Rouyn-Noranda, Quebec
Adventure Gold (AGE, TSX-V) has significantly outperformed the CDNX this year (AGE is up 12% while the CDNX is down 23%) and it seems likely that AGE will continue to do well given its strong portfolio of properties. On Friday, the company announced that Lake Shore Gold’s (LSG, TSX) deep drilling program at AGE’s Meunier-144 Property (contiguous to the western boundary of LSG’s Timmins Property) is now about 2,600 metres in core length and with recent wedging appears to be on track to potentially hit the intended target by late next month. Meanwhile, AGE continues to enjoy exploration success at its Pascalis-Colombiere Gold Property near Val-d’Or. Initial Phase 2 drill results released last week included 7.1 g/t Au over 4.3 metres and 4.5 g/t Au over 9.3 metres. The former L.C. Beliveau Mine, which produced nearly 170,000 ounces for Cambior between 1989 and 1993, remains open at depth and other significant extensions are being discovered to this system both near-surface and at depth.
Pascalis-Colombiere is immediately adjacent to Richmont Mines‘ Beaufor Property and mine. During Jon’s interview with Martin Rivard Friday, the Richmont President and CEO made it quite obvious he’s keeping an eye on developments at Pascalis.
“I don’t have any specific comments on other companies’ exploration. What I could say is that the recent results from Adventure Gold just confirm the regional potential around Beaufor where we have a very large land package. Our focus has always been near the infrastructure of the mine. We have a shaft going down to 2,000 feet. This is key infrastructure for us, so most of our exploration so far been around the area of the shaft. But at the same time, if you look at what’s going on with exploration around the Beaufor Property, it just speaks highly of the potential Richmont has on its own property. This is why we’re expanding our drilling efforts and looking at different targets on the property outside the immediate mine area.” – Martin Rivard, Sept. 16 BMR interview.
Adventure Gold not only has strong fundamentals but technically the stock continues to look very bullish. John examines a 1-year weekly AGE chart below.
