Shares of Extorre Gold Mines Limited (AMEX:XG) are hopping today after the company announced it has discovered a new high grade gold-silver discovery at Cerro Moro, Santa Cruz Province, Argentina.
Assay highlights include:
MD1204 intersected 4.84 metres ("m") at 64.6 grams per tonne ("g/t") gold + 7,530 g/t silver (190.1 g/t gold equivalent(i)), including 1.36 m at 227.3 g/t gold + 25,428 g/t silver (651.1 g/t gold equivalent(i)).
The Zoe discovery is situated on the Escondida structure, 2.5 kilometres (km) east of the last known significant Escondida mineralization (the Martina shoot). The target is interpreted to be an east-west dilation zone, some 2 km in strike length. The discovery is essentially "blind" from surface, with the shallowest high grade mineralization appearing at a vertical depth of 80 metres.
In all respects the mineralization appears to be typical of the known Escondida deposit to the west. Specifically, the silver mineral acanthite is observed in many of the drill cores, with five holes showing electrum (metallic gold-silver). Base metals and pyrite are accessory minerals.
At present two drill rigs are defining the discovery. One rig is performing 160 metre step outs, with the other drilling at 80 metre centres to quickly determine the size potential.
Extorre was trading at $9.02, soaring $1.53, or 20.43 percent, as of 12:17PM EDT.
Showing posts with label Extorre Gold. Show all posts
Showing posts with label Extorre Gold. Show all posts
Tuesday, April 19, 2011
Monday, October 4, 2010
Goldcorp (NYSE:GG), Yamana (NYSE:AUX), Barrick (NYSE:ABX), Extorre (TSE:XG) and Argentine Glacier Law
The new glacier law in Argentina, which was approved by the Argentine Senate, and which President Cristina Fernandez has said she will sign, has generated some concern for the mining industry, especially gold miners in the country.
Fortunately, most of this is posturing and show, as very little in the way of mining will be affected by the law, either now or in the future.
Companies with projects in the country like Goldcorp (NYSE:GG), Yamana (NYSE:AUX), Patagonia (OTC:PATAF) and Extorre (TSE:XG) shouldn't have any problems as all, as they don't have mines in the zone being supposedly protected.
What this does is give the appearance of the government protecting the region, when in fact there is really little to be protected because no one is mining the area.
The new law will limit any economic activity in areas close to glaciers in the country.
As far as mining exposure in Argentina, Goldcorp now has it through their recent acquisition of Andean Resources, whose flagship mine is the Cerro Negro gold-silver mine being developed in the country. That won't be affected by the new law.
Extorre Gold Mines is developing the Cerro Moro gold mine, Yamana the Agua Rica copper-gold- molybdenum mine, and Patagonia Gold PLC (OTC:PATAF) its Lomada project. All of which won't be affected by the new law.
There is one exception to this, and that is Barrick Gold Corp. and their huge Pascua Lama gold and silver mine.
Radical environmental groups have attempted to derail the project, saying the company has been destroying glaciers through their practices.
Rodrigo Jimenez, Barrick vice president of corporate affairs said, "We do not mine on glaciers and, in fact, Barrick has already implemented a comprehensive range of measures to protect them as well as other sensitive environmental areas around both the Veladero mine and the Pascua-Lama project."
It remains to be seen if environmentalists use the new law to attempt to disrupt the project. They almost assuredly will.
Barrick has began the construction of the mine after many legal battles and challenges. Now they are waiting on an agreement between between Chile and Argentina over a tax-sharing agreement, and permits.
Fortunately, most of this is posturing and show, as very little in the way of mining will be affected by the law, either now or in the future.
Companies with projects in the country like Goldcorp (NYSE:GG), Yamana (NYSE:AUX), Patagonia (OTC:PATAF) and Extorre (TSE:XG) shouldn't have any problems as all, as they don't have mines in the zone being supposedly protected.
What this does is give the appearance of the government protecting the region, when in fact there is really little to be protected because no one is mining the area.
The new law will limit any economic activity in areas close to glaciers in the country.
As far as mining exposure in Argentina, Goldcorp now has it through their recent acquisition of Andean Resources, whose flagship mine is the Cerro Negro gold-silver mine being developed in the country. That won't be affected by the new law.
Extorre Gold Mines is developing the Cerro Moro gold mine, Yamana the Agua Rica copper-gold- molybdenum mine, and Patagonia Gold PLC (OTC:PATAF) its Lomada project. All of which won't be affected by the new law.
There is one exception to this, and that is Barrick Gold Corp. and their huge Pascua Lama gold and silver mine.
Radical environmental groups have attempted to derail the project, saying the company has been destroying glaciers through their practices.
Rodrigo Jimenez, Barrick vice president of corporate affairs said, "We do not mine on glaciers and, in fact, Barrick has already implemented a comprehensive range of measures to protect them as well as other sensitive environmental areas around both the Veladero mine and the Pascua-Lama project."
It remains to be seen if environmentalists use the new law to attempt to disrupt the project. They almost assuredly will.
Barrick has began the construction of the mine after many legal battles and challenges. Now they are waiting on an agreement between between Chile and Argentina over a tax-sharing agreement, and permits.
Thursday, April 22, 2010
Exeter Resource's (TSX:XRC) Extorre (TSX:XG) Exciting Investors
It hasn't taken long for Exeter Resource's (TSX:XRC) (AMEX:XRA) spin-off of what has become Extorre Gold (TSX:XG) to get investors excited, as the latest resource estimate of Extorre has them reaching over 1 million ounces as exploration continues at their Cerro Moro project.
Exeter recently spun off Extorre Gold in order to focus on their Caspiche gold/copper project in Chile, so a new management team could solely concentrate on the Argentina of Extorre's.
Exeter itself has also updated their Caspiche project and now there are over 30 million ounces of gold and gold equivalents there, along with significant copper deposits.
Caspiche is among the largest undeveloped copper-gold projects in the world.
President and CEO of Extorre, Eric Roth, said the latest update at Cerro Moro raises their "our resource objective ... to 2 million ounces gold equivalent."
Exeter recently spun off Extorre Gold in order to focus on their Caspiche gold/copper project in Chile, so a new management team could solely concentrate on the Argentina of Extorre's.
Exeter itself has also updated their Caspiche project and now there are over 30 million ounces of gold and gold equivalents there, along with significant copper deposits.
Caspiche is among the largest undeveloped copper-gold projects in the world.
President and CEO of Extorre, Eric Roth, said the latest update at Cerro Moro raises their "our resource objective ... to 2 million ounces gold equivalent."
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