SGX Resources, San Gold Diverge as Drill Intercepts Extend Timmins North Deposit
SGX Resources Inc. (SXR.V) and San Gold Corp (SGR.TO) are moving in opposite directions this morning after saying exploration drilling for the Timmins North gold deposit significantly extended the depth of several high-grade intercepts, including one drill hole producing 5.9 grams gold per ton over 7.2 meters starting about 300 meters below surface.
SGX shares were off more than 8%, sliding 2 cents to 22 cents apiece, while San Gold was riding a 1.4% gain, rising 4 cents a share to $3.01. Other holes had intercepts as deep as 500 meters below surface near the known eastern extents of the deposit. The Timmins North gold deposit in northwestern Ontario is equally owned by San Gold and SGX Resources with SGX being the operator.
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