Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Saskatchewan / Manitoba Coal Thread -- Ignore unavailable to you. Want to Upgrade?

To: howestreetbull who wrote (193)	2/10/2009 10:11:31 AM
From: Michael Mc Donough	Respond to of 340

From Canaccord this morning: This coal explorer has a miniscule amount of shares outstanding, which invites large swings either way following a news release. Point in case: yesterday. Goldsource provided an update on exploration progress and current drill results at its Border Project located near Hudson Bay, Saskatchewan. A total of 18 core holes (1,828 meters) has been drilled using two drill rigs since the commencement of the winter program. The holes drilled to date are proximate to the discovery holes BD08-03 and BD08-06 in an area designated as the Chemong sub-basin. Thick coal intercepts have been encountered in five of the holes. The most significant coal intervals were found in hold BD09-20 with approximately 50.9 meters of dull to bright coal with minor partings and hole BD09-22 with 47.0 meters of similar visual coal characteristics. Holes BD09-20 and BD09-22 were step out holes to test a specific geophysical target approximately 2500 meters to the southa nd west of the BD08-03 discovery hole. According to the company, the coal zone intercepts of 50.9 meters and 47.0 meters respectively have identified a new area of interest within the Border Project. The company said drill holes BD09-10, 11, 12, 14-17, 19,21,23 and 25-27 contained no significant coal intercepts. These holes were drilled to test the potential boundries of the identified sub-basins proximal to discovery holes BD08-03and BD08-06and to test new potential coal locations. This current phase of drilling is expected to complete approximately 38 drill holes in the Chemong and Pasquia sub-basins and approximately 15 holes to test three other potentially broader basins to the south and east. Road building has been completed to all proposed sites and as many holes as possible will be completed prior to spring break-up in March. In order to expedite the drilling, a third rig will be added as soon as it can be mobolized. As of January 20, 2009 according to Bloomberg Goldsource had 19.34 million shares outstanding.