GOLD: Exploration continues despite soft price

CANADA – Despite downward pressure on the price of gold, it remains one of the most popular exploration targets in this country. At the end of business on May 14 the price was US$1,433.75, down from almost US$1,700 at the start of the...

CANADA – Despite downward pressure on the price of gold, it remains one of the most popular exploration targets in this country. At the end of business on May 14 the price was US$1,433.75, down from almost US$1,700 at the start of the year.

Still, the list of hopeful new miners continues to grow with the following results added in the past 10 days.

Alexandria Minerals Corp. of Toronto has expanded its Sleepy gold deposit with an intersection of 3.82 g/t Au over 20.0 metres. The same hole intersected a second gold bearing interval of 0.66 metre (true width) that assayed 26.50 g/t and 42.00 g/t. The Sleepy project is located 13 km east of the company's Akasaba advanced exploration project in Val d'Or, QC. (

The strike length of the Bug Lake zone has doubled to 700 metres, according to 100% owner Balmoral Resources of Vancouver. The zone is found at its Martiniere property, part of the company's 82-km-long Detour Gold Trend project in Quebec. The best intersection in the Bug Lake zone was 10.65 g/t over 3.34 metres, and the zone is open in all directions. (

Clifton Star Resources of Quebec City has completed 15 drill holes this year at its Duparquet project 45 km northwest of Rouyn-Noranda, QC. The longest intersection was 140.7 metres at 0.60 g/t Au and the strongest was 13.33 g/t over 2.2 metres. The company is working on a pre-feasibility study due in Q1 2014. (

Bonanza grades are popping up at the Windfall Lake project (100 km east of Lebel-Sur-Quevillon, QC) belonging to Eagle Hill Exploration Corp. of Vancouver. Hole EAG-12-466 intersected 288.5 g/t Au over 12.4 metres in a sub-vertical shear zone immediately to the northwest of zone 27 where 14.48 g/t was returned over 12.4 metres when cut to 100 g/t. (

The Elora property 40 km south of Dryden, ON, belongs to Manitou Gold of Sudbury, ON, and its several discreet shear structures have been the target of diamond drilling this winter. One hole of note, E-13-45, returned 4.56 g/t over 3.6 metres including 20.9 g/t over 0.75 metre. The company says this indicates that the Laurentian shear structure continues towards the southwest. (

Marathon Gold Corp. of Toronto has reported new multiple high grade gold intersections at its Leprechaun gold deposit at the Valentine Lake project 55 km south of Buchans, NL. Several high grade cores were pulled from the Main zone: 24.53 g/t over 2.7 metres with 35.00 g/t (80.56 g/t uncut) over 0.9 metres; 10.96 g/t over 3.6 metres with 20.50 g/t over 0.9 metres; 4.32 g/t over 2.85 metres with 11.82 g/t over 0.95 metres. High grades were also returned from the Hanging Wall zone: 9.45 g/t over 5.0 metres with 22.56 g/t over 2.0 metres, and 3.25 g/t over 3.0 metres with 9.43 g/t over 1.0 metre. (

Vancouver's Prosperity Goldfields Corp. drilled 24 metres of 2.5 g/t at Kiyuk Lake near Nueltin Lake in Nunavut. Of particular interest is the Rusty zone that returned multiple gold intersections greater than 20 metres averaging 0.5 g/t Au, and the zone is open at depth, at the surface and to the southwest. (

Joint venture partners Sanatana Resources of Vancouver and IamGold Corp. of Toronto have completed an infill drilling program on the Watershed property located between Sudbury and Timmins in Ontario. The longest hole returned 101.2 metres grading 0.86 g/t Au including several higher grade intersections of 1.0 metre or less. The highest grade was 45.10 g/t (uncut) over 0.5 metres in another hole that totaled 32.7 metres at 1.76 g/t (uncut). (

Seabridge Gold of Toronto says the Courageous Lake project 240 km northeast of Yellowknife, NT, is looking better and better thanks to recent drilling at the Walsh Lake winter drilling program. The first 10 holes returned good grades including 25.6 metres of 4.86 g/t Au. Walsh Lake is about 10 km south of the company's FAT deposit that has proven and probable reserves of 91.1 million tonnes at 2.2 g/t or 6.5 million oz of gold. (

Vantex Resources of La Prairie, QC, drilled 137.9 g/t over 1.4 metres at a depth of 180 metres in the Moriss zone at its Galloway project 25 km west of Rouyn-Noranda, QC. The hole was targeted in the west extension of the Moriss zone and contains visible gold within a smoky quartz vein. The presence of many gold structures parallel to the Moriss zone were also noted. (

Toronto-based Wesdome Gold Mines is encouraged by drill results from the producing Eagle River mine west of Wawa, ON. The main 8 zone structure has been traced 300 to 500 metres below existing workings to depth of 1,100 metres below surface. Assays from this area include 15.84 g/t over a true width of 1.5 metres and 20.86 g/t over a true width of 1.5 metres. Since 1995 the Eagle River mine has produced 919,086 oz of gold from above 600 metres. The current deep drilling is intended to trace potential to a depth of 1,300 metres. (


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