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RED EAGLE EXPLORATION LIMITED V.XR

"Red Eagle Exploration Ltd is engaged in the exploration, development and permitting of mineral properties. It owns the California Gold, Vetas Gold and Santa Ana Silver projects."


TSXV:XR - Post by User

Post by taylor1988on Oct 24, 2011 12:48pm
507 Views
Post# 19176185

Amazing hole

Amazing holeBut with a $167 M market cap fully diluted, I still much prefer NES - Newstrike as a gold play. Today's hole was massive but still comes nowhere near the magnitude of NES' breccia on their Ana Paula property. NES' holes of 190 m @ 3.52 g/t au and 116 m @ 4.71 g/t are close to comparable to CBJ's hole today. NES also has their intercept of 231 m @ 7.51 g/t au with more than double the intercept length but at the same grades. They also have 7 other holes into the breccia to confirm these grades. 112 m @ 2.51 g/t au, 282 m @ 1.40 g/t au, 214 m @ 3.00 g/t au, 119 m @ 3.76 g/t au, 120 m @ 4.60 g/t au. For $260 million market cap and a tighter share structure I'd much prefer 10 discovery holes to 1 discovery hole with CBJ and a $165 million market cap. NES also has over 40% insider ownership. NES is looking at a structure of 250 m X 150 m X 250 m depth so far on their breccia alone for close to 3 Moz of gold at over 3.0 g/t au. Should be interesting to see continued exploration from CBJ's Vetas Project but I think if any Aurelian comparisons are going to be thrown out then NES is the much better candidate at this point to the ARU 2.0.
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