Developing Bellechasse-Timmins Gold Deposit
New Discovery Resulting in a 20KM Mineralized Gold Belt
Message: Re: Canaco, herb
4
Sep 03, 2010 03:38PM
Herb, you mentioned Canaco and their "2" holes that got them from $0.60 to nearly $3.00.
That´s not quite right, because that are their drill results since the end of 2009:
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October 6, 2009 |
Canaco drills 59 metres of 4.28 gAu/tat Magambazi |
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November 17, 2009 |
Canaco drills 39.6 metres of 3.56 gAu/tat Magambazi |
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December 16, 2009 |
Canaco drills 56.2 metres of 6.34 gAu/tat Magambazi |
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January 27, 2010 |
Canaco drills 18 m of 3.3 gAu/tat Magambazi North |
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February 18, 2010 |
Canaco drills 30 m of 3.46 gAu/tat Magambazi North |
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March 8, 2010 |
Canaco drills 16 m of 5.45 gAu/tAu at Magambazi |
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May 3, 2010 |
Canaco drills 21.7 m of 6.79 gAu/tat MagambaziCentral |
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May 19, 2010 |
Canaco's Magambazi met tests show 94.14% gold recovery |
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May27, 2010 |
Canaco Resources drills 60 m of 1.67 gAu/tat Magambazi |
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July12, 2010 |
Canaco Resources drills 37 m of 12.45 gAu/tat Magambaza |
Quite impressive !
But we have to keep in mind that they have 176M shares fully diluted, which gives them a market cap of nearly $ 528M !
Half a Billion market cap ... wow !
Even with a $ 20M PP for GNH @ $ 1.00, we would have 150M shares only.
And with 100Mt or > 3M oz. Au in mining friendly Canada, we should fetch a minimum of $2/share plus having enough cash to prove up even more resources in our "gold belt".
But that´s 2011, so we shouldn´t get carried away here.
FANTOMAS
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