Mining Explorers 2012: Ryan Gold Corp.
Interim Chief Executive Officer: David Schmidt
President: Shawn Ryan
Acting Chief Geologist: Andy Randell
Ryan Gold Corp. is an exploration company focused primarily on prospects in Yukon Territory. A well-funded explorer, the company holds a 4,700-square-kilometer (1,815 square miles) land package comprised of 80 different properties. Ryan Gold’s flagship Ida Oro property is located 85 kilometers (53 miles) east of Dawson City in central Yukon. In 2012 the explorer’s work program included drilling 6,000 meters on Ida Oro. At Ida Oro, the company advanced a program of step-out drilling to further test the extent of gold-in-soil anomalies explored in 2011. In September, Ryan Gold reported significant drill results and metallurgical test results from Ida Oro. Of the 28 eight diamond drill hole (7,525 meters) completed this summer, assays had now been received for 13. The best intersections hit 8.97 meters grading 2.31 g/t gold from 72.63 meters in hole IO12-016; and 50.72 meters grading 2.04 g/t gold from 113.32 meters, including 8.77 meters grading 7.01 g/t Au from 140.70 meters in hole IO12-026.
Ryan Gold planned to drill 1,500 meters on a large untested gold-in-soil anomaly on the Flume Property located about 60 kilometers southwest of Dawson City in the heart of the gold rich 10-Mile River placer district of west-central Yukon. The company hoped to define controls and distribution of gold mineralization in 2012 as highlighted by the gold-in-soil anomaly and associated structural features defined from the magnetic and radiometric survey. Should results warrant, the company said it could drill a further seven holes in the 2012 season. Ryan Gold has an option with Bearing Resources Ltd. to earn up to a 75 percent interest in the Flume property.
Ryan Gold also explored the Kluane Properties located in a largely unexplored area of the Whitehorse Mining District in southwestern Yukon to follow up encouraging results of ridge and spur soil sampling from 2011 that identified significant anomalies in a number of project areas. The objective of the 2012 Kluane program is to ground truth those ridge and spur anomalies identified in the 2011 exploration program with the view to following up with grid soil geochemical sampling and mapping. The company also planned to evaluate a number of priority targets with infill grid and ridge and soil geochemical sampling, rock chip sampling, and mapping, collecting up to 23,800 soil samples and about 1,200 rock chip samples. In addition, Ryan Gold intended to spot check lower priority targets to determine whether further exploration on these targets is warranted.
At the Mahtin Project in the Mayo Mining District, Ryan Gold planned follow-up work involving geological mapping of the grids in the project and completion of ridge and spur sampling on the Alp/Forty, May and Qu claim blocks, collecting 6,000 soil samples and 600 rock samples. Spot anomalies from ridge and spur sampling and geophysical target areas identified also were ground truthed and mapped. Ryan Gold also carried smaller programs in a number of other property areas including 50 Mile, Cantung, Nug and McQuesten, mostly involving mapping and soil and rock chip sampling to determine if follow up exploration programs (grid soil sampling and/or drilling) are warranted.
Ryan Gold also planned to collect about 30,000-50,000 soil samples, both grid and ridge and spur, over a number of its properties, and undertake reconnaissance and detailed mapping, concentrating on areas where significant anomalies were found in 2011 to determine if any further property areas will be drill-worthy for 2013.
As of Sept. 11, the company forecast for expenditures in 2012 totaled roughly C$21.9 million, including about C$5.9 million budgeted for Ida Oro, C$2.1 million for Flume, C$900,000 for Mahtin, C$2.2 million for the Kluane projects, C$1.7 million for million for other projects and C$2.5 million for a quartz claims payment that is due. Ryan Gold also said it was seeking a more advanced-stage project in which to expend about C$4.0 million of its flow-through commitment in 2012.
Cash and short-term deposits: C$41.13 million (June 30, 2012)
Working capital: C$36.16 million (June 30, 2012) (raised C$52.3 million in June 2011)
Market capitalization: C$39.83 million (Sept. 20, 2012)
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