Chesapeake Gold aka CKG released a new set of drilling results from their large but low grade Metates Au/Ag/Zn project in Durango, Mexico. To illustrate, the headline boasts about getting grades that are 10% higher, but even then none of them approach 2 g/t, and many are below 1 g/t. Yes, some of the intercepts are long, close to 400m in length, but I still see no sign that Metates will ever be built. Although they have been working to reduce the capex, and these intercepts will help a bit once they are converted to reserves, but it still seems to me that the PoG would have to be much higher, which will merely increase the advantage of other higher grade deposits over Metates even more compelling.
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Riverside Resources aka RRI announced they have closed a small PP, amounting to $720k, that will allow them to do some exploration include drilling on their Oakes prospect in the Geraldton gold belt in Ontario. They think they see similarities to the Hard Rock deposit being developed into a mine 25km away. They have good geologists, so I hope they are correct.
ca.finance.yahoo.com
But the big new of the day comes from Capitan Resources aka CAPT, currently up 70% on huge volume on the basis of the latest drill results from their Peñoles Au/Ag/Pb/Zn property in Durango, Mexico. Up till now Peñoles has been portrayed as primarily a gold play, but the first holes at the Jesús María Ag deposit, also on the property, have found extensive areas of high grade silver minerlaization which remains open down-plunger As well, a hole looking for high grade shoots under the gold deposit found more higher grade silver.
The Jesus Maria deposit,has a long history of mining, so at least they are proving there is plenty of ore left to mine. That said, I still don't see why the big fuss over this PR, but if people are willing to pay more for the stock, that makes me happy.
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