Golden Alliance Resources (OTC Other: GLNCF; TSX-V: GLL) has closed the second tranche of its previously announced private placement, raising gross proceeds of $305,000 at a price of $0.15 per unit. Each unit is comprised of one common share and one transferable warrant, the latter of which entitles the holder, on exercise, to purchase one additional common share of the Company at a purchase price of $0.30 per warrant share for 18 months from the date of issue of the warrant.
Golden Alliance Resources Corp. (TSX-V: GLL; OTC Other: GLNCF) announced in a press release out today that on October 18, 2011 the Compny filed with SEDAR a National Instrument (“NI”) 43-101 technical report in support of future exploration at its Rio Tabaconas project in Peru.
The new NI 43-101 report is based on a compilation of all available technical and related information and recommends a two-phase drilling program the first phase of which is estimated at CDN$2.0 million and includes concurrent programs of reclamation and rehabilitation of drill areas and access trails. In addition, the report recommends that the community relations programs initiated by the Company with the various stakeholders are continued and expanded.
Golden Alliance Resources Corp. (OTC Other: GLNCF and TSX-V: GLL) announced today that following a meeting held on August 20, 2011 with key stakeholders of the Tamborapa Pueblo, a community adjacent to its Rio Tabaconas project area in Northern Peru, the community participants unanimously committed in writing to support the Company’s initiatives.
Later in August, the Company’s President and Chief Operating Officer Normand Champigny visited Tamborapa Pueblo and held meetings with community members. Following this visit, he stated: “I am very pleased with the accomplishments to date that our community relations team has achieved and thank the leaders and population of Tamborapa Pueblo for their co-operation. After a long period of relationship building by our community relations team, we are now performing an extensive consultation process, consistent with the recently enacted Peruvian legislation. We will continue to honour the community’s trust and carry on working with respect and in close collaboration with local leaders and authorities in the region. We believe that the Rio Tabaconas project has the potential to become a major gold deposit.”
Golden Alliance Resources (OTC Other: GLNCF; TSX-V: GLL) has appointed Normand Champigny as President, Chief Operating Officer and Director of the Company. Former President Joseph Grosso has been appointed Chairman, and will continue in his role as Chief Executive Officer and Director with Golden Alliance, providing ongoing leadership and guidance to the Company.
By way of background, Normand is a senior mining professional with 30 years of international practice mostly with world-leading consultancy organizations. From 2009 to present, he was part of PricewaterhouseCoopers’ Americas’ Mining Centre of Excellence. Previous experience include: Executive Vice President for Azimut Exploration Inc. (2006-2009), Associate Partner with IBM Business Consulting Services as Americas Mining Industry Leader (2002-2006), and Principal Consultant for the Mining Industry Group with PricewaterhouseCoopers Consulting (2000-2002).
“The addition of Mr. Champigny to our executive team is a significant milestone in the corporate development of our Company. His demonstrated knowledge and experience in the industry will be a valuable asset for Golden Alliance’s growth as a mineral exploration company in Peru” stated Mr. Grosso.
Golden Alliance Corp. (OTC Other: GLNCF; TSX-V: GLL) has completed 2,271.95 metres of drilling across 10 drill holes at its Cocha copper-silver-gold project in Peru, the purpose of which was to drill test the South target and to test a deep IP-chargeability anamoly in the central area.
At Cocha South, significant intervals of copper-silver mineralization were intersected in holes CS-11-01, -02 and -03. The highest grades were found in CS-11-03, which cut 28.35m averaging 12.2 ppm silver and 0.45% copper. The longest intercept came from Hole CS-11-02, which cut 50.80m averaging 9.0 ppm silver and 0.30% copper. Hole CS-11-06 was a 115m stepout on section with CS-11-03, intended to test for down-dip extensions of the mineralization intersected in that hole.
At Cocha Central, the the drill program was targetng the deep IP chargeability anomaly. In so doinog, local zones of anomalous copper (up to 1,170 ppm) were intersected in the upper part of the hole. The causative source of the deep chargeability anomaly was not encountered, and the anomaly remains unexplained.
Golden Alliance Resources Corp. (TSX-V: GLL and OTC: GLNCF) was covered prominently in the April 5, 2011 edition of the Caesars Report. The 6 page article - which includes some excellent photographs of GLL’s project areas – highlights a number of near term catalysts that could quickly put this junior exploration group with a portfolio of already proven and highly prospective precious metal properties in Peru on a fast track to much higher stock values.
When you consider that Golden Alliance’s flagship project, Rio Tabaconas (which has a major drill program in the works to back up already completed thick, high-grade gold discoveries) is at the center of one of the globes most prolific metallogenic gold trends – the Cajamarca – hosting several of the world’s most productive gold discoveries including the Yanacocha Mine, with over 26 million ounces of gold extracted to date (as well as Pierina further to the south) and the Fruta Del Norte deposit – you know that Golden Alliance is hunting in true elephant country.
There is an old adage in the investment business that “bought right is half sold” well if you look at GLL’s chart lately, this saying could certainly apply as you can buy GLL shares today at a significant discount to just a few weeks ago, and with so much exploration work slated for the near term, we expect the interest to return quickly to GLL once the drills start turning again at Rio T, which could be good for those who own shares today.
We are urging all to ring up this month’s Caesars Report and get up to speed quickly on Golden Alliance. To read the full report, just click on the graphic below – and if you like what you read, you can opt-in to the Caesars Report and receive future analysis on resource companies they report on in the future.
Golden Alliance (OTC Other: GLNCF; TSX-V: GLL) has commenced a surface prospecting and sampling program on the Rio Tabaconas gold project in Northern Peru. The ongoing surface exploration work is planned to continue to evaluate unexplored areas of the 8,710 hectare property as well as carrying out additional detailed sampling and mapping to expand and refine the already identified drill targets. In addition, the Company is completing an Environmental Impact Study, which is required for the drill permit application.
This is obviously an exciting time for the Company as it gears up for a major drill program at Rio Tabaconas, which has had little exploration since 2001. Results from 2001 were impressive, including 18 g/t gold over 16.4 metres, including 118 g/t gold over 2.15 metres, the latter of which also contained visible gold. Perhaps the stars were not aligned back in 2001 for the Company to continue exploring Rio Tabaconas, remember gold that year averaged $271. Fast forward to today with gold above $1,400 and demand increasing. Now, combine that with a potentially world class project and the Company’s planned drill program for 2011 starts to look really interesting. Stay tuned.