Tuesday 27th September 2016

Resource Clips


From Abitibi to James Bay

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The November 8 news nudged Eastmain from a $0.82 open to $0.84, before slipping to $0.81. The company’s 97.91 million shares amounted to a November 8 market cap of $79.31 million. Eastmain’s 52-week high hit $1.45, while the 52-week low was $0.75.

(Read more about Eastmain in a November 29th, 2011, feature.)

Further south, in Quebec’s Cadillac trend, Gold Bullion Development TSXV:GBB released 54 backlogged assays from its flagship Granada Gold Property on November 8. Grades varied widely, from below 0.5 grams per tonne to an uncut internal interval of 443.78 g/t. Among the highlights were:

  • 15.61 g/t gold over 29.23 metres
  • (including 88.97 g/t over 5 metres)
  • (including 443.78 g/t over 1 metre)
  • 18.25 g/t over 6 metres
  • 2.25 g/t over 46 metres
  • (including 4.42 g/t over 22 metres)
  • 0.66 g/t over 127.5 metres
  • (including 1.77 g/t over 33.5 metres)
  • (including 0.57 g/t over 29.5 metres)
  • (including 0.83 g/t over 11 metres)
  • 0.89 g/t over 79 metres
  • (including 1.71 g/t over 36.5 metres)
  • (including 2.26 g/t over 24.5 metres)
  • (including 3.87 g/t over 11 metres)
  • (including 1.54 g/t over 8 metres)

Grades were uncut and intercepts “are close to true thickness,” the company stated. The intercept closest to surface started at 3.3 metres, while the deepest ended at 353 metres.

Granada’s April resource estimate used a 0.4 g/t cutoff to show:

  • 3.02 million tonnes grading an average 1.01 g/t for 97,700 gold ounces measured
  • 17.04 million tonnes grading an average 0.99 g/t for 543,400 gold ounces indicated
  • 23.93 million tonnes grading an average 1.1 g/t for 846,600 gold ounces inferred

The mineralized system remains open at depth and laterally, with about 80% of the property unexplored, the company stated. An updated resource is slated by year-end. The property lies five kilometres from the mining city of Rouyn-Noranda.

Gold Bullion stock opened November 8 at $0.115, climbed to $0.14 but closed back on $0.115. With 207.98 million shares outstanding, the market cap came to $23.92 million. The 52-week high and low were $0.24 and $0.07.

On November 8 more assays came from Northern Superior Resources’ TSXV:SUP Croteau Est gold project in west-central Quebec. Highlights from the four holes include:

Assays reveal the lure of gold in three Quebec regions

Coarse visible gold found on Northern Superior Resources’
Croteau Est property in fall 2011.

  • 1.1 g/t gold over 131.4 metres
  • (including 25.8 g/t over 1.85 metres or 49.9 g/t over 0.7 metres)
  • (including 3.52 g/t over 4 metres or 10.65 g/t over 1 metre)
  • (including 9.08 g/t over 0.55 metres)
  • (including 3.67 g/t over 2.75 metres)
  • 1.17 g/t over 37 metres
  • (including 4.09 g/t over 5.25 metres)
  • 1.36 g/t over 8.75 metres
  • (including 2.43 g/t over 3 metres or 5.38 g/t over 1 metre)

Grades were uncut. True widths weren’t provided. Additional assays are pending from this year’s 19-hole, 8,000-metre program. Northern Superior stated the four holes extend mineralization 100 metres east, for a total strike length of 450 metres, with mineralization open to the east and west, and at depth.

The 3,700-hectare property is 30 kilometres from the town of Chapais and links to paved highway via 25 kilometres of forest access road.

The company’s shares stayed at $0.105 throughout November 8. With 188.5 million shares outstanding, Northern Superior’s market cap came to $19.79 million. The 52-week high and low were $0.47 and $0.10.

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