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viewGoldseek Resources Inc.

Goldseek Resources has four shots at goal at some of Canada's best known gold exploration camps

Snapshot

The firm has a proven exploration team, no debt, and cash of C$2 million

Goldseek Resources Inc. -

Quick facts: Goldseek Resources Inc.

Price: 0.33 CAD

CSE:GSK
Market: CSE
Market Cap: $6.56 m
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  • Proven exploration team
  • Mining-friendly jurisdictions of Ontario and Quebec
  • Maiden drill program at Urban Barry to start in November/December

What Goldseek Resources does:

Goldseek Resources Inc (CSE:GSK) (CNSX:GSK), which began trading in March, has four wholly-owned exploration projects in currently active Canadian gold camps, namely, the Hemlo camp, the Detour Gold Trend, Urban Barry and Quevillon.

The firm has a proven exploration team, no debt, and cash of C$2 million. It says 80% of its next two-year budget will be spent on exploration. Management is closely aligned with shareholders' interests since they own 68% of the stock. Institutions hold 19%.

At Hemlo, the firm holds over 5,000 acres in a camp, which has generated over 21 million ounces of gold over three decades. Its project lies 4 kilometers (km) north of major Barrick's Hemlo deposit, which already boasts 191,000 ounces of gold at 4.17 grams per ton (g/t) in the proven resource category and 1.7 million ounces at 2.38 g/t in probable. The site benefits from roads, rail, power and skilled labour, all nearby.

At the Detour trend, Goldseek owns contiguous claims covering 8,000 acres in the Fenelon Gold Camp,10km south of Wallbridge Mining Company Ltd’s (TSE:WM) Fenelon asset. The firm has three targets here, all spatially related to the Bapst fault, where the firm has 7.3km of strike length.

At the Urban Barry camp, where 7.1 million ounces of the yellow metal have been discovered-to-date, the group has contiguous claims spanning 12,000 acres. It shares a 28km long border with Osisko Mining Inc's (TSE:OSK) Great Bear target, where up to 3.07 g/t gold, 26.2 g/t silver and 0.43% copper were found.

Last but not least, at the Quevillon West project which spans 67,000 acres, a full review of the historical work conducted on the property is underway, targets include the Maizerest shear zone and the Vanier- Dalet-Poirier Group of targets.

How's it doing:

Exploration and findings have been the order of the day in recent weeks. On September 16, the firm said it had defined three targets on the Bonanza property at the Urban Barry camp following a soil survey.

It now plans an induced polarization (IP) followed by a trenching program on the top priority near-surface areas. All data will lead to a drill program to be completed before the end of 2020, it said.

Two days later on September 18, the group said it had been encouraged by its results from the maiden Phase 1 drill program, where five holes were sunk at its Horizon property, which lies 7km north of the Hemlo mining camp.

Anomalous silver, zinc, lead and copper were found in four out of the five holes drilled. Highlight results from one hole, included 4.3 g/t silver, 30% zinc, 0.06% lead and 0.03% copper over 0.44 meters (m) from 156.56 to 157.0m.

The firm said it was awaiting results of its soil samples to define drill targets in the southern half of the property and planned to follow-up on its targets with a winter 2020 drill program.

Earlier in the year, Goldseek said it had identified multiple near-drill ready targets at its Southern Arm property on the Detour Gold Trend - the main one being called Target 1, which has never been drilled.  It contains multiple interesting features that indicate the potential for gold mineralization, the firm said.

"The next step on the project will be to conduct a systematic till sampling program by percussion drilling or sonic drilling. Once we further define our targets along the 7.3km trend, we plan on conducting a diamond drill program this winter," chief executive and president Jon Deluce had said.

Also in September, the firm also announced a C$370,000 strategic investment from Canada's new resource focused merchant bank - Palisades Goldcorp. The explorer issued the institution with 2 million non-flow-through units at C$0.37 each for gross proceeds of C$370,000.

Inflection points:

  • Exploration results
  • Acquisition of more ground
  • Gold price moves

What the boss says:

In its latest statement on exploration at the Bonanza property at Urban Barry in Quebec, Deluce summed up: "With the completion of Phase 1, we are well on our way to executing our 3-phase plan within budget and on time.

"With these strong soil returns highlighting Targets 1-3 on the 15km iron formation trend, we look forward to our maiden drill program this winter. For our next phase, we will be completing IP and Stripping/Sampling programs, which will commence shortly. This will continue to develop and bring attention to the Bonanza project in Quebec’s next major gold camp with 8.5M oz of resources discovered to date."

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Goldseek Resources completes geophysical work on selected targets at Bonanza...

Goldseek Resources (CSE: GSK) CEO Jonathon Deluce joined Steve Darling from Proactive to share news the company has completed IP geophysical work on selected targets of their Bonanza property. The IP surveys were performed over areas where early off-time conductor anomalies were found during a...

2 weeks ago

4 min read