Rice lake Area Manitoba - Gold Exploration Continues

The Rice Lake Gold Camp situated in the southeast region of Manitoba, is one of the areas that has recently witnessed the discovery of exceptional new gold deposits. These new discoveries are large in scope and are being made with a truly amazing frequency. Back in January I blogged on the gold exploration and new discoveries taking place in the Rice Lake area of Manitoba. That post was titled High Grade Gold Discoveries Continue in Manitoba.

Since that time several companies have made announcements of increased exploration work at properties located in the Rice Lake Greenstone Belt, while San Gold Corp the active gold mining company in the region has continued to advance new discoveries made on it's Bissett area properties.

On March 18th 2010 EagleRidge Minerals Ltd announced that it would commence diamond drilling on it's wholly owned Hannes project. 

An Exert from the EagleRidge Press Release.

EagleRidge Minerals Begins Drill Program on the Hannes Gold Project in Southeast Manitoba

March 18th, 2010 - Pinawa, Manitoba

EagleRidge Minerals Ltd. (“ERM” or the “Company”, or “EagleRidge”) is pleased to announce that it has started a 1000 metre drilling program on the Hannnes Gold Project in the Rice Lake greenstone belt of southeast Manitoba.

The Hannes Gold Project consists of a claim package of 9403 hectares of claims in the western portion of the Rice Lake greenstone belt approximately 30 kilometres west of Bissett. The Company completed a Phase 1 exploration program during the summer of 2009 of field mapping, prospecting and geochemistry on the southern and western portion of the claim package where three gold showings were uncovered. Best gold values graded up to 6.1g/t. The field work in 2009 covered one third (1/3) of the property. The remainder of the property will be mapped and sampled during the 2010 summer exploration season. Further details are available from the Eagleridge website and from previous news releases on the Hannes Project.

A 1000 metre drill program will be carried out on the Gnomes Shear Zone and the Beaver Pond Zone. Drilling will be conducted by Bodnar Drilling of Manitoba using NQ-sized core under the direct supervision of Tim Tuba, P, Geo, (Exploration Manager, EagleRidge Minerals Ltd). Historical exploration in the region by other companies on the Gnomes Shear has traced the shear for 1200 metres with a thickness of 10-20 metres. Historically the best grades from surface channel sampling of the veins were 0.32 oz/ton Au over 3.7 metres and 0.72 oz/ton Au over 1.2 metres. The shear remains open on either direction and at depth. All past drilling was of a shallow nature. There is no record of drilling on the Beaver Pond Showing.

The purpose of this exploration program is to drill test the same structure but at a deeper depth. The greenstone belt region as a whole has benefitted from deeper drill holes which have encountered better gold mineralization at depth from that which was previously known from surface. It is expected that the drilling will be completed and results returned to the Company by the second week in April. On completion of the drill program, an independent technical report will be issued by the Company.

Click Here for full EagleRidge March 18th News release in PDF format

Happy Prospecting

Selling Gold Jewelry

Knowing the Value of Gold Jewelry Pieces

With the present high gold prices, many people are considering selling gold jewelry to raise some cash. While this is not a bad idea from broken or unserviceable jewelry, it may not be such a good idea for all your stuff. You might be better off selling unwanted pieces as jewelry, rather than sending it to the melting pot.

If you sell gold jewelry for its scrap value, you'll lose much of its retail value, perhaps 75% or more. The scrap price is based on the value of the metal alone and doesn't reflect the craftsmanship or any aesthetic or antique value, let alone emotional attachment you or family members may have to the piece. It’s a good idea to have it appraised before you sell it for scarp.

Of course some jewelry pieces like one earring with a lost mate or broken rings parts of bracelets etc. are pretty much scarp anyway and probably can only be sold as such minus any valuable stones of course. Garden variety class rings and wedding bands are sometimes better sold as scarp.

The price of gold is based on a troy ounce of 24-karat, or pure, gold. A troy ounce contains 31.1 grams, or 20 pennyweights. If the spot price of gold is $1,100 USD per ounce then 1 gram of 24 karat gold is worth $1,100 / 31.1 grams or $35.37 USD. Gold prices change often so use the handy chart on this page to check updated spot prices.

Gold less than 24K is discounted proportionately:

18K is 75% pure gold, 14K is 58.3%, and 10K is 41.7% gold.
Gold jewellery of 10K or more will have a karat stamp, you this to get an idea of the content and value of gold in a certain piece.

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