Rising gold prices have helped lift the share price for both Eastmain Resources and Aquila Resources, but their strong prospects have also spurred those value gains.
EASTMAIN RESOURCES (symbol ER on Toronto; www.eastmain.com) is a Canadian gold exploration company with a 100% interest in the Clearwater property (host to the Eau Claire deposit); it also holds 36.7% interest in the Eleonore South joint venture. Both properties are located within the James Bay District of Quebec.
Eau Claire is the company’s main asset. Eastmain has now undertaken a $7.7 million, 63,300-metre drilling program on the deposit; it could hold as much as 1.6 million ounces of gold.
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The Eleonore South joint venture is located in the northeast corner of the Opinaca Reservoir. It’s a three-way partnership: Azimut Exploration, which holds 26.57% interest, is the manager of the project; Les Mines Opinaca, like Eastmain, has a 36.7% share. The property rests between Goldcorp’s actively producing Eleonore mine and land now being explored by Sirios Resources Inc.
The project comprises 282 claims spread across 147.6 square kilometres. The team will spend $2 million this year on a 5,000-metre drilling program for the site.
Eastmain recently raised $11.1 million through a share issue; it now holds cash of over $20 million.
The company’s share price has almost tripled from $0.30 in March. That’s due to rising gold prices, as well as continued drilling success at Eau Claire. Eastmain is still a long way from building a mine, but the deposit’s potential gives the stock speculative appeal.
Eastmain Resources is okay to hold, but for highly aggressive investors only.
AQUILA RESOURCES (symbol AQA on Toronto; www.aquilaresources.com) holds 100% of the Back Forty project, a gold/zinc deposit in Michigan’s Upper Peninsula.
A 2014 economic assessment suggests a mine would have a life of 16 years. The company is now waiting on the last of government permits to build the facility. It holds cash of $1.6 million U.S.
Aquila’s share price has risen steadily from around $0.12 in March. Like Eastmain Resources, the stock has benefited from stronger gold (and zinc) prices; the share price gains also reflect the production prospects for Back Forty.
Aquila Resources is okay to hold, but only for highly aggressive investors.
I know that it’s not the best, but I do believe in gold despite volatility so tied to market jitters.Thanks for the information on Eastmain, which I knew nothing about. Thanks.
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I agree with your recommendations. The U.S. Fed will likely raise interest rates later this year, which will put more pressure on gold prices.
I know that it’s not the best, but I do believe in gold despite volatility so tied to market jitters.Thanks for the information on Eastmain, which I knew nothing about. Thanks.