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Junior Miner Announces Additional High Grade Gold Intercepts
By: AllPennyStocks.com News
September 1, 2009
Crowded as the field of competitors has become for gold, there are remarkable success stories coming out about junior miners. One, headquartered and operating out of British Columbia, has fresh, bright news to share with investors everywhere with an appetite for risk.
On the first day of September, in the midst of what is usually a sluggish time for markets, Vancouver-based Skygold Ventures Inc. (TSX-Venture:SKV) announced high-grade intercepts from drilling it had completed in the Thunder Ridge Zone in the central part of the province, just 100 kilometres south of the company’s flagship Spanish Mountain project, and just 50 kilometres northeast of 100 Mile House, B.C.
Skygold said 10 holes were drilled in all, over an area covering more than three kilometres, to further evaluate high-grade gold intercepts returned from an initial program that wrapped up last year, which returned values up to 45.49 grams per tonne (g/t) gold over 2.5 metres, including 223 g/t gold over 0.5 metres.
This year’s drilling came up nuggets, literally: one hole alone intersected 8.84 g/t gold over 7.5 metres, including 39.50 g/t gold over 1.5 metres and a second zone of 2.14 g/t gold over 9.0 metres including 9.45 g/t gold over 1.5 metres. Another hole intersected 2.88 g/t gold over 24.0 metres including 9.68 g/t gold over six metres and including 18.05 g/t gold over three metres.
After acquiring one of the largest land packages in the belt (approximately 450,000 hectares) Skygold completed a massive regional exploration program to identify the potential for addition sediment-hosted gold systems. Initial result have identified three new targets, each with amazing potential among gold deposits, and all within areas of sediments similar to those seen at the Spanish Mountain property. Besides Spanish Creek-Thunder Ridge, the company also has its eye on prospects in Prince George and Manson Creek.
Being something of a young company, SKV is still in a deficit position, having lost $5.1 million last year, compared to $4.5 million in 2007. Perhaps the unease created by the spreading word of a recession spooked the company’s bottom line. What’s advantageous for small cap investors is that the stock is still in the bargain basement, around 18-20 cents a share, even with the giddy news from Thunder Ridge. Trading on September 1 was veering toward half a million shares. The price remains in the middle of a 52-week range that troughed last October at three cents, before peaking soon after the champagne corks popped to celebrate 2009, at 34 cents. Perhaps the latest from Thunder Ridge can get the corks popping once again.
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