Gold: Dark Horse tells investors it has some pretty nice gold, silver hits; shares jump 67pc
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Minnow explorer Dark Horse Resources (ASX:DHR) is off and racing this morning with extremely high-grades at its Las Opeñas gold project in Argentina.
The company reported peak grades of 54 grams per tonne (g/t) gold and 739g/t silver from rock chip sampling at the project.
Shares immediately shot up 67 per cent to 0.5c at market open.
To give you an idea of just how high-grade these samples are: anything over about 5g/t gold and over 50g/t silver is generally considered high-grade.
Earlier exploration by Dark Horse identified five mineralised vein systems, with one believed to extend more than 2.5km currently.
Dark Horse says these latest results will be used to generate targets for further drilling, which is scheduled for the last quarter of this year.
And it’s not the only small cap with some nice gold hits today.
Tietto Minerals (ASX:TIE) reported hits of up to 103.9g/t at its 1.7-million-oz Abujar gold project in Cote D’Ivoire.
On drill hole returned 7m at 20.63g/t within a broad zone of 15m at 9.9g/t from 254m that also included sections of 1m at 103.9g/t and 1m at 34.31g/t.
These new results have extended the high‐grade gold mineralisation at Abujar by 50 vertical metres and the system remains open at depth and along strike.
“These holes along with several other exceptionally high-grade results released since our last resource estimate should result in a significant uplift to the 1.38 million oz contained in the existing [Abujar] resource model,” managing director Dr Caigen Wang said.
Tietto will add a third diamond drill rig to its exploration effort at Abujar in August.
Investors liked the news, driving shares up over 6 per cent to 17.5c on Friday morning.
New Talisman Gold Mines (ASX:NTL) has completed commissioning of the pilot processing plant and begun processing of the high-grade samples at its Talisman mine in New Zealand.
“We are very pleased with the progress at the pilot plant with the first small volumes of gold concentrate being produced from the Talisman Mine which have now been sent off for assaying,” CEO Matthew Hill told investors. “Once optimal recovery rates are achieved processing of larger samples and design of a larger volume plant can commence.”
Thomson Resources (ASX:TMZ) hasn’t been able to go ahead with the sale of a 10 per cent stake in its Chillagoe gold project to private company Bacchus Resources. The buyer told Thomson it was unable to meet certain conditions of the deal.
Chalice Gold Mines (ASX:CHN) has completed the sale of its gold projects in Quebec to O3 Mining. The deal has given the company a 9 per cent stake in O3, $C1.3m cash and a 1 per cent royalty on certain mining claims within the East Cadillac and Kinebik gold projects.
“The successful completion of this transaction gives Chalice a strong platform for growth, with a working capital and investments balance now totalling approximately $33m (~12c per share),” managing director Alex Dorsch said.