|
Junior Miner More Than Doubles Land Position, Prepares For Major New Drill Program
By: AllPennyStocks.com News
March 11, 2010
Canada knows a lot about gold, and not just winning it in world athletic tournaments -- its mining, its refinement, and its marketing have become known as art forms in recent years. The more aggressive companies are seeking and finding new ways to bring gold to the surface, with lucrative results.
So it was in mid-March when yet another Vancouver-based company came out with exciting news about yet another gold find. Gold Bullion Development Corp. (TSX-Venture:GBB) told the financial world it has more than doubled its Granada Gold Property land package with the designation of an additional 2,812 hectares with the Quebec Ministry of Natural Resources.
Incidentally, Granada, six kilometers south of Rouyn-Noranda, now comprises 4,893 hectares, more than 70 times the original 71 hectares the Company started with at the former producing Granada Mine only four years ago. Granada, located along the prolific “Cadillac Trend”, has hosted numerous multi-million-ounce gold deposits.
GBB also announced that GENIVAR, its geological consultant, has completed a preliminary resource block model for the LONG Bars Zone based on 26,000 metres of historical drilling at Granada, underground workings and three test open-pit bulk samples. Data from GBB’s 2,817-metre drill program, which has resulted in a significant discovery in the previously untested northeastern area of the LONG Bars zone, will be integrated into this block model.
The Company is also looking forward to additional drill results and expects to report on the GENIVAR block model in addition to the 13 remaining holes.
GBB focuses on the exploration and development of Canadian mineral properties, Granada and the Castle Silver Mine Property in Gowganda, Ontario, located about 85 kilometres northwest of a historic silver camp in the town of Cobalt. The latter property, which GBB bought into early in 2007, consists of 34 leased mine claims, and three mine shafts with excellent infrastructure and access to power.
Testing on a grab composite sample of silver tailings was recently completed, and hard assay results confirmed readings of 8.57 ounces per ton silver, 0.132% cobalt and 0.467% arsenic. GBB also says the higher-grade silver concentrate may result in cobalt returns.
Action on the small-cap stock market could indicate some sense of urgency for would-be buyers of this company. GBB hit a new 52-week high the same week the Granada announcement came in, at 27.5 cents, towering over a year-long gulch of 1.5 cents, into which the price fell last May. The current price is just a shade below the peak, and with the prospects the company has enjoyed in Quebec alone, the price is not likely to stay static.
Copyright © 2010 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
|
