VANCOUVER, BRITISH COLUMBIA--(Marketwire - 09/20/10) - Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) is pleased to announce that initial drilling has resulted in the discovery of a gold and silver mineralized system on the La Virginia zone of the Company's 100% owned La Virginia Project.
Assay results from the first nine drill holes include intervals of 2.0 metres assaying 12.17 grams per tonne (gpt) gold ("Au") with 51.5 gpt silver ("Ag") in LV 10-4C, and 1.1 metres of 5.75 gpt Au with 434.3 gpt Ag in LV 10-8C. More widespread intercepts include 27.0 metres containing 1.01 gpt Au with 89.9 gpt Ag in LV 10-7C with internal higher grade intervals. "We are encouraged by this new discovery, particularly as it is in the initial stages of the first drill program ever conducted at La Virginia. As our understanding of this large mineralized system evolves, we will expand our drilling program" commented Tench Page, Vice President, Exploration. The significant intercepts from the first nine drill holes are listed in Table I below and a drill location map is available on the Company's website (www.minefinders.com).
Can any knowledgeable person make any sense of their drilling results? I did a quick math and it appears the average was about 2 grams per ton of Au. Does that sound like a rich deposit to anyone?
I was trying to see if I can explain the sudden move in stock price from 9 to 10 around September 13 and 14. I have a guess. In the morning of September 15, there was a presentation at Rodman & Renshaw Global Investment Conference 2010 by Mr. Bailey. On page 18 of the slide, Mr. Bailey gave a hint to the potential at La Virginia. It included pictures of the sample, which appears to include gold and silver, and the text said "La Virginia Zone – Encouraging Signs. LV 10 – 9C Hydrothermal Breccias. 244.3 – 247.3 metres. Assays pending."
Could the presentation have been leaked or available to analysts a few days earlier?