Gold projects of Dryden lure investors

Two exploration plays in the Dryden area of northwestern Ontario have brought Champion Bear Resources (ASE) and Continental Caretech (CDN) into the market spotlight over the past two months.

Champion Bear had a strong market run in early March on speculation surrounding its Plomp Farm property. Shares in Champion Bear traded as high as $13.50 and have since settled in the $6-7 range.

A statement issued at that time said “preliminary in-house calculations” indicated a potential resource of around 1 million oz. but stressed that the drill holes were very widely spaced and that the figure could not be interpreted as a “proven or even possible” reserve.

The company added a third drill to the project in the middle of March and has not announced any further results.

Continental Caretech reached $10 in the latter half of April after it announced a resource calculation of 2.8 million tonnes grading 9.13 grams gold per tonne for its Thunder Lake West property, a joint venture operated by Teck (TSE).

Drill results from the property included a 1.8-metre intersection grading 11.3 grams gold per tonne, 2.1 metres grading 2.4 grams, and 1.2 metres grading 3.4 grams, in three different holes. In a fourth hole, a 10.6-metre intersection grading 4.5 grams gold contained a 2.9-metre interval grading 12 grams.

Exploration work was suspended for the spring breakup but is scheduled to resume as soon as weather permits.

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