The Bellechasse gold deposit has excellend gravity recovery, around 86% for the quartz in diorite. The one result of 54.7% recovery was for a sample of gold in the volcanoclastics. Since most of our gold at Bellechasse is in the quartz diorite, we are in great shape here. This gold deposit is also a no sulfide deposit which makes IP/VTEM pretty much useless as far as I know.

The Champagne Area is very different geologically. It is a medium sulfidation system hosting a polymetallic ore. The great news here is that VTEM does work here and the results seem to identify a potentially large zone which the company confirmed by picking up those new claims. We have no metallurgy done on this deposit at all and the great gravity results we have at Bellechasse, do not apply here unfortunately.

I was happy to see gold bounce back and from a TA standpoint, the reverse head and shoulder's pattern is still intact on the gold chart so we can still expect gold to move above $2000 at some point over the summer if you believe in TA.

I also agree with Snezzer that our first RE is no reason for our SP to explode unless they really surprise to the upside-which I do not expect. However, results at the 88 zone, Champagne and to a lesser degree at Beland can still surprise the market and could result in more upward momentum.

Holding with confidence,

Glorieux