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Greater Bendigo shoots up on 1kg/t gold grade
Rebecca Lawson
Wednesday, 17 October 2007
SHARES in Greater Bendigo Gold Mines have surged nearly 150% this morning following a gold value of over 1kg per tonne returned from the Maxell Mine at the company' Inglewood project in Victoria.
The share price in the company jumped from 15.5c to an intraday high of 38c before cooling to 31c later this morning, with over 1.6 million shares already traded.
The impetus stems from initial grab samples returned from the level 1 drive of the mine, which achieved its objective by intersecting the 1994 exploration rise above "one of the rich areas of underground workings within the mine".
Grab samples returned gold grades of 1118 grams per tonne, 164.7gpt and 12.5gpt.
Speaking to MiningNews.net, managing director John Cahill said visible grades intercepted at the mine last month were on the same structure as the latest results.
Cahill said the company had confirmed what previous miners had accessed, and it was there in "bucketfuls".
"We're taking more assays and more samples and using different techniques to see what it all means," he said.
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