Under this second tranche, the Company has issued 200 Units for gross proceeds of US$200,000. Combined with a first tranche of 487 Units which closed on August 1, 2023, the Company has issued an aggregate of 687 Units for gross proceeds of US$687,000.
Glenn Jessome, President and CEO, stated: “I would like to thank our technical team and our external consultants for delivering this positive Mineral Resource Estimate. The discovery of the Shale and Sulphide Zones, increased tonnage in the Veins and further delineation of the Open Pit has greatly increased the Mineral Resource and grade since our last published Technical Report.”
“We are very pleased with the work completed by our consultants and our technical team on the Mineral Resource and PEA for Los Ricos South. The projected cash flows are very substantial, especially when combined with our Los Ricos North PEA that was completed in March of this year. With an NPV of US$458M at LRS and US$413M at LRN, we now have a total NPV of US$871M in our Los Ricos district.”
Prime Mining Corp. Chief Executive Officer Daniel Kunz commented, “These drill results at Los Reyes further demonstrate potential for expansion of the current resource inventoried in our May 2023 MRE. Specifically, we are very encouraged by the results at the southern part of the Z-T Zone where hole 23TA-71, coupled with previously released holes 67 and 69, is extending the resource envelope over 200 m below the MRE boundary – more than 100% increase in vertical extent.”
President & CEO Bruce Smith commented: “The Radius team is excited to have drilling underway at Tropico. We have been chasing this target for several years and now we can finally drill-test it. Fresnillo is one of the world’s greatest epithermal systems and to have optioned a gold bearing sinter and breccia pipe target within this district that has not yet been drill tested is remarkable.”
“La Luisa continues to impress with very high precious metals grades over increasingly broader widths,” commented Michael Konnert, President and CEO. “We have now expanded the high-grade mineralized footprint at La Luisa to ~700 metres along strike by 400 metres down dip and it remains open in all directions. Moreover, new drilling approximately 500 meters along strike to the north has discovered shallow vein mineralization believed to be the continuation of La Luisa.”
Gregory K. Liller, Executive Chairman and Chief Operating Officer commented, “We are very pleased with the progress at La Guitarra since the March 2023 closing of the acquisition from First Majestic Silver. Work towards a new resource estimate in accordance with NI 43-101 is underway, concurrent with evaluating historic cost data that would feed into a Mine Restart Study. On the ground, we are focused on preparing the mine, plant, and equipment for a prompt restart.”
Silver Bull’s CEO, Mr. Tim Barry commented, “Whilst it had been Silver Bull’s intention to continue developing the Sierra Mojada Project, an illegal blockade by a small group of local miners trying to extort and force an underserved royalty payment from the Company began in September 2019 and continues to this day. Despite numerous requests to the Mexican Government to uphold the law and end the illegal blockade, the Government failed to act, preventing Silver Bull from accessing the site for over four years and preventing the Company from conducting its lawful business in Mexico. The direct actions and inactions by the Mexican Government has driven away investors from the project and resulted in the expropriation of the Sierra Mojada project.”
Rick Trotman, President and CEO of Barksdale, states, “We are thrilled that the Judge ruled in our favor and denied the Plaintiff’s request for a preliminary injunction that would have prevented us from drilling at Sunnyside. It is our expectation that mobilization will begin on September 15 and drilling will commence shortly thereafter. We look forward to tackling the Phase I Sunnyside drilling program of ~16,000 meters (50,000 feet) in accordance with our rigorous permitting guidelines.”
Alan Pangbourne, CEO, commented, “We are very encouraged with the latest results from this phase of metallurgical testwork. A systematic, methodological approach individually testing several parameters under different conditions is being undertaken in 42 columns. The results have identified certain parameters that provide the conditions where the leach technology oxidizes mineralization at a faster rate than our previous testwork. Under these conditions, we believe the targeted oxidation curve will be achieved and provide the foundation for preparing the pre-feasibility study early next year.”
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