Eden Roc hits gold in five zones

Encouraging drill results, coupled with an imminent influx of $17.6 million cash, bode well for Eden Roc Minerals (TSE).

On its 68%-owned, 320-sq.-mile concession in Ivory Coast, the company has intersected gold mineralization on five zones, including one at the jointly owned Aniuri mine. The zones are hosted within the 2.5-mile-wide, northeast-trending Afema shear zone, which runs the length of the concession. Drilling at Aniuri has extended the deposit southwest and downdip. Hole AN-39 intersected a section running 0.275 oz. gold per ton over 19.7 ft. This included an intercept that graded 0.398 oz. over 9.8 ft. Hole AN-38 intersected 0.25 oz. over 6.6 ft. New reserve figures are expected soon. Definition drilling on the Adiopan zone, 2 miles to the east, also encountered high-grade mineralization. Hole ADP-7 intersected 0.156 oz. over 9.8 ft., as well as a 23-ft. section that ran 0.156 oz. This 23-ft. section included an intercept that ran 0.189 oz. over 9.8 ft. Assays from another hole are pending.

Holes drilled on X-J and X-K grids, northeast of Aniuri, also encountered high-grade mineralization. The best intersect on these grids was 0.195 oz over 78.7 ft., which included a 26.2-ft. section running 0.40 oz. Encouraging results were also found in the No. 9 zone, 2.5 miles southwest of Aniuri.

Eden Roc is working with two drills, and another three are expected on the property shortly. About $17.6 million was raised as a result of the exercise of special warrants into 3 million common shares, and most of this will be spent exploring the concession.