The company highlights: Indicated mineral resource of 1.46 million ounces of gold and 56 million pounds of copper 6,870,000 t grading 6.62 g/t Au and 0.37% Cu.
Peak Resources Limited the developer of a potentially low cost, long term rare earth project in Tanzania, announced additional new drill results from its 100%-owned Ngualla Rare Earth Project in Tanzania.
The company finished the 3rd quarter with approximately $5.5 million in cash; an additional $4.7 million was raised through a private placement with Queensberry Mining and Development Corp.
"We achieved significant advancements on Pilot Gold's key projects in the third quarter, including exceptional results at both TV Tower and Kinsley Mountain," stated Matt Lennox-King, Pilot Gold President and CEO.
Approximately two kilometers of the contact has now been identified on the Xochipala Property in addition to geological characteristics similar to known deposits in the Guerrero Gold Belt.
Company determined that it was necessary to record an impairment of the carrying value of its Ida Oro property, non-cash loss attributable to the impairment is $127 million.
The company today announced that a minimum 1,500 meters of diamond drilling has begun on CBay Minerals Portage Island gold properties in the Chibougamau mining camp in northern Quebec.