PRECIOUS METALS

White Gold, Erdene, Goldsource drilling dazzles

Investors have shown support for explorers White Gold, Erdene Resource Development and Goldsource Mines on the back of standout drilling results yesterday.

Staff reporter
 Yukon-focused explorer White Gold reached a one-year high

Yukon-focused explorer White Gold reached a one-year high

Yukon-focused White Gold reported significant mineralisation, including 50m at 3.46g/t gold from 33m, from initial diamond drilling at its Betty Ford target.

The above result included 19m at 5.25g/t, while another highlight was 48m at 1.17g/t.

White Gold said the exploration work formed part of its fully-funded 2021 exploration programme which was backed by partners Agnico Eagle Mines and Kinross Gold.

Both miners took part in White Gold's C$4.2 million raising in July to maintain their circa 17% stakes.

White Gold shares (TSXV: WGO) hit a one-year high of 85c intraday, before closing up 16.4% to 78c to capitalise it about $104 million (US$82.5 million).

Mongolia-focused Erdene rose 5.6% to close 2c shy of a one-year high, after intersecting 8m at 33.5g/t gold at its Dark Horse Mane discovery. 

It said the high-grade oxide ore was expected to improve the scale and economics of its advanced Bayan Khundii gold project, 2.4km away.

Erdene became the first company to cross-list on the Mongolian and Toronto stock exchanges in October, after completing a US$5 million offering on the Mongolian Stock Exchange.

Erdene's Toronto close yesterday of C47.5c values it at $139.8 million (US$111 million).

Finally, Goldsource gained 10% on announcing 14.2m at 20.04g/t gold from infill drilling at its flagship Eagle Mountain project in Guyana.

The result was among the final set to be included in an updated resource, due to be completed by year-end.

Goldsource had raised $12.65 million at 11c per unit in May, mainly for exploration and prefeasibility work at Eagle Mountain.

It had completed a one-for-10 share consolidation mid-year and yesterday's close of 99c capitalised it at $51.8 million (US$41 million).

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