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Junior Miner Announces Significant Assay Results; Stock Hits 52 Week High on News
By: AllPennyStocks.com News
June 24, 2010
The gold rush is still alive in North America, as prices for the bright metal have shown no sign of arresting their climb to still higher record levels. Thus, the competition remains as heated as ever, a competition that acquires some spice when some companies diversify the targets of their search to include other metals.
As Canada Day approached, Richmond, B.C.-based Skyline Gold Corporation (TSX-Venture:SK) came out with more news from its Bronson Slope porphyry style gold-copper deposit in what experts have dubbed the “Golden Triangle”, in the northwestern portion of British Columbia.
Assay results came in during the third week of June from SK’s 2010 diamond drilling exploration program, about 1,500 metres southeast of Bronson Slope. Mineralization ranged up to 29.86 grams per ton (g/t) gold, 2,355 g/t silver, 0.73% copper, 0.73% lead and 11.97% zinc.
Drilling started on May 31 and, through to June 11, a total of 1,350 metres were drilled. Drilling was then paused while preliminary assay and other data were then reviewed followed by further exploration planning, to resume on June 19.
SK is engaged in the exploration and advancement towards production of its precious and base metals property located in northwestern British Columbia. The company owns the Bronson Slope porphyry gold, copper, magnetite, silver and molybdenum deposit, containing a measured and indicated 2.6 million oz. of gold and also owns the adjacent Johnny Mountain mineral property.
SK has also made application for seven hydro licenses with a view to developing hydro assets to power Bronson Slope, as required. What used to be the Johnny Mountain mine is now de-commissioned, however, the Iskut property still offers highly prospective exploration potential.
Other properties owned by this company include the Snip-1 claim, located approximately 400 m on-strike to the east of one of the Bronson Crown Grants. Another is the Craig River site, west of the Stonehouse Gold deposit along the east side of the Craig River itself, within a prominently sheared contact zone.
News of action on Bronson Slope drove the price of SK stock up to its 52-week high of 21.5 cents on June 17, but it finished the day at 19.5 cents. Its low was plumbed last July at five cents. The latest news of assay results this week perked volume up past the 700,000 mark. With more activity to report on – and further stimulus from world gold prices, SK is a company set to make a lot of noise this summer.
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