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Independence Gold claims (Image: Independence Gold)

A look at a few mining headlines out this morning as the global markets continue to sell off. Thanks for reading.

Independence Gold - (IGO:TSXV) - Independence Gold is out with drill assays from the Boulevard project in the Yukon. A total of 1746 metres (13 holes) were completed in the last couple months. A couple promising looking intercepts include 7.23 grams per tonne (g/t) gold across 12.2 m at the new Sunrise zone and 4.25 g/t gold across 6.10 m at the Denali zone, located 13 km to the northwest of Sunrise.

The Boulevard project is located 135km south of Dawson city and is contiguous to Kaminak's Coffee Gold project.

Follow up surveying,mapping,and drilling has been initiated as the Yukon work season quickly draws to a close.

As a result of increased work the 2015 budget is now $2 million up from $1.8 million.  Drilling on the Henderson project has also been postponed due to the follow up work at Boulevard.

$IGO 1 yr chart

The 1 year chart for Independence shows a little volatility on low trading volumes.

Independence remains well financed with $8.7 million in working capital (March 31st). The market cap this morning is $3.7 million at $0.085 cents per share.

Even after the $2 million summer program IGO shares will be trading below cash in the bank.

Follow IGO on CEO.CA Chat at http://chat.ceo.ca/igo

Read: Independence Gold intercepts 7.23 g/t gold across 12.2 m on the Boulevard Project

Related: Active Yukon gold explorer trades at half its cash value

Northern Uranium - (UNO:TSXV) -  Northern Uranium has intersected the two highest gamma radiation results so far at the 50 percent owned North West Manitoba project. 5 holes have been completed since July 2nd with 2 drills currently working.

One drill remains testing a southern anomaly and one is testing a separate eastern anomalous zone.

At the North Anomaly zone two drill holes had moderate downhole gamma radiation results of 388 to 754 counts per second (cps) over a background of 60 to 80 cps.

At the South Anomaly zone hole Hole MG15DD-0021 radioactivity peaked at between 2,139 and 2,529 cps and shows increasing radioactivity at depth.

Hole MG15DD-0022 is currently being drilled below MG15DD-0021 and will test if radioactivity continues to increase at further depths.

Other South zone results include:

  • MG15DD-0018  between 314.1 and 360.6 metres (653 cps)
  • MG15DD-0016 (1,144 cps)
  • MG15DD-0012 (1,375 cps)
  • MG15DD-0020 (1,085 cps)

 

UNO 1 year chart

The share price of UNO has fallen off considerably in the last couple months as drill results have failed to meet market expectations.

With each drill hole the team at UNO is learning more about the property and and refining drill targets. One positive sign is that they are finding uranium mineralization.

I would not count the team of Ulansky and Fipke out yet and there still could potentially be a uranium deposit on the project somewhere. If so investors speculating at  2 cents a share right now will be well rewarded.

Read: Northern Uranium intersects 2,529 cps in Manitoba

Related: Fipke, Ulansky take uranium hunt outside the Basin

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This is not investment advice. All facts are to be checked and verified by reader. As always please do your own due diligence