Gunsynd PLC (GUN) has highlighted progress being made by one of its investee companies, 1911 Gold Corporation (CVE:AUMB).
1911 Gold is a junior gold development and exploration company with assets in Manitoba, in the heart of the Rice Lake gold district within the West Uchi greenstone belt in Canada.
Gunsynd holds 5.83 million shares in 1911 Gold.
1911 is currently raising up to C$8.1 million via a non-brokered placement of flow-through shares.
Part of this placing involves a strategic and lead investment from a high growth gold producer, whose production base does not include any assets in Canada.
Meanwhile, 1911 has drilled approximately 2,550 metres in 10 holes have been drilled to completion on testing the new near surface drill targets at Rice Lake, with drilling underway at the San Antonio southeast target.
The resource estimate released on 20 November for Rice Lake identified a number of drill targets within areas of known mineralisation for potential resource extension, both down plunge and along strike.
Separately, assessment of the data and geological model supporting the existing resource estimate for 1911’s Ogama Rockland project is underway. Results of this will define the resource potential of this project as well as identify opportunities as a potential satellite gold deposit.
View from Vox
Gunsynd has a handy portfolio of investments running alongside its suite of exploration assets in Canada. As it stands, 1911 is probably the most attractive, as real progress has been made at Rice Lake, and serious money is now taking an interest. 1911 Gold is listed on the Canadian Venture Exchange and its shares have tripled in value over the past year. Not many junior exploration companies can say that, and it’s certainly nice for Gunsynd that it has a significant holding.