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Junior Miner Samples 183.5 g/t Gold in Northern Ontario
By: AllPennyStocks.com News
October 23, 2009
The fortunes of Vancouver-based Amador Gold Corporation (TSX-Venture:AGX) continue to improve, as the price of gold continues its upward journey. When last checked, the price for the shiny yellow metal topped $1,050 U.S., which is why it was significant in the next-to-last week of October, when the company announced favourable news from its Horwood property in the heart of northern Ontario, near Timmins. The Horwood Project is located approximately 60 kilometres southwest of recent gold discoveries made by Lakeshore Gold Corp. and West Timmins Mining Inc. (TSX:WTM)
It was on the Horwood property – 15 metres from what is known as the RHB zone – that a grab sample returned an assay of 183.5g/t gold. The RHB zone, which previously returned grab samples as high as 75.0 g/t gold, was discovered last August, as was touched on in a previous article on this site. Previous RHB grab samples returned grades of 60.68, 57.1, 48.3 and 43.3 g/t gold.
Amador has assembled a portfolio of more than 20 properties of exceptional merit in established mining camps and emerging mineral districts of Canada. These projects, besides Horwood, also include the Loveland gold-copper-nickel project which recently completed its spring drill program. Plans for a new drilling program on Horwood were announced last week, including one which will drill approximately 1,400 metres on strike with numerous gold showings on the property, including historic Labbe #1 zone as well as the recently discovered RHB showing. The drilling should get underway in early November.
Earlier this month, AGX announced new drill plans for gold and base metals on its Maskooch property near Red Lake, Ontario. The property lies approximately 12 km southeast of the past producing South Bay Mine, which produced 1.6 million tons averaging 1.8% copper, 11.06% and 2.12 ounces per ton silver. The drilling program there is set to commence in mid-November.
AGX is a member of the Hughes Exploration Group of Companies and is led by a team with a stellar track record of discovery and development in Canada, and operates its field programs from a central exploration facility in Timmins, shared by all Hughes companies. This reduces overhead costs and allows the junior companies to share geological data and the diverse skills and broad experience of a major company-sized exploration team.
The news of the potential new strike on Horwood boosted the price of AGX stock by a cent and a half to eight cents, quite a ways below its 52-week high of 13.5 cents reported in mid-August, but a good deal higher than the 3.5-cent low plumbed only a couple of weeks before. With gold prices reaching the stratosphere, and the variety of projects on which the company is working, small-cap investors might want to take a second look at AGX’s potential.
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