Four diamond core holes completed at Loma Bonita ad Puerto del Oro, with assay results currently awaited
Silicification, brecciation, alteration and sulphide mineralisation identified
Drilling is continuing
Los jóvenes del colectivo Matza, así como estudiantes de la preparatoria por cooperación José Martí en Ixhuatán, clausuraron simbólicamente la mina colgando una manta.
Detailed ground magnetic grids were completed over two areas which host different styles of mineralization: The San Clemente gold target and the La Presa polymetallic replacement lead-zinc-silver target. Mineralization at San Clemente consists of epithermal gold mineralization along fractures and in veinlets hosted by a rhyolite porphyry/flow dome complex and is exposed in numerous small historic mine workings. The La Presa target consists of widespread alteration in an area of Cretaceous sedimentary rocks near the contact with the rhyolite porphyry. Ground magnetic surveys covering 42.56 line-km on 25 m-spaced infill lines were completed over both targets to better understand structural controls on mineralization and potential structural offsets.
Catalin Chiloflischi CEO stated: “We are pleased to accept this indicative offer of an US$8 million debt financing (up to US$10 million if needed) from a well-known resource fund. The funds will be used to develop the El Compas mine and refurbish and upgrade the La Plata plant for production late this year. El Compas should be an economically robust, low cost mine with all in sustaining costs estimated at US$614 per ounce of gold equivalent. Considering the PEA was done at a gold price of US$1,100, today’s higher spot gold price should enhance our financial returns. Canarc is now on the doorstep to a much brighter future and I want to thank our shareholders for their patience and confidence. “
Southern Silver Exploration Corp. has closed the first tranche of its previously reported non-brokered private placement by issuing 7,620,000 units at a price of $0.05 per unit for gross proceeds of $381,000. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 per share. Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until July 5, 2016.
“Few world-class gold projects have scalable mine options. The Updated PFS demonstrates that an initial smaller mine with staged development at Metates can deliver attractive operating metrics with strong economics at current metal prices. Metates scalable approach is achievable due to the deposit’s highest grades being realized early in the mine life, a very low strip ratio, low energy costs and proximity to key existing infrastructure. For our stakeholders, the Updated PFS also meets the industry’s highest and best standards with respect to water stewardship and tailings management,” stated P. Randy Reifel, President of Chesapeake.
Robert Willis, San Marco’s CEO commented that “we’ve seen what GlobeTrotters has been able to accomplish in a short period in Peru, finding outstanding targets and attracting the interest of several large companies to areas that have, in some cases, seen virtually no historic exploration. I’m very confident that Richard and his crew can take the same approach to the state of Sonora and meet with similar success. San Marco will then take the target set and apply our local knowledge and boots on the ground follow-up to winnow the list down to the highest potential areas for staking. The mining sector needs new targets and the combination of the talents of San Marco and GlobeTrotters will help find them.”
Riverside’s President and CEO, John-Mark Staude, stated: “We are excited to have two drill rigs on site testing two different areas at the same time. The gold deposits and mines of Sonora typically take significant drilling to delineate and we are happy to be collaborating with Centerra on this initial drill campaign to better understand the system and features at Tajitos and Tejo. The target areas are very different with the Tejo large scale under-cover target having extensive prospective ground and this initial work is simply aimed to get a sense of bedrock similar to the drilling methods Riverside has used in Canada to get quantitative geologic data beneath post-mineral cover. Riverside continues to have a strong treasury and will progress with the 2016 plan that we have laid out to create shareholder value.”
CEO John Lawrence said If a cyanide leach plant is not necessary at the Puerto Blanco mill, a tremendous savings in time and money could be realized for the startup of Los Juarez. Continued growth during 2016 is being funded internally to prevent the dilution of the shareholder base or taking on debt.
Glenn Jessome. President and CEO of Oceanus, stated “During acquisition due diligence our team, which has extensive experience in large epithermal deposits in Mexico recognized that the previously unsampled drill core required sampling. We see the greater potential of the El Tigre property as a bulk tonnage target.”
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