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.
Balmoral Resources Drill Results Intersect 11.42 g/t Gold Over 9.3 Metres, Confirms Additional High-Grade Gold DiscoveryMarch 29, 2012
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.”
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.
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.
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.
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.
TORONTO (Reuters) – Despite steady commodity prices, financing remains a challenge for junior miners, and a sluggish M&A environment means many projects face a long road to development, a financing panel told the Reuters Global Mining and Metals Summit.
While high-grade projects in stable jurisdictions are still a good bet to find money, lower-grade projects that would have been a slam-dunk just a few years ago are facing a grim market.