They are drilling the Minto project which is estimated to contain 205,000 tons @ 0.2 oz/t up to 200 meter depth. Last year drilled 2 holes totaling 560 meters with the 2nd hole returning 65.7 meters grading 18.2 g/t gold and 79.6 meters grading 4.6 g/t gold. 2010's 5,000m drill program started with the deepening of the first 2 holes and recently announced wide zones of mineralization including 4 separate sections of VISIBLE GOLD. What is most exciting about this discovery is that the mineralization appears below the known resource level, meaning that it is an entirely new gold zone.
Premium Exploration announced results from the first 3 drill holes of 2010 program that was initially designed to follow up last years late season discovery of the 'Lower Block'. Results included 1.84 g/t gold over 274.9 meters and 2.23 g/t gold over 157.9 meters. Premium has significantly increased the strike length of the 'Lower Block' which has the potential to be much more significant than the 500,000 oz upper block. With 10,000 meters of drilling to come this summer it is PEM's time to shine in the spotlight. A successful summer drill program will almost certainly bring about a buyout for Premium Exploration.
Fire River Gold(FAU.V)
Fire River Gold's Fort Nixon project is truly one of the last high grade deposits in the world. At over an ounce a ton, and $100M of infrastructure, the Fort Nixon mine is a turn key operation waiting for the i's to be dotted and t's to be crossed. Once a resource is delineated and the mine is cleaned up, it is ready to be fast-tracked into production. FAU released some amazing results from a drill program of a previous operator that caused a real stir in the market that doubled FAU's share price. So much so that the PP they offered was oversubscribed... double!!! They increased the PP from 5.5M shares to 11M and bumped the drill program up from 12,000 meters to an aggressive 28,000 meter drill program to delineate a high grade multi-million ounce mine. Results from Fort Nixon include...
- 67 g/t au over 6.3 meters
- 498 g/t au over 3.0 meters
- 27 g/t au over 24 meters