MX Gold Corp – Magistral Del Oro Project Weekly Report, September 21
September 21, 2017
Summary of week’s progress at the Magistral del Oro Project, Chihuahua
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Summary of week’s progress at the Magistral del Oro Project, Chihuahua
Fresnillo plc is deeply saddened by the terrible earthquake that struck Mexico on 19th September 2017. The Company’s thoughts and sympathies are with all of those affected by this tragedy.
Soleil Capital Corp., a capital pool company, is pleased to announce it has entered into a letter of intent dated September 21, 2017 to enter into an arm’s length business combination transaction with Goldplay Exploration Ltd. Goldplay is a private mineral exploration company incorporated under the laws of British Columbia and active in gold exploration in the Rosario Gold District, Sinaloa, Mexico.
San Marco Resources Inc. announces the results and recommendations of the recent Chunibas Project exploration program. As noted in the Companys news release dated August 9th, 2017 regarding the Chunibas property, the discovery of breccias in the recent core drilling program has lead to the re-mapping of surface outcrops property wide, re-logging of the core, and generation of a revised exploration program based on the new, larger porphyry-related breccia gold model/target. As a result of this recent geological work, drilling is recommended, following a few additional surface exploration activities outlined below.
Pete Dougherty, President and CEO stated: We had a successful year of resource drilling which will extend the mine lives at both El Castillo and La Colorada. At El Castillo, the additional ounces were made accessible with the acquisition of the San Juan mineral concession. At La Colorada, the resource increase came through an aggressive program of in-fill and step-out drilling adjacent to the El Creston pit. We are now preparing to publish updated life-of-mine plans at both El Castillo and La Colorada during the first quarter of 2018.
Obtaining approval for our Change of Land Use application is the second major milestone in the permitting of Ana Paula after approval of our Environmental Impact Assessment back in April, said Greg McCunn, Chief Executive Officer. As we launch an exciting exploration initiative to enhance the already robust economics of Ana Paula, we are also continuing to move the Project forward towards an investment decision in the second quarter of 2018. Now that major permitting milestones are behind us, our focus is on completing the definitive feasibility study and arranging project financing. In addition, we are enhancing community and social efforts to ensure we continue to maintain respectful and mutually beneficial relationships with the surrounding communities.
“The amended facility adds significant liquidity on very attractive terms. Combined with existing cash and expected cash from the recently announced acquisition of Richmont Mines, Alamos will be debt free with more than US$600 million of available liquidity. This greatly improves our financial flexibility as we fund development of our portfolio of growth projects,” said John A. McCluskey, President and Chief Executive Officer.
“We remain very cognizant of the challenges facing us and remain committed to our Primero stakeholders in working to achieve resolution,” stated Joseph F. Conway, Interim President and Chief Executive Officer. “We continue to advance our strategic process and our objective is to obtain a fair distribution of value for Primero stakeholders. At the same time, we are working on possible alternatives to refinance or repay our revolving credit facility due in November and see the sale of the Black Fox asset as a critical step towards meeting this near-term hurdle.”
IMPACT Silver Corp. announces that it has granted, pursuant to its stock option plan, a total of 1,900,000 stock options to directors, officers and employees exercisable at a price of $0.35 per share for a five-year term.
Thomas Atkins, President and CEO of Mammoth commented on the channel sample results stating: “With all 14 channel sample results reported we’re pleased to be able to report an average grade of 0.77 grams per tonne gold equivalent over 129 metres of channel sampling in 12 of the 14 channels. Two low grade channels were discarded from this averaging while the 12 channels remaining were distributed over more than a 5 kilometre strike length within the 15 square kilometre area of precious metal mineralization at Tenoriba. These are excellent results with lengthy channels separated from one another by hundreds of metres with an average precious metal grade as much as 80% above the reserve grade of profitable open pit heap leach mines currently operating in Mexico. Based on these results, and results from other prior surface work, the company is well underway to prioritizing diamond drill targets for a drill program planned for later this year…”
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