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ResourceClips provides original and independent market news on mineral exploration and mining. For more information on ResourceClips visit http://www.resourceclips.com
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  • From Abitibi To James Bay: Assays Reveal The Lure Of Gold In Three Quebec Regions 0 comments
    Nov 9, 2012 1:33 AM | about stocks: NSUPF, GBBFF, EANRF

    As one of the world's top mining jurisdictions, resource-rich Quebec provides a steady source of commodity news. ResourceClips takes a look at November 8 drill results from Eastmain Resources (OTC:EANRF), Gold Bullion Development (OTCPK:GBBFF) and Northern Superior Resources (OTC:NSUPF), each working a different part of the province.

    With high grades and visible gold, Eastmain continues to build its Eau Claire (Clearwater) gold-tellurium project. Assays from this year's 90-hole, 34,211-metre campaign in Quebec's James Bay lowlands show the project advancing towards a goal of up to 2.3 million gold ounces.

    Results from Eau Claire's 850 West zone show:

    • 41.62 grams per tonne gold over 2 metres (including 148 g/t gold and 173 g/t tellurium over 0.5 metres)
    • 11.04 g/t gold over 6.5 metres (including 19.1 g/t gold over 3.5 metres)
    • 3.09 g/t gold over 13.5 metres (including 10.1 g/t gold and 10 g/t tellurium over 3 metres)
    • 2.57 g/t gold over 15 metres (including 12.6 g/t gold and 21.4 g/t tellurium over 2.5 metres)
    • 1.6 g/t gold over 24 metres (including 3.89 g/t gold and 4.16 g/t tellurium over 6.5 metres)

    The 450 West zone assays show:

    • 2.49 g/t gold over 18 metres (including 15.3 g/t gold and 21.9 g/t tellurium over 3 metres)
    • 24 g/t gold over 1.5 metres (including 67.1 g/t gold and 87.3 g/t tellurium over 0.5 metres)
    • 4.7 g/t gold over 5 metres (including 9.33 g/t gold and 11 g/t tellurium over 2 metres)

    Eastmain Resources Block ModelTrue widths were estimated at 100%. Vertical depths weren't provided but the project's resource estimate starts at surface and extends to a depth of 900 metres. The company stated approximately half the Eau Claire deposit may have open pit potential.

    Assays are pending from additional holes, as well as from four 0.5-metre samples showing more than 250 grains of visible gold and one 0.5-metre sample showing 35 grains of visible gold from the 850 West zone.

    Last month's resource update for zones 450 and 850 used a 0.5 g/t cutoff for open pit resources above 220 metres in depth and an underground cutoff of 2.5 g/t. The open pit resource showed:

    • 2.67 million tonnes grading an average 4.76 g/t for 408,000 gold ounces measured
    • 1.5 million tonnes grading an average 3.53 g/t for 170,000 gold ounces indicated
    • 2.4 million tonnes grading an average 2.5 g/t for 192,000 gold ounces inferred

    The underground resource showed:

    • 145,000 tonnes grading an average 6.96 g/t for 32,000 gold ounces measured
    • 558,000 tonnes grading an average 6.12 g/t for 110,000 gold ounces indicated
    • 4.03 million tonnes grading an average 7.2 g/t for 929,000 gold ounces inferred

    In a statement accompanying the November 8 assays, QP Eugene Puritch of P&E Mining Consultants said the resource grades "are not often found in this geological and geographical setting. The open pit gold grade in particular is in the order of three or four times that of which many other exploration projects have recently reported. Additionally, the underground gold grade is also in the order of 50% higher than recent comparable projects. With these high-grade resources, close proximity to custom processing facilities, a road and power, the prospect of a positive economic analysis is very encouraging."

    The November 8 news nudged Eastmain from a $0.82 open to $0.84, before slipping to $0.81. The company's 97.91 million shares amounted to a November 8 market cap of $79.31 million. Eastmain's 52-week high hit $1.45, while the 52-week low was $0.75.

    Further south, in Quebec's Cadillac trend, Gold Bullion Development released 54 backlogged assays from its flagship Granada Gold Property on November 8. Grades varied widely, from below 0.5 grams per tonne to an uncut internal interval of 443.78 g/t. Among the highlights were:

    • 15.61 g/t gold over 29.23 metres (including 88.97 g/t over 5 metres) (including 443.78 g/t over 1 metre)
    • 18.25 g/t over 6 metres
    • 2.25 g/t over 46 metres (including 4.42 g/t over 22 metres)
    • 0.66 g/t over 127.5 metres (including 1.77 g/t over 33.5 metres) (including 0.57 g/t over 29.5 metres) (including 0.83 g/t over 11 metres)
    • 0.89 g/t over 79 metres (including 1.71 g/t over 36.5 metres) (including 2.26 g/t over 24.5 metres) (including 3.87 g/t over 11 metres) (including 1.54 g/t over 8 metres)

    Grades were uncut and intercepts "are close to true thickness," the company stated. The intercept closest to surface started at 3.3 metres, while the deepest ended at 353 metres.

    Granada's April resource estimate used a 0.4 g/t cutoff to show:

    • 3.02 million tonnes grading an average 1.01 g/t for 97,700 gold ounces measured
    • 17.04 million tonnes grading an average 0.99 g/t for 543,400 gold ounces indicated
    • 23.93 million tonnes grading an average 1.1 g/t for 846,600 gold ounces inferred

    The mineralized system remains open at depth and laterally, with about 80% of the property unexplored, the company stated. An updated resource is slated by year-end. The property lies five kilometres from the mining city of Rouyn-Noranda.

    Gold Bullion stock opened November 8 at $0.115, climbed to $0.14 but closed back on $0.115. With 207.98 million shares outstanding, the market cap came to $23.92 million. The 52-week high and low were $0.24 and $0.07.

    On November 8 more assays came from Northern Superior Resources' Croteau Est gold project in west-central Quebec. Highlights from the four holes include:

    • 1.1 g/t gold over 131.4 metres (including 25.8 g/t over 1.85 metres or 49.9 g/t over 0.7 metres) (including 3.52 g/t over 4 metres or 10.65 g/t over 1 metre) (including 9.08 g/t over 0.55 metres) (including 3.67 g/t over 2.75 metres)
    • 1.17 g/t over 37 metres (including 4.09 g/t over 5.25 metres)
    • 1.36 g/t over 8.75 metres (including 2.43 g/t over 3 metres or 5.38 g/t over 1 metre)

    Northern Superior Resources GoldGrades were uncut. True widths weren't provided. Additional assays are pending from this year's 19-hole, 8,000-metre program. Northern Superior stated the four holes extend mineralization 100 metres east, for a total strike length of 450 metres, with mineralization open to the east and west, and at depth.

    The 3,700-hectare property is 30 kilometres from the town of Chapais and links to paved highway via 25 kilometres of forest access road.

    The company's shares stayed at 10.5 cents throughout November 8. With 188.5 million shares outstanding, Northern Superior's market cap came to $19.79 million. The 52-week high and low were 47 cents and 10 cents.

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