Shares in Gunsynd (GUN ) rose by just over 3% after Talon Resources put out a corporate update in regard to progress at the Eagle Lake Gold project.
Gunsynd holds a 10% stake in Wedgetail Mining Corp, the owner of Eagle Lake, with Talon holding the remaining 90%.
Talon has confirmed significant near-surface gold mineralisation at Cedar Trench, with hole EG-26-07 intersecting 126.8 metres at 0.81 grams per tonne gold.
Grade begins in the first sample in fresh rock at just 4.17m and continues to the end of the hole at 131 metres, indicating potential for further extension.
Assays remain outstanding from two further holes at Cedar Trench, EG-26-08 and EG-26-09, and the results from these will help inform the next phase of drilling.
Much of the prospective strike length of around seven kilometres at Eagle Lake remains largely untested, offering considerable scope for further exploration.
View from Vox
Talon is making the running here, but Gunsynd gets to ride along in the slipstream and participate in any upside that’s generated. It’s a nice position to be in and, given how prospective Eagle Lake looks, could result in further positive newsflow in due course.