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  • To Africa And Back: Gold Results From Quebec, Kenya & New Brunswick 0 comments
    Jan 3, 2013 12:37 AM | about stocks: WDOFF, SLMXF

    Wesdome Gold Mines [WDOFF.PK] began the New Year by releasing gold assays from its Kiena Mine in Val-d'Or, Quebec. The company stated that underground exploration drilling demonstrates continuity of the mine's S-50 (South Zone) mineralized system southeast and at depth.

    Intercepts were provided as estimated true widths. Grades were cut to 34.28 grams per tonne. Highlights include:

    • 8.6 grams per tonne gold over 7.3 metres
    • 3.38 g/t over 10.7 metres (including 6.61 g/t over 2.2 metres)
    • 3.82 g/t over 8.78 metres
    • 34.28 g/t over 0.85 metres
    • 3.72 g/t over 6.75 metres
    • 2.83 g/t over 5.42 metres
    • 11.4 g/t over 1.07 metres
    • 8.86 g/t over 1.53 metres.

    One of Wesdome's three operating gold mines, Kiena's 2012 production is estimated at 20,000 ounces. The company expects another 20,000 ounces from its Eagle River operation and 10,000 ounces from the Mishi open pit, both near Wawa in central Ontario. As of December, Wesdome's year-to-date cash flow was $10.5 million.

    Wesdome opened January 2 at $0.87, two cents above the previous close. The stock nudged a day's high of $0.90 before returning to an 87-cent close.

    More January 2 gold results came from African Queen Mines' Odundu Property, part of its Rongo Gold Fields Project in Kenya. The company stated that initial drill and trenching results indicate extensive, low-grade near-surface mineralization.

    True widths weren't provided for the drill results. One intercept began at a vertical depth of 27 metres, while the furthest stopped at 171 metres. Drill assays include:

    • 1.03 grams per tonne gold over 26.35 metres (including 5.27 g/t over 0.6 metres) (including 2.87 g/t over 2.87 metres)
    • 1.17 g/t over 12 metres (including 2.97 g/t over 2 metres)
    • 1.08 g/t over 11 metres (including 5.96 g/t over 0.6 metres)
    • 0.89 g/t over 10 metres
    • 1.45 g/t over 5.16 metres (including 3.21 g/t over 0.8 metres) (including 2.31 g/t over 0.93 metres).

    The 2012 program examined a major shear zone, with future exploration to include two additional, parallel shear zones, African Queen stated. The project sits on the Lake Victoria Greenstone Belt, 380 kilometres from Nairobi. The company may earn up to an 85% interest in Odundu from Kenya-based Abba Mining. African Queen acts as project operator.

    The company has two other Kenyan operations. Phase I ground exploration, including sampling and trenching, is underway at its Ugunja Gold Project. African Queen may earn up to an 85% interest in this project from Kenya Discovery Ltd. Last October African Barrick Gold acquired adjacent property as part of its $20-million takeover of Aviva Mining.

    African Queen is planning Phase I exploration for its wholly owned Karameri Metals Project, which the company believes is prospective for copper, gold, iron ore and nickel.

    In Ghana, African Queen has completed a 26-hole, 1,982-metre near-surface drill program on the Noyem-Nyafoman Gold Project. This option agreement allows the company to earn up to 75% from Akan Exploration.

    African Queen opened December 31 at $0.09 and closed a penny and a half higher. AQ's chart flattened out at $0.105 throughout January 2.

    In other January 2 gold news, SLAM Exploration [SLMXF.OB] announced it found visible gold at three of nine holes drilled at its Menneval Gold Project in New Brunswick. Assays are pending. SLAM also holds the Nepisiguit and Nash Creek silver-base metal deposits in New Brunswick and the Reserve Creek property in northwestern Ontario.

    SLAM opened January 2 at $0.405, the day's high and a jump above its previous close of $0.26. The shares then fell back to a January 2 close of $0.30.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: WDOFF, SLMXF
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