Jayden continues to expand Silver Coin with results and extensive exploration
By Kevin Michael Grace
The last time we talked to Bob Felder, President of Jayden Resources Inc, he was excited by “stupendous” assays from its Silver Coin project near Stewart, BC. But he was determined to let the market know he was going to figure out how much gold Jayden has there. Now, after another set of good assays, Felder is excited by a 2011 drilling program he says “will make us a heckuva lot smarter and potentially improve the grade and quality of this resource.”
“Pretty nice, huh?” Felder says of the latest results, published November 15. Highlights include 3.12 grams per tonne gold over 35.2 metres, 1.73 g/t over 25 metres, 23.6 g/t over 3 metres, 4.07 g/t over 10 metres, 2.19 g/t over 31.6 metres, 2.53 g/t over 4.5 metres, 3.12 g/t over 40.6 metres and 1.71 g/t over 24.4 metres.
These follow October 14 results of 8.42 g/t gold over 55 metres, including 32.89 g/t over 7 metres. A NI 43-101 report released in September estimated 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. (Jayden owns 70% of Silver Coin and can increase that to 80%. Mountain Boy Minerals owns the rest.)
Felder explains that Monday’s assays “are still part of the infill program. We did all the infill first and the extension drilling last, so the results are coming out in that order as well. We don’t really understand it yet, but we’re seeing better grades than the average. I’m pretty keen on figuring out the controls on the higher grade, because you can look at almost any hole and there’s significant plus-three-gram intercepts, and I think that’s a key thing going forward.”
Of the 18 holes drilled in the last program, 13 are yet to be released. Felder says we should expect two more sets of results this year, one next week and the last probably the week after that.
For 2011, Felder promises “a very large drilling program.” It will comprise “extension drilling, some exploration drilling and a fair bit of verification drilling again, because we need to collect the geologic and structural data in a manner that will allow us to understand the controls on the high-grade mineralization.”
Felder points out that Silver Coin is “still open to the north and the northwest. I think we can really bring it a long way in terms of engineering, mine planning and metallurgy. We’re looking at next year being a significant step towards prefeasibility. So we’re putting our infrastructure together over the winter so we can hit the ground running once the snow melts.
We’re looking at next year being a significant step towards prefeasibility.
Development is driving Felder because, as he freely admits, even good-to-great assays are not exactly driving the market. In fact, Jayden’s share price fell slightly, to 20 cents, on Tuesday. He comments, “My impression is that when you have a fair amount of retail shareholders, they’re trading on a nickel of liquidity. So you go up to 23 cents, and some people begin to sell. They’re short-term holders looking at making small profits, and they’ll sell at 23 and come back and buy again at 20.”
The bigger picture, according to Felder, is this: “I noticed that two years ago the market stopped rewarding good drill results. It’s gotten tougher just to say ‘Hey, we’ve hit three or four good holes.’ The market is more focused on ‘You’ve got a resource, so what are you doing with it; what are your plans on getting this to development?”
And that, says Felder, is precisely “the kind of thing were going to be advancing next year.” Jayden is seeking institutional investors, and moving up to the TSX should “give us exposure to a lot of institutions that aren’t going to look as hard at the TSX Venture companies.” He concludes, “We’re working on marketing. We’ve been on the road. We’ve been to Toronto, and I’m going to be in San Francisco this weekend for the Hard Assets Conference. But there’s no magical recipe that makes your stock takes off—it’s just keep doing the right things, keep producing good results, and then you’ll get noticed.”
Disclaimer: Jayden Resources is a client of OnPage Media.