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Mixed reactions to great gold results

North America-focused explorers Consolidated Woodjam Copper, Enduro Metals and Freegold Ventures have received mixed reactions to promising gold results.
Mixed reactions to great gold results Mixed reactions to great gold results Mixed reactions to great gold results Mixed reactions to great gold results Mixed reactions to great gold results

Consolidated Woodjam Copper’s Woodjam project in BC

Staff reporter

Gold Fields-backed Woodjam rose 20% on news it had intersected 110m at 2.57g/t gold, including 26m at 5.89g/t, at the Deerhorn zone at its namesake project in British Columbia.

It finished acquiring the Woodjam project in 2018 from the South Africa-based gold miner, which has a 14.4% stake in the junior, according to a presentation last week.

Woodjam Copper's shares (TSXV: WCC) touched a one-year high of C30c before closing up 20% to 24c, valuing it at $23.8 million (US$18.3 million).

Fellow British Columbia-focused explorer Enduro Metals closed unchanged, despite more than 1.1 million shares changing hands, on reporting 86m at 3.03g/t gold, by adding 26m at 2.46g/t from previously unidentified mineralisation in historical drill core.

The company said assays were also awaited from 2020 drilling at its Newmont Lake project, which was testing targets beyond the area of the historical drilling.

Its shares (TSXV: ENDR) closed flat at 24.5c, capitalising it at $48.7 million (US$37.4 million).

Meanwhile Freegold Ventures, which saw its shares spike to $1.95 in August following increased backing from Eric Sprott after an intercept of 188m at 3.69g/t at its Golden Summit project in Alaska, closed lower yesterday after announcing another big intercept at the project.  

It reported 573m at 1.21g/t gold, including 119m at 3.78g/t, from 18m.

A third rig is expected to join its ongoing programme shortly.

Its shares (TSX: FVL) closed down 9% to 90c - still a 10-fold increase on its share price back in May.

The company is capitalised at $238 million (US$183 million).

Finally, Independence Gold (TSXV: IGO) enjoyed a big percentage gain yesterday, rising more than 46% on reporting 67.6m averaging 3.63g/t gold and 132.83g/t silver from 51m at its 3Ts project in British Columbia.