Gold Summary for Dec. 6, 2017
NEW YORK spot gold fell $3.10 to $1,262.80 on Wednesday. The TSX Venture Exchange lost 0.28 point to 783.66 while the TSX Gold Index dropped 1.40 points to 184.37. Most Canadian gold miners moved little today. Agnico Eagle Mines Ltd. (AEM) did drop 88 cents to $53.01 on 1.23 million shares and Endeavour Mining Corp. (EDV) managed a 31-cent gain to $22.71 on 388,000 shares.
John Byrne and Peter Akerley’s Erdene Resource Development Corp. (ERD), down two cents to 53 cents on 653,000 shares, has received assays of up to 4.2 grams of gold per tonne across 61 metres at the Striker zone on its Bayan Khundii project in southwestern Mongolia. The assays, from the latest 10 holes that Erdene drilled last month, also revealed a 23-metre interval averaging 6.7 grams per tonne in the area between the Striker and Midfield zones. A stepout hole 250 metres west of Striker produced the best grade yet, 9.2 grams per tonne across 15 metres, and a hit 225 metres north of Midfield produced 1.5 grams per tonne across 93 metres.
Mr. Akerley, president and chief executive officer, says that the Bayan Khundii drilling continues to show the presence of near-surface, very high-grade zones beyond the current bounds of Midfield and Striker. He was particularly encouraged by the stepout results, but he added that the drilling within the zones confirms the strong continuity of the “very high-grade gold domains.” (Although the grades of the promoted zones are not partic ularly high, the y de rive much of their gold from one-metre subintervals that assay as high as 139 grams per tonne.) Mr. Akerley says that Erdene expects its next batch of assays from Bayan Khundii in January. He says that the company will assess its data ahead of a resource estimate and although more drilling might be needed, the estimate should be completed before the end of September.
The Halifax-based Mr. Akerley, who has been with the company since 2003, received just over $216,000 in salary last year as president and CEO, nearly double the $121,000 he pulled in during 2015. As well, he got a $28,125 cash bonus in 2016. Mr. Byrne, a major shareholder, got $9,000 last year in director’s fees.
Dr. Tom Morris’s Northern Superior Resources Inc. (SUP), up one-half cent to 3.5 cents on 645,000 shares, has recovered a substantial number of gold grains from a series of till samples collected from the Annex portion of its — limber up your tongue here — Ti-pa-haa-kaa-ning gold project in Northern Ontario. (The name, a bonanza-grade deposit of dashes and vowels that translates to “that exploration place,” can mercifully be abbreviated as TPK.) The individual till samples produced up to 1,690 grains of gold per 10-kilogram batch.
Dr. Morris, president and CEO, says that the company has identified 22 highly prospective targets in the Annex area where the “potential for gold, silver and copper is seen to exist.” (It is unclear what modest sight Northern Superior needs to see for a target to be considered not-so-highly prospective.) In any case, Dr. Morris and Northern Superior have been touting TPK for the past decade, prattling on and on about a huge gold-in-till dispersal apron and high-grade assays. They are nevertheless still without a resource estimate, leaving disgruntled shareholders to dub the play: “Nothing’s-hap-pe-ning.”
The Sudbury-based Dr. Morris has been receiving an annual salary of $225,000 per year since 2014.
Rolf van Driesum and David Brett’s Engold Mines Ltd. (EGM), up 3.5 cents to 19 cents on 208,000 shares, has intersected 39.25 metres of mineralization at its Lac La Hache project in the Cariboo district of British Columbia. Engold says that its mineralization, a term that means “assays are still pending but we want to jump-start our promotion” contains “semi-massive mineralized sections” similar in appearance to what it found in two earlier holes. One of those holes produced 43.5 metres of 0.2 gram of gold and 4.06 grams of silver per tonne, plus 1.31 per cent copper and 31.14 per cent iron; the other yielded 18.25 metres of 0.14 gram of gold and 5.27 grams of silver per tonne, plus 1.22 per cent copper and 26.7 per cent iron.
Mr. Brett, Engold’s $65,000-per-year president and CEO, says that his company’s persistence this year at Lac La Hache has “resulted in a very exciting discovery,” adding that given Engold’s “deep geological knowledge of the property and its strong potential,” he is optimistic about the prospects for future exploration success. Rob Shives, vice-president of exploration, was more direct, added that the new hole is showing continuity within the 71-metre gap between the two previous holes. Therefore, he believes, both stepout and infill drilling “will be prudent.”