Paladin’s Fission Uranium takeover delayed by Canada security review
The takeover has faced several hurdles, including a delayed shareholder vote in August and opposition from Fission’s largest investor.
Gold Reach Resources (CVE:GRV) enjoyed a 15% lift in its stock price today on news that it has quadrupled its resource estimate at the company’s Ootsa Lake property in British Columbia, about 120 kilometres south of Smithers.
The tiny Canadian junior, with a market cap of $16 million, said the Seel deposit on the property has yielded 28.13 million indicated tonnes containing copper, gold, molybdenum and silver, and 214.78 million tonnes inferred.The majority of the resource is in the inferred category due to widely-spaced step-out and deep drilling done in 2011, says Gold Reach.
“We are extremely pleased with the new Seel resource which has grown by 400% and contains over 4 times more contained metal than the previous estimate,” said Dr. Shane Ebert, company president. “The project occurs within an established mining district, with good road access, and is showing excellent potential to contain the size and grade necessary to support a standalone mining operation.
The company is planning to do 10,000 metres of drilling this year.
