Management is going to be key in the environment junior resouce companies are likely to face for sometime to come. The following two companies are blessed to have two proven gentlemen at the top
Focused on Hemlo gold camp and “Ring of Fire” in Ontario
Lund Gold Ltd.(LGD-TSX-V $.08)- is led by a management team credited with important roles in two of Canada’s richest gold discoveries, so it’s no surprise the company is exploring two newly acquired projects in the mineral-rich province of Ontario. The Company and operating partner Noront Resources Ltd. recently completed VTEM airborne geophysical surveys over their Lund Property in the “Ring of Fire” area of the James Bay Lowlands. This region captured broad industry attention in the summer of 2007, after Noront announced a magmatic massive sulphide discovery that triggered a staking rush and other discoveries into the region.
The Lund Property is situated just 25 kilometers northeast of Noront’s Eagle One deposit, which hosts a 43-101 compliant indicated resource of 1.83 million tonnes grading 1.96% nickel, 1.18% copper, 0.15 g/t gold, 1.12 g/t platinum, 3.91 g/t palladium and 3.81 g/t silver, plus an inferred resource of 1.08 million tonnes at similar grades. Lund can earn 50% of the Lund Project from Noront largely through staged exploration commitments totaling $3.5 million over three years. The partners have selected two VTEM airborne geophysical anomalies as priority targets for their fall exploration program, which will include ground geophysical surveys followed by diamond drilling.
On its own, Lund is gearing up to explore the Blackfox Property in the Schreiber-Hemlo Greenstone Belt, host to the 25-million-ounce Hemlo gold deposit discovered in the 1980s. The Company acquired the project from local prospectors in mid-2008, and is applying its in-house Hemlo knowledge and experience to explore gold showings with associated alteration zones recently discovered along a regional trend crossing the property. The initial program will consist of mapping, prospecting, geophysical and geochemical surveys, followed by diamond drilling.
Advancing West Africa’s newest gold district
(OLE-TSX-V $.95)-Companies pursuing the next generation of world-class gold deposits are encountering remarkable success in the Sabodala district of eastern Senegal, which has strong geological and structural similarities to producing gold camps in neighboring Mali. The dominant landholder in this emerging gold district is Oromin Explorations Ltd., operator of the Oromin Joint Venture Group, which holds a 230-square-kilometer concession hosting multiple gold deposits and exploration targets.
Oromin’s three most advanced open-pit deposits — Masato, Golouma South and Golouma West — host a NI 43-101 compliant inferred resource of 25.2 million tonnes grading 1.73 g/t gold, or 1.40 million ounces of contained gold (see July 24/2008 news release and 3-D models at www.oromin.com). It’s important to note that this initial resource estimate was based on 85,000 meters of drilling to May, 2008. Oromin has since completed considerably more than the 555 holes used in the initial resource calculation and expects to release resource updates in Q4 2008 and early 2009, leading to a planned pre-feasibility study that year.
The Sabadola district will soon have its first producing gold mine operated by Mineral Deposits Limited (MDL) of Australia. Oromin’s vast concession completely surrounds MDL’s 20.3-square-kilometer concession, which hosts a gold resource of 3.51 million ounces within two open-pit deposits. Red Back Mining Inc., part of the high-profile Lundin group of companies, recently boosted its stake in MDL to 13% of its issued capital. It’s a safe bet that senior gold companies are also closely watching the progress of companies exploring in eastern Senegal, now firmly established as West Africa’s newest gold exploration hotspot.
Key management for both companies
Chet Idziszek
In 1990, Mr. Idziszek received the “Mining Man of the Year” award in recognition of his vital role in the discovery and development of the Eskay Creek gold deposit in Canada, as well as the prestigious “Prospector of the Year Award for 1994″ in recognition of the major role he played in the discovery and development of the Eskay Creek gold deposit, as well as for his leadership of Adrian Resources Ltd. during its exploration and development of the Petaquilla copper-gold-silver-moly deposits in the Republic of Panama. He also served as director of Arequipa Resources Ltd., which discovered the Pierina gold deposit that was subsequently acquired by Barrick Gold Corp. in mid-1996 for more than $1 billion.
David Mallo B.Sc.
Mr. Mallo has a graduate degree with honors in geology from Brandon University, Manitoba. He has considerable experience in supervising management duties for both Canadian and International mineral exploration projects. He was formerly Manager of Advanced Projects with Prime Equities International Ltd. where his primary responsibility was the implementation and management of the Eskay Creek advanced stage exploration program.
Lund Gold Compensation: $1500 monthly Options: 100,000 @ $ .33
Oromin Compensation: $ 1500 monthly Options: 100,000 @ $1.77, 100,000 @ $2.60
Please Note - We’re no longer engaged by Longview Capital and Oriental Minerals
