Gold Sum­mary for Dec. 6, 2017

Stockwatch Daily - - MINES & METALS - By Stock­watch Busi­ness Re­porter

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.”


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