The global rate of new gold discoveries and their grades is declining sharply over the last four years, according to research done by IntierraRMG of London, UK, as illustrated in the accompanying graph. Over the 10-year period that was studied, African discoveries totaled 479 million oz of gold, followed by North America with 290 million oz, and Europe with 240 million oz. The fourth spot is held by South America with 188 million oz, and the last place belongs to Australasia with only 74 million new ounces discovered.
Notwithstanding the global trend, gold exploration in Canada has had its bright spots in the past week.
Bralorne Gold Mines of Vancouver reports that drifting on the M vein returned 40.6 g/t Au over 0.24 metres. The vein was discovered in the Bralorne mine project near Gold Bridge, BC. The original discovery hole intersected 1,282.8 g/t Au (37.4 opt) over 0.5 metres. Assays from the recently discovered vein were not included in the resource inventory done for the preliminary economic assessment in 2012. (Bralorne.com)
Marathon Gold Corp. of Toronto says assays from recent drill core were 12.89 g/t Au over 5.40 metres and 13.94 g/t over 2.70 metres (true thicknesses) in the Main zone of the Leprechaun gold deposit at the Valentine Lake, NL, project. The core was recovered during step-out drilling 80 to 150 metres down pit of previous drilling in the zone. The deposit contains 9.5 million measured and indicated tonnes grading 2.22 g/t Au and 2.0 inferred tonnes grading 2.30 g/t Au. The Leprechaun deposit remains open at depth and along strike. (Marathon-Gold.com)
Anaconda Mining reports 20 metres of 2.15 g/t Au in the new western extension area at its Pine Cove gold mine on the Baie Verte Peninsula, NL. The new mineralization was encountered within the ultimate pit limit boundary, but outside of the existing mine plan. The company, hoping to expand this new zone, has a 1,000-metre follow-up drill program underway. (AnacondaMining.com)