Drillers Are Delighted With Results

Not all is doom and gloom for the mining industry as many companies are now reporting drill results that show encouraging signs for future development not only here in Canada but in other parts of the world as well.

And, as shown in the accompanying Natural Resources Canada chart, monies being spent on exploration and deposit appraisals have been steadily rising over recent years. In fact, 3 132.9M$ were invested in exploration and deposit appraisal last year alone and according to Fordia Group Drilling Co., of Montreal, manufacturers of drilling equipment, about 46% or 1441.1 M$, was invested in surface or underground drilling.

Here’s a quick look at just some of the companies reporting drilling activity in recent months.

• Rainy River Resources Ltd (TSX VENTURE:RR) reports excellent results from its drilling program at its gold resource area on its Richardson Township property (shown in photo) about 55 km northwest of Fort Frances, ON.

• Alto Ventures Ltd (ATV: TSX-V) completed diamond drilling on its Three Towers property in the Beardmore-Geraldton Gold Belt property in Ontario. Results from the drilling confirm the gold mineralization extends to a depth of at least 100 m.

• Carmax Explorations Ltd (TSX VENTURE: CMX) reports that a total of 95 holes have been drilled on its Eaglehead property in northwestern B. C. resulting in high grades of copper, moly, silver, and gold.

• Goldrea Resources Corp (TSX VENTURE: GOR) and Molycor Cold Corp (TSX:VENTURE: MOR) announce the successful completion of drilling on its Empress property near Summerland, B. C. Nineteen holes were drilled in the moly, copper and gold area of mineralization.

• Corex Gold Corp (TSX VENTURE:CGE) announced that a first phase reverse circulation drill program has been completed on its Santana property in Sonora State, Mexico. The property is in a copper-gold-silver belt.