Lets hope that there is enough of a community out there to react to this type of news. A couple of years ago, this type of news would have been EXCELLENT; however we will have to wait for more bad news from the market, then even then todays bad news only reflect a rush to tier one quality gold stocks. Otherwise the move is to bonds or the sidelines (cash). Here's to hoping that Hume & Co. could get this news to the attention of some of their "tse listed" clients.
Glimmer confirms ore-grade mineralization
Glimmer Resources Inc
GME
Shares issued 6,028,962
2001-03-07 close $0.7
Monday Mar 12 2001
News Release
Mr. Richard McCloskey reports
An underground exploration program at the Glimmer mine near Matheson, Ont.,
has confirmed the eastward extension of the Glimmer orebody at the 200-metre
level.
Chip samples across the face from two separate rounds of an exploratory drift in
the easternmost section of the mine returned cut values of 19.41 and 8.79 grams
of gold per tonne across approximately three metres. The results confirm
indications from a surface drill program of two holes drilled 50 metres apart and
undertaken several years ago that returned values of 13.4 g/t gold across 6.3
metres and 13.8 g/t across 8.3 metres.
"As we had anticipated, we drifted into good grades of minable ore," said
Glimmer's president, Richard (Bo) McCloskey. "To date, we've been mining from
surface down to the 210-metre level and we still have at least 250,000 ounces of
gold to mine above 200 metres.
"This program confirms mineralization along strike and represents an eastward
extension of the important A-1 zone. There is excellent potential to extend the
zone further eastward as well as above and at depth. We are convinced that the
future of the mine lies in this direction." The exploration drift is being driven on the
200-metre level in the eastern side of the mine, which has produced in excess of
200,000 ounces since production began in April, 1997. In 2000, the mine
produced 46,839 ounces. The exploration drive will proceed eastward toward the
area of the second hole.
As previously announced, Glimmer Resources and Exall Resources have resolved
the mine dispute between the two companies, following the signing of a formal
agreement (see press release as reported in Stockwatch Nov. 21, 2000). Under
the terms of the agreement, Glimmer can acquire a 100-per-cent interest in the
Glimmer mine by issuing 9.75 million Glimmer shares to Exall, of which four million
shares would be dividended out to Exall shareholders.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
