This is the continuation of the initial drill program that began in March 2020, before operations were halted due to health restrictions imposed by the Government of Mexico in wake of the COVID-19 pandemic. One hole totaling 105.2 meters of the planned 3,000-meter program was completed before the temporary work stoppage.
“Colibri is happy to invite Silver Spruce into this mutually beneficial opportunity. The El Mezquite project is highly prospective, and the deal structure will allow the project to be further advanced and see Colibri still maintain a 50% ownership. The agreement negates the Company’s to need to project finance the El Mezquite and incur share dilution, it reduces the Company’s exploration risk, and it significantly cuts the level of liability on our balance sheet”, says Ron Goguen, President & CEO of Colibri.
“This latest MoU is from one of China’s state champions whose geological team has extensively analyzed all of Sonoro’s data and approved it as a project they would like to proceed with,” said the Company’s representative, Dr. Wei Qian. “It’s a very good endorsement and clear indication that business in China is resuming,” Dr. Qian added.
Mr. Daniel Earle, President & CEO, commented, “We are very proud to have the continued support of Lundin among our strategic shareholders. The Lundin brand is renowned for environmentally and socially responsible resource development in Ecuador, an approach wholly embraced by Solaris.
The Company has began drilling with one drill rig at the La Trini target, which is included in the Los Ricos North project. The first holes will be drilled using HQ triple tube core drilling equipment to maximize core recoveries at shallow depths and are being laid out to ‘twin’ historical drill holes completed by Tumi Resources and National Lead.
“This new silver stream gives First Majestic significant upside potential to higher silver prices while minimizing risks and costs,” said Keith Neumeyer, President and CEO of First Majestic Silver.
Brad Mercer, SVP Exploration and Operations said, “Since the Resource stated in the 2018 Technical Report, our exploration team has drilled 108,000 meters within a budget of US$10 million. This new Resource Estimate has exceeded our expectation to upgrade Vein 20, the principal zone in the MNFWZ, to Indicated Class, previously estimated as Inferred in 2018.”
Pete Dougherty, President & CEO stated: “Magino is truly a valuable and strategic asset given existing project infrastructure, the already-known mineral endowment of the orebody and the existing exploration potential, its location within the mining-friendly jurisdiction of Ontario, Canada and its proximity to other strong cash flowing operations such as the Island Gold mine.”
“We are very pleased to acquire El Mezquite in a very productive, mining-friendly region. The Company is quickly reviewing the geological database and developing exploration plans to earn its 50% interest in Yaque,” stated Greg Davison, PGeo, Director and QP of Silver Spruce.
Placement of 190.0 million Shares to raise $0.57 million on the same terms as the recently completed Entitlement Issue.
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