Euromax Significantly Grows Resource Estimate at Ilovitza

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has completed an updated compliant resource estimate at Ilovitza to inlcude approximately 7,400 metres of drilling during 2010 and 2011.  The updated resource estimate consists of sulphide and mixed resources, which is comprised of gold, copper and molybdenum, and oxide gold resources.

The table below summarizes the updated 43-101 compliant resource estimate at Ilovitza.  Ilovitza now has an indicated resource of 0.2 million gold ounces and 111.5 million pounds of copper and an inferred resource of 4.4 million gold ounces and 1.7 million pounds of copper.  In the aggregate on a gold equivalent basis, Ilovitza’s combined indicated and inferred resource is approximately 8.2 million gold equivalent ounces.

 

 

 

 

 

Read More

Xtra-Gold’s Drill Results Intercept 1.96 g/t Gold Over 25 Metres and 1.5 g/t Gold Over 23 Metres

Xtra-Gold Resources (OTCBB: XTGR; TSX: XTG) has assasys from 14 additional diamond core holes totaling 3,334 metres from its Kibi Gold Project in Ghana, highlights of which include:

• 25 metres grading 1.96 grams per tonne (“g/t”) gold, including 2.79 g/t gold over9 metres, in #KBDD12189 from 195 metres down-hole (Big Bend Zone);
• 23 metres grading 1.50 g/t gold, including 2.80 g/t gold over 6 metres, in #KBDD12187 from 331 metres down-hole (Big Bend Zone);
• Work on an initial NI 43-101 – compliant mineral resource estimate on the Big Bend and East Dyke gold zones of the Kibi Project’s Zone 2 has commenced by SEMS Exploration Services Ltd of Accra, Ghana.

Read More

Revolution Resources Closes $5.77 Million Financing

Revolution Resources (OTCQX: RVRCF; TSX: RV) has closed its previously announced bought deal public offering, including the full exercise of the over-allotment option granted to the underwriters. The Company issued 16,962,500 units at a price of $0.34 per unit for gross proceeds of $5,767,250 (the “Offering”). Each unit was comprised of one common share and one-half of one transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to acquire one common share of the Company at a price $0.60 for a period of 18 months following the closing of the Offering.

Read More

Roxgold Drill Program Underway, Results Starting to Come In

Roxgold (OTC Other: ROGFF; TSX-V: ROG) resumed drilling at its Yaramoko property in Burkina Faso in mid-January 2012, since which time the Company has completed 49 holes with an additional 3 holes in progress.  From these holes, 6,605 core samples were submitted to the assay facility in Burkina Faso for processing.  To date, complete results have been received for only 2 holes and their significant gold intercepts are set out below.

• YRM-12-DDH-070 reported 9.96 g/t gold from 85.0 m to 87.4 m (1.92 m estimated true width)
• YRM-12-DDH-074 reported 7.58 g/t gold from 90.5 m to 93.6 m (2.48 m estimated true width)

Discussions with the local assay lab have indicated a large backlog of samples at that facility and no assurance of timely delivery of additional results. As a result, Roxgold has removed 530 selected samples from this facility and with those on hand has begun the process to ship the 636 samples by air to TSL Laboratories in Saskatoon, Saskatchewan. This process was employed by the Company during Phase 1 of its drilling campaign last year to avoid the excessive delays associated with assaying in Burkina Faso and results were generally received within 3-4 weeks of the date of shipping.

Read More

African Gold Continues Work at Kobada Property in Mali Without Interruption

African Gold Group (OTC Other: AGGFF; TSX-V: AGG) continues to work, unabated, at the Company’s Kobada, Mali gold project.  No disruption in work programs or staffing has been experienced as a result of recent events in Bamako, Mali.

Read More

Balmoral Resources Drill Results Intersect 11.42 g/t Gold Over 9.3 Metres, Confirms Additional High-Grade Gold Discovery

Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has assays back on the first four drill holes of the winter 2012 drill program.  Follow-up testing of the ME-16 discovery, announced December 5, 2011 (NR11-31), returned an intercept of 9.30 metres grading 11.42 g/t gold from drill hole MDE-12-20. This compares favourably with discovery hole MDE-11-16 which returned 9.33 metres grading 12.93 g/t gold. The reported intercept from hole MDE-12-20 includes a bonanza grade section which returned 41.22 g/t gold over a 2.50 metre interval.

According to Darin Wagner, President and CEO of Balmoral, “The initial results from the Martiniere East – ME-16 drilling confirm the presence of another high-grade gold bearing feature on the Martiniere Property.  Located approximately one kilometre east of the Martiniere West Zone, the ME-16 area may have the potential to add additional high-grade, near surface ounces to the expanding discovery at Martiniere West.”

Read More

Gold Standard Announces New Board Member and Manager of Projects

Gold Standard Ventures (OTCQX: GDVXF; TSX-V: GV) has appointed David Cole to the Board Of Directors of the Company and added Steven Koehler to the Nevada exploration team as Manager of Projects.

Mr. Cole has over 27 years of mining and mineral exploration industry experience. In December 2003, Mr. Cole founded Eurasian Minerals Inc. as a public company, which has grown to a market capitalization of $100 million. Eurasian Minerals holds over 100 exploration projects in 11 countries.

Mr. Koehler over his 22 year career has held senior level exploration positions with Newmont, Placer Dome and Miranda Gold, exploring for gold on the Carlin and Cortez Trends of northern Nevada. During this time, he participated in gold discoveries at Leeville, Four Corners, Hardie Footwall Extension, Pete underground and Cortez Hills. Most recently as Chief Geologist of Evolving Gold, Steve led the Nevada exploration programs which included the expansion of the Arch gold system on the Carlin Trend.

Read More

Goldgroup Tunnel Assays Confirm Drill Results at Caballo Blanco

Goldgroup Mining (OTC Other: GGAZF; TSX-V: GGA) continues underground tunnel development at the Company’s 100% owned Caballo Blanco property, encountering mineralized massive and brecciated massive silica. Assay results from the channel sampling in the main tunnel returned 49.40 metres of 1.13 g/t gold and 28.25 metres of 1.26 g/t gold from channel sampling in the crosscut tunnel. The average gold grades of the mineralized zones in the tunnel continue to correspond well with the grades of the drill holes completed in the area surrounding the tunnel. These results provide indirect confirmation for a robust resource model, serving to de-risk the Caballo Blanco project.

Read More

Getting a Beat on the Price of Gold

LONDON (Reuters) – Extreme strain in the global economy has given way to something less hair-raising. So does the last investor in “safe-haven” gold, switch out the lights?  After a storming start to 2012, bullion prices have lost some of their luster in recent weeks in line with a reassessment of global economic health.  Jumbo-sized liquidity taps are off in Europe, while the jury is out on a further round of U.S. quantitative easing.

U.S. data shows a slightly improved trajectory, with employment numbers and consumer credit growth highlighted in a key year for President Barack Obama. Treasury yields reflected that, breaking out of the doldrums and raising potential for tighter policy down the road.  Given that backdrop it is no surprise that gold has retraced since touching a record $1,920.30 an ounce in September 2011.

Gold is currently trading at around $1,660 an ounce.  “Gold is now facing all of these risk reduction measures, so I’d expect the market to be temporarily subdued,” said Ashok Shah, Investment Director at London and Capital Fund.

Brent Cook Describes Evaluating Junior Gold Stocks

TORONTO (The Gold Report) -

The Gold Report: In the late 1990s, when the gold price was falling steadily lower, you vetted companies for Rick Rule’s company, Global Resource Investments. Could you give us a comparison of what this space was like then versus what it’s like now?

Brent Cook: During 1997-2002, we were probably in the most unloved sector in the whole investment world. Gold had collapsed to less than $250/ounce (oz), copper was under $0.85/pound (lb) and anything that didn’t have a dot-com to its name didn’t get much respect. The idea of blowing up rocks to make metal out of them was an archaic concept clung to by the remnants of the industrial revolution; it was a brave new world. By contrast, today gold is over $1,600/oz, copper is $3.80/lb and iron ore has gone from $12/ton (t), to $140/t; we’re in the 10th year of a commodities boom. Back then, it was very difficult for mining companies to raise money.