Eclipse Gold (EGLD.V) which started trading in February has announced a brief exploration update on its flagship Hercules gold project in Nevada where the assay results of fifteen rock chip samples taken over a 260 meter strike length have been published. All 15 samples contain gold values and just two of the 15 contain gold values below 1 g/t with 10 rock chip samples returning values exceeding 3 g/t gold which is a very intriguing result for a surface sampling program. The median gold value of the 15 samples was 6.78g/t gold . All 15 samples also contain silver with grades ranging from 2 g/t to 880 g/t silver (median: 57.3 g/t).
Encouraging results and Eclipse Gold appears to be ready to hit the ground running now it is zeroing in on some high priority targets and the recent discovery of the Sprite target further to the north of the main properties. Since acquiring the core claims of the Hercules project, Eclipse has also staked an additional 976 claims to expand its land package.
Meanwhile, the company has also released its financial statements as of January 31st, and given the current market circumstances, it is refreshing to see the company had C$5.5M in working capital at that date (as all escrowed funds from the C$0.35 financing were effectively released to the company subsequent to the end of the quarter). That’s a very comfortable cushion considering Eclipse’s market capitalization right now is just C$25M. Once this Covid-19 issue clears North America, we are looking forward to seeing Eclipse Gold hitting the ground running.
Disclosure: The author has a long position in Eclipse Gold.