Sold Paget Minerals on their disappointing drill results

Paget Minerals has been touting their Ball Creek project in what is called BC's Golden Triangle with Lawrence Roulston and CTV News.

Yes this area has created a lot of wealth for investors beginning with the Eskay Creek mine in the 1980's, this mine was discovered after a drilling intercept of 208 meters of 27 gram per tonne gold and 30 gram per tonne silver. This is what makes a mine. Since then Nova Gold has outlined a deposit with Galore Creek and Imperial Metals is developing the Red Chris deposit.

Today was Paget's turn to bat with the initial release of their 2012 joint venture drilling results with Blue Gold BGX.V.

To put these results mildly, these holes, although long in strike length really do not add up to a deposit worth pursuing. I admit I am no Geologist but I can read results that are going to make or break a Company's project and these results just don't cut it in today's market.

The first four drill holes from the Blue Gold Mining Inc.'s 2012 core drilling program on the Ball Creek project in northwestern British Columbia successfully intersected a strong, deeply rooted and widespread alteration system. Gold and copper porphyry-style mineralization starts on surface, has been intersected to depths up to 650 metres and remains open in all directions. Results from the remaining six drill holes are pending.
"We are in the early days of our evaluation of this extensive land position. There are at least four large and genetically-related, gold-rich porphyry targets to test, covering more than five square kilometres, with only limited shallow historic drilling. Our goals this year were to investigate the roots of this system by drilling deeper than achieved previously, to also step out beyond the footprint of past drilling, and to test the areal extent of surface alteration and mineralization. Results to date are highly encouraging and clearly show potential for both large tonnage and grade," stated Dr. Mark O'Dea, President and CEO of Blue Gold.
Central to the Ball Creek property is the Main Zone, with surface geochemistry covering an area over 1,400 metres in length and up to 500 metres in width. The Main Zone formed the primary focus for the 2012 exploration program with 3,505 metres of drilling completed in nine holes.
Highlight results from the southern end of the Main Zone include:
Hole BC12-47, which carried alteration and mineralization over its entire length of 650.8 metres and returned:

• -- 0.28 g/t gold and 0.11% copper over 454.9 metres starting from surface and including; 0.70 g/t gold and 0.26% copper over 36.3 metres
• -- 0.20 g/t gold and 0.13% copper over 30.0 metres at the bottom of the hole

Hole BC12-48, which returned:

• -- 0.40 g/t gold and 0.08% copper over 293.6 metres including: 0.85 g/t gold and 0.09% copper over 44.2 metres

Highlight results from the northern end of the Main Zone, approximately 1,000 metres to the north, include:
Hole BC12-49, which returned:

• -- 0.29 g/t gold and 0.19% copper over 118.8 metres including: 0.48 g/t gold and 0.30% copper over 47.8 metres starting from surface

Hole BC12-51, which returned:

• -- 0.18 g/t gold and 0.11% copper over 180.7 metres

Some pretty simple math on the value of the rock is that there are 31.1 grams in one troy ounce. If you have 0.28 grams gold per tonne the math would add up as follows (Use $1500/ounce gold). The math for one gram per tonne is $1500/31.1= $48.23/per tonne rock and if you had 0.28 grams per tonne $48.23 x 0.28 =$13.50 tonne rock, add a dime or two for the copper.

In the promotional game of junior stock companies tend to release their best results first. Yes more holes are pending and if the anticipated drill intercept are spectacular there is someone always closer to the deal than I am buying up all the cheap paper they can. Seeing that Paget is trading down on the latest results, I am not expecting anything significant from the pending results.

Winter will soon be closing in on the Ball Creek property and as part of the agreement with Blue Gold, Blue Gold has spent their $2 million this year to earn their 51% interest. I doubt these results will warrant further expenditure by Blue Gold.

I have opted to get out of Paget Minerals today and with it came a significant loss on my original investment (37%) but that is the price you pay sometimes in the juniors. This money can be used for other investments.

I would assume the drilling camp will be wrapping up for the year on the Ball Creek property leaving the only other story for Paget going forward is their recently option Mexican property.

Was GoldQuest priced to perfection?

GoldQuest Mining was sold off today on the Company's latest news release. It would seem that the recent run in GoldQuest priced the stock to perfection and the latest round of drill results failed to live up to expectations. Shares of GoldQuest are off 31% from yesterdays close.

Goldquest Mining Corp. has released assay results from three holes from the Romero gold/copper discovery, within the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic.
Highlights

• LTP-99: 146 metres grading 0.42 gram per tonne (g/t) gold and 0.74 per cent copper including:
  • 72 metres grading 0.51 g/t gold and 1.31 per cent copper.
• LTP-100: 123 metres grading 2.64 g/t gold and 0.33 per cent copper (the deepest mineralization to date at the property).

"Our understanding of the mineralization at Romero continues to expand in all directions and we are particularly excited about extending to approaching 500 metres from surface. Holes LTP-98, LTP-99 and LTP-100 are in the northern section of the induced polarization anomaly and our current focus is on the centre and southeastern sections of the anomaly," commented Julio Espaillat, Goldquest's chief executive officer. "We see variation in the intensity of mineralization and ratios of copper to gold which may be related to variations in porosity of the volcanic host rocks. Like all previous holes, mineralization was evident to the bottom of such holes."

Caught in the downdraft in GoldQuest share price was Unigold which saw their share price drop 10%  as it seems to be trading as if this news pertains to Unigold.

I stepped in and bought 20000 shares of Unigold at $0.33 today on the fact that Unigold did not get ahead of itself and this dip represents a good buying opportunity in my eyes.

Trading Unigold's pullbacks UGD.V

Goldquest Mining and Unigold are the latest Venture Exchange gold darlings with their spectacular drilling results in Dominican Republic. To me Goldquest has been on a straight up trajectory with little opportunity to buy on pullbacks.

Unigold on the other hand seems to have a little more volatility to their share price and it is beginning to look like pullbacks are entry points during the lull in news releases.

With the results to date for both companies it looks like both Goldquest and Unigold are going higher.

A nice pattern is starting to emerge with Unigold and I have picked up my first position at $0.35/share and I am looking for an exit in the high $0.40's on any pending news.

Fire River Gold announces a cap on any upside potential on their share price

Fire Mountain Resources announced another round of paper issuance today, offering to raise $5 million but at an unspecified price. My guess by the broker warrants it will be done at $0.065/share with a $0.10/share warrant.

Fire Mountain shareholders have had a front row seat to the wealth destruction through dilution as Fire Mountain went from 102,442,372 shares outstanding to 207,462,539 outstanding with the potential to add another 76,923,076 shares, all at $0.065/share.

The real cap comes with a $0.10 warrant good for 5 years, there is only a mere 105,020,167 out there now with the potential to add another 76,923,076 if the latest financing closes.

Lets just recap on how this stock issuance will cap the upside potential, Fire Mountain has issued or is in the process of issuing 182,000,000 shares at $0.065/share and 182,000,000 warrants at $0.10/share.

With shit shows like Fire Mountain is it any wonder why the juniors are losing their investing audience?

Fire River Gold Corp. will be undertaking a brokered private placement financing with Sunel Securities Inc. for up to $5-million of units. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the purchaser to subscribe for one additional common share at an exercise price 10 cents per warrant share for a period of five years.
The company will pay Sunel Securities, and certain finders assisting with the offering, a cash commission of up to 7 per cent of the gross proceeds of the offering and issue compensation options equal to up to 7 per cent of the units sold as commission in connection with the offering. Each compensation option is exercisable into one unit at a price of 6.5 cents for a period of five years.

Could Taipan Resources be the next out of the park win?

On the back of the success of African Oil AOI.V there is a new rush of juniors grabbing land in Kenya. Taipan Resources managed to secure Kenya Block 1 and Kenya Block 2B, a significant land positions.

Taipan is currently looking for farm out partners with deep pockets to drill and develop their properties.

Meanwhile Taipan has been a good trader offering the chance to buy and sell with a 10-15% spread resulting in the accumulation of shares with zero cost. (buy 10000 shares @ 0.33/share and sell 9000 shares for $0.37/share and keep 1000 shares). I have managed to rinse and repeat this cycle a few times, the result is 5000 shares with the risk capital removed.

If the management of Taipan plays their cards right I am looking for a win along the lines of African Oil down the road. As of right now I have a position of 21,000 shares across 2 accounts and as the story develops I will accumulate more with the technique as stated above.

I missed my opportunity with African Oil and I am looking to Taipan as the next oil and gas play from this area.

B2Gold takes out CGA Mining

Congrats to any followers of this blog if they still owned CGA Mining as B2Gold has offered to take over CGA Mining.

CGA proved to be  a good trader over the past year and I was out of my position long before the news of this take over.

The all paper transaction will add about 250 million more shares from B2Gold's treasury.

Nice win for CGA Mining shareholders.

  B2Gold Corp. and CGA Mining Ltd. have entered into a definitive merger implementation agreement to combine the two companies at the agreed exchange ratio of 0.74 B2Gold common share for each CGA share held, which represents a purchase price of approximately $3.18 per CGA share and a premium of 22 per cent using the 20-day volume-weighted average share price of each respective company, and a 26-per-cent premium over the CGA closing share price on Sept. 17, 2012, based on the closing price for the B2Gold shares as of such date. The transaction is valued at approximately $1.1-billion.

CGA had a stake in Saint Augustine Mining and Saint Augustine Mining has been trading as of late.

Paget Minerals options a Mexican property

I am sure Paget Minerals will soon get another nod by Roulston as Paget just announced the optioning of a Mexican property. I hope that Roulston gives enough of a nod that I get taken out at $0.19/share.

Don't forget these memorable quotes the last time Roulston recommended Paget back in February 2012 "will see the share price moving higher over time" and "with patience you can build a position under 20 cents". Under 10 cents would have been a better call.

 ("Paget" or the "Company") announced today that it has entered into an option agreement with Sundance Minerals Ltd. ("Sundance") whereby Paget can earn up to a 60% interest in the San Ricardo Gold-Silver Project located within the prolific porphyry and epithermal gold-silver-copper belt of northern Sonora State, Mexico.

You can read the rest of the news by linking to their site.

 http://www.pagetminerals.com/s/NewsReleases.asp?ReportID=547488&_Type=News-Releases&_Title=Paget-Minerals-Options-San-Ricardo-Gold-Silver-Project-Sonora-Mexico

Stoneshield Capital announces Goldtooth plans

Stoneshield Capital announced this piece of fluff today indicating that they have a drill plan in place, the next question is "where is the money coming from?" As of June 30, 2012 the company had only $128,000 in the bank and a burn rate of $142,000 a quarter or $47,000/month. Given that 2 months have gone by one can only assume that there is only $34,000 in the bank.

"StoneShield" or the "Company") is pleased to provide shareholders with an update on drill permitting and drill plans for the Company's Goldtooth project in Inyo County, CA. The Goldtooth project consists of two separate claim blocks, located 11 kilometers apart, bookending Atna Resources' Briggs Gold Mine ("Briggs").

Over the past few months, StoneShield has been working with consulting groups to complete required surveys at Goldtooth to modify and expand the existing drill permit prior to its planned fall drill program. Both wildlife/botanical and archaeological surveys are now complete and have been filed with the Bureau of Land Management ("BLM"). Approval of the modified drill permit is expected in the near future.

Having added new claims in late spring, StoneShield is now focused on drilling targets in the South Goldtooth claim block. StoneShield plans to drill 25 holes to test for continued gold mineralization on trend with Briggs mineralization. The modified drill permit, planned for this fall, will consist of 12 reverse circulation drill holes for a minumum of 3,000 meters, all located immediately to the south of the active, producing Goldtooth Pit at Atna's Briggs Mine. The northernmost hole is planned as close as 150 meters to the final perimeter of the producing Briggs Goldtooth Pit, currently under expansion.

The remaining 13 drill holes will test the Goler Canyon target area located in the southern portion of the Goldtooth property where four rock samples returned assay results of 18 grams per tonne ("g/t") gold, 30 g/t gold, 37 g/t gold, and 61 g/t gold. The South Goldtooth claim block has significant structural preparation, alteration, favorable host rocks and gold mineralization intermittently exposed near the range front along its entire length.

StoneShield previously announced its exploration plans over the next year for the Goldtooth project (see StoneShield news release of February 27^th, 2012). In the Jackpot claim block, located to the north of the Briggs Mine, Company geologists have recommended a 30 kilometer Ground Magnetic Survey over the northern block to be performed in conjunction with a 30 kilometer Gradient Array Induced Polarization program to outline new drill targets. A minimum 4,500 meters of reverse circulation drilling is planned to test for gold mineralization at depth in the northern block. Prior drilling in the southern portion of the Jackpot claim block saw half of the historic drill holes intercept significant gold mineralization, including 20 meters of 2.33 g/t gold, 15 meters of 1.6 g/t gold and 24 meters of 1.16 g/t gold and 1.5 meters of 18.4 g/t gold.

 

Capstream Ventures fails on Ortsbo take over

Capstream Ventures failed to complete the Ortsbo spin out from Intertainment, I never fully understood what Ortsbo was or is. Last February Capstream made this announcement in regards to the take over.

 http://vancouverventure.blogspot.ca/search?q=capstream

It looks like the Intertainment shareholders need all the help they can get in regards to the stock price and vending Orstbo off might subtract from the current shareholder value or what ever is left of it.

On another note I am done with participating in CPC's until their is an improvement in the capital markets for juniors.

Roulston refreshes Paget Minerals buy

And I have refreshed my sell order at $0.19/share to get my cash out of this deal. This has been dead money for me for too long. Please, please, please if you are a Roulston greater fool take my stock off my hands at $0.19/share.

 Mr. Roulston said buy on Feb. 17, 2012, at 14 cents. A $1,000 investment then is now worth $678. Paget and new partner Blue Gold Mining Inc. have started a 5,000-metre drill program at the Ball Creek copper-gold project in northwest British Columbia