Well said Ralph. I would like to update a stock I introduced a week or so ago. Skeena SKE.V They announced today the accelerated expiry of warrants, providing a lot of liquidity in today's trading and bringing in $800,000 to the kitty.The stock has corrected down a bit from its recent run up on excellent results from an underground sample program at its El Corazon property in Ecuador. Ron Netolitzky of Viceroy Resources and Howe St. fame. News out today and here is the Dec 06 news release that drove the stock up. I tripled my position today. Claude, have a look at this one if you are reading.
Cheers,
Ogi
Skeena Resources Ltd (C-SKE) - News Release
Skeena Resources releases El Corazon assay results
2004-12-07 12:01 ET - News Release
Shares issued 25,187,366
SKE Close 2004-12-06 C$ 0.55
Mr. J. Rupert Allan reports
UNDERGROUND SAMPLING RESULTS FROM EL CORAZON PROJECT - 9.67 G/T AU OVER 56 METRES
Skeena Resources Ltd. has released the assay results from an underground sampling program at its recently optioned El Corazon gold project in Ecuador (refer to news as reported in Stockwatch of Nov. 29, 2004). The El Corazon property is road accessible and located 100 kilometres northeast of Quito at an elevation of 1,000 metres. The underground sampling program was undertaken by Skeena in order to verify and update results previously obtained by the property vendors, Compania AgroIndustrial El Corazon S.A. (AgroIndustrial).
In late 2002, AgroIndustrial drove an adit beneath drill hole BCD-13 in order to verify the high-grade intercept. This hole was drilled in 1998 by a prior operator and was reported to have intersected 48.97 grams per tonne over 23.7 metres. Partial sampling of the main underground adit by AgroIndustrial in late 2002 yielded 5.08 g/t Au over 37 metres (including 13.44 g/t Au over seven metres). The adit trends northeast at 040 degrees (approximately at a right angle to a north-northwest-trending, steep-sided ridge interpreted as a zone of intense silicification). The sampling was conducted by AgroIndustrial's chief engineer and consisted of one-metre-spaced chip/channel samples obtained from both adit walls and the adit back (ceiling). The samples were prepared in the ALS Chemex preparation facility in Quito, and analyzed by ALS Chemex in Vancouver.
In November, 2003, Skeena sampled this same zone plus new development drifting. The program consisted of 28 chip samples averaging 4.7 kilograms each obtained as two-metre continuous chip samples from one wall of the drift. This sampling yielded 9.67 g/t Au over 56 metres to the end of the drift (including a zone of 28.69 g/t over 10 metres). The drift ends in mineralization where the last two metres yielded 6.78 g/t Au. A shorter cross-drift, starting near the midpoint of the mineralized zone and extending to the southeast, yielded 6.8 g/t Au over 42 metres (21 two-metre continuous chip samples averaging 4.7 kilograms each), again ending in mineralization where the last two metres yielded 0.865 g/t Au.
Mineralization is contained within a silicified hydrothermal breccia that occurs within Eocene andesitic volcanics. Geometry of the zone is not well understood because the hydrothermal breccia host was not recognized in previous exploration programs. The main adit and the right angle cross-drift have been extended (within silicified hydrothermal breccia) during the past several months, but these extensions have not yet been sampled by Skeena.
Skeena's sampling program was directed by Rupert Allan, PGeol, the company's president and a qualified person as defined under Canada's National Securities Instrument 43-101. The samples were prepared in the ALS Chemex preparation facility in Quito, Ecuador. A 50-gram subset was analyzed for gold by the fire assay/AA technique, and for 27 additional elements by four-acid digestion and ICP-AES by ALS Chemex in Vancouver, B.C. Length weighted averages reported above are uncut and values in excess of 10 g/t Au are those analyzed by the fire assay-gravimetric finish procedure.
In August, 2003, as a component of the due diligence investigation, Skeena commissioned an evaluation of the property by Dr. Colin Godwin, PhD, PEng, PGeo, an independent qualified person. Dr. Godwin's report is currently being updated and will be posted to SEDAR and the company's website prior to the end of December.
A program of underground geological mapping, drill core relogging and an induced polarization geophysical survey, to be followed by a first stage of 3,000 metres of diamond drilling, is scheduled to commence early in 2005. The company intends to raise the necessary financing by way of a private placement.
The company has an outstanding convertible debenture, which has matured and will be eligible for conversion to common shares at the weighted average trading price for Dec. 7 and 8. Each share converted will be accompanied by a two-year share purchase warrant, exercisable in year one at the conversion price plus 10 per cent, and in year two at the conversion price plus 20 per cent. |
