Following Its High-Grade Results in 2010, Jayden Plans Extensive Drilling in 2011
By Ted Niles
“It was a good year,” says Jayden Resources Inc President Bob Felder of 2010. “Our drilling program was small, but the results, which we reported in four releases late in the year, illustrate the high-grade component of Silver Coin.” He adds, “And right now we’re designing a significant drilling program for 2011. We see Silver Coin as a project on a path towards production.”
When we spoke to him in October, Felder characterized Jayden’s then-most recent results as “stupendous.” Those included 8.42 grams per tonne 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. Similarly good results have followed: 1.95 g/t over 74.5 metres and 7.99 g/t over 47.9 metres in November and 1.7 g/t over 33.5 metres and 10.77 g/t gold over 2.9 metres in December.
Felder comments, “These assays illustrate the high-grade component of Silver Coin. It’s not that well understood or constrained, and I keep emphasizing that because I think that there’s nothing better than grade on a project. The better we understand it, the better chance we have of making the most of the high-grade and the economic impact it could have on the project.”
Located in the Stewart Camp—25 kilometres north of the town of Stewart, BC—the Silver Coin site has a long mining history. This may strike some people as unlikely given its location, but Stewart boasts the northernmost ice-free port on Canada’s Pacific Coast in addition to road access off of Highway 37. Prospecting in the region began in 1898, with the Silbak-Premier Mine yielding 2 million ounces gold and 43 million ounces silver, and the legendary Granduc Mine producing 420 million pounds of copper.
Jayden isn’t alone in recognizing the Stewart Camp’s continuing potential. Other companies in the area are Ascot Resources, Silver Standard, Decade Resources, Castle Resources, Teck Resources, Eskay Mining and Mountain Boy Minerals (with whom Jayden also shares ownership of Silver Coin—Mountain Boy with 30%, Jayden with 70%, with the option of an additional 10%). A September NI 43-101 report on Silver Coin shows (at a 0.3 g/t gold cut-off grade) a measured and indicated resource of 27.2 million tonnes grading 0.96 g/t for a total of 835,700 ounces gold and 5.2 million ounces silver and an inferred resource of 29.7 million tonnes grading 0.69 g/t for a total of 655,200 ounces gold and 5.7 million ounces silver. In addition, there is an inferred resource of 56.8 million tonnes of zinc grading 0.19% for a total of 242.5 million pounds.
In 2011 we hope to advance the project to prefeasibility stage – Bob Felder
In addition to the richness of the resource, Silver Coin has certain other advantages. VP Exploration and Development Robert Perry told us in September that the deposit is well suited to open-pit mining and that, because of its location on a ridge, its waste to ore ratio (or strip ratio) is very low—around 1.3 to 1. “This is great strip ratio,” Perry explained, “as it’s not uncommon to see projects with a 3 to 1, 5 to 1 or even 8 to 1 strip ratio.”
What does Jayden plan for the future? Felder says, “Our 2011 drilling program is going to advance several aspects of the project, including developing a better understanding of the resource, increasing the size and grade of the resource, engineering, metallurgy, and environmental studies and permitting. We will be doing step-out drilling, and a fair bit of infill drilling, again to improve our understanding of the controls on the high-grade. Moving the project forward in 2011, we hope to bring the project at least to prefeasibility stage.”
Jayden’s recent graduation (December 8th) to the TSX suggests that the odds are increasingly in its favour, providing it with a level of exposure unavailable to companies listed on the TSXV. Felder is understandably optimistic in his projections for 2011. He concludes, “We haven’t released a budget announcement for the year, but I can say we’re planning a significant program. Very, very much larger than what we did in 2010.”
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