Stockhouse Canadian Small and Micro-cap Stock Report for March 23, 2012
TORONTO (SHfn) – Sienna Gold Inc. (TSX: V.SGP, Stock Forum) jumped 4% to 38.5 cents Friday on results from the latest drill holes at Callanquitas on the Igor project, La Libertad, Peru. Highlights from six holes (1,548.85 meters) included 17.6 metres at 3.082 grams per tonne gold, and 251.1 grams per tonne silver within an overall interval of 48.7 metres at 1.317 grams gold and 141.2 grams silver. “These new results are very significant,’’ said Warren Pratt, a director with Calgary-based Sienna. “ Firstly, they keep demonstrating the continuity of the Callanquitas Structure over at least 900 m of strike length.” Secondly, he said, results from drilling have established the presence of a major high grade zone, with many multi-kg silver grades, in the centre of the Structure.
Calico Resources Corp. (TSX: V.CKB, Stock Forum) also rose 1.3% to 38 cents after reporting a significant increase in both contained ounces and average gold grade at the Grassy Mountain Deposit in Oregon. In addition to increasing the gold resource, a NI 43-101 compliant silver resource and a NI 43-101 compliant higher-grade component of the gold resource, suitable for underground mining operations, are being reported for the first time.
“We believe these results confirm that there remains significant upside potential to continue to grow the Grassy Mountain resource,’’ said Bill Wagener, Calico’s President and Chief Executive Officer.
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