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Jul 22, 2008 -- GoldSpring, Inc. (OTCBB: GSPG | Quote | Chart | News | PowerRating) reported today a continuation in the trend of encouraging assay results from its latest four drill holes, numbered 45-48, suggesting expanded depth and surface area of the identified ore body in the Hartford Complex. The Hartford Complex represents less than five percent of the Company's total leases of landholdings in the Comstock Lode. "The assays from drill holes 45-48 continue the trend of favorable indications from our 2008 drilling program, suggesting the potential for a broader range of mineralization," said Jim Golden, GoldSpring's Chief Operating Officer. "As a result of these, and other encouraging results obtained from our drilling activity in the Hartford Complex, we have taken steps to accelerate our drilling program. Specifically, we plan to have three drills operating during the third quarter, which may expedite the completion of our drilling program at the Hartford Complex. The completion of the drill program is an essential step in our return to mine production." Assay results from drill holes 45-48 are set forth below, in reverse order. Drill Hole 48: was targeted to find surface outcropping ore in areas where drill recovery was poor. The hole encountered from the surface to a total depth of ninety feet grading 0.041 ounces per ton gold and 0.86 ounces per ton silver. Drill Hole 47: was targeted to find surface outcropping ore in areas where drill recovery was poor. The hole encountered from surface to a total depth of eighty-five feet grading 0.040 ounces per ton gold and 0.81 ounces per ton silver. Drill Hole 46: from the surface to fifteen feet grades 0.012 ounces per ton gold and 0.50 ounces per ton silver, followed by ten feet (105'-115') grading 0.019 ounces per ton gold and 0.06 ounces per ton silver, with eighty-five feet (220'-305') grading 0.058 ounces per ton gold and 0.46 ounces per ton silver, and twenty-five feet (325'-350') feet grading 0.031 ounces per ton gold and 0.07 ounces per ton silver. Drill Hole 45: encountered five feet (90'-95') grading 0.257 ounces per ton gold and 1.64 ounces per ton silver, followed by a low grade zone of ninety feet (165'-255') grading 0.012 ounces per ton gold and 0.08 ounces per ton silver, and then ninety feet (255'-345') grading 0.077 ounces per ton gold and 0.82 ounces per ton silver. All of the assays referenced herein and the data derived therefrom have been performed and analyzed by American Assay of Reno, Nevada, a laboratory independent of GoldSpring, utilizing industry standard analytical methods.
Jul 22, 2008 -- Apogee Minerals Ltd. (PINKSHEETS: AGEEF | Quote | Chart | News | PowerRating) today announced it has received the assay results from an additional seven diamond drill holes completed at the Pulacayo Deposit in southern Bolivia. These results include the best intercept drilled on the project to date by Apogee or its partner Apex Silver Mines Limited, in hole PUD-109 with individual samples assaying as much as 10,000 g/t silver. According to David Gower, P.Geo., CEO of Apogee; "The drilling at Pulacayo continues to expand the mineralized zone with the addition of high grade mineralization. An important characteristic of the deposit is that along with the excellent silver grades the mineralization contains a significant component of base metals, which should provide an important contribution to the potential value of this deposit. The deposit remains open for further expansion along strike; however the drill program is being reduced in order to focus on the resource estimate and economic evaluation of the part of the deposit that has been delineated to date."An in-house resource estimate is in progress and will be completed this month. Micon International has been contracted to provide independent verification of the resource after completion of Apogee's resource estimate in order to satisfy the requirements of NI 43-101. Publication of the new resource estimate will take place when Micon completes its assessment. This resource will form the basis for completing the economic evaluation of the project.
Jul 22, 2008 -- Quaterra Resources Inc. (AMEX: QMM | Quote | Chart | News | PowerRating) today announced that it has finalized a Mining Lease with the General Land Office, State of Texas, on 523.746 acres in Culberson County, Texas covering all or parts of three breccia pipes, one of which was drilled in the 1960s and contains significant molybdenum mineralization. The Cave Peak molybdenum prospect, based on a preliminary review of all available data, has excellent geologic potential to contain an economic molybdenum deposit. Historic drilling at the Main pipe has identified a large mineralized system with high grade molybdenum mineralization that is open at depth; two other breccia pipes in the immediate vicinity have not been evaluated. The understanding of molybdenum systems has increased markedly since Union Carbide's work 40 years ago and should sharpen interpretation of both historic and current data. The Company initially acquired rights to the property through a lease-option agreement with the holders of two prospecting permits. The agreement allows Quaterra to purchase their entire interest by making staged payments totalling US$600,000 over a five year period. Additionally, an agreement to use the Marble mine road for access has been finalized with the surface owners of the property between the highway and the prospect. The Company's work program for the remainder of 2008 will include possible additional land acquisition, mapping, sampling, relogging of available drill core and preparation of an exploration plan. Drilling is tentatively scheduled for Q1 2009.
Jul 22, 2008 -- Lundin Mining Corporation (NYSE: LMC | Quote | Chart | News | PowerRating) has provided an update on the Tenke Fungurume Copper/Cobalt Project, in Katanga Province, Democratic Republic of Congo. Lundin Mining holds a 24.75% interest in Tenke Fungurume. The project is under construction by operating partner Freeport-McMoRan Copper & Gold Inc. Upon completion of this first phase of Tenke development, the mine is expected to produce approximately 115,000 metric tonnes per annum ("tpa") of copper cathode, and 8,000 tpa cobalt. First copper and cobalt production is forecast in the second half of 2009. The copper and cobalt hydroxide plant design and procurement is substantially complete. Cobalt refinery and acid plant design and procurement is advancing. Construction progress has picked up significantly over the last several months since the end of the rainy season, aided by additional construction and logistics management brought in by Freeport from various global mining projects. During the last quarter, outstanding progress was achieved in pre-stripping of the Kwatebala deposit which is enabling high grade ore stockpiling to support a rapid plant startup. Last September, starting with Kwatebala pre-stripping activities, the Tenke project initiated the use of a continuous miner, a first ever approach to sedimentary hosted copper mining. This equipment negates the need for traditional blasting and crushing of the ore and is intended to provide a highly selective means of mining the high grade material, thereby minimizing waste dilution and losses. Performance of the continuous miner has met and exceeded expectations and a second unit is on its way to support commencement of commercial operations. In late June, supported by recent results from the extensive concession wide exploration program and ongoing Freeport process test work, strategic meetings were held on major expansion planning. A series of mine expansion objectives is evolving and studies are advancing for the first phase of oxide plant expansion with construction to potentially commence immediately upon initial operations startup next year.
Market Wrap for July 22nd, 2008
The stock market posted a solid gain on Tuesday, after a late-day surge led by the financial sector helped investors shrug off worse-than-expected earnings reports from major tech and financial firms. A drop in crude prices, thanks to the easing of a tropical storm threat, also helped bring buyers to the table. Tuesday looked like it was going to be an ugly session, as stocks opened 0.9% lower. But investors took the opportunity to buy the dip, encouraged by a drop in crude prices and a turnaround in financial stocks. The stock market ended the session with a gain of 1.4%, with six of the ten sectors posting a gain. Smaller-cap names played a large role in the broader market's strength, especially within the tech sector -- the tech-heavy Nasdaq Composite rose 1.1%, compared to the 0.1% rise of the large-cap Nasdaq 100. The Russell 2000 spiked 2.8%, benefiting from a 22% surge in airline stocks, thanks to a handful of better-than-expected reports and the drop in crude prices. Financials were at the center of the opening losses and the subsequent late-session rally. The sector fell 3.8% at the open after Wachovia (WB 16.80, +3.62) reported a larger-than-expected loss of $8.9 billion and American Express (AXP 38.12, -2.78) disappointed with its earnings and outlook. The financial sector is now up 31.5% in the last week. The industrial sector (+2.2%) also outperformed. General Electric (GE 28.51, +0.82) announced that it is partnering with Mubadala, an Abu Dhabi firm, on initiatives including commercial finance, and clean energy research and development. Each company will provide $4 billion in equity over the next three years.
Large-cap tech was a pocket of weakness, with Apple (AAPL 162.02, -4.27) and Texas Instruments (TXN 24.44, -4.08) slipping on their respective earnings/outlooks. Memory chip maker SanDisk (SNDK 13.62, -4.31) fell 24% on its earnings report. The tech sector underperformed with a loss of 0.1%, although this is a substantial improvement from its session low when it was down 2.0%. The energy sector (-2.2%) was a laggard, falling in conjunction with crude prices.
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