A recently completed exploration program on the Penon Blanco property owned by Golden Pacific Resources (ASE) has the company planning a drilling program. The property is located near Coulterville, Calif., in what is described as the “Mother lode trend.” The 6-month exploration program included geophysical surveys, surface and underground geological mapping and sampling, as well as geochemical work and sampling.
The company notes the program confirmed the presence of significant precious metal enrichment within a hydrothermal alteration zone up to 200 ft. in width and traced over a distance of approximately 1,000 ft.
The company is planning a drilling program budgeted at a minimum of $500,000.
With 7.54 million shares outstanding, and the stock trading at the $4.60-level, it would appear investors are expecting good news.
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