barry fitz on gsc

Global Geoscience (GSC)

FROM the update file, and on a happier note, comes the news that Sydney-based Global Geoscience (ASX code: GSC) was right to suspect that its virgin Tokop property in Nevada had multi-million-ounce gold potential.

It's early days yet but the first holes drilled into the property near Gold Point, about 200km from the lights of Las Vegas, has returned wide zones of gold mineralisation, with best results including 12.2m grading 2.5g of gold a tonne from 59.4m and 18.8m at 1.3g/tonne gold from 80.8m. More to the point is the assessment that the results indicate the potential for a large, open-cuttable oxide gold deposit in a similar vein to Alaska's nine million ounce Fort Knox goldmine.

That potential was alluded to on August 6 in this space when GSC was trading at 3.5c a share. It has got a wriggle on since, closing yesterday at 4.4c. The latest drilling was very much in the scout drilling category but did provide confirmation at depth of the encouraging results that came from previous surface sampling in trench work. In a month or so GSC will return with a systematic drilling program that will give a better guide to whether the $8m tiddler is indeed on something seriously big.
- See more at: http://www.theaustralian.com.au/business/opinion/miners-kenyan-adventure/story-fnciil7d-1226720430498#sthash.1r71z3PY.dpuf