The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
JDN: TSX-V
CEO and Executive Director: David Eaton
President: Robert P. (Bob) Felder.
VP Exploration and Development: Robert Perry, CPG
Pinnacle Mines Ltd. changed its name to Jayden Resources Inc. in June in the first of a number of developments that the junior planned for 2010 including new management and the rapid advancement of its 70-percent-owned Silver Coin Gold Project in the Stewart gold camp in northwestern British Columbia.
Jayden is in the advanced stage of exploration on the Silver Coin Property, having explored the area since 2004 with its joint venture partner Mountain Boy Minerals Ltd. The Silver Coin property includes 26 mineral claims with a net area of about 1,255 hectares, or 3,100 acres, made up of Core and INDI claims.
The Indi claims, currently located on the periphery of the delineated mineral resource at Silver Coin, are owned by Jayden (28.05 percent), Mountain Boy (26.95 percent) and Nanika Resources Inc. (45 percent).
The junior also owns 19 claims on the Surprise Creek property northeast of Stewart, B.C., which it optioned to Great Bear Resources Ltd. in May. Jayden reported exploration expenditures during the six months that ended June 30 totaling C$422,221, up nearly C$60,000 from the same period in 2009 and due mainly to efforts to better define the Silver Coin property resource.
In mid-September, Jayden reported a new NI 43-101-compliant resource estimate for the Silver Coin Gold Project as well as the start of a 2010 drill program at the project.
Engineering firm Minarco MineConsult, based in Beijing, China, re-estimated the Silver Coin mineral resource based on newly validated drill results and a new geologic model.
At a 0.3 grams-per-metric cut-off grade, Minarco estimated Silver Coin's measured and indicated resources exceeding 27.16 million metric tons grading 0.96 g/t for a total of 835,700 ounces gold and about 5.22 million ounces silver and its inferred resources equaling 29.65Mt grading 0.69 g/t for a total of 655,200 ounces gold and 5.72 million ounces silver.
The consultant also concluded that zinc is potentially recoverable during the processing of gold and silver and estimated that within the gold/silver resource there is an inferred resource exceeding 56.8Mt zinc grading 0.19 percent for a total of 242.45 million pounds.
Jayden also said it planned to complete a 2,000-3,000-meter drill program at Silver Coin this fall to meet several objectives all aimed at advancing the project toward a pre-feasibility study that the company intends to start in 2011.
Cash and short-term deposits: C$3.37 million (at June 31, 2010)
Working capital: C$3.47 million (at June 31, 2010)
Market Capitalization: C$25.6 million (Sept. 17, 2010)
1075 West Georgia St., Suite 1980 Vancouver, B.C. Canada V6E 3C9
Tel: (604) 688-9588 Fax: (778) 329-9361
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