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To maximize shareholder’s value by being an increasingly profitable gold producer in quest to prove up sufficient mineral resources to support a PEA study on the company’s next exploration project.
Approximately 2000 small miners are working in the area where Cobra Oro is located. A majority of them are processing their ore using mercury for gold extraction and working without environmental permits.
Cobra Oro gold processing plant was originally built on the premises that the previous government would enforce the Minamata Agreement, which it signed in 2014 along with more than 100 countries to stop the use of mercury for gold extraction, a highly polluting metal, toxic and detrimental to people’s health living in the vicinity of these operations.
It was against this backdrop that Cobra Oro’ plant was built with the purpose to bring a solution to the small miners by having their ore brought to Cobra Oro and be processed in a regulated and safe environment.
The newly elected government of Xiomara Castro made environmental issues related to mining a central theme of her campaign, precluding a tougher approach towards illegal mining and permitting, which is welcomed by the Company and seen as opening many new opportunities to Cobra Oro in the near future and possibly vindicate the foundations upon which the plant was built originally.
Video of the government of Xiomara Castro
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Since then, the Company has remained in close contact with Cycladex, while conducting a due diligence process to better understand its technology. Tailing samples were sent recently to their laboratory for analysis. The ensuing results were excellent with an estimated 95% recovery or 1.5 grams gold per ton with a leach time of less than two hours.
The samples were taken close to surface and the Company is confident that 1.5 grams gold per ton is representative of the overall average grade contained in the tailing. It is also in line with regular sampling data collected over the years, including the information retrieved from nine drill holes conducted in tailing pond number three as part of the Company 2021 drilling program.
Cobra Oro gold processing plant was built and expanded to contain a total 50,000 tons of waste material based on the construction parameters of its three tailing ponds.
The numbers are quite significant as they would represent approximately $6M dollars of insitu recoverable gold with no toxic disposable byproducts, turning a liability into a potential asset.
Cycladex’s technology has been performing well on different type of ores and has been tested on batches of 20 tons and will be running additional pilot testing at Cobra Oro’s plant site.
The numbers quoted in this news release are based on in-house data and do not meet NI-43101 standards and can only be relied upon based on the information accumulated by the Company over the years and on the assumption that the results obtained from Cycladex laboratory can be repeated on larger scale.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
GOLD PROCESSING PLANT IN HONDURAS
Glen Eagle is proud of being in Honduras, a country known for having vast untapped resources. Cobra Oro's gold processing plant is located in Choluteca, one of the fastest growth area in Honduras, known for its work force and safe environment.
The plant operates in a free zone adjacent to the Chamber of Commerce building, Pepsi's bottling plant and the Pan American Highway.
Honduras is also known for its "El Mochito" mine which has been in non-stop operation for the last 50 years until today. Two more mines in different parts of the country have also been in operation for the last 15 years.
No mining concessions have ever been confiscated in the country's entire history. The new mining law, effective in 2016, was another step taken by the Government of Honduras to further protect mining investments in the country.
Figure 1 - Central America Gold Trend
Click Map to Enlarge
Figure 2 - La Moloncosa and Piedra Dorada Projects
Click Map to Enlarge
The Piedra Dorada and La Moloncasa properties are located approximately 164 km south of the capital city of Tegucigalpa in Honduras. The properties are located 17 km to the east of Choluteca where Glen Eagle operates a 100/150 tons per day gold mill.
The properties are located within a Gold Trend (Figure 1) that follows the volcano belt of Central America and can be seen crossing southern Honduras along Glen Eagle’s concessions. This Gold Trend encompasses many of the larger gold mines in Central America which can be seen on the company’s website. These gold mines were formed at the time or shortly after the Island Arc type of volcanic activity, that is an important factor in the formation of epithermal gold deposits.
The properties are underlain by volcanic rocks. They are located close to the Gold Trend (Figure 2) and the Guayape Fault Suture (GPS). The GPS is an important feature related to the San Albino Mine Development Project of Mako Gold with 43-101 compliant gold resource of nearly 1 M oz. of gold. The former El Limon Mine and El Dorado Mine are known to contain respectively 1.8 et 1.0 M oz. of gold (from literature, non 43-101 compliant)
The Piedra Dorada and La Moloncasa properties cover an area of respectively 1,000 ha and 400 ha. A lot of artisanal mining is taking place in the area. Some miners are bringing their ore to the Company’s mill and grades vary from 2 g/t to 10 g/t Au. Local geologists have followed a gold bearing structure on the Piedra Dorada property for a total of 4 kilometers. The eastern branch of the gold structure is oriented east-west, which is consistent with the Clavo Rico gold deposit (0.4M oz).
The company will prepare another drilling program on the property to add more mineral resources and have a NI 43-101 report when the market becomes more favorable to the sector.
Contact info:
2075 Victoria Street, Suite #201,
St-Lambert (Quebec) J4S 1H1
Contact us: 514-808-9807
