Yet more gold at Eagle MountainAnother
very positive news release from Goldsource Mines -
yet more highly profitable gold ozs located throughout different areas of the Eagle Mountain Gold Project. I just can't explain the market reaction - aside from it being a big down day for precious metals, and a down day overall for most gold and silver stocks.
It looks like we will have to wait for the interim updated Resource Estimate later this month, to determine whether GXS can finally prove everyone wrong. Based on my own interpretations of available maps, figures, and drill results to date, I expect a robust interim Resource Estimate. If we do not see a hugely positive re-rating of GXS, I will re-evaluate my investment decision and strongly consider reducing my position.
In the meantime, here are the highlights from today's NR, taken from the Goldsource Mines website:
Goldsource Announces Further Drill Results at Eagle Mountain
54.0 Metres Grading 1.72 gpt Au
19.5 Metres Grading 1.38 gpt Au
11.5 Metres Grading 3.37 gpt Au
VANCOUVER, BC – January 6, 2021 – Goldsource Mines Inc. (“Goldsource” or the “Company”) is pleased to announce additional 2020 expansion and in-fill drill results for the Eagle Mountain deposit as well as a new gold discovery at the Ann Prospect. Both the Eagle Mountain deposit and Ann Prospect are located within the Eagle Mountain Gold Project (“Eagle Mountain”) in Guyana, South America. Newly reported results are for 11 core holes totalling 1,839 metres (see attached Figures and Tables below). Approximately 16,300 metres of core drilling was completed in 2020.
An estimated 34,000 metres of drilling has been completed in the last three drill seasons at Eagle Mountain with a cut-off date for drill results of November 7, 2020 to be used in the Mineral Resource Estimation update to be announced in early 2021.
Highlights:
- Eagle Mountain Gold Deposit – Baboon Area:
- Results for three (3) core holes totalling 648 metres.
- Drill holes EME20-72 and EME20-73 have confirmed the expansion of three near-surface sub-horizontal gold mineralized zones (Zone 1 to 3) to the southwest of the Eagle Mountain deposit (Figure 2 and 3).
- Together with the results from No. 1 Hill area, immediately north of Baboon (refer to the Company news releases on July 29, 2020, and October 22, 2020), drilling has extended the mineralized footprint of the Eagle Mountain deposit by approximately 400 metres to the southwest (Figure 2).
- Highlight drill hole EME20-71 intersected 6.0 metres grading 3.06 grams per tonne (“gpt”) gold (“Au”) in saprolite at the base of Zone 1 (Figures 2 and 3).
- Eagle Mountain Gold Deposit – Kilroy Area:
- Resource in-fill drill results for three (3) core holes totalling 275 metres.
- Highlight drill hole EMM20-001 intersected 54.0 metres grading 1.72 gpt Au, including a higher grade sub interval of 12.0 metres grading 6.91 gpt Au (Figure 2).
- In-fill drill results at the Kilroy area support the historical results and the continuity of mineralization, including the presence of multiple sub-horizontal gold mineralized zones.
- Ann Prospect – Minnehaha area:
- Results for four (4) core holes totalling 766 metres.
- Ann represents a new near-surface discovery, 1.0 kilometre south of the Powis target, along the north-south trending Salbora-Powis structural corridor (Figures 1 and 2).
- Highlight drill hole EME20-081 exhibits similar characteristics to mineralized breccias in Salbora and Toucan with a breccia interval of 3.0 metres grading 5.40 gpt Au.
- Highlight drill hole EME-20-079 intersected 11.5 metres grading 3.37 gpt Au from surface, including a higher grade sub interval of 7.5 metres grading 5.21 gpt Au starting at 4.0 metres and hosted in unconsolidated near-surface material.
The Company’s exploration program in 2020 was designed to expand and confirm the continuity of mineralization of the Eagle Mountain and Salbora deposits for an updated mineral resource and to make additional discoveries within the broader area of Eagle Mountain.
Steve Parsons, P. Eng, and CEO of Goldsource, commented, “The latest results, once again, deliver on the 2020 objectives both in terms of demonstrating scope for further strike extensions at Eagle Mountain and in showcasing the prospectivity of the project with a new discovery, the Ann Prospect. We look forward to the upcoming announcement of the resource update and pushing forward in 2021 to further explore current prospects for potential increase in gold resources and to complete further in-fill drilling to substantially convert inferred mineral resources to indicated for 2021 pre-feasibility work.”
GLTA