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.
Treasury Metals (TSE:TML) failed to generate excitement this week from news that it has doubled the resource estimate at its Goliath gold project near Dryden, Ontario.
The stock barely moved on Wednesday, opening and closing at $1.05. It was down around 5 cents in mid-day trading on Thursday.
The Toronto-based company said its drilling program this year, which included 135 new holes, converted the inferred resources to indicated, resulting in 810,000 ounces of gold and gold-equivalent ounces of silver (surface and underground mineable). That is a greater than 200% increase from the 2010 resource estimate.
Inferred resources stand at 900,000 ounces, giving a total resource count of 1.7 million gold ounces.
“This successful conversion of upgrading the inferred resources to indicated categories confirms the continuity of the gold shoots within the deposit and significantly decreases the risks of the project’s future development,” said President and CEO Martin Walter.
The company released a PEA for the project 18 months ago.
