Recent High-Grade Precious Metals Discoveries

July 20, 2009



North America is again leading the world in new high grade gold and silver discoveries. Perhaps most exciting for investors was that Ventana Gold uncovered grades of up to 25 grams of gold per ton. As precious metals prices climb higher this week, these following companies are worth a look.

Last week, Ventana Gold (VEN) updated shareholders on its drilling program at La Bodega mine in Northeastern Colombia. The company's fully-owned mine is located in the prolific California-Vetas gold district, right next door to Greystar Resource's (GYSLF) 11.5 M-oz. Angostura mine. Ventana's ongoing drilling at its La Mascota high grade zone yielded between 2 and 25 grams of gold per ton. Out of 120 scheduled holes, the company has already completed 115, and is on schedule to finish the project on time.

Gammon Gold's (GRS) $ 12 M exploration program at its Ocampo, Chihuahua, Mexico mine recently uncovered more high grade gold and silver. Similar to previous intercepts, the most recent results range from about 4 to 7.80 grams of gold per ton and between roughly 330 and 460 grams of silver per ton. With about half of scheduled drilling completed, the company hopes to complete the program by year's end. Stay tuned for results of the deeper third phase of drilling due by the end of the month.

US Gold (UXG) updated shareholders and potential investors on its ongoing drilling at the Limo Project, located in Nevada's mineral-rich Cortez Trend. At 44 square miles, or roughly the size of San Francisco, the property has identified a 15-mile-long gold zone. Recent intercepts ranged from 1.8 to 9.5 ounces of gold per ton, bringing measured and indicated resource totals to about 241,000 ounces of gold.


Lastly, and on the lower end of the spectrum, Northgate Minerals (NXG) released its pre-feasibility study of its Young-Davidson Project near Kirkland Lake and Timmins, Ontario. The study indicated recent drilling results from several zones with high grade gold between 1 and 3.4 grams of per ton.

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