Re: Pending News
posted on
Sep 29, 2010 05:22AM
Ultimately Developing a District with Multiple Near-Surface Gold Resources along the +30 km Property in Idaho
How did you come to this kind of information, as I know there are lot more news to come, this is from last presentation:
SIGNIFICANCE OF RESULTS These six drill holes, together with the six previously released phase-3 holes, have increased the strike of the lower block from 100 to 300m, essentially doubling the down dip extension of the current resource from 150 to 300m. The deposit remains open along strike to the north and south and at depth
.
Based on drilling completed to date, we have derived
a conservative back-of-the envelop estimate of the resource zone of 28.5 to 33.5 Mt with an average grade of .94 to 1.14g/t for 0.85 to 1.2 Moz Au.
Moreover, these results re-affirm our view of the potential for the expansion of the Friday Zone and we reiterate our conservative blue-sky estimate of the open-pit mineable resource at 1.5 to 2.5Moz, which assumes that mineralization is continuous for 750m from PFR2010-10 to PFR2009-8. Mineralization may actually extend over a considerably longer strike length as the Friday Fault has been identified over 3,000m in mag geophysics.
ONGOING WORK / RESULTS PENDING
Seven additional drill holes have been drilled along strike to the north and south, the results of which should be released shortly. In addition, the remaining ~3,000m of the 10,000m phase-3 drill program is ongoing at Friday.
CONCLUSION
While a large amount of work is needed to determine the potential for the development of a mine at Friday-Petsite, a considerable upside revaluation of the common shares of the Company is expected over the next 12 to 18 months as the resource potential of the Friday Zone is further confirmed and new targets are developed along PEM’s 28 mile Orogrande Shear Zone land package, which we believe could host several additional multi-million ounce gold deposits.
So, my conclusion is that probably after Casey summit we will have another news about last 7 holles of summer program and other holles(6 holles) are still to be assayed and released, new resource estimate will be done and phase 4 drill program will be anounced, hopefully spin off sooner than later, something to hear about Bufallo Gulch. So much more pending news until next year, until then we could be round 2M+ Ounces, take over price target should be round 2$, lot of Blue-Sky potential here and new Montana shares, this stock must go above 1$, Dundee isn't interested in selling any of shares this year, so as many of us saying, win, win situation. Take over in next 12-18 months are probable.
GLTA!