Northgate Minerals Corp. (AMEX: NXG) recently reported that Hole YD10-198, located west of the Young-Davidson orebody, intersected 3.46 grams per tonne (g/t) gold over 79.5 metres (m) (estimated true thickness is 53.5m).
Ken Stowe, President and Chief Executive Officer, remarked, “Hole 198 is the most exciting hole we have drilled on the Young-Davidson property since hole 1B in 2006 and is a clear indication of the tremendous upside potential that exists to expand the currently known 2.8 million ounce reserve base. Since the discovery of the original Young-Davidson mine in the early 1900s, it has been postulated that the prospective ore hosting rocks should continue to the west beneath a thick sequence of younger cover rock. Hole 198 is the first tangible evidence that this is, in fact, the case. While the thickness and grade of this mineralized interval in the hole are extremely exciting, the real significance is that we have resolved the apparent fault offset that previously limited the western edge of the Young-Davidson deposit. In addition, we have a geophysical signature that appears to trace the key stratigraphy below the younger cover rocks for several kilometres to the west.”
Last Trade: $2.96
Change: Up 0.05 (1.72%)
Day’s Range: 2.89 - 2.98
For more information about this company please visit http://www.northgateexploration.ca
Gold American Mining Corp. (SILA.OB) recently entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. SILA reported they received funds in the amount of $300,000 in virtue of this agreement and that SILA still has a balance of $7.2 million that SILA could call upon to fund their exploration and acquisition strategy. During 2010, SILA have received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the world’s richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
Last Trade: $0.90
Change: Up 0.05 (5.88%)
Day’s Range: 0.81 - 0.98
For more information about this company please visit http://www.gold-american.com/
Fronteer Gold Inc (AMEX: FRG) recently reported that drilling to the northeast of the current resource area at Long Canyon continues to return broad intervals of high-grade oxide gold. The Nevada gold deposit is now 2.7-km long and remains open for expansion.
Last Trade: $6.00
Change: Up 0.04 (0.67%)
Day’s Range: 5.85 - 6.03
For more information about this company please visit http://www.fronteergold.com
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