Thursday 4th June 2020

Resource Clips

A hesitant market

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Among other companies announcing gold results on September 25, SnipGold TSXV:SGG (formerly Skyline Gold Corp) reported assays from its Iskut Property in northwestern B.C. Highlights from the Snip-Bronson Trend include

  • 9.598 g/t gold and 24.9 g/t silver over 10.07 metres
  • (including 56.4 g/t gold and 44.7 g/t silver over 1.38 metres)
  • 0.339 g/t gold and 12.2 g/t silver over 148.24 metres
  • (including 0.339 g/t gold and 12.2 g/t silver over 148.24 metres)
  • 0.337 g/t gold and 1.3 g/t silver over 93.82 metres

True widths weren’t provided. Depths extend to 378 metres.

The Iskut Property includes the former Johnny Mountain Mine, which gave up 90,517 gold ounces and 139,818 silver ounces between 1988 and 1990, when it closed due to high operating costs and low gold prices. But the Snip Gold Mine, 100 metres from Iskut’s border, bucked the trend, producing 1.03 million ounces between 1991 and 1999. SnipGold says its goal is to “explore for structurally controlled, sulphide-dominant, high-grade gold mineralization” analogous to ore from the historic mine.

The company’s 52-week high came back in October 12 when, under its former name Skyline, it hit $2.50. Snip’s September 25 news hasn’t so far stemmed the decline. The stock closed the day at $0.34, a 52-week low.

On the other side of the planet, Vista Gold’s TSX: VGZ Mount Todd Project in Australia’s Northern Territory showed wide-interval assays including

  • 1.32 g/t gold over 129.9 metres
  • 1.49 g/t over 105.8 metres
  • 1.54 g/t over 26.5 metres
  • 0.64 g/t over 60.6 metres
  • 0.63 g/t over 36.8 metres
  • 1.01 g/t over 15.8 metres

True widths range from 80% to 87%. Depths extend to 736 metres. The company plans to drill eight to 10 holes to test for shallow mineralization at the north end of the Batman pit and a new area south of the pit. Altogether 24 holes have been sunk so far.

On September 4 Vista issued a resource update for the project’s Batman Deposit showing 2.13 million gold ounces measured, 4.88 million ounces indicated and 2.09 million ounces inferred. The estimate uses a 0.4 g/t cutoff.

The company’s share price was one of many that succumbed to last spring’s slump, hitting a 52-week low of $2.32 on May 16 after a November 9 high of $4.24. It gained since then, opening September 25 at $3.75.

But—whether in spite of, because of, or without reference to the company’s September 25 announcement—Vista shares closed the day at $3.58.

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