Fission Energy’s exploration results “spectacular”, says Dundee Capital Markets

Fission Energy’s (CVE:FIX) (OTCQX:FSSIF)  prospecting results yesterday have got investors talking. The company’s 50/50 joint venture with ESO Uranium Corp (CVE:ESO), known as Patterson Lake South, a property on the southern boundary of the Athabasca Basin in Saskatchewan,  found an additional 20 radioactive boulder and hot spots, for a total of 74.
Dundee Capital Markets re-iterated its buy rating for junior uranium explorer Fission today, as the news was viewed as “very positive”, increasing the likelihood of another basement-hosted uranium discovery in the Athabasca Basin.
Fission’s latest exploration success is not at the J-Zone on its Waterbury joint venture near Hathor Exploration’s (TSE:HAT) prolific Roughrider deposit in the eastern Athabasca, but rather, it is close to AREVA’s Cluff Lake Mine, which has previously produced 60 million pounds of uranium, and also relatively nearby the 88 million pound uranium Shea Creek Deposit owned by UEX Corp (TSE:UEX).
"While only surface mapping, radon surveying, soil sampling and boulder prospecting took place this summer, results are spectacular," Dundee noted in its latest research report.
"Radioactive boulders were found on the first day of follow up of airborne radiometric anomalies flown in 2009."
Following this year's now completed boulder sampling program, a total of 74 boulders outline a distinct 4 kilometre long, 900 metre wide, north-south trending boulder train. Moreover, 57% of these produce “off-scale" radioactive readings as measured by hand held gamma ray scintillometers.
According to the companies, the boulder train appears to be pointing back at a series of east-northeast trending geophysical conductors – a possible new uranium discovery.
Fission suggests that the northern end of the boulder train might lie close to the source of the high grade boulders, but more ground work is required to fully target the source area.
"The size of this mineralized boulder field is very encouraging, if not impressive. The boulder train that led to the discovery of Cluff Lake was estimated at about 2km long, or half the size of this Patterson Lake South boulder trend," Dundee added.
Indeed, the Cluff Lake boulder train turned into the discovery of a 60 million pound series of orebodies for AREVA.
In addition, Fission said that basement mineralization is apparent at the site, eliminating many of the technical challenges found at some Athabasca deposits.
What started out as a small, $60,000 exploration program at the property, may turn into something of a larger nature due to the recent successes. The joint venture is considering spending $200,000 on detailed ground geophysics in the fall, followed by a drilling campaign in the winter.
Both Fission and ESO have enlisted the help of structural experts to help pinpoint targets, and the encouraging results from the boulder prospecting program have led the partners to stake an additional four more claims around the potential discovery, bringing total claims in the area to 12, or 25,450 hectares.

NanoViricides to use consulting firm to prepare for new drug applications

NanoViricides (OTCBB:NNVC) said Tuesday it has enlisted the services of Biologics Consulting Group, for the preparation and submission of investigational new drug applications to the FDA, sending the company's shares up more than 13%.
The company develops nanoviricide drug candidates using nanomaterials for the treatment of a wide variety of viral diseases. The drugs are designed to attack enveloped virus particles and to dismantle them.
Currently, it is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal flu, HIV, oral and genital Herpes, viral diseases of the eye, Hepatitis C, Rabies, Dengue fever, and Ebola virus, among others.
The company's FluCide drug candidate has previously tested positively in pre-clinical animal studies to combat against flu, and NanoViricides said it is on track with the development of the product.
To facilitate the FDA review and approval process for FluCide, Biologics will advise the company on its application, and provide  assistance in the design and implementation of additional pre-clinical development activities that are necessary for the investigational new drug application.
NanoViricides has also made certain leasing arrangements for standard approved manufacturing facilities in its efforts to produce certain quantities of its drug candidates under "current good manufacturing practices" (cGMP), as necessary for the application.
Biologics is an international consulting firm whose consultants provide national and international regulatory and product development assistance for drugs, biological, and device products.
Shares of NanoViricides rose 12.6% on Tuesday to trade at $1.43 as of 1:45pm EDT.

Natural Resources presents at Western water rights conference

Natural Resources USA Corp (OTC:NTRC) said Monday that last month, the company presented on a panel of experts at a “Western Water Rights” conference,  hosted by Philadelphia-based investment bank Boenning & Scattergood.

The conference, which involved a number of public and private companies that own and market water rights, served as an introduction to the water rights sector and explored the various ways in which companies are approaching investment into the area.

CEO and Chairman of Natural Resources, Bill Gunn, said educating the public as to the rising water scarcity is "an essential step in sustaining the communities in which we live".

The company, through its subsidiary Natural Soda Holdings, has been mining sodium bicarbonate, or baking soda, for the last 20 years in northwest Colorado, and is North America's second largest producer.

In June of last year, the company completed a restructuring, acquiring all the outstanding stock that it did not already own (82%) in Natural Soda.

In addition to the sodium leases it acquired in Colorado as part of the deal, Natural Resources also took hold of water rights located in the Piceance Creek Basin that entitles it to a maximum of 108,812 acre feet of water per year.

“The Western United States has been faced with a looming water crisis for a number of years now.

”We must continue to discuss this topic to understand the value of nature’s most precious commodity to pursue appropriate strategies for development and investment in water rights,” said Gunn.

Gunn formed part of the panel of speakers at the conference, and also presented on the topic of Desert Rivers.

“Among the Desert Rivers in the world that reach the sea, the Colorado River is one of the most significant and currently over 30 million people rely on this river as their source of water.

“The Murray Darling System in Australia previously exceeded its demand capacity, which is a case study the Western United states needs to be aware of and react appropriately,” concluded Gunn.

Other conference speakers included Aqua Capital Management, Northwest Pipe, Pure Cycle Corporation, Two Rivers Water Company and WestWater Research.

Majescor Resources boosts position in Haitian subsidiary

Majescor Resources (CVE:MJX) said Tuesday that it has increased its position in its Haitian subsidiary, which owns the gold and copper SOMINE property, located in the north-east mineral district of Haiti.
SIMACT Alliance Copper Gold, through its majority position in affiliate Haitian mining company SOMINE,  or Societe Miniere du Nord-Est, controls the SOMINE copper-gold property in Haiti.
Currently, SIMACT holds 63.3% of the voting shares of SOMINE.
Today, Majescor has agreed to acquire from an individual investor 13,000 voting shares of SOMINE, in exchange for 275,000 common shares and a sum of $25,000.
With this deal, Majescor, through its subsidiary, will exercise control over 65.5% of SOMINE's voting shares.
Majescor is a junior explorer whose project portfolio also includes the Mistassini uranium exploration project in Quebec, under joint-venture with Strateco Resources, and the Besakoa gold and base metal property in Madagascar.
"As the SOMINE project is Majescor's major focus property, we are pleased to continue to invest in the advancement of the project," said president and CEO Dan Hachey.
"We are gratified with the efforts of SOMINE's management and look forward to the commencement of drilling under the supervision of the Buscore team."
The transaction remains subject to regulatory approval.

Treasury Metals intersects 16.0 g/t gold from western target at Goliath

Treasury Metals (TSE:TML) announced Tuesday initial high grade drilling results from the western target at the Goliath gold project in northwestern Ontario.
The western prospect is located one kilometre along strike from the eastern high grade zone at the property.
The best result reported today is from hole TL11-173, which returned 3.4 metres at 16.0 grams per tonne (g/t) of gold.
"Initial results in the western target are highly encouraging and warrant additional drilling," said vice president of exploration, Andrew Cheatle.
"The western target has the potential to add additional ounces to the overall resource.
"We will continue to work in this area to define other high-grade shoots, which are accretive to the high-grade structures that are currently being defined in the eastern portion of the deposit."
Indeed, results have also been reported from the eastern zone today, which until recently, has been the primary focus of Treasury's 30,000 metre drill program.
Highlights from the eastern target include 4.0 metres at 18.9 g/t gold in hole TL11-164; and 2.4 metres of 13.2 g/t gold in hole TL11-169.
The company said these results are located near the eastern boundary of the resource. These drill holes, coupled with the results from previously announced drilling, are being used to define the extent of the high-grade gold zone at Goliath, which continues to be open at depth.
Two drill rigs are currently on site, with one rig remaining on the eastern target.
Last month, the company said that it received stellar gold recovery rates from its metallurgical test program on the project, of between 96% to 97%. The company now plans on expanding its metallurgical program to include purposed drilled holes in the eastern high grade zone.

Selwyn's drill results at Don confirm continuity at zinc-lead project in Yukon

Vancouver-based Selwyn Resources announced Tuesday additional drill results from the 61 lens of the Don deposit at its Selwyn zinc-lead project in the Yukon, which continue to confirm known resources.

The high-grade mineral resource for the Don deposit is composed of three lenses in the underground environment, each of which is structurally bounded by faults. The three main lenses are the 61-lens, 62-lens, and 63-lens.

Highlights of the results reported today from the 61 lens include 22.99 metres grading 8.56% zinc and 3.42% lead, including 5.63 metres of 24.17% zinc and 4.00% lead in hole DON-155; and 18.99 metres grading 9.13% zinc and 3.47% lead in DON-201, including 3.65 metres of 20.41% zinc and 8.35% lead.

The company said hole DON-155 intersected a thick section of high-grade mineralization hosted within a broad envelope of zinc-lead mineralization, while DON-201 is located near the base of the lens and shows strong correlation with the nearby previously reported high-grade intercepts in DON-195, DON-196, and DON-205.

"These results reinforce the confidence in the detailed 3D modeling of the 61-lens," Selwyn said in a statement.

The results are part of a definition drill program being conducted by Selwyn Chihong Mining, the joint venture company equally owned by Selwyn and Chihong Mining Canada, a subsidiary of Yunnan Chihong Zinc and Germanium Co.

Once all results from the definition drill program have been received, the company will incorporate the new data into an updated mineral resource estimate for the bankable feasibility study now underway.

The mineral resource for Don was last estimated in January 2008 to include an indicated resource of 5.33 million tonnes grading 9.98% zinc and 3.86% lead, and inferred resource of 5.34 million tonnes grading 7.94% zinc and 2.95% lead.

Drilling continues to confirm known mineral resources with one drill at the Don deposit, and two drills at the XY West deposit.

Fission Energy locates further 20 radioactive boulders at Patterson South

Fission Energy Corp (TSE:FIS)(OTCQX:FSSIF) said Tuesday it has completed the boulder prospecting and survey program at its Patterson Lake South uranium property, together with 50/50 joint venture partner ESO Uranium Corp, with encouraging results.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.

Li3 extends period to negotiate formal partnership with South Korea's POSCO

Lithium explorer Li3 Energy (OTCBB:LIEG) said Tuesday that it has agreed to extend the expiration date for negotiating a formal agreement with South Korea-based industrial company POSCO (NYSE: PKX).
The memorandum of understanding document for the strategic partnership was set to expire June 30, but has now been extended until August 31st. POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $56 billion in annual revenues.
The South Korean company invests in several resource development projects globally, especially with regards to lithium projects.
Indeed, the agreement between Li3 and POSCO was to jointly explore and evaluate the development of Li3's Maricunga lithium project in Chile, including the establishment of a commercial plant.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.
"After concluding a week in Korea with POSCO's senior management team, advisors and legal counsel, I am extremely pleased that both companies have expressed a desire to continue working towards a mutually beneficial transaction," said Li3 CEO, Luis Saenz.
"Our objective is to align the companies in a manner that provides Li3 with capital, while minimizing dilution and still providing POSCO with a range of possible involvements including both financial and technological exchanges.
"Li3 is very proud to be considered as a potential strategic partner in lithium and other minerals and we look forward to exploring financial, technical and commercial opportunities with a global strategic partner of this magnitude".
Li3 has a controlling interest in the Maricunga property, which has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.
A report by SignumBOX concluded securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.
Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Cadillac Ventures begins 2,000m drill program on K1-1 deposit at Thierry Mine

Cadillac Ventures (CVE:CDC) said Thursday that it has started its planned 2,000 metre drill program on the K1-1 deposit of its Thierry Mine copper property in northwestern Ontario, to the east of the main Thierry Mine deposit.
The new drill program is designed to undercut known mineralization at the deposit, as well as drill for extensions along strike.
The K1-1 deposit is a separate occurrence from the Thierry Mine site, where Cadillac successfully drilled and expanded mineralization along strike to the east and the west, but is also on the same property.
The company said the first hole of the new program at K1-1 has been completed, with hole K-11-04 being  drilled to a depth of 660 feet.
Mineralization of varying degrees was encountered over two thirds of this hole, according to Cadillac, and three mineralized zones were found, which spanned intervals over 211.8 feet to 316 feet, 340 feet to 490 feet, and 504.75 feet to 574.20 feet.
Samples have been selected from these zones, and are currently being tested.
The Thierry mine, which is mainly a copper resource, but also includes nickel, silver, gold, platinum and palladium deposits, was last in operation under UMEX in the early 1980s, leaving significant underground development in place.
Since re-acquiring the project, Cadillac has been focused on adding to the resource in the immediate area of the mine by drilling a gap in the current deposit model, referred to as the tooth target area. Last week, the Toronto, Ontario-based company successfully finished drilling the final hole of the tooth program.
Currently, Thierry has a measured and indicated mineral resource of 6.2 million tonnes at a grade of 1.92% Cu, and an additional inferred resource of 8.4 million tonnes at a grade of 1.79% Cu.

Great Quest Metals fast-tracks drill program at Tilemsi project

Vancouver-based Great Quest Metals (CVE: GQ) said Thursday that it is accelerating its exploration program at its Tilemsi phosphate project in eastern Mali, with a second air-core drill expected to be onsite next week.
The 800 hole phase one drill program is targeting several hills within the 737 square kilometre project area, where reconnaissance data has indicated the potential for "extensive occurences" of natural phosphate rock, said Great Quest.
Phosphate is used mainly as a fertilizer, and also for the production of phosphoric acid for enhanced fertilizers.
To date, more than 38 drill holes have been completed to cover an area of 10 square kilometres within the Alfatchafa hill target, with visible phosphate intercepts in over half of these holes, the company said.
According to Great Quest, depth to the top of the visible phosphate horizon varies between 1 to 23 metres and thickness varies between 0.5 to 2.0 metres.
In 2009, initial reconnaissance work by the company on the Alfatchafa hill target identified phosphate mineralization along the perimeter, with phosphate grades from 26 samples ranging from 5.11% to 33.05% P205, with an average of 24.5% P2O5.
The current drill program represent the first comprehensive drilling campaign on the company's two phosphate concession, Tarkint Est and Tilemsi, it said.
Aside from the Tilemsi project, Great Quest also holds several gold concessions in the Birimian gold belt in western Mali.

Majescor Resources and Strateco form joint venture for Mistassini uranium property

Junior explorer Majescor Resources (CVE:MJX) said Thursday that it has now formed a joint venture with Strateco Resources (TSE:RSC) for the Mistassini uranium property, located in the Otish Mountains district of northern Quebec.
In February, Strateco fulfilled its obligations of the two companies' option agreement, having incurred more than $1.3 million in exploration expenses over a three period on the property.
As a result, Strateco acquired a 60% interest in the uranium rights of the Mistassini project, and in mid-May, it executed a formal joint venture with Majescor, having an effective date of February 14, the companies said.
Under the terms of the joint venture deal, Strateco will be the operator of the partnership and will lead the exploration of uranium on the property, with full and exclusive access, as long as it retains a 50% interest.
Northern Superior Resources, which holds 100% of the diamond rights and 50.5% of all other mineral rights on the property, excluding diamonds and uranium, said it will not conduct exploration work on Mistassini during the duration of the joint venture. In exchange for this, Northern is entitled to a 2% yellow cake royalty on the project.
The Mistassini property is comprised of 171 map-designated claims for a total area of 9,115 hectares. The property is host to the Lac Mantouchiche uranium showing, where in November 2007, Majescor drilled an 18.5-metre intersection, grading 0.215% uranium oxide at a vertical depth of 47 metres in hole MIST-07-03.
In addition to the Mistassini uranium property, Majescor's project portfolio includes the Somine copper-gold property in Haiti and the Besakoa gold and base metal property in Madagascar.

Solitario Exploration reports final encouraging drill results at Mt. Hamilton, additional drilling planned

Solitario Exploration & Royalty Corp. (AMEX:XPL) (TSE:SLR) announced Thursday the remaining results from its first quarter core drilling program at its Mt. Hamilton gold project in Nevada, returning "outstanding" intersections, and prompting further drilling.
Denver, Colorado-based Solitario has the option to earn up to an 80% interest in the Mt. Hamilton joint venture, a partnership between Solitario and Ely Gold & Minerals (CVE:ELY) signed last year, by completing a feasibility study, making property and royalty payments, and arranging project financing.

Currently, Ely has a 90% initial interest in the joint venture, with Solitario holding the remaining 10%.

The Mt. Hamilton gold project is located at the southern end of the prolific Battle Mountain gold trend in Nevada, and has placed Solitario on the path to becoming a US gold producer.

In a recent interview with Proactiveinvestors, company president and CEO Chris Herald dubbed the property a "real stand-out", praising it for already being at feasibility stage and amenable to heap leach gold mining, with good gold recoveries. The project is also located in one of the best jurisidictions for mining, according to Herald, and has significant potential to be expanded, giving Solitario shareholders massive upside, especially as they stand to gain a controlling interest in the venture.

Highlights of the most recent drill results include holes MH10-09 and MH11-02 on the eastern perimeter of the resource, containing 81.2 metres of 1.93 grams per tonne (g/t) gold equivalent, and 60.9 metres of 1.66 g/t gold equivalent, respectively.

In addition, infill hole MH11-01, which was drilled in an area of sparse exploration, reported 102.5 metres of 1.13 g/t gold equivalent.

“The results of the last three holes confirm our belief that the higher grade portion of the deposit remains open to the east with increasingly strong mineralization," said Herald.

The results formed part of an 11-hole core drilling program, designed to provide feasibility-level information about the resource at Mt Hamilton's Centennial gold deposit.

A study assessing the feasibility of production at Centennial, which will include the latest results, is targeted by the end of the third quarter, Solitario said.

"This potential to expand resources at the Centennial Deposit is enhanced by significant geochemical data supporting other drill targets at Mt. Hamilton in the immediate area of the planned open pitable deposit,” added Herald.

Indeed, the company is planning on testing these other surrounding drill targets shortly, with plans well advanced to begin additional drilling at the project in the third quarter. Twelve holes are planned to test the eastern extension of mineralization and to infill a couple of areas within the Centennial deposit, the company said.

Another 20 holes are also planned in the Chester prospect area, where limited past drilling intersected strong near-surface gold mineralization, according to Solitario. Herald added that he is confident that the company has already increased resouces through recent drilling, and can add to them even further through the discovery of other deposits.

Currently, the Mt. Hamilton project has an NI 43-101 compliant measured and indicated resource of 12.6 million tons at 0.031 oz/ton gold, for 385,350 ounces, and 0.144 oz/ton silver for 1.8 million ounces.

In addition to the potential for more resources, the company recently bought-down a royalty obligation on the property on gold and silver production for $2.5 million. Herald said that this deal is expected to boost the already stellar economics of the project and reduce cash costs by at least $30 per ounce, or by $30 million if resources are doubled, as anticipated.

Solitario is definitely working hard to achieve this goal, having recently optioned the Shell gold-molybdenum properties in the first quarter, located immediately adjacent to Mt. Hamilton. At the Shell leases, historical drilling outlined a strong underground resource, which has the potential to add between 100,000 and 200,000 ounces of gold to the Mt. Hamilton project.

Aside from Mt. Hamilton, Solitario's core business plan is built around the creation of Net Profit Interests in mining projects, based in Latin America, that are operated and financed by leading global mining companies such as Votorantim Metais, Buenaventura (NYSE:BVN), Newmont Mining (NYSE:NEM) and Anglo Platinum (PINK:AGPPY).

The company has developed a pipeline of world class projects that have been ventured to these companies, who fund the development of a bankable feasibility study and assume the risk of mine financing and development at no cost to Solitario.

Prophecy shareholders approve sale of 2 Canadian nickel assets, name change to Prophecy Coal

Prophecy Resource Corp. (CVE:PCY)(OTCQX: PRPCF) and Pacific Coast Nickel Corp. (CVE:NKL) said Wednesday that both companies' shareholders have approved Pacific's acquisition of the Lynn Lake and Wellgreen nickel properties from Prophecy, a deal that will allow Prophecy to focus on its coal assets in Mongolia.

The Lynn Lake project is loacted in Manitoba, while the Wellgreen property is situated in the Yukon Territories, both in Canada.

Of the shareholders, more than 98% from Prophecy approved the deal, which was announced in April, and 75% of Pacific stakeholders supported the arrangement. Under the terms of the acquisition, Pacific Coast agreed to acquire both Canadian assets by issuing 450 million shares to Prophecy.

In connection with the deal, shareholders of Prophecy also approved a name change to "Prophecy Coal Corp" so as to better reflect its strategic direction going forward, while Pacific investors approved a 10:1 share consolidation, both companies said.

The sale of the properties, as well as the name change and share consolidation, remain subject to regulatory approvals. The deal is expected to complete around June 9.

Prophecy controls over 1.4 billion tonnes of surface minable thermal coal resources in Mongolia. Prophecy's Ulaan Ovoo coal mine is operational, and its Chandgana mine mouth power plant is currently being permitted.

The company also owns equity stakes in Victory Nickel and Compliance Energy Corp.

Pacific Coast is a Canadian based nickel and platinum group metals exploration company, with projects in Canada, Argentina and Uruguay.

Gowest Gold boosts resources at Frankfield East with further potential to increase

Canadian junior explorer Gowest Gold (CVE:GWA)(OTCBB:GWSAF) said Wednesday that it has significantly increased its resources at its Frankfield East gold deposit in Timmins, Ontario following hugely successful drilling campaigns in the last year.
The updated NI 43-101 compliant resource, completed by ACA Howe International, contains 348,000 ounces of gold in the indicated category, or 1.6 million tonnes at a grade of 6.68 g/t gold, and 838,900 ounces of gold in the inferred category, or 4.3 million tonnes at a grade of 6.01 g/t gold. The cut-off grade applied was 3.0 g/t gold.
This compares with an initial inferred resource of 2.4 million tonnes averaging 6.5 g/t gold, for 510,000 ounces.
"We are extremely pleased to quantify the substantial increases in the gold resource at the Frankfield East Deposit resulting from our 2010/11 drilling campaigns," said president and CEO Greg Romain.
The Toronto-based company said that as the deposit remains open and unexplored at depth, it is confident that the ongoing drilling program, through until 2012, will continue to find additional gold.
Indeed, this has worked quite well for the company so far. In its 2010-2011 drilling campaign, Gowest applied a two-pronged strategy to drilling at the site, including infill drilling within the previously defined resource area, and expanding mineralization outside of the resource area - which obviously proved quite successful.
As of March, the mineralized envelope of 750 metres along strike at surface by 920 metres at depth was two to three times the size of the initial mineralized zone, which contained inferred resources of 510,000 ounces.
Some highlights of the drilling included 5.1 metres of 4.1 g/t gold, including 2.4 metres of 7.1 g/t gold in hole GW10-96, drilled to a vertical depth of 920 metres.
In addition, in February, the company scored bonanza grade gold with drill hole GW10-106, which cut 4.7 metres averaging 13.4 g/t gold, including 1.5 metres of a whopping 37 g/t gold.
The updated resource was based on data from 201 diamond drill holes, Gowest said.
To demonstrate the potential of the Frankfield East deposit to withstand fluctuations in gold prices, the company conducted a sensitivity analysis, estimating a resource at different cut-off grades. At a cut-off grade of 1.5 g/t gold, indicated resources are estimated at 422,400 contained gold ounces, or 2.7 million tonnes at a grade of 4.91 g/t gold, while inferred resources total 999,000 ounces, or 6.9 million tonnes at a grade of 4.53 g/t gold.
The average gold grade of the deposit has been changed, but with relatively limited impact on the overall deposit resources.
"We are very encouraged by the sensitivity analysis completed which clearly demonstrates the robust nature of the deposit and the fact that the majority of the ounces are contained within high- grade structures, that minimize potential impacts from fluctuations in gold prices," addded Romain.
"It is becoming increasingly apparent that the Frankfield East deposit has the characteristics of a multi-million ounce gold deposit."
Engineering studies are continuing at the property, and the company expects that the strong economics of the project will further be demonstrated in a preliminary economic study - expected in the fall.
The company added in its statement that as part of its ongoing metallurgical test program at Frankfield East, it is looking into a potential ore sorting technique that would allow for gold to be mined using more cost-effective bulk mining methods, as low grade waste material would be rejected prior to further processing.
This method, Gowest said, would allow for the deposit to be mined at a lower cut-off grade, thereby boosting the size of the overall resources.
Gowest is also working on expanding its land package in the prolific Timmins mining camp, as it recently announced acquisitions of properties located adjacent to Frankfield East.

Extorre Gold discovers new high grade silver zone at Puntudo

Extorre Gold Mines (AMEX:XG) (TSE:XG) said Wednesday that it has discovered significant silver-gold mineralization at its Puntudo project in Santa Cruz, Argentina.
The Puntudo property is located just south of Coeur d'Alene Mines and Mirasol Resources' Joaquin silver project, and is also 200 kilometres west of Extorre's own Cerro Moro project.
With 32 drill holes completed to date at Puntudo, Extorre has reported results for the first 15 today. The company said that mineralization intersected in the holes show the potential strike extension of the La Negra and La Morocha veins from the Joaquin project to the south - onto the northern boundary  of Extorre's Puntudo property.
Highlights from drilling included 42.3 metres at 16 grams per tonne (g/t) silver and 0.60 g/t gold in hole RD0001 on the La Morocha structure, including 6.9 metres at 32 g/t silver and 1.01 g/t gold.
Meanwhile, on the La Negra vein, hole RD0004 returned 3.0 metres at 695 g/t silver and 0.66 g/t gold; and hole RD0015 intersected 9.0 metres at 211 g/t silver and 1.19 g/t gold, including 5.71 metres at 320 g/t silver and 1.82 g/t gold.
The site of the new mineralization, termed the Renaldo Prospect, is located on the northeast side of the company's 29,500 hectare Puntudo property.
“There is a saying in the mining business that the best place to find mineralization is alongside a known deposit," said Extorre's chief geologist, Glen van Kerkvoort.

"That has certainly been the case for our Renaldo Prospect. Boosted by the success of the Couer d’Alene and Mirasol discovery to the north we were able to fast track the discovery process at Renaldo.
"We are encouraged by the fact that Coeur d’Alene has notified Mirasol of its intention to proceed with a Bankable Feasibility Study on Joaquin project."

Indeed, the adjacent Joaquin property has an NI 43-101 compliant resource of 19.6 million ounces of silver in the indicated category and 47.9 million ounces of silver in the inferred category.
The company said the main focus of drilling to date at Puntudo has been the south extension of the La Negra vein, but roughly half of the total Joaquin resource is derived from the La Morocha structure, and with the encouraging result from hole RD001, Extorre has now initiated testing of the La Morocha trend.
Extorre also said that additional targets in the Renaldo area, including the intersection of the La Morocha and La Negra structural trends have been identified for future drilling.

EurOmax Resources' shareholders re-elect board members

Canada-based mineral explorer EurOmax Resources (CVE:EOX) said Wednesday that company CEO Mark Gustafson, chairman John Nugent, Randal Matkaluk and Donald Siemens were re-elected to its board of directors, following an annual general meeting for shareholders held yesterday.
In addition, Gustafson and Nugen were each re-appointed to their roles of president and CEO, and executive chairman, respectively. Meanwhile, Aurora Davidson has been re-instated as CFO, and appointed as corporate secretary.
"On behalf of the board of directors, we thank the shareholders who voted 41 million shares (99% of shares cast) to support the continued mandate for the company," said Nugent.
"We are proceeding actively with our drilling and geophysical programs announced on May 3 and look forward to the results of our 2011 exploration program in Southeastern Europe.”
EurOmax has a number of precious and base metal projects in Southeastern Europe, specifically in Bulgaria, Serbia and Macedonia.
The four projects it will work on this year include the Trun gold property in Bulgaria; the Ilovitza copper-gold porphyry project in Macedonia; KMC in Serbia; and the Breznik gold-silver property in Bulgaria.

African Queen receives exploration license for Kenyan area

African Queen Mines (CVE:AQ) said Wednesday that it has received a special license from the Kenyan government, giving the company exclusive rights to prospect and explore for copper, gold and other minerals for a period of two years in an 850 square kilometre area.
The region is known as Karameri in the West Pokot District in Western Kenya, near the border with Uganda.
The license area is roughly 240 kilometres north of the city of Kisumu, where the company maintains its principal base of operations in the region and manages joint ventures for the Rongo and Ugunja projects.
Karameri is said to be prospective for copper, gold, iron ore and nickel, and remains largely underexplored, with the last comprehensive exploration work conducted during the 1930s.
The company's planned upcoming exploration program on the license area will include detailed mapping and dating of rock types, which are similar to the rocks observed at African Queen's King Solomon project in Mozambique, it said.
The phase one campaign is now being laid out, and will begin after the company receives all required environmental permits.
“We are very gratified to have been granted the Karameri License by the Commissioner," said CEO Irwin Olian.
"This allows us to expand our gold and metals exploration efforts in Western Kenya.
"We are now working on three properties in the region out of our Kisumu headquarters and are striving to create a success for all concerned through well-conceived and funded programs.”
African Queen explores for diamonds, gold and other metals through mineral properties in Southern and West Africa.
In Kenya, aside from the 850 square kilometre license, it has a further 737 sq. km. of gold and other minerals licenses.
Shares in the company rose more than 3% to $0.33 as of 12:37pm EST.

Selwyn Resources completes acquisition of Scotia mine, to restart operations

Selwyn Resources (CVE:SWN) announced Wednesday that it has completed its $10 million acquisition of ScoZinc, which owns the Scotia lead-zinc mine in Nova Scotia.
Selwyn said it plans to shortly raise US$30 million of debt financing to provide US$20 million in capital to restart the Scotia Mine, with the remainder to be used for working capital.
A new mine plan and economic model is currently in preparation for the Scotia Mine, based on a recent NI 43-101 compliant resource estimate.
Operations are planned to resume at the Main deposit, with efforts to expand reserves, and the company also intends to expand the mine life with the development of the Northeast and Getty deposits.
At a base case 1.5% zinc equivalent cut-off value, the Main Zone is now projected to have measured and indicated resources of 2.89 million tonnes, grading 4.2% zinc and 1.9% lead, plus an inferred resource of 1.57 million tonnes, grading 3.3% zinc and 1.3% lead.
Meanwhile, the Northeast Zone is estimated to have an indicated mineral resource of 1.58 million tonnes grading 4.21% zinc and 2.22% lead, plus an inferred resource of 1.88 million tonnes grading 2.7% zinc and 1.86% lead, at a 2% zinc equivalent cutoff value.
Selwyn said that definition drilling of the Main and Northeast deposits are targeted to define sufficient mineral resources and reserves to support upwards of 10 years of production at the Scotia Mine.
According to a recent engineering review, there is potential for the mill to produce up to 3,000 tonnes per day, up from the historic rate of 2,200 tonnes per day, as it would allow the processing of lower grade ores.
This improved mining and processing rate is anticipated to reduce the cash cost of production and improve the overall project economics.
The acquisition of the Scotia mine is expected to provide the company with cash flow to fund the development of its Selwyn project in the Yukon Territories, under a joint venture with Chihong Canada Mining.
“The completion of the acquisition of the shares of ScoZinc Limited marks a turning point, as it provides an early opportunity for Selwyn to join the ranks of the producers," said president and CEO Dr. Harlan Meade.
"The projected cash flows from the re-start of the Scotia Mine expected in early 2012 are strategically important to the securing of debt and equity for the development of the Selwyn Project.
Selwyn has already added several key hires to its senior management to undertake the restart of the Scotia mine.
The Scotia mine is located approximately 50 kilometres northeast of Halifax, within a lease that consists of 615 hectares of mineral rights, as well as five exploration licences for a total of 1,473 hectares.

Edgewater finds new gold zone at Enchi project

Edgewater Exploration said Wednesday that it has discovered a new gold zone on its Enchi project in southwestern Ghana, reporting results from the first four diamond drill holes on the Sewum South prospect.
The first holes represent the start of a major 10,000 metre drill program on Sewum, designed to test a 7 kilometre long gold anomaly that straddles the largely untested Sewum Shear Zone.
The Sewum Shear Zone represents a major splay off the regional scale Bibiani Fault, which is similar to Kinross Gold's 5 million ounce Chirano Gold mine, whose Chirano Shear Zone is another splay off the Bibiani Fault.
"These are very exciting results obtained from an underexplored region of the project, situated almost two kilometres away from the closest known drill hole," said CEO George Salamis.
"The significance of this new gold discovery at Sewum South cannot be underestimated, given the intensity of shearing, brecciation and related gold mineralization intersected at shallow depths in the first 4 holes in this new gold prospect."
Results include 29 metres of 2.01 g/t gold in hole SWDDH001; 17 metres of 1.59 g/t gold in hole SWDDH003; and 26 metres of 1.15 g/t gold in hole SWDDH004.
The company said a further 21 holes have been drilled, with results still pending.
"These recent drill results confirm our strong belief that Enchi is host to several zones of significant gold mineralization with high potential for further discoveries, within one of the largest single exploration concessions covering favorable geology in Western Ghana," added Salamis.
The Sewum Shear Zone hosts numerous gold prospects along its length, with the Sewum South, Sewum Central and Sewum North gold prospects.
The company started drilling on Sewum South in April, and has so far completed 25 holes for a total of 3,426 metres. Contracts for over 30,000 metres of drilling at Enchi have been signed for 2011.
Enchi's project area is comprised of eight contiguous licences and covers a strike length of 50 kilometres.
Aside from Enchi, Edgewater is also developing its Corcoesto gold project in northwest Spain.

Millrock Resources increases size of Estelle property

Millrock Resources (CVE:MRO) said Wednesday that it has expanded its Estelle gold property in Alaska through the staking of additional claims.

The project is under option to Teck American, a subsidiary of Teck Resources, and the new claims have been included under the agreement, which allows Teck to buy up to 65% of the Estelle property, Millrock said.

The additional claims were staked by Millrock following geological and geochemical surveys carried out last year, using funding from a strategic alliance with Altius Resources.

Millrock said the expansion covers ground that hosts "very strong" historic drill core and surface chip sample values, including a drill intersection of 3.0 g/t gold over 29.6 metres and a chip sample grading 18.0 g/t gold over 9./9 metres.

The company plans to drill a hole near this location, as part of the 2011 exploration program, the plans for which have now been finalized, with field work expected to begin in July.

Millrock will act as the manger of the drill campaign, for which US$3.5 million has been budgeted.

“The addition of the new claims increases the chances of Millrock making a significant gold discovery at Estelle," said president and CEO Gregory Beischer.

"We see potential for both very large, porphyry-style gold deposits and high-grade structurally controlled deposits.

"We have a strong budget and a great chance of making a discovery this year."

At Estelle, four main zones of large-scale anomalous gold geochemistry have been identified over the past two years, including Shoeshine, Oxide Ridge, RPM and Stoney.

Located approximately 160 km northwest of Anchorage, Alaska, the property is adjacent to Kiska Metals' Whistler copper-gold deposit.

Separately, Millrock also announced today that Teck has exercised all of the warrants it held in the company early, increasing Teck's ownership.

A total of 1.4 million warrants were exercised at a price of $0.53 for proceeds of $0.72 million. The warrants were initially issued in May 2010, when Teck initially took a state in Millrock through a private placement financing.