Southern Silver Exploration Corp. reported today that recent surface sampling targeting precious-metal enriched epithermal vein systems on its newly staked CLM West claim group (Creston del Oro, Biznagas and Los Lenchos claims) has identified several new drill targets for RC drill testing in Q2 2018.
Alianza Minerals Ltd. is pleased to provide a summary of work completed in 2017 and plans for 2018. Alianza remains focussed on advancing its projects in favourable mining jurisdictions and optioning out drill ready projects to partners. In addition to work programs in Peru and Nevada, the Company is planning to advance its projects in Yukon Territory and is actively assessing new opportunities in all three jurisdictions.
2017 was a transformational year for the Company, said Greg McCunn, Chief Executive Officer. On the corporate level we rebranded the company, changed the management team and strengthened the balance sheet with a C$50 million bought deal financing. Operationally, the San Francisco mine required a significant investment in waste stripping resulting in lower production than 2016 and higher cost, particularly in Q4 2017. However, the main San Francisco pit is now open on multiple mining faces and we are expecting between 90,000 and 100,000 gold ounces at AISC between $1,000 and $1,100/oz for 2018 with planned capital expenditures declining substantially to between $2.5 and $3.0 million.
We are very pleased with the updated mineral resource estimate, which demonstrates a significant increase in the mineral resources potentially available for mill feed said Avino President and CEO, David Wolfin. The successful drill program that started in 2016 has allowed us to evaluate the tonnage and grade in the area between the San Luis workings and the ET production area, the results of which have now been incorporated into this updated mineral resource estimate. We are confident that our 2018 exploration program will continue to build on the success of our past operations. I would like to thank the exploration team in Mexico for their continued and invaluable efforts. Avino is celebrating its 50th year in the mining industry, and this would not be possible without the hard work and dedication of the entire Avino team.
Tim Barry, President, CEO and director of Silver Bull states, “We are extremely pleased with the results from this batch of drilling. The new sulphide zone is proving to be very productive for high grade sulphide mineralization. The drilling summarized in this news release targeted the second of three steeply dipping, discreet structures we have identified in the sulphide zone. Drilling from the first structure announced in the previous news releases of holes T17001 to T17014 were dominated by high grade silver-copper sulphide mineralization grading up 1,300g/t silver and 6% copper. A second structure defined by holes T17010 and T17018 to T17022 is dominated by extremely high zinc sulphide mineralization, grading up to 48% zinc and suggests a metal zonation in the mineralization. In addition to the area currently being drilled we have opened up an additional 350 meters of historical workings along the east-west trend of the sulphide mineralization which was announced in January 2018. This channel sampling program clearly shows the continuation of high grade mineralization towards the west. Our underground geological mapping of this area shows a number of high angle structures up to 2 meters wide containing sulphide mineralization grading up to 1,300 grams per ton silver, 42% zinc, 18% lead, and 13% copper that appear to feed into the overlying oxide zone. This will be the next target of our drill program in this area”.
“Our geology teams achieved another year of successful reserve replacement and resource additions, as exemplified by the newly discovered mineral reserves at our Morococha and Huaron mines in 2017,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “We added about 33 million ounces of new silver mineral reserves in 2017, more than replacing ounces depleted through mining. The silver grade of the mineral reserves increased by 13% to 94 grams per tonne, in part reflecting the additions of the new high-grade properties in Argentina.”
Added Mr. Steinmann: “With a strong financial position, expansions completed at our largest mines, and operations generating strong cash flow, the Board of Directors today declared a 40% increase in the dividend.”
Our new name reflects the significant development of our assets, and our new focus as a mining issuer.
“Together, our five mines delivered very solid operating results in 2017,” stated Hannes Portmann, President and Chief Executive Officer. “With production at the high end of guidance and costs below guidance, New Gold generated the highest annual cash flow in our Company’s history.”
The proceeds of the private placement will be added to working capital. The sole subscriber to the private placement is Salvador Garcia, a director of the Company and Starcores Chief Operating Officer.
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