Today’s most excellent gold news from European Cobalt and Torian Resources
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European Cobalt (ASX:EUC) will require a name change if it signs a deal to buy an advanced gold project in Ontario, Canada.
Inspired by the high gold price, a number of ASX-listed explorers are now planning to resurrect historic, unloved gold fields in North America.
European Cobalt is running the ruler over the 64.33sqkm Edleston project, where +$10.8m has already been spent on drilling and geophysics by a previous owner.
This pre-2012 drilling hit high grades like 5.3m at 81.39 grams per tonne (g/t) gold, 110m for surface.
The explorer was up +55 per cent in morning trade.
European Cobalt technical director Dale Ginn says work done to date has outlined a significant mineralised system.
“The mapping and aeromagnetic interpretation we completed previously on the project has shown that there is up to 10km of strike prospective lithologies which are yet to be tested in addition to the priority IP targets already defined,” he says.
If the deal goes ahead, European Cobalt will pay vendor 55 North Mining ~$707,000 cash and 100 million shares for 100 per cent of the project.
Hole one of maiden drilling at the Mt Stirling gold camp in WA has hit 274m of quartz‐carbonate veining containing pyrite and ended in mineralisation, Torian (ASX:TNR) says.
Results are “imminent” from this eight-hole drill program — the first in four years — which is testing extensions to a significant historical gold intercept of 35m at 2.99g/t.
A much bigger phase two drilling program is already planned at Mt Stirling, which neighbours $530m market cap RED 5’s (ASX:RED) King of The Hills mine.
The stock is up 25 per cent in morning trade and 250 per cent over the past three months.
The company had just under $1m cash in April, which included a ~$413,000 investment from new major shareholder Nova Minerals (ASX:NVA).