Idaho Champion Gold (CSE: ITKO) with the U.S. OTCQB symbol GLDRF just released a very important update this morning! ITKO has already completed 6 drill holes totaling 1,286m at its flagship Baner gold project in Idaho, which are being sent to the assay lab. ITKO became the first company to drill at Baner in late-2018 when it made a HUGE gold discovery hitting gold in 18 of 19 drill holes! ITKO launched a major new drilling program at Baner on August 24th and it appears to be progressing well!
ITKO confirms that shear zone pyritic mineralization has been encountered!
ITKO's new currently ongoing Baner drilling program is taking place northeast of the 2018 drilling program, allowing the company to capitalize on its finding that the northern structure contains higher grade, near-surface mineralization while also stepping to the east to crosscut more of the Orogrande Shear Zone - responsible for multiple large gold deposits in the area including Endomines AB's Friday Gold Mine, located only 5 miles south of Baner.
Endomines AB's Friday Gold Mine reached commercial production this year to become Idaho's newest producing gold mine! Endomines AB also owns multiple gold deposits located north of ITKO's Baner that they intend to bring into production in the future!
We look forward to ITKO announcing the results of these 6 Baner drill holes totaling 1,286m as soon as they receive them back from the assay lab! Keep in mind, these 6 completed drill holes represent only the first 43% of ITKO's 2020 Baner drilling program that will total 3,000m! ITKO has just commenced drilling its 7th 2020 drill hole at Baner. ITKO will certainly have a lot of news flow between now and year-end 2020!
Only a few days ago, ITKO announced that it has successfully acquired additional Baner claims to expand the size of its Baner property. We have just posted a map showing where these newly acquired claims are located in relation to where ITKO is drilling today and where it initially drilled in 2018.
ITKO chose this year's drilling location based primarily on the overwhelming success of its late-2018 maiden Baner drilling program, which showed major open pit potential due to the many near-surface intercepts along with potential for ITKO to define a multimillion oz gold resource. However, ITKO has encountered extremely positive rock chip and soil sample results throughout a large part of this massive property. ITKO already has many additional high priority drilling targets for 2021. ITKO is fully funded through year-end 2021 and is planning larger drilling programs for Baner next year!
If this isn't exciting enough, ITKO is also conducting its maiden drilling program at the company's past producing Champagne gold project in Idaho! The Champagne drilling program is advancing so well that ITKO announced this morning that it has added a diamond drilling rig!
ITKO launched its maiden drilling program at Champagne on August 19th using less expensive Reverse Circulation (RC) drilling with a goal of identifying drill targets with the help of historical drilling data that ITKO recently acquired from Kinross Gold (KGC), which acquired Bema Gold in 2006 for $3.1 billion. Bema was the previous owner/operator of Champagne and brought the Champagne Gold Mine into production in 1989 as an open pit heap leach operation. In 1990, Bema's first full year of production at Champagne, the mine produced 24,700 oz of gold and 182,000 oz of silver. Click here to read a news story written on April 22, 1991 about Bema's success at the Champagne gold mine in Idaho and you will begin to understand why ITKO in our opinion has more upside potential than just about any other gold stock in existence. We believe ITKO's downside is very limited because major institutional investors were willing to invest over $8 million into the company at the end of July at $0.30 per share.
At today's metals prices, Bema's 1990 production at the Champagne gold mine represents over $67 million (US$50 million) worth of precious metals! Unfortunately, gold declined dramatically between 1990 and 1992, forcing the mine to shut down in 1993. Bema only produced near-surface gold/silver and never did any deep drilling to explore for high-grade feeder zones! Nobody has ever explored Champagne with modern mining techniques... until literally right now!
ITKO's Baner project is what attracted us to the company initially because prior to NIA discovering ITKO earlier this year, NEVER before in our entire careers have we discovered such a low market cap U.S. based publicly traded gold explorer that conducted a maiden drilling campaign at a property that no prior company has ever drill tested in history... and the company somehow discovered gold in 18 of 19 drill holes including near-surface, high-grade gold on the northern end of the structure!
We initially assigned no value to Champagne in our private analysis of ITKO, but ever since ITKO acquired the historical drilling data from Kinross, we are beginning to believe that Champagne has potential to contain a deposit similar to Midas Gold (TSX: MAX)'s Stibnite. Historical intercepts from within Champagne's past producing pit include LC8871 intercepting 13.96 g/t gold and 87.37 g/t silver over 10.6m beginning only 4.6m downhole, LC8609 intercepting 1.57 g/t gold and 41.94 g/t silver over 71.6m beginning only 7.6m downhole, and LC8614 intercepting 1.83 g/t gold and 55.08 g/t silver over 27.4m beginning at surface.
ITKO confirmed this morning that 6 drill holes totaling 1,045m have been completed at Champagne, which only represents 21% of this year's 5,000m drilling program!
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA was previously compensated by ITKO a total of USD$30,000 cash for a six-month marketing contract, which has since expired. This message is meant for informational and educational purposes only and does not provide investment advice.
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