A ‘Stupendous Result’ at Silver Coin Extends
an Already Significant Gold and Silver Resource
Bob Felder became President of Jayden Resources Inc only last month, but he already has a vision for the company. Or perhaps it would be better to say he knows what it will not do: “It unfortunately happens in some junior companies that they drill, drill, drill and don’t spend the time figuring out what they’ve got.”
Felder knows what he’s got today at Jayden’s flagship Silver Coin project near Stewart, BC: according to a September NI 43-101 report, measured and indicated resources of 27,163,600 tonnes grading 0.96 g/t for a total of 835,700 ounces gold and 5,218,900 ounces silver and an inferred resource of 29,653,200 tonnes grading 0.69 g/t for a total of 655,200 ounces gold and 5,723,000 ounces silver. (Silver Coin is 70% owned by Jayden with an option to increase that to 80%; the remainder is owned by Mountain Boy Minerals Ltd.)
And this resource estimate was compiled before what Felder calls a “stupendous result” released October 14: 8.42 g/t gold over 55 metres, including 32.89 g/t over 7 metres, 18.21 g/t over 4 metres and 11.64 g/t over 6 metres.
But Felder is a veteran—the geologist started with copper giant Anaconda and was most recently US exploration manager for Fronteer —and he is determined to get to know Silver Coin better. He says of the project, “It has been around a long time, and it’s not well understood today. It has been passed between junior companies, and nobody’s really done it right. The better you understand what you have, the better you are at making it bigger and better. I bring a lot of experience on the technical side, as well as talking to the market, so I think I’m a pretty good fit.”
The Stewart, BC, area, just north of Prince Rupert, has been a good fit for those seeking mineral wealth. Barrick Gold’s Eskay Creek Mine produced more than three million ounces gold and 160 million ounces silver, while Silbak-Premier produced 1.8 million ounces gold and 41 million ounces silver. Silver Coin itself produced 30,000 ounces gold between 1988 and 1994.
And the recent explosion in the prices of gold and silver has resulted in exploration boom around Stewart. Just in the last month, Ascot Resources, Silver Standard, Decade Resources and Jayden’s partner Mountain Boy have recently announced substantial assay results. Other companies in operation there include Castle Resources, Seabridge Gold, Copper Canyon, NovaGold, Teck and Eskay Mining.
Jayden continues to drill, drill, drill at Silver Coin. Yet while Felder is delighted with October’s result, he admits, “I don’t have an answer for why the grade was so high and why it was 55 metres.” And so Jayden will drill more “verification holes” in order to find more “pieces of the puzzle” he is determined to solve.
The better you understand what you have, the better you are at making it bigger and better — Bob Felder
“I believe Jayden needs to do a solid three-dimensional model for the project,” Felder says. “There’s a lot mineralization out there, and what we have is significant. We have the opportunity now with some additional funding to really put this thing together and make something special out of it.”
Ultimately, for Felder, this means “turning Silver Coin into something you can mine.” Infrastructure is not a problem. Unlike projects in the Far North which often require helicopter access and then the construction of hundreds of kilometres of road at the cost of tens of millions of dollars, Jayden already has a road—and a year-round ice-free port. Electricity is only seven kilometres away.
So how close is Silver Coin to production? Felder responds, “A lot of work needs to be done to get it there: redrilling on the deposit, a solid geological model, growing the resource, a lot of metallurgical and engineering work, site design, stuff like that. We’ve initiated a lot of that work, but it is going to take a considerable level of funding and commitment over the next three years.”
Does Jayden intend to mine Silver Coin? Felder concludes, “Whether or not a junior company is going to become a producer is always a big question, but right now we are moving toward production. Whether we do that by going to market and getting the financing or whether we’re partnered down the road remains to be seen.”
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