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Junior Miner Taps Rich Deposit in Quebec, Stock Rallies on News
By: AllPennyStocks.com News
August 10, 2010
It’s been a golden summer the world over, but especially in those parts of the globe where the shiny yellow metal is being uncovered in abundance. One of those is the province of Quebec, an area historically rich in gold, where Vancouver-based Savant Explorations Ltd. (TSX-Venture:SVT) has been exploring, drilling, and pardon the pun, “coming up nuggets”.
SVT in early August released results for the final three drill-holes of the first phase of drilling on the Parbec Project located along the Cadillac Break, 20 kilometres east of the Cadillac Gold Camp, Quebec's largest gold producing district, and five kilometres west and along strike from the historic Malartic Gold Camp where Osisko Mining (TSX:OSK) is currently developing a large open pit on the Canadian Malartic Gold Project.
The first phase of drilling was designed to test the property at approximately 200-metre intervals along the length of the property for extensions of the known gold mineralization. Significant intersections from the new drill holes include 28.6 metres averaging 1.37 grams per ton (g/t) gold including 1.5 metres averaging 16.2 g/t gold.
SVT is dedicated to the creation of value for its shareholders and the communities in which it explores by carrying out low-cost, effective and efficient early stage exploration that will lead to the discovery of long-life ore bodies of high unit value that can be developed in an environmentally responsible manner in partnership with large- and mid-cap established mining companies.
SVT has interests in mineral properties located in Mexico, Chile, Nunavut and California. The company’s activities will be aimed at earlier stage projects in the Americas and will utilize the experience of a skilled exploration team to take these projects through discovery to capture the high discovery value of significant deposits.
Earlier this summer, SVT announced an agreement with Geoconseil Jack Stoch Ltee., a privately held company, to buy a 100% interest in the 852.5 hectare McWatters Gold Property, located six kilometres east of Rouyn-Noranda situated on the prolific Cadillac-Larder Lake Break, which reported production of more than 334,000 tonnes, grading 10.8 g/t gold.
SVT is crawling out of a hole, so far as its stock price is concerned, its price having dropped to 5.5 cents a share in late July. The price crested at 24.5 cents last fall, when the markets seemed to be righting themselves. The latest developments from Parbec caused more than 130,000 shares to change hands on August 10, and improvement to a price of 10.5 cents. With this new upward momentum, small cap watchers owe it to themselves to give this B.C.-based company a closer look.
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