $2.5 million)and their relatively unknown status among investors, Colt's share price has the potential to be re-rated higher by the market once their story gets out.
Please take the time to review the report as I'm sure you'll find Colt Resources an exciting junior play leveraged to the high price of both gold and tungsten.
Please take the time to review the report as I'm sure you'll find Colt Resources an exciting junior play leveraged to the high price of both gold and tungsten.
Friday, September 18, 2009
Decade (DEC.V) - A Possible Eskay #109 ?
We should know next week whether lightning can strike twice at Stewart. There is a buzz that Decade's hole #9 at Red Cliff may be a company maker and results are expected late next week. Anything remotely close to hole #109 and you will have a 10-bagger from today's $1 level. Other companies that will benefit include Mountain Boy (MTB) who will own 20% of the Red Cliff deposit, Auramex (AUX) whose 100% owned property is adjacent to Red Cliff and Bonterra (BTR) who just staked claims northwest of Red Cliff. Timing couldn't be better as the Toronto Resource Conference kicks off next weekend. See a summary of Eskay # 109 below:
stateside
The Northern Miner’s 1990 “Mining Man of the Year” Chet Idziszek and Murray Pezim (Eskay Creek) – by Vivian Danielson
A dozen different companies optioned and explored the Eskay Creek property north of Stewart, B.C., over the past half century before its real potential began to emerge in the fall of 1988. That’s when Murray Pezim, 70, Canada’s best known mining promoter, backed a recommendation by Chet Idziszek, 43, and his team of geologists to drill the Eskay Creek project brought to Pezim for financing by a little known junior called Calpine Resources.
Today Eskay Creek is recognized as being among the most significant of discoveries made in Canada since the Hemlo gold deposits were found in Ontario in the early 1980s. The two projects have some interesting parallels, not the least of which is the fact that Murray Pezim played a significant role in advancing each of these geologically unique and truly world-class discoveries.
The Eskay Creek discovery also focused attention on the under-explored and often underestimated mineral potential of northwestern British Columbia. And it underscored the important but often thankless role played by the Vancouver Stock Exchange in providing funds for juniors to carry out high-risk exploration.
It is for their roles in the discovery and development of the Eskay Creek deposits that The Northern Miner has named Murray Pezim and Chet Idziszek jointly as Mining Men of the Year for 1990.
Theirs is an unlikely partnership. Pezim, is flamboyant, some times abrasive, a workaholic and an unabashed risk-taker. He came to Vancouver from Toronto in 1965. Since then, his career has been a roller-coaster ride of triumphs and tribulations. Notwithstanding the pall over his reputation cast by a recent investigation by the British Columbia Securities Commission, Pezim’s contribution to mineral exploration in Canada is assured by his role at Eskay Creek, Hemlo and other areas.
Idziszek, holder of a M.Sc. degree from McGill University, is a personable and respected professional geologist whose technical skills have steered the Eskay Creek project through some challenging times. Without the conviction of his technical expertise, Eskay Creek might still be just a remote watershed in British Columbia’s rugged hinterland.
It took 76 drill holes before Hemlo even began to be taken seriously, and 109 holes before Eskay Creek became widely accepted as a truly significant discovery.
Geological reserves at Eskay Creek today stand at 4.36 million tons of 0.77 oz. gold and 29.12 oz. silver, the bulk of which is classed as probable reserves in the 21B zone which is also rich in zinc, lead and copper sulphides.
Idziszek’s involvement with Pezim began in February, 1987, 0000,1006 when he moved to Vancouver from Toronto to head up Prime Explorations, the exploration arm and wholly owned subsidiary of Prime Resources. Its main role was to seek out new exploration and development projects and manage programs on existing properties throughout North America for the Prime group of companies (about 50 at the time).
Idziszek may have been coaxed to move to Vancouver by his wife, Nell Dragovan. Back in the early 1980s, she played an important role in acquiring some Hemlo gold properties for a Vancouver-based junior that later became Corona (TSE).
Before Eskay Creek, Idziszek was the main driving force responsible for the identification and evaluation of the Snip gold deposit as an acquisition target for Prime Resources. It is now being readied for production by Cominco (TSE), which has a 60% interest and is operator. Once up to full speed, Snip is expected to produce 93,000 oz. gold annually.
In the summer of 1988, after a technical evaluation, Idziszek and geologists James Foster and David Mallo (Idziszek’s former colleagues at Gold Fields Canadian Mining) recommended Prime take on the Eskay Creek project. At the time, Calpine was hard pressed to raise $900,000 which it needed to spend to earn a 50% interest from Stikine Resources (VSE), then known as Consolidated Stikine Silver.
Pezim and associate John Ivany agreed to finance and acquire an interest in the company, which eventually became a subsidiary of Prime Resources Group (VSE). A fall drill program was outlined by Prime Explorations based on a detailed office evaluation of previous results, some interpretative work, surface geological mapping and a soil geochemistry program.
A month or so later, as part of a 6-hole drill program contracted to Keewatin Engineering, a significant gold discovery was made when the last hole of the program intersected 96.5 ft. of 0.75 oz. gold and 1.13 oz. silver per ton.
Prime picked up important clues for its drill program after it reviewed results from a 1985, limited drill program carried out by Kerrisdale Resources in an area adjacent and peripheral to what is now the 21A zone. Kerrisdale was unable to raise funds to continue work and its option from Stikine was dropped. But had it been able to come up with the funds to carry out the next phase of drilling recommended by its consulting geologists, David and Virginia Kuran, Mallo said the Eskay Creek story “could have been a very different one.”
Encouraged by initial results, Pezim raised funds to carry out an expensive drilling program through the winter of 1988-89 (one of the worst on record). As the drilling progressed, however, it became apparent that the 21A zone was metallurgically complex with limited tonnage potential.
In the summer of 1989, drilling on the 21A zone was suspended in favor of an accelerated program on the 21B deposit, where some widely spaced stepout holes at the end of the winter program (holes 67,68,69) had revealed high-grade gold and silver mineralization associated with base metals. The two zones are separated by an approximate 500-ft.-long weakly mineralized area.
It was a gamble that paid off handsomely. Results kept getting better and better until a widely spaced stepout hole drilled on an induced polarization target at the northern end of the property made history.
The now-famous hole 109 returned a 682-ft. interval grading an average of 0.87 oz. gold, 0.97 oz. silver, 1.12% lead and 2.26% zinc. In the process, the spectacular hole triggered a trading frenzy on the Vancouver Stock Exchange.
Ongoing work led to geological reserve calculations, metallurgical studies which returned positive results from 21B zone mineralization, and an underground program to provide information for mine planning feasibility studies. In addition, several new zones were discovered which increased the property’s reserve potential.
Headed by Idziszek, the team responsible for the Eskay Creek discoveries includes Mallo and Foster as well as field managers Ron Fenlon and Gerry McArthur.
But credit must also be given to Tom Mackay, the prospector who explored Eskay Creek in 1932 and who first believed in its potential. His widow, Marguerite, held on to the property through Stikine Resources, which was later acquired about equally by Corona and Placer Dome (TSE). (The acquisition provided a handsome return to Stikine shareholders.) Corona, which currently has the larger stake in the project, hopes to name the mine after Mackay.
Also, Pezim’s contributions have been more than financial. He solidly backed his technical people and promoted Eskay Creek to anyone who would listen. And he got a better response than in the early 1980s when he tried to convince a skeptical industry that mines were ready for the making at Hemlo.
“Gold mines were found by guys like Placer and Noranda, not by some raggedy-ass VSE promotion,” said author Frank Keane describing the prevailing attitude in the early Hemlo days in his book Pezim, Tales of a Promotor.
But industry skepticism lingered at Eskay Creek (does lightning really strike twice?), and it was not until the deposit was substantially drilled off that two majors, Corona and Placer Dome, moved to acquire their direct interests in the project.
All the fanfare at Eskay Creek in the summer of 1989 landed Pezim and several associates in hot water with British Columbia’s securities regulators. They were recently cleared of insider trading and breach of directors’ duties, but Pezim is now trying to appeal a 1-year trading ban imposed on him for contraventions of disclosure requirements during a hectic period in 1989 when drilling was taking place at Eskay Creek.
Pezim and Idziszek are currently heading up Prime Equities, which has a host of junior companies under its corporate umbrella. And, as Mallo says, “there will be more discoveries.”
This entry was posted on Thursday, January 1st, 2009 at 1:59 pm and is filed under Northern Miner - Mining Person of the Year Award. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
stateside
The Northern Miner’s 1990 “Mining Man of the Year” Chet Idziszek and Murray Pezim (Eskay Creek) – by Vivian Danielson
A dozen different companies optioned and explored the Eskay Creek property north of Stewart, B.C., over the past half century before its real potential began to emerge in the fall of 1988. That’s when Murray Pezim, 70, Canada’s best known mining promoter, backed a recommendation by Chet Idziszek, 43, and his team of geologists to drill the Eskay Creek project brought to Pezim for financing by a little known junior called Calpine Resources.
Today Eskay Creek is recognized as being among the most significant of discoveries made in Canada since the Hemlo gold deposits were found in Ontario in the early 1980s. The two projects have some interesting parallels, not the least of which is the fact that Murray Pezim played a significant role in advancing each of these geologically unique and truly world-class discoveries.
The Eskay Creek discovery also focused attention on the under-explored and often underestimated mineral potential of northwestern British Columbia. And it underscored the important but often thankless role played by the Vancouver Stock Exchange in providing funds for juniors to carry out high-risk exploration.
It is for their roles in the discovery and development of the Eskay Creek deposits that The Northern Miner has named Murray Pezim and Chet Idziszek jointly as Mining Men of the Year for 1990.
Theirs is an unlikely partnership. Pezim, is flamboyant, some times abrasive, a workaholic and an unabashed risk-taker. He came to Vancouver from Toronto in 1965. Since then, his career has been a roller-coaster ride of triumphs and tribulations. Notwithstanding the pall over his reputation cast by a recent investigation by the British Columbia Securities Commission, Pezim’s contribution to mineral exploration in Canada is assured by his role at Eskay Creek, Hemlo and other areas.
Idziszek, holder of a M.Sc. degree from McGill University, is a personable and respected professional geologist whose technical skills have steered the Eskay Creek project through some challenging times. Without the conviction of his technical expertise, Eskay Creek might still be just a remote watershed in British Columbia’s rugged hinterland.
It took 76 drill holes before Hemlo even began to be taken seriously, and 109 holes before Eskay Creek became widely accepted as a truly significant discovery.
Geological reserves at Eskay Creek today stand at 4.36 million tons of 0.77 oz. gold and 29.12 oz. silver, the bulk of which is classed as probable reserves in the 21B zone which is also rich in zinc, lead and copper sulphides.
Idziszek’s involvement with Pezim began in February, 1987, 0000,1006 when he moved to Vancouver from Toronto to head up Prime Explorations, the exploration arm and wholly owned subsidiary of Prime Resources. Its main role was to seek out new exploration and development projects and manage programs on existing properties throughout North America for the Prime group of companies (about 50 at the time).
Idziszek may have been coaxed to move to Vancouver by his wife, Nell Dragovan. Back in the early 1980s, she played an important role in acquiring some Hemlo gold properties for a Vancouver-based junior that later became Corona (TSE).
Before Eskay Creek, Idziszek was the main driving force responsible for the identification and evaluation of the Snip gold deposit as an acquisition target for Prime Resources. It is now being readied for production by Cominco (TSE), which has a 60% interest and is operator. Once up to full speed, Snip is expected to produce 93,000 oz. gold annually.
In the summer of 1988, after a technical evaluation, Idziszek and geologists James Foster and David Mallo (Idziszek’s former colleagues at Gold Fields Canadian Mining) recommended Prime take on the Eskay Creek project. At the time, Calpine was hard pressed to raise $900,000 which it needed to spend to earn a 50% interest from Stikine Resources (VSE), then known as Consolidated Stikine Silver.
Pezim and associate John Ivany agreed to finance and acquire an interest in the company, which eventually became a subsidiary of Prime Resources Group (VSE). A fall drill program was outlined by Prime Explorations based on a detailed office evaluation of previous results, some interpretative work, surface geological mapping and a soil geochemistry program.
A month or so later, as part of a 6-hole drill program contracted to Keewatin Engineering, a significant gold discovery was made when the last hole of the program intersected 96.5 ft. of 0.75 oz. gold and 1.13 oz. silver per ton.
Prime picked up important clues for its drill program after it reviewed results from a 1985, limited drill program carried out by Kerrisdale Resources in an area adjacent and peripheral to what is now the 21A zone. Kerrisdale was unable to raise funds to continue work and its option from Stikine was dropped. But had it been able to come up with the funds to carry out the next phase of drilling recommended by its consulting geologists, David and Virginia Kuran, Mallo said the Eskay Creek story “could have been a very different one.”
Encouraged by initial results, Pezim raised funds to carry out an expensive drilling program through the winter of 1988-89 (one of the worst on record). As the drilling progressed, however, it became apparent that the 21A zone was metallurgically complex with limited tonnage potential.
In the summer of 1989, drilling on the 21A zone was suspended in favor of an accelerated program on the 21B deposit, where some widely spaced stepout holes at the end of the winter program (holes 67,68,69) had revealed high-grade gold and silver mineralization associated with base metals. The two zones are separated by an approximate 500-ft.-long weakly mineralized area.
It was a gamble that paid off handsomely. Results kept getting better and better until a widely spaced stepout hole drilled on an induced polarization target at the northern end of the property made history.
The now-famous hole 109 returned a 682-ft. interval grading an average of 0.87 oz. gold, 0.97 oz. silver, 1.12% lead and 2.26% zinc. In the process, the spectacular hole triggered a trading frenzy on the Vancouver Stock Exchange.
Ongoing work led to geological reserve calculations, metallurgical studies which returned positive results from 21B zone mineralization, and an underground program to provide information for mine planning feasibility studies. In addition, several new zones were discovered which increased the property’s reserve potential.
Headed by Idziszek, the team responsible for the Eskay Creek discoveries includes Mallo and Foster as well as field managers Ron Fenlon and Gerry McArthur.
But credit must also be given to Tom Mackay, the prospector who explored Eskay Creek in 1932 and who first believed in its potential. His widow, Marguerite, held on to the property through Stikine Resources, which was later acquired about equally by Corona and Placer Dome (TSE). (The acquisition provided a handsome return to Stikine shareholders.) Corona, which currently has the larger stake in the project, hopes to name the mine after Mackay.
Also, Pezim’s contributions have been more than financial. He solidly backed his technical people and promoted Eskay Creek to anyone who would listen. And he got a better response than in the early 1980s when he tried to convince a skeptical industry that mines were ready for the making at Hemlo.
“Gold mines were found by guys like Placer and Noranda, not by some raggedy-ass VSE promotion,” said author Frank Keane describing the prevailing attitude in the early Hemlo days in his book Pezim, Tales of a Promotor.
But industry skepticism lingered at Eskay Creek (does lightning really strike twice?), and it was not until the deposit was substantially drilled off that two majors, Corona and Placer Dome, moved to acquire their direct interests in the project.
All the fanfare at Eskay Creek in the summer of 1989 landed Pezim and several associates in hot water with British Columbia’s securities regulators. They were recently cleared of insider trading and breach of directors’ duties, but Pezim is now trying to appeal a 1-year trading ban imposed on him for contraventions of disclosure requirements during a hectic period in 1989 when drilling was taking place at Eskay Creek.
Pezim and Idziszek are currently heading up Prime Equities, which has a host of junior companies under its corporate umbrella. And, as Mallo says, “there will be more discoveries.”
This entry was posted on Thursday, January 1st, 2009 at 1:59 pm and is filed under Northern Miner - Mining Person of the Year Award. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Thursday, September 17, 2009
Another spike
$5 spike at 1:45 AM. Folks, as Jim Sinclair has said repeatedly, this is it. $1,000 is the floor now.
Wednesday, September 16, 2009
Major move in gold tonight at 1:45 AM
A quick late night post at 1:45 AM. Gold just made a $7 spike move in a 1 minute period. This is unheard of in Asia so it is something to watch tomorrow to see if there is any follow through.
Tuesday, September 8, 2009
Barrick moves to eliminate hedges
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_Rt2xgQeWvY
Why is this bullish?
Barrick hedged (went short) millions of ounces of gold that has cost them billions of dollars as the price has risen 8 straight years. They had agreements with the bullion banks that they would never have to cover their short, just roll them over year to year. This had the effect of suppressing the gold price although as one can see over the years, it just slowed down gold's movement higher.
If Barrick thought $1,000 was a top, they would have no reason to cover their short (hedge) as a declining price would help their financial situation. No, Barrick thinks the gold run is just beginning and wants to get out of their short position NOW even though it is costing them billions. Maybe they believe the Chinese when they say they are buying gold and will continue to do so to diversify away from the USD.
I had to laugh at all of the top callers in gold today. They are a joke and are laughed at by those who understand the real gold story.
Speaking of stories, we should finally get back to discussing Oro Gold drill results tomorrow.
Why is this bullish?
Barrick hedged (went short) millions of ounces of gold that has cost them billions of dollars as the price has risen 8 straight years. They had agreements with the bullion banks that they would never have to cover their short, just roll them over year to year. This had the effect of suppressing the gold price although as one can see over the years, it just slowed down gold's movement higher.
If Barrick thought $1,000 was a top, they would have no reason to cover their short (hedge) as a declining price would help their financial situation. No, Barrick thinks the gold run is just beginning and wants to get out of their short position NOW even though it is costing them billions. Maybe they believe the Chinese when they say they are buying gold and will continue to do so to diversify away from the USD.
I had to laugh at all of the top callers in gold today. They are a joke and are laughed at by those who understand the real gold story.
Speaking of stories, we should finally get back to discussing Oro Gold drill results tomorrow.
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