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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home / Markets / Industries / Industrials
Monday, May 05, 2008
Aircore drilling at Volta's Cluster Property in Ghana extends gold mineralization at the Chert Ridge project
Comtex
TORONTO, May 5, 2008 (Canada NewsWire via COMTEX News Network) ----TSX: VTR
Volta Resources Inc. ("Volta") (TSX:VTR) is pleased to provide an update on the results of the recent aircore drill program conducted at the Chert Ridge project on its wholly-owned Cluster Property in the Bui area of Ghana.
The 4,436-metre aircore drill program was undertaken to test the northern extension of the Chert Ridge mineralized structure in a topographically low-lying area overlain by transported alluvial cover between 2-15 metres thick. Prior to this aircore drilling program, the transported alluvial cover had effectively masked the mineralized zone, precluding it from being detected by the more traditional soil sampling techniques. The drilling has successfully defined a 1,200 metre-long northern extension to the Chert Ridge mineralized zone (see attached figure), exhibiting the same geological relationships that define the mineralized pods further south along the Chert Ridge trend and which are described in an earlier release (see Birim Goldfields press release dated February 12th, 2007). Mineralization in the aircore drill area is associated with ferruginisation and chlorite-carbonate alteration of a narrow volcanic host within a thick volcaniclastic sequence. Significant aircore intercepts are provided in Table 1 below.
<< Table 1 ------- ------------------------------------------------------------------------- Grade Hole ID From (m) To (m) Intercept (m) (g/t Au) ------------------------------------------------------------------------- BCCA045 12 13 1 3.63 ------------------------------------------------------------------------- BCCA055 11 15 4 1.49 ------------------------------------------------------------------------- BCCA058 8 11 3 0.42 ------------------------------------------------------------------------- BCCA093 10 16 6 0.22 ------------------------------------------------------------------------- BCCA268 12 20 8 0.40 ------------------------------------------------------------------------- BCCA300 17 20 3 0.44 ------------------------------------------------------------------------- >>
The aircore results have provided further significant RC drill targets which have the potential to host mineralized pods with dimensions similar to those defined to date and this potential will be tested during an upcoming round of RC drilling.
Mr. Craig Pearman, Volta's Exploration Manager, directly oversees Volta's exploration programs in Ghana and has reviewed this press release. Mr. Pearman is registered as a Professional Natural Scientist by the South African Council for Natural Scientific Professions (SACNASP) and is a Qualified Person as defined in National Instrument 43-101 developed by the Canadian Securities Administrators (CSA).
<< Table 1 Notes ------------- 1. Drilling: 1. All quoted intersections were drilled by aircore. 2. All intercept widths are uncorrected due to the use of aircore. 3. Drilling was conducted towards 310 degrees magnetic at inclinations of -50 degrees. 4. Down hole surveys were not performed due to the average depth of holes being 12.9 meters with a maximum depth of 26 meters. 2. Assays: 1. Drill results for tabulated intercepts are for 1m interval riffle split aircore samples and are quoted to 2 decimal places. 2m and 3m compositing was carried out in alluvial samples on the project. 2. Laboratory sample preparation comprised of drying and jaw crushing of a greater than 2kg aircore sample, followed by pulverizing of a riffle-split 2kg sub-sample. Samples were assayed at Transworld Laboratory in Tarkwa, Ghana using 50g Fire Assay with Atomic Absorption Spectrometry (AAS) finish. 3. QA/QC: 1. Internationally recognized standard reference materials, duplicate samples and blank samples were routinely inserted into the sample sequence on a 5% basis. 2. Birim applies rigorous QA/QC procedures to ensure that the quality of the sample results plot within acceptable limits. 3. Certified digital assay data received from the laboratory is imported into an acQuire database and integrated with geological drill data. Validation parameters are established in the database to ensure quality control. 4. Intercepts reported are all greater than 1 gram meter and are constrained with a 0.1 g/t lower cut-off grade, no high cut-off grade, and up to a maximum of 4m (consecutive) of internal dilution (less than 0.1 g/t). The 0.1 g/t gold cut-off best expresses the lower-grade envelope. >>
To view map: http://files.newswire.ca/407/Chert_Ridge.doc
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
%SEDAR: 00026749E
SOURCE: Volta Resources Inc.
please refer to our website www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: (647) 388-1842, Fax: (416) 867-2298, Email: kbullock@voltaresources.com; Investor Relations: Vancouver, Farah Alibhai, Tel: (604) 731-7340, Email: falibhai@voltaresources.com; Investor Relations: Toronto, Greg Taylor, Tel: (905) 337-7673, Email: gtaylor@voltaresources.com
Copyright (C) 2008 CNW Group. All rights reserved.
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