Thursday, September 24, 2009

They are going gold prospecting in record numbers

The is running a story today with the title “New Gold Fortune Hunt Is On”.

This gold rush is taking place about 158 years after the first would be prospectors rushed in masses to the Ballarat's goldfields. Similar to the American and Canadian gold rushes of old, it was the appeal and the potential payoff that caused people for all walks of life to take a gamble for gold in Ballarat's goldfields.

Today with gold hovering around $1000 usd per once the number of prospectors heading to the region to try their luck has reached a high. It seems that the gold pan is being replaced by high tech metal detectors, some costing over $6,000 each, but the appeal of finding a few ounces or more still remains the same.

Ballarat's Mining Exchange Gold Shop owner Cordell Kent said the number of prospectors heading to the region to try their luck has reached a high.

"We are seeing prospectors on a daily basis," he said.

"A lot of local people are out prospecting but we are also seeing people outside the Ballarat region heading up into our gold fields."

"You could say we are 158 years into a continuous gold rush. It spikes quite often but there's always more interest when the price is up."

Mr Kent said though it required patience, gold prospecting could provide a lucrative pastime.

"We are blessed in Victoria with a lot of Crown land that has historic gold fields on them, so there's still a lot of surface gold to be found.
"We have had people who have found quite substantial dollar amounts of gold," he said.

$1,000 dollar gold is generating renewed interest in serious gold mining and exploration efforts around the world, from big name companies, so there is little wonder why both experienced and novice prospectors are trying their hand at finding some of the wonder metal.

The media continues to bring word of similar renewed prospecting activity in California, Nevada, the Yukon, Alaska and other goldfields in different parts of the world. It seems that Gold hasn’t lost its luster or its appeal, now with the rise in value; the metal is becoming sexier to more people.

South Australia-based Minelab Metal Detectors regional general manager Ian Aitken said the reinvigorated gold rush had contributed to a six- to eight-week delay in prospectors getting metal detectors, which cost $6150.

"It has been extraordinary, right through this year there has been high demand," he said.

"Once it (gold) kicked over the $1000 mark and kept going upwards, we experienced quite a high demand.

Like Mr Kent, Mr Aitken said once equipped, prospectors could gain substantial wealth.

"A lot of prospectors go to Western Australia for the winter and return for the summer," he said.

"There are a huge number of keen hobbyists, who can come home with five ounces of gold for their trouble."

The reliance upon and demand for gold detectors is interesting. We have to avoid thinking that they are a magic wand to riches. A good detector can help you find it, but it is usually also going to take hard work, sweat, a shovel and a gold pan or some other mechanical means for you to get the good pay dirt out of the ground, so that needs to be accounted for, when one heads for the gold.

The way I have this figured, for equipment, the grubstake and time it’s probably fair to say that one needs to count on a decent prospecting setup as being a $10,000 or more investment, if you are serious about going into the wilds (that have gold) and providing you have the time for 30 days a trip. Then getting 5 or more ounces a trip would not be too bad even better if it were 3 or 4 times a year.

Finding 5 ounces in a few days isn’t what normally happens; you just can’t walk along and pick the stuff up, so if you desire a good amount of ounces be prepared for more than a few days and be equipped, but above all go where gold is known to occur.

This is where the rubber hits the road, as they say; the allure of near immediate riches does stimulate us into action; however that often wears off and sometimes quickly. It is the willingness to “stick with it and work it” that has always paid the highest rewards.

Yet going out for a few days and getting some gold dust or nuggets for your troubles is a great hobby and a memory builder, and that can be very valuable.

Link to story referenced.

As always happy prospecting!

It Pays to keep looking, when its high grade you want

On sept 23 2009, HudBay Minerals (HBM.TO)reported a high grade drill intercept of gold at 13.35 grams per tonne, silver at 27.98 grams a tonne, and copper at 5.33% over a 34.54-metre (113.32-foot) length of drill core at its Lalor deposit in Manitoba. Drilling encountered this copper and gold at a lower depth than the zinc and gold zones it had previously found at the deposit.

HudBay first discovered zinc at Lalor two years ago, and has since encountered what could be significant gold deposits deeper down. That would indicate that it certainly does pay to continue exploring.

"The copper and gold intersection in (the) hole is among the best I have seen in nearly 40 years in the mining business and the new copper-gold zone may be very significant," Chief Executive Peter Jones said in a statement.

Full Story

Keep on Prospecting!

Saturday, September 19, 2009

Rice Lake Manitoba is alive with gold explorers.

Recent news from several mining and exploration companies clearly demonstrates that the search for new gold has ramped up in the Rice lake Greenstone Belt of Manitoba. Over the last few weeks there have been news releases of new gold discoveries, joint venture exploration projects, diamond drilling projects, mining claim acquisitions and new exploration work taking place throughout the region. At least six different companies have made recent press releases all of which contain exciting news of rejuvenated gold exploration.

The Rice lake region of Southeast Manitoba is an old gold mining camp that has sprung new life. Starting from the original discoveries in the early 1900’s and leading up to the new high grade discoveries being made today, history will show the region to be an important source of gold.

Today’s new Manitoba Gold Rush was triggered when San Gold Corp, a junior exploration and mining company based in Manitoba, reopened the historic San Antonio mine and discovered and put into production two other new mines. The company has had remarkable success at discovering new high grade gold deposits, virtually on the door step of their mine and milling complex, now called the Rice lake mine. Their exploration achievements are many, including discovery of the near surface high grade Hinge Zone and related deposits and rich new ore zones in the historic mine.

San Gold Corp, Strike point Gold, WildCat Exploration, Cougar Minerals, EagleRidge Minerals and Bison Gold have all made recent press releases concerning exploration activities within the region.

With this type of activity the rush appears to be well underway, proving once again that innovative thinking combined with modern tools can help unlock the hidden riches in historic gold camps. Results from the Rice Lake Belt today, closely parallel those obtained during the revitalization of the Red Lake Ontario region that occurred not so long ago. Red lake is home to one of the World’s richest gold mines, the Red lake mine owned by Goldcorp.

Websites of companies active in the Rice lake area with recent press releases.

San Gold Corp

Bison Gold Inc

Cougar Minerals Corp

EagleRidge Minerals Ltd

Wildcat Exploration Ltd

Strike Point Gold Inc.

There are numerous other companies and private individuals actively exploring the region. To all a great good well done!

Lets go out and prospect - Happy Rock Hounding!

Wednesday, September 09, 2009

What is Gold ?

That's easy to answer, it's one of the more important metals that we prospectors look for? It's part of the prospectors dream and we always try to chase it out of where it hides. We all know that gold is valuable and important, but sometimes we need a little reminder of just how great a metal Gold really is.

Here are some interesting facts about Gold.

The properties and uses of the metal gold.

Chemical symbol: Au

Atomic number: 79

Atomic weight: 196.967

Specific gravity: 19.3 (Twice as heavy as lead; 1 cubic foot weighs over half a

Hardness: 2.5 to 3 on the Mohs hardness scale

Tensile strength: 19,000 pounds per square inch

Melting point: 1,945oF

Boiling point: 5,378oF

- Face centered-cubic crystalline structure.

- Most malleable and ductile of all metals.

- Inert, therefore does not corrode. (Referred to as a noble metal.)

- Good conductor of electricity.

- One ounce of gold can be stretched into a wire more than 40 miles long.

- Gold can be worked into a layer measuring 1 millionth of an inch.

- There are certain produced acid and alkaline compounds that will dissolve gold; the best known is aqua-regia, a potent combination of hydrochloric and nitric acids.

Gold is one of the earliest metals known and used by humans. It resists corrosion and chemical interaction. It will not disintegrate when exposed to oxygen, water, salt, or any other naturally-occurring material. Gold’s durability accounts for the almost perfect condition of coins and artifacts fashioned from it thousands of years ago.

Gold is used for investment purposes and jewelry however it's most important uses are in computers, weaponry and aerospace. It is used where consistent, reliable performance under all conditions is essential. The electronics industry has tried to find substitute metals and alloys, but gold’s exceptional resistance to corrosion and tarnish is still unequaled.

Happy Prospecting!

Tuesday, September 08, 2009

Searching for $1000 Gold

Higher gold prices are something that all gold prospectors wish to see. Gold fetching $1,000 per once is much better than say $600. For the serious prospector getting a higher value for his or her gold usually ranks as high on the dream list as finding a good lode of the stuff.

Lately due to the uneasiness in stock markets and economies, more and more people appear to be seeking refuge in gold as a investment safety net. This and other factors such as possible supply shortages have caused the price of gold to rise to high levels, excellent prices compared to a few years ago.

The increasing price situation is good for the mining companies and prospectors alike. While some folks predict gold will reach $1,200 per once in the next year or so,which would be great, however rather that happens or not there is still reason to be happy at today's prices.

Today Reuters is now carrying a story titled

RPT-PRECIOUS-Gold futures hit $1,000/oz as investors seek refuge

Here is an exert and link to that story.

By Chikako Mogi

TOKYO, Sept 8 (Reuters) - U.S. gold futures hit a six-month
high of $1,000 and spot gold also rose to six-month high on
Tuesday as the dollar's weakness, concerns about the
sustainability of the global economic recovery and worries
about inflation underpinned sentiment.

Some market players were cautious about prices sustaining
$1,000, however, saying the rally had been driven by
speculators and gold was an expensive buy in historical terms.

Futures have topped $1,000 nine times -- three times this
year and six last year, including a record $1,033.90. Spot
prices have risen above $1,000 just four times - once in
February and three times in March 2008, when they hit a record

"Futures were always going to lead the way above $1,000, so
spot can't be far behind. Gold's rising price is due to
uncertainty all the way from personal investors right through
to institutions," said Sandra Close, an analyst for gold
research group Surbiton Associates.

"There are questions out there over the health of
economies, where interest rates are going. All that encourages
gold hoarding. There's potential to see the price go even
higher," she said.

Spot gold XAU= rose as high as $997.90, its highest since
February, when it briefly topped $1,000, before easing to
$994.80. New York's notional close was $993.85.

U.S. gold futures for December delivery GCZ9 touched
$1,000 briefly before slipping to $996.3 per ounce. Futures
settled at $996.70 on Friday. U.S. markets were closed on
Monday for the Labor Day holiday.

Link to Full Reuters Story

Happy Prospecting

Wednesday, September 02, 2009

Gold Prospecting reaps rewards

I seldom get to comment on what being a prospector means to me personally. Today is one of those very few times. Yesterday I had the pleasure of signing a deal with an exploration company that will provide me the prospector with assurances of a good deal on property held by a company I helped form. This is an example of what we look forward to as prospectors, when we find the good areas and get them explored by hard work or as in this case hard work and an option to explore by another company.

It sometimes takes a deal of this caliber to show the value of prospectors and it often also takes the means available of a better healed company in order to get the work done. Here is the press release announcing our deal.

EagleRidge Minerals has now positioned itself as a major land owner in the Rice Lake Gold Belt of Manitoba

EagleRidge Minerals Options Freeman and Bolger Claims in the Rice Lake Greenstone Belt of Southeast Manitoba

September 1, 2009 - Pinawa, Manitoba
EagleRidge Minerals Ltd. (“ERM” or the “Company”) is pleased to announce that it has finalized an option agreement with Central Consolidated Resources (“CCR”) for two claim groups in the Rice Lake greenstone belt of southeast Manitoba.
The Freeman and Bolger mineral claims are located near Bissett, Manitoba. The mineral claims consist of the seven (7) contiguous Freeman claims covering an area of 1707 hectares. These claims are located 1,500 metres to the northeast of the present San Gold Corporation mineral lease. The five (5) Bolger claims cover 468 hectares and are located 13 kilometres to the west-southwest of the San Gold mining operations. Both claim groups are in very active areas for gold exploration.

The agreement allows ERM the right to acquire 100% of the properties by completing $520,000 in exploration over the next two years and by providing CCR with $200,000 and 700,000 shares over the same time period. CCR will retain a 3% net smelter royalty and an area of interest royalty. ERM has the option to purchase half of the CCR royalty for $1,500,000.

At present ERM holds or has optioned a total of 18,000 hectares of mineral claims in the Rice Lake greenstone belt. This ground holds potential for new gold showings in light of the recent gold discoveries being made by San Gold and the exploration activities by other companies in the region. The addition of the Freeman-Bolger claims has strengthened ERM’s land holdings in belt.
Prospecting and geological exploration teams will soon be deployed on the new claims.
Carey Galeschuk, P.Geo, ERM President and COO, is the qualified person under the definition of NI 43-101 for these projects.
About EagleRidge Minerals Ltd.

ERM is presently a privately traded company. The Company is focused on gold and base metal mineral exploration in the provinces of Manitoba and Newfoundland and Labrador. The company operates exploration office in both Manitoba and Newfoundland and Labrador.