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Drilling Has Started at Prismo Metals' Palos Verdes Project
https://www.accesswire.com/922262/drilling-has-started-at-prismo-metals-palos-verdes-project
Tuesday, 24 September 2024 03:30 AM
VANCOUVER, BC / ACCESSWIRE / September 24, 2024 / Prismo Metals Inc. (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) ("Prismo" or the "Company") is pleased to announce that drilling at its Palos Verdes project in Mexico has started. Hole PV-24-34 of this collaborative drilling program with Vizsla Silver Corp's (TSXV:VZLA) ("Vizsla") was collared on Vizsla's property. The planned length of the first hole is 250 meters out of a total expected 1,250 meters in the first phase of the program now underway.
Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company explained: "The goal of the first phase of drilling is designed to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns. We expect the first hole to cut both the Palos Verdes vein as well as the higher gold-silver vein about 50 meters downdip from the previous intersections. Assays reported from last year's drilling include hole PV-23-25 with 102 g/t gold, 3,100 g/t silver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent - the highest-grade intercept recorded at the project to date (see News Release of July 27, 2023)."
As announced on July 31st, 2024, Prismo's team mobilized at Palos Verdes in early August and immediately began preparation for the drill program with strategic partner Vizsla. The plan as designed will allow to test targets on the Palos Verdes concession with greater efficiency by utilizing drill pads located on Vizsla's concessions adjacent to Palos Verdes.
"Getting to this stage is the result of joint efforts from both the Prismo and Vizsla teams in Mexico," said Alain Lambert, CEO of Prismo. "The planning and preparation effort included our team and our driller's team learning Vizsla's safety, work and environmental protocols before work could begin as the drill pads are located on their ground. Also, the type of drill permit obtained by Vizsla allows for sites to be accessed by man-portable equipment. Furthermore, the rugged nature of the terrain required that the access to the site and the site itself be done by hand, lengthening the team's preparation time. We have now reached the drilling phase."
Lambert added: "We are very excited to resume drilling the Palos Verdes vein system which has already returned outstanding results. Combined with our fully permitted Hot Breccia copper project in the heart of the Arizona copper belt, Prismo expects a very active second half of 2024 with multiple drill results from these two world class exploration projects." For more information about the drill campaign, please watch Prismo's latest video at: https://www.youtube.com/watch?v=FX116H1a2qA
Figure 1: Location and orientation of the proposed drill holes
Photo 1. Drill pad preparation at Palos Verdes
Photo 2. Drill installed on drill pad at Palos Verdes
"We are eager to resume tracing the high-grade mineralization we've cut previously in the Palos Verdes vein by taking advantage of better hole geometry created by drilling from our Strategic Partner Vizsla Silver's ground," said Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company.
"Drilling farther from the vein outcrops will let us drill Palos Verdes well below the limited depths we could reach from our claims. We deeply appreciate Vizsla's willingness to allow the drilling from their ground and the collaboration from their team down in Mexico."
He commented further on the second hole and expected timing: "The second hole is planned to test a further 50 to 70 meters downdip and may be completed from the same site as the first hole or may be drilled from a second site 100 meters farther from the vein. These holes are expected to take three to four weeks to complete."
Geologic modelling completed after that drilling shows that the Palos Verdes vein system is apparently comprised of at least three discrete structures:
The main Palos Verdes vein with a steep southeast dip located on the west side of the northwest-southeast fault.
A steeply southeast dipping hanging wall vein; and
A relatively flat lying vein that has high gold-silver ratios, similar to those in the western part of the Panuco district where Vizsla Silver has found the Napoleon and Copala resource areas.
Figure 2. Geologic and drill hole map of the Palos Verdes and adjacent concessions showing the surface projection of interpreted mineralized shoots based on surface assays and the location of an interpreted high-level alteration assemblage identified in core. Note NW-SE fault in the center of the claim is believed to have dropped-down the NE extension of the vein system. Drill pads for holes to be collared on Vizsla Silver ground are shown in purple and will test target areas indicated on the surface by the red ellipses. The location of new hole PV-24-34 is also shown.
Figure 3. 3D view of the sub-surface at Palos Verdes looking westerly showing veins in the southwestern Palos Verdes concession and planned holes in light blue and green. For clarity, the veins in the NE and the NW shear are not shown.
Prismo's 3,000-meter drill program follows three main target recommendations made by the Panuco Joint Technical Committee comprised of Prismo's Chief Exploration Officer Dr. Craig Gibson, Vizsla Silver's VP Exploration Dr. Jesus Velador and Advisor Dr. Peter Megaw. The three main goals (See Figs. 2 & 3 below) are:
Trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein.
Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward.
Test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine.
For more information about this news release, please watch Prismo's latest In The News video at: https://www.youtube.com/watch?v=FX116H1a2qA
Present during the In The News interview were: Alain Lambert CEO, Steve Robertson President, Dr. Craig Gibson Co-Founder and Chief Exploration Officer.
Qualified Person
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations has reviewed and approved the technical disclosures in this news release. Dr. Gibson is also Chief Exploration Officer and a director of the Company.
About Palos Verdes
The Palos Verdes project is located in the historic Panuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (<100m) conducted in 2018 on the Palos Verdes Vein was targeted 30 to 50 meters beneath largely barren vein outcrops and cut a well mineralized multistage vein two to seven metres wide with narrow intervals of high-grade precious metal values and subordinate base metals (see table of intercepts at www.prismometals.com). This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
About Prismo
Prismo (CSE:PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Palos Verdes and Hot Breccia. The current drill program is being conducted from a concession not owned by the Company and a change in Vizsla's business plan in the drilling area could negatively impact Prismo.
These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, notably delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: Vizsla will continue to work with Prismo to allow for drilling at Palos Verdes, the ability to raise capital to fund the drilling campaign at Hot Breccia and the timing of such drilling campaign.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Prismo Metals Inc.
Starcore Announces Increase in Mineral Reserves and Mineral Resources as of April 30, 2024
https://www.newsfilecorp.com/release/224138
September 23, 2024 2:30 AM EDT | Source: Starcore International Mines Ltd.
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) - Starcore Mines International Ltd. (TSX: SAM)
Sierra Madre Announces Revenues in Excess of US$2.4 Million from Sustained 350 Tonne per Day Production at La Guitarra
https://www.newsfilecorp.com/release/224309
September 24, 2024 7:00 AM EDT | Source: Sierra Madre Gold & Silver
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce the Company has generated in excess of $2.4 million in revenues since the commencement of the test mining and milling phase at the Guitarra mine complex. Daily throughput rates of economically interesting silver and gold mineralization have averaged 350 tonnes per day over the past 30 days. All amounts presented herein are expressed in United States Dollars ("US$"), unless otherwise stated.
Chief Financial Officer, Ken Scott commented, "This marks a significant financial milestone for Sierra Madre. The Guitarra team is continuing to do a great job of incrementally increasing the daily production rate. Our next test mining and processing goal is 400 tonnes per day, followed by commercial production of 500 tonnes per day before year end."
Test mining and processing has been in continuous daily operation since June 25th, 2024. A total of 27,990 tonnes of material containing economically interesting silver and gold mineralization has been processed as of September 20, 2024. Eight (8) shipments totalling 466 dry metric tonnes of silver-gold concentrate have been delivered to MRI Trading. Provisional payment gold and silver concentrate grades continue to range from 2,752 g/t to 3,442 g/t silver and 28.65 to 38.45 g/t gold. Final assay grades will be determined upon shipment to the smelters.
About Sierra Madre
Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company focused on evaluating the potential of restarting the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted, past-producing underground mine, which includes a 500 t/d processing facility that operated until mid-2018.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre's management team has played key roles in managing the exploration and development of more than 22Moz gold and 600Moz silver in combined mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1 billion for mining companies.
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
"Alexander Langer"
Alexander Langer
President, Chief Executive Officer and Director
1-604-765-1604
Contact:
investor@sierramadregoldandsilver.com
Cautionary Note Regarding Production Decisions
The Company's decision to potentially place the mine into commercial production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations. The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies and, as a result, there is greater risk and uncertainty as to future economic results from the Guitarra Mine Complex, including increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision.
Cautionary Note Regarding Forward Looking Information
Neither the 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 news release.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, statements regarding discussions of future plans, including the expected timing of concentrate shipments; the Company increasing production; the Company receiving revenues on a weekly basis and such revenues allowing the Company to comfortably expand to commercial production without further capital needs; and the Company's plan to return the Guitarra mine to full commercial production and the expected timing and production levels thereof.
The forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward looking statements. These risks and uncertainties include, among other things, that predicted production levels will be achieved and that existing production levels will be maintained.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to execute its future plans as intended, that predicted production levels will be achieved and that existing production levels will be maintained.
Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
SOURCE: Sierra Madre Gold and Silver Ltd.
SOURCE: Sierra Madre Gold & Silver
Apollo Silver to Option Cinco de Mayo Project, Chihuahua, Mexico
https://ca.finance.yahoo.com/news/apollo-silver-option-cinco-mayo-080000343.html
Apollo Silver Corp.
Mon, September 23, 2024 at 1:00 a.m. PDT·9 min read
APGOF
-3.55%
MAG
+0.21%
VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF
Kootenay Silver Reports Five Drill Holes including highs to 1,095 gpt Silver and 6.4% Lead-Zinc, increasing D-Vein strike to 1,275 meters at Columba Project, Chihuahua Mexico
https://www.prnewswire.com/news-releases/reports-five-drill-holes-including-highs-to-1-095-gpt-silver-and-6-4-lead-zinc-increasing-d-vein-strike-to-1-275-meters-at-columba-project-chihuahua-mexico-302255046.html
Kootenay Silver Inc. Sep 23, 2024, 07:00 ET
VANCOUVER, BC, Sept. 23, 2024 /PRNewswire/ - Kootenay Silver Inc. (TSXV: KTN)
Heliostar Commences 5,000 Metre Resource Expansion Drill Program at Ana Paula High Grade Gold Project, Mexico and Issues Incentive Grant
https://www.newsfilecorp.com/release/223568
September 17, 2024 6:30 AM EDT | Source: Heliostar Metals Ltd.
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2024) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that it commenced a 5,000 metre diamond drill program at its Ana Paula Project in Mexico ("Ana Paula"). The two stage drill program will test the east, west and down dip extensions of the High Grade Panel and the Parallel Panel targets. Phase one will consist of seven drill holes totalling 2,600 metres and phase two consists of eight drill holes totalling 2,400 metres.
Heliostar CEO, Charles Funk, commented, "We are confident that Ana Paula can continue to grow beyond our 2023 resource update. The Company aims to expand the resource this year and next, ahead of a Feasibility Study that the Company is planning to complete in late 2025. Drilling will include some large step outs. They follow a newly identified geochemical corridor that may point to the source of gold mineralization at the deposit. Heliostar has entered a period of significant catalysts including closing the Argonaut acquisition, reporting gold production, laying out production guidance, publishing a PFS for La Colorada, and reporting drill results from multiple properties."
Figure 1: A cross section with the resource model from 2023 Mineral Resource Estimate highlighting the High Grade Panel (clipped to greater than 2g/t resource blocks). Planned holes from current program shown in black where they cut the section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/223568_88a928c4b4aedbbb_003full.jpg
Figure 2: A cross section highlighting the Parallel Panel Target (clipped to greater than 2g/t resource blocks). Planned holes from current program shown in black where they cut the section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/223568_88a928c4b4aedbbb_004full.jpg
Drill Program
The Phase 1 drill program, currently underway, will focus on extending the High Grade Panel and Parallel Panel to the west. It will also test the downdip extension of the High Grade Panel while infilling the Parallel Panel target. The program will consist of seven drill holes totaling 2,600 metres. Two drill holes will step out approximately 70 metres to the west along a corridor of elevated potassium:calcium (K:Ca) geochemistry that extends west and down-plunge from the High Grade Panel.
These two holes have the potential to significantly add high-grade ounces to the resource. The remaining five drill holes will test the down-dip extension of the High Grade Panel while also defining the Parallel Panel target. These holes will also convert inferred ounces to indicated and increase the measured ounces in the High Grade Panel.
Phase 2 drilling consists of eight drill holes totaling 2,400 metres. This program targets the eastern and western extents of the High Grade Panel, the Parallel Panel target and the downdip extension of the High Grade Panel. Three holes along the edges of the High Grade Panel have the potential to add high-grade ounces to the panel by extending to the east and west. The five holes targeting the Parallel Panel, High Grade Panel and the down dip extension will better define the resources. The data will assist in converting inferred ounces to indicated and indicated to measured. The program also has a strong potential to add new gold ounces to both panels.
The Company completed two drill holes of the program to date and expects to report results from October 2024.
Incentive Plan Rewards
The Company announces that, pursuant to the Company's Omnibus Equity Incentive Compensation Plan, it has granted 4,675,000 stock options ("Options") at an exercise price of $0.42 and 1,180,000 restricted share units (each, an "RSU") to directors, officers, employees and consultants of the Company. The Options are exercisable for a period of five years and will vest over the next two years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.
Advisory Agreements
The Company also announces that it has entered into an advisory agreement with TSCG Capital Group ("TSCG"), pursuant to which the Company engaged TSCG to provide financial advisory services to the Company. On completion of the Offering, and upon receipt of approval of the TSX-V, the Company will issue to TSCG warrants to acquire 696,000 Shares at a price of $0.42 per share for a period of 24 months from the date of issuance.
The Company announces that it has entered into an advisory agreement with 3L Capital Inc. ("3L"), pursuant to which the Company engaged 3L to provide financial advisory services to the Company. Upon receipt of approval of the TSX-V, the Company will issue to 3L warrants to acquire 113,000 shares at a price of $0.42 per Share for a period of 24 months from the date of issuance.
Statement of Qualified Person
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on developing the 100% owned Ana Paula Project in Guerrero, Mexico and has recently entered into an agreement to acquire a portfolio of production and development assets in Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045 Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, the intended use of proceeds of the Working Capital Facility and the Transaction Closing Facility, closing of the Acquisition, exploration and development of the Company's projects and potential cash flow and production from the Company's projects.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
SOURCE: Heliostar Metals Ltd.
Minaurum Drills Multiple High Grade Silver Intercepts Including 2,431 g/t Ag over 0.70 m at Alamos Silver Project
https://www.newsfilecorp.com/release/223762
September 19, 2024 8:30 AM EDT | Source: Minaurum Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2024) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M)
Cascada Completes Mina Gaunaca Phase 1 Drill Program Commences Drilling at Angie Property
https://www.newsfilecorp.com/release/223728
September 18, 2024 9:23 AM EDT | Source: Cascada Silver Corp.
Toronto, Ontario--(Newsfile Corp. - September 18, 2024) - Cascada Silver Corp. (CSE: CSS) ("Cascada") is pleased to announce that it has completed its Phase I drill program at its Mina Guanaca Copper Property ("Mine Guanaca") and has commenced drilling at its Angie Molybdenum Property ("Angie") located in Region III, Chile approximately 75 kilometres east southeast of the City of Copiapo.
Four reverse circulation ("RC") drill holes were completed at Mine Guanaca for a total of 1,132 metres. The drill holes targeted both the copper-oxide gold bearing breccias hosted within the Mina Guanaca open pit and the potential copper porphyry at depth. The first drill hole, GAS-01, was lost at a depth of 36 metres when it intersected old underground workings. The remaining three RC holes, GAS-02 through GAS-04, were drilled to depths of between 350 to 380 metres dominantly cutting magnetite-bearing granitoids.
Copper oxides were observed within the upper levels of all drill holes to depths of up to 100 meters downhole with locally disseminated chalcopyrite and chalcocite observed below the oxides. Within holes GAS-03 and GAS-04, intervals of fine-grained, quartz diorite intrusions with chalcopyrite (disseminated and veinlets) were observed. The Mina Guanaca RC holes have been sampled and samples have been submitted for assaying.
With the Mina Guanaca program completed, the drill has been mobilized to Angie where drilling will target a historical +50 parts per million ("ppm") molybdenum rock geochemical anomaly encompassing an area of approximately 1,000 by 1,500 metres with molybdenum assays of up to 1,150 ppm. The previously undrilled molybdenum anomaly is associated with anomalous tin and tungsten. For further information on the Angie Property, please review Cascada's February 15, 2023 press release.
"The Mina Guanaca drilling was completed quickly and without incident," noted Carl Hansen, Cascada's CEO. "The three primary RC holes, initially targeting completion depths from 250 to 300 metres, were extended to depths of up to 380 metres. Assays from the Phase 1 Mina Guanaca program should be available during mid-Q4." Commenting on the Angie drill program, Mr. Hansen noted, "The RC program is targeting a significant, well-defined yet undrilled, molybdenum anomaly. With the first drill hole, planned for a depth of 300 metres, we should be able to determine the potential of the mineralized system. Barring problems, drilling should be completed by the end of this week."
Historical Results Note: Cascada has not undertaken any independent investigation of results from historical exploration programs at Mina Guanaca or Angie. The reader is cautioned upon relying on the accuracy of the historical results presented; however, Cascada considers the historical assay results relevant as it is using the results as a guide to plan its current exploration programs and considers the data to be reliable for these purposes.
NI 43-101 Technical Disclosure
The Qualified Person, as defined by National Instrument 43-101 of the Canadian Securities Administrators, for Cascada's exploration activities in Chile is Sergio Diaz, a resident of Santiago, Chile. Mr. Diaz is a Public Registered Person for Reserves and Resources N° 51, in Chile and is also registered in the Colegio de Geólogos de Chile under N° 315.
About Cascada Silver Corp.
Cascada is a mineral exploration company focused on exploration opportunities in Chile. Cascada's team of successful exploration professionals are dedicated to the discovery of mineral deposits that can be progressed into economically viable development projects creating value for all stakeholders.
On behalf of Cascada Silver Corp.,
Carl Hansen, CEO
Phone: 416-907-9969
For additional information, please contact us at: IR@cascadasilver.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to: plans for the evaluation of exploration properties; the success of evaluation plans; the success of exploration activities; mine development prospects; and, potential for future metals production. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: changes in economic parameters and assumptions; all aspects related to the timing of exploration activities and receipt of exploration results; the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the results of regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of economic and technical studies; delays in obtaining governmental approvals or financing or in the completion of exploration; as well as those factors disclosed in Cascada's publicly filed documents.
Although Cascada has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Cascada Silver Corp.
Radius Gold reports Plata Verde drill results
https://thenewswire.com/press-releases/1BNMFOZKr-radius-gold-reports-plata-verde-drill-results.html
September 19, 2024 – TheNewswire - Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) reports final drill results for the Plata Verde silver project in Chihuahua, Mexico. Drilling was funded by Minera San Julian, S.A. de C.V. (“Minera San Julian”), a wholly owned subsidiary of Fresnillo plc (“Fresnillo”).
The Plata Verde drill program comprised 13 holes for a total of 2400m of diamond core drilling. The drill holes cut several zones of low-grade silver mineralization, but unfortunately did not intersect zones of significant silver mineralization. Due to the limited economic potential, Minera San Julian has withdrawn from the partnership and Radius is in the process of returning the property to the underlying owners.
Other Projects
Radius is in the final stages of acquiring an option on the Tierra Roja copper project in Peru (see press release dated September 9th, 2024) and expects to provide an update in the next weeks. The Company also continues to evaluate opportunities to generate shareholder value from its Amalia gold-silver joint venture with Pan American Silver Inc. and Holly Gold project joint venture with Volcanic Gold Mines Inc.
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’ Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala utilizing partnerships where appropriate to retain the Company’s treasury. Management is seeking out additional investment and project acquisition opportunities across the globe. Radius is a member of the Gold Group of companies, led by Simon Ridgway. You may find more information on Radius Gold at www.radiusgold.com or www.sedarplus.ca.
ON BEHALF OF THE BOARD
Bruce Smith
President and CEO
Symbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the 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.
Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s plans for its properties. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
Starcore Reports Q1 Results
https://www.newsfilecorp.com/release/223382
September 16, 2024 2:30 AM EDT | Source: Starcore International Mines Ltd.
Vancouver, British Columbia--(Newsfile Corp. - September 16, 2024) - Starcore International Mines Ltd. (TSX: SAM)
Ranchero Announces Closing of the Sale of Its Mexican Subsidiary
https://ca.finance.yahoo.com/news/ranchero-announces-closing-sale-mexican-121400357.html
Ranchero Gold Corp.
Thu, September 12, 2024 at 5:14 a.m. PDT·1 min read
RNCHF
0.00%
VANCOUVER, British Columbia, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Ranchero Gold Corp. (“Ranchero” or the “Company”) (TSX.V:RNCH) is pleased to announce that further to its press release of August 21, 2024 the Company has closed the sale of its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V. (“Paika”), to an arm’s length party purchaser.
Going forward, the Company will focus its efforts on continuing to explore the Pinchi Lake nickel project as well as opportunistically looking at new projects.
About Ranchero Gold
Ranchero is an exploration and development company currently focused on the Pinchi Lake Nickel Project (the “Pinchi Project”). Ranchero can earn a 100% interest in the Pinchi Project, consisting of six mineral claims totaling 3,917 hectares, situated approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia.
On behalf of the Board of Directors of the Company:
Jesus Noriega
Interim Chief Executive Officer and Director
For further information, please contact:
Jesus Noriega
Interim Chief Executive Officer and Director
52 1 (662) 437 8520
info@rancherogold.com
Neither the 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.
Starcore's Dry Stack Tailings Approved for 10 More Years
https://www.newsfilecorp.com/release/222572
September 09, 2024 2:30 AM EDT | Source: Starcore International Mines Ltd.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Starcore International Mines Ltd. (TSX: SAM) (FSE: V4JA) ("Starcore" or the "Company") is pleased to report that it has received approval from the Mexican environmental authority, the Direccion General de Impacto y Riesgo Ambiental (DGIRA) (General Deputy for Environmental Control), to extend the term for Starcore's management of its dry stack tailings at the San Martin Mine in Queretaro, Mexico. The extension of the environmental permit gives Starcore an additional ten years of life expectancy for the Company's handling of its tailings.
The Company submitted its environmental risk studies to the Mexican authorities, which included technical updates and modifications to its dry stack tailings from the mine operations. Starcore will continue to comply with the DGIRA requirements including mitigation, prevention and compensation as detailed in the Environmental Impact Assessment, Environmental Risk Level 1 study and Preliminary Risk Report as submitted by the Company to the DGIRA. The Company will also continue to comply with the implementation of any corrective measures ordered by the Mexican authorities.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the project in Côte d'Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
(Signed) "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Eadie
Telephone: 1-604-602-4935
LinkedIn
Twitter
Facebook
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward-looking statements or beliefs, opinions, projections or other factors, except as required by law.
NOT FOR DISTRIBUTION IN THE UNITED STATES
SOURCE: Starcore International Mines Ltd.
Mammoth Receives Drill Quote Illustrating Low US$1.50 Per Gold Equivalent Ounce Cost to Drill 1.8 Million Ounce Exploration Target at its Tenoriba, Gold-Silver Property, Mexico
https://thenewswire.com/press-releases/1A0vFvbNx-mammoth-receives-drill-quote-illustrating-low-us-1-50-per-gold-equivalent-ounce-cost-to-drill-1-8-million-ounce-exploration-target-at-its-tenoriba-gold-silver-property-mexico.html
Toronto, Canada – TheNewswire - September 11, 2024 - Mammoth Resources Corp. (TSX-V: MTH),
Tocvan Establishes Broad Footprint of Gold - Silver Potential Across Gran Pilar Open for Expansion
Prepares for Next Phase of Drilling and Development
Highlights:
Surface Exploration Work Ongoing at Gran Pilar, over 476 Samples Collected to Date Along Northern and Eastern Extensions of Main Zone, North Hill and 4-T Trends - Results Pending
Sampling Covers 2.3 km2 Area (2.2x the Area of the Original Pilar Concessions)
Multiple Artisanal Underground Workings Found Tied to Broader Mineralized System
Modelling Shows Increased Expansion Potential, Advances Targets for Drilling
https://www.accesswire.com/915349/tocvan-establishes-broad-footprint-of-gold-silver-potential-across-gran-pilar-open-for-expansion
Tuesday, 10 September 2024 08:30 AM
CALGARY, AB / ACCESSWIRE / September 10, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(FSE:TV3)
Riverside Resources Commences Drilling at Cecilia Project with Partner Fortuna Mining
September 10, 2024 8:00 AM EDT | Source: Riverside Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce the core drilling company and related equipment has arrived at the Cecilia Project ("Project") in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in hand to carry forward this next phase of gold - silver exploration.
Drill Program Highlights
2,500m planned drill program for a total of 8 holes
Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if warranted
Drilling East target where former small scale mine workings and adits move along 4 sub-parallel vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press release)
Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020 press release)
Budget of USD$800,000 for this phase of drilling
"We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining," stated John-Mark Stude, CEO of Riverside Resources. "We announced the agreement with Fortuna Mining in March and have spent the past six months incorporating the results from a recent airborne magnetic survey and extensive geochemistry and mapping into our past project databases and have designed an initial drill program to test three of the highly prospective targets for the project. Concurrent to the commencement of this drill campaign, our teams will collaborate on a plan to define at least four other targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial three. The team at Riverside has spent several years methodically advancing exploration programs at the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through the next stage of exploration and hopefully towards a major discovery."
During the recent summer field season the exploration targets were advanced with the results from a broader property-wide airborne magnetic survey which covered the complete property being integrated with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full 80 km² project area. The drill program will begin with core drill testing of the Agua Prieta Breccia target on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow drill holes of 24.2m @ReturntoSender-005, 2021) have been intersected.
Figure 1: Geologic map with targets for Cecilia Project
Figure 2: Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map Figure 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/222749_dc60da2a64dfeb82_0001full.jpg
About the Cecilia Project:
Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite dome, showcasing the property's gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. Further drill planning will look to explore for potential larger high grade targets at depths along these intercepts.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia pipes in the dome. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo's San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023.
**Obtained from Fresnillo public presentation, Hermosillo, October, 2016.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource information for SSR Mining and Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified Person.
Samples from the exploration program discussed above at the Cecilia Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company's website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com Eric Negraeff
Investor Relations
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the 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.
SOURCE: Riverside Resources Inc.
GoGold Provides Update on Ongoing Los Ricos Definitive Feasibility Study
https://www.newswire.ca/news-releases/gogold-provides-update-on-ongoing-los-ricos-definitive-feasibility-study-892738016.html
GoGold Resources Inc. Sep 10, 2024, 07:30 ET
Shares Outstanding: 329,527,261
Trading Symbols:TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, Sept. 10, 2024 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to provide an update on the activities related to their Los Ricos South ("LRS") and Los Ricos North ("LRN") projects. The Company is in the final phases of completing a definitive feasibility study ("DFS") for LRS. The most significant change from the LRS preliminary economic assessment to the DFS is a reworking of the mine plan with a focus on underground mining. The mine plan has now been re-engineered into an underground mine life for 12 years of mining.
Figure 1 - La Yesca Dam (CNW Group/GoGold Resources Inc.)
Figure 2 - Mill Design (CNW Group/GoGold Resources Inc.)
"In the DFS, the Company has opted for an underground bulk mine taking advantage of the large widths of mineralization within the deposit. We have been able to re-engineer a 2,000 tonne per day mine plan for at least 12 years of underground mining using the longitudinal sub-level long-hole mining method," said Brad Langille, President and CEO. "The advantages of re-engineering the mine for the first 12 years as an underground-only mine are a reduced surface disturbance and no requirement for an open pit permit. There has been no controversy regarding underground mine permits in Mexico, while open pit permits are currently the subject of potential constitutional amendments. Our geological team have now turned their attention to remodeling the LRN deposit as an underground mine as well. We believe LRN has the potential and opportunity to engineer the deposit as an underground mine without the need for open pit permits."
The LRS DFS is nearing completion with many key components of the study currently completed. The underground mining will be completed through contract mining. Management will develop a mine services team to manage contractors for the project.
Metallurgy
In support of the feasibility study on the Los Ricos South deposits, an extensive metallurgical test program was completed at SGS Lakefield on representative drill core from the deposit. The program was designed to test and validate the key components of the process to confirm plant performance including:
- Crushing and grinding
- Thickening and filtration
- Cyanide leaching and reagent consumptions
- SART (sulfidation, acidification, re-neutralization and thickening) performance
- Merrill Crowe (zinc precipitation)
- Dry-stack tailings detoxification and dewatering (maximizing water recovery)
Based on the extensive program, and life of mine mill simulation, the plant will use a conventional whole ore leaching process with a simplistic flow sheet and will produce silver-gold dore bars and a copper precipitate.
Dewatered and detoxified tailings were tested at Paterson and Cook in Sudbury, Ontario to determine the paste backfill recipe (cement addition rate) for the underground mine and minimize process water usage. The advantages of underground paste backfill are both maximum stability of the mine and the majority of the mine tailings will be placed as cemented paste underground reducing surface impact.
LRS Power and Land Rights
The Company is finalizing an agreement with the Comision Federal de Electricidad ("CFE"), to secure an adequate power supply for LRS. Electricity for the project sourced from the nearby La Yesca hydroelectric dam.
The Company has also secured the rights to the land where the mill and processing for LRS will be located. Agreements were entered into with multiple farmers and stakeholders providing compensation for the usage of the required land.
Mill Design
The process mill design work is nearing completion, with design and engineering work 90% complete currently. Similar to the PEA design, the process plant is comprised of conventional crushing and grinding followed by cyanide tank leaching. Back-end filtration is required to maximize water recycling (dry stack tailings) as well as a SART (sulfidation, acidification re-neutralization and thickening) circuit to re-generate cyanide back to the process and to produce a saleable copper sulfide product. The mill will produce saleable silver-gold dore bars.
Los Ricos North
GoGold's geological team has began relogging drill holes and data at LRN with a focus on converting the 2023 LRN PEA mine plan for the deposits which was designed as an open-pit mine into and underground mine plan similar to LRS. Management is working towards a revised PEA / PFS to be released in 2025.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with the GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.
SOURCE GoGold Resources Inc.
For further information please contact: Steve Low, Corporate Development, GoGold Resources Inc., T: 416 855 0435, Email : steve@gogoldresources.com, Or visit : www.gogoldresources.com
Fuerte Metals Intercepts 7.3 g/t AuEq over 2.5 m, 7.5 g/t AuEq over 1.5 m and 9.2 g/t AuEq over 0.9 m at its Cristina Project in Chihuahua, Mexico
https://www.newsfilecorp.com/release/222550
September 09, 2024 7:55 AM EDT | Source: Fuerte Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Fuerte Metals Corporation (TSXV: FMT)
Sierra Madre Provides Positive Update to Test Mining and Processing
https://www.newsfilecorp.com/release/222204
September 05, 2024 7:00 AM EDT | Source: Sierra Madre Gold & Silver
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to give an update on the progress of test mining and processing at the Guitarra mine complex.
The testing of the flotation plant began on the 25th of June, 2024 and has been in continuous daily operation. A total of 20,401 tonnes of material containing economically interesting silver and gold mineralization has been processed as of August 31st for an average production rate of 300 tonnes per day since inception of test mining. Five (5) shipments totalling 335 dry metric tonnes of silver gold concentrate have been delivered to MRI Trading AG under the Company's 24-month contract. Provisional payment gold and silver concentrate grades ranged from 2,752 g/t to 3,442 g/t silver and 28.6 to 36 g/t gold. Final assay grades will be determined upon shipment to the smelters.
Test mining began with development mineralization from the Guitarra mine, transitioning to economically attractive in situ mined material from both long hole and shrinkage stopes in August. Production of back fill material ("retaques") from stopes mined in the 1990's and early 2000's was increased as planned. These retaques were derived from material below the 8 to 10 gram per-tonne gold equivalent cutoff used at the time, which had to be blasted in order to mine the above cut-off ore. Once emptied, these stopes are scheduled to receive tailings paste fill, for which the mine is fully permitted.
Chief Operating Officer, Greg Liller commented, "I am very pleased with the operating results to date. The Guitarra team is doing an excellent job of moving operations towards a sustained production rate of 350 tonnes per day, our next test production goal. Upon achieving 350 tonnes per day the team has an orderly plan in place to move towards 410 tonnes per day, then to the commercial mining and processing rate of 500 tonnes per day before year end".
About Sierra Madre
Sierra Madre Gold and Silver Ltd. (TSXV: SM),(OTCQX: SMDRF) is a precious metals development and exploration company focused on evaluating the potential of restarting the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted, past-producing underground mine, which includes a 500 t/d processing facility that operated until mid-2018.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre's management team has played key roles in managing the exploration and development of more than 22Moz gold and 600Moz silver in combined mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1 billion for mining companies.
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
"Alexander Langer"
Alexander Langer
President, Chief Executive Officer and Director
1-604-765-1604
Contact:
investor@sierramadregoldandsilver.com
Cautionary Note Regarding Production Decisions
The Company's decision to potentially place the mine into commercial production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations. The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies and, as a result, there is greater risk and uncertainty as to future economic results from the Guitarra Mine Complex, including increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision.
Cautionary Note Regarding Forward Looking Information
Neither the 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 news release.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, statements regarding discussions of future plans, including the expected timing of concentrate shipments; the Company increasing production; the Company receiving revenues on a weekly basis and such revenues allowing the Company to comfortably expand to commercial production without further capital needs; and the Company's plan to return the Guitarra mine to full commercial production and the expected timing and production levels thereof.
The forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward looking statements. These risks and uncertainties include, among other things, that predicted production levels will be achieved and that existing production levels will be maintained.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to execute its future plans as intended, that predicted production levels will be achieved and that existing production levels will be maintained.
Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
SOURCE: Sierra Madre Gold and Silver Ltd.
Riverside Resources Signs Letter of Intent with Questcorp Mining to Option the Union Project for $5,500,000 of Total Expenditures
https://www.newsfilecorp.com/release/222177
September 06, 2024 6:00 AM EDT | Source: Riverside Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)
Torex Gold Integrates EPO Deposit into Morelos Mine Plan
Updated mine plan shows a robust long-term production profile that comes with a low risk, capital efficient development plan for EPO
https://www.newsfilecorp.com/release/222100
September 04, 2024 6:00 PM EDT | Source: Torex Gold Resources Inc.
(All amounts expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario--(Newsfile Corp. - September 4, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG)
First Majestic Announces Agreement to Acquire Gatos Silver
https://ca.finance.yahoo.com/news/first-majestic-announces-agreement-acquire-110000362.html
Gatos Silver, Inc.; First Majestic Silver Corp.
Thu, September 5, 2024 at 4:00 a.m. PDT·20 min read
AG
-8.60%
GATO
+4.09%
VANCOUVER, British Columbia, Sept. 05, 2024 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) (“First Majestic”) and Gatos Silver, Inc. (“Gatos”) (NYSE:GATO) (TSX:GATO) are pleased to announce they have entered into a definitive merger agreement (the “Definitive Agreement”) pursuant to which First Majestic will acquire all of the issued and outstanding common shares of Gatos (the “Transaction”). Gatos is a silver dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.
Under the terms of the Definitive Agreement, Gatos shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos held. The consideration implies a total offer value of US$13.49 per common share of Gatos based on the closing price of First Majestic’s common shares on the New York Stock Exchange (the “NYSE”) on September 4, 2024, and represents a 16% premium based on each company’s closing prices and 20-day volume weighted average prices (“VWAP”) on the NYSE ending September 4, 2024. The proposed Transaction implies a total equity value for Gatos of approximately US$970 million. Following completion of the Transaction, existing Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis.
TRANSACTION HIGHLIGHTS
Consolidates three world-class, producing silver mining districts in Mexico under one banner: Cerro Los Gatos, San Dimas and Santa Elena collectively provide the foundation of a diversified, intermediate primary silver producer
Enhances production profile with strong margins: Combined annual production of 30-32 million ounces of silver-equivalent, including 15-16 million ounces of silver at all-in sustaining costs of US$18.00-US$20.00 per silver-equivalent ounce1
Bolsters free cash flow generation: Gatos expected to immediately contribute annual free cash flow of approximately US$70 million to the combined entity2
Leverages a highly experienced combined team with a strong track record of value creation in Mexico: Over 20 years of experience operating in Mexico, with an emphasis on socially responsible mining, community engagement and value creation
Maintains peer-leading exposure to silver: Over 50% of pro forma revenue derived from silver compared to an average of ~30% for intermediate silver producing peers
Creates a 350,000 hectare highly prospective land package which has yielded a history of exploration success and economic discoveries: Cerro Los Gatos contributes approximately 103,000 hectares of unencumbered land with significant new discovery potential to an existing package of approximately 245,000 hectares across San Dimas, Santa Elena, and other First Majestic properties, which has yielded a history of exploration success and economic discoveries
Results in a larger company with a strengthened balance sheet, leading trading liquidity and improved capital markets profile: Pro forma market capitalization approaching US$3 billion, average daily trading liquidity of approximately US$49 million3, and well-positioned to deliver increased shareholder value
Realizes meaningful synergies: Corporate cost savings, supply chain and procurement efficiencies, cross-pollination of expertise, and acceleration and optimization of internal projects and exploration programs all expected to deliver meaningful value creation for all shareholders
Keith Neumeyer, President & Chief Executive Officer of First Majestic, commented, “The acquisition of Gatos Silver is a highly compelling and transformative transaction that meaningfully enhances First Majestic's operating platform through the addition of 70% of Cerro Los Gatos - a high quality, long-life, unencumbered, free cash flow generating asset in the mining-friendly state of Chihuahua, Mexico. Mexico is a country that First Majestic has operated in for over 20 years, and we are extremely excited to deploy our operating expertise within these mining districts to deliver operational synergies and exploration success for our shareholders. We look forward to working with the operating team at Cerro Los Gatos and with our new joint venture partner Dowa Metals & Mining Co., Ltd. (“Dowa”), and we are pleased to welcome all Gatos shareholders as they transition into being shareholders of First Majestic going forward.”
Dale Andres, Chief Executive Officer of Gatos, commented, “We are pleased to enter into this transaction with First Majestic, as it provides our shareholders an attractive immediate premium and the opportunity to retain exposure to the high quality, long-life Cerro Los Gatos asset, now within a well-established intermediate primary silver producer. This transaction also provides our shareholders with the benefits of First Majestic’s enhanced capital markets presence, liquidity and balance sheet, while combining its local Mexican expertise and history of operations with our history of successful performance. I want to thank the Cerro Los Gatos operating team for its dedication. I am confident that the combination of our strong operating teams will create an opportunity to generate significant value for all shareholders.”
BENEFITS TO FIRST MAJESTIC SHAREHOLDERS
Adds a third cornerstone, long-life, low-cost, producing underground mine with exploration potential to the First Majestic portfolio
Bolsters anticipated annual attributable production by approximately 6 million ounces of silver and 9 million ounces of silver-equivalent based on Gatos’ 2024 production guidance
Cerro Los Gatos generates significant free cash flow and enhances portfolio diversification
Accretive on all key metrics including NAV, cash flow, production, and Mineral Reserves to First Majestic shareholders
Adds concessions covering approximately 103,000 hectares of unencumbered (no material royalties or streams) land at Cerro Los Gatos, with significant exploration potential and supported by a large base of Mineral Reserves and Resources
Builds upon First Majestic's strengths in Mexico and underground mining expertise
Enhances scale and capital markets presence, and solidifies position as an intermediate primary silver producer
BENEFITS TO GATOS SHAREHOLDERS
Attractive immediate premium of 16% on a spot and 20-day VWAP basis
Meaningful equity participation in an intermediate primary silver producer with a highly diversified portfolio, including three world-class mining districts
Unique opportunity to gain production diversification while combining Cerro Los Gatos with complementary, high-quality assets
Combination provides enhanced capital markets presence and trading liquidity
Superior financial strength and flexibility to support advancement of continued margin improvement, growth projects and exploration programs
Combined land package of approximately 350,000 hectares with significant exploration potential
Ability to leverage First Majestic's long-term good standing with local governments, unions and community
TRANSACTION SUMMARY
The Transaction will be effected by way of a reverse triangular merger under Delaware law, whereby a wholly-owned Delaware subsidiary of First Majestic will merge with and into Gatos, with Gatos surviving the merger as a direct, wholly-owned subsidiary of First Majestic. Under the terms of the Definitive Agreement, Gatos’ shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos held as of the effective date of the Transaction. At closing, First Majestic will issue an aggregate of approximately 177 million common shares to Gatos shareholders, and following completion of the Transaction, existing Gatos shareholders will own approximately 38% of the issued and outstanding common shares of First Majestic on a fully-diluted basis.
The Transaction is expected to close in early 2025, subject to the satisfaction of customary closing conditions, including approvals of the shareholders of First Majestic and Gatos, clearance under Mexican anti-trust laws, and approval of the listing of the First Majestic common shares to be issued under the Transaction on both the Toronto Stock Exchange and the NYSE. The Definitive Agreement and the Transaction have been unanimously approved by the board of directors of each of First Majestic and Gatos, and in the case of Gatos, on the unanimous recommendation of a special committee of independent directors of Gatos.
All directors and certain executive officers of Gatos, as well as the Electrum Group, which owns approximately 32% of the issued and outstanding common shares of Gatos, have entered into voting support agreements with First Majestic pursuant to which they have agreed, subject to the terms of such agreements, to vote their Gatos shares in favour of the Transaction.
ADVISORS AND COUNSEL
National Bank Financial acted as exclusive financial advisor to First Majestic. TD Securities provided a fairness opinion to the board of directors of First Majestic. Bennett Jones LLP and Dorsey & Whitney LLP acted as legal advisors to First Majestic.
BofA Securities acted as exclusive financial advisor to Gatos. GenCap Mining Advisory Ltd. provided a fairness opinion to the Special Committee of the Gatos board of directors. White & Case LLP and McCarthy Tetrault LLP acted as legal advisors to Gatos.
CONFERENCE CALL DETAILS
First Majestic and Gatos will host a joint conference call and webcast on Thursday, September 5, 2024, at 8:00 a.m. (PT) / 11:00 a.m. (ET) to discuss the Transaction.
To participate in the conference call, please use the following dial-in numbers:
Canada & USA Toll-Free:
+1-844-763-8274
Outside of Canada & USA:
+1-647-484-8814
Toll-Free Germany:
+49-69-1741-5718
Toll-Free UK:
+44-20-3795-9972
Participants should dial-in at least 10 minutes prior to the start of the call to ensure placement into the conference on time.
A live webcast of the call will be accessible through the “September 5, 2024 Webcast Link” on the First Majestic home page at www.firstmajestic.com and on Gatos’ website at www.gatossilver.com. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.
A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling:
USA Toll-Free:
+1-877-344-7529
Canada Toll-Free:
+1-855-669-9658
Outside of Canada & USA:
+1-412-317-0088
Access Code:
4670537#
The telephone audio replay will be available for seven days following the end of the event.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. First Majestic presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine, all located in Mexico, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
Investors and Media Contact:
Darrell Rae
Investor Relations
info@firstmajestic.com
(604) 688 3033
ABOUT GATOS
Gatos is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. As a 70% owner of the Los Gatos Joint Venture (the “LGJV”), the Company is primarily focused on operating the Cerro Los Gatos mine and on growth and development of the Los Gatos district. The LGJV consists of approximately 103,000 hectares of mineral rights, representing a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones identified as priority targets.
Investors and Media Contact:
André van Niekerk
Chief Financial Officer
investors@gatossilver.com
(604) 424 0984
Important Information for Investors and Shareholders about the Transaction and Where to Find It
This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.
In connection with the proposed transaction between First Majestic and Gatos pursuant to the Definitive Agreement and subject to future developments, First Majestic will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 that is expected to include a Proxy Statement of Gatos that will also constitute a Prospectus of First Majestic (the “Proxy Statement/Prospectus”) and other documents. First Majestic will also file a management proxy circular in connection with the transaction with applicable Canadian securities regulatory authorities. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos may file with the SEC or Canadian securities regulatory authorities in connection with the pending Transaction. Gatos plans to mail to the Gatos stockholders the definitive Proxy Statement/Prospectus in connection with the transaction and First Majestic will deliver its proxy circular to First Majestic shareholders. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when available), the filings with the SEC that will be incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders will be able to obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic’s website at www.firstmajestic.com or by contacting First Majestic’s investor relations team. Copies of the documents filed with the SEC by Gatos will be available free of charge on Gatos’s website or by contacting Gatos’ investor relations team.
Participants in the Merger Solicitation
First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above and other relevant documents when it is filed with the SEC and Canadian securities regulatory authorities in connection with the Transaction. Additional information regarding First Majestic’s directors and executive officers is also included in First Majestic’s Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos’s directors and executive officers is also included in Gatos’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos’ 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized measures under the parties’ respective financial reporting frameworks. These measures include all-in sustaining costs (or “AISC”) per payable silver equivalent ounce and free cash flow. The parties believe that these measures, together with measures determined in accordance with GAAP or IFRS, provide investors with an improved ability to evaluate the underlying performance of First Majestic. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how First Majestic calculates such measures and a reconciliation of certain measures to GAAP terms please see “Non-GAAP Measures” in First Majestic’s most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.
For a complete description of how Gatos calculates such measures and a reconciliation of certain measures to GAAP terms, please see “Non-GAAP Measures” in Gatos’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 at www.sec.gov/edgar.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and “forward-looking information” under applicable Canadian securities laws (collectively, "forward-looking statements"). These statements relate to future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: closing of the Transaction and the terms and timing related thereto; the anticipated benefits of the Transaction to First Majestic, Gatos and their respective shareholders including increased shareholder value; the timing and receipt of required shareholder, stock exchange and regulatory approvals; satisfaction of the conditions to completion of the Transaction; the anticipated timing of mailing proxy statements and circulars regarding the Transaction; liquidity, enhanced value and capital markets profile of First Majestic; cash flow and revenue estimates; future growth potential for First Majestic, Gatos and their respective businesses; life of mine estimates; estimates regarding the future price of silver and other metals, asset quality and geographic spread, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, and the timing and amount of estimated future production, recovery rates, costs of production and all-in sustaining costs, capital expenditures, the costs and timing of the development of new deposits and exploration programs and expected listing of shares on the New York Stock Exchange and the Toronto Stock Exchange. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Definitive Agreement and the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; risks relating to the value of the consideration to be issued in connection with the Transaction; the diversion of management time on pending Transaction-related issues; the synergies expected from the Transaction not being realized; business integration risks; fluctuations in security markets; the duration and effects of the COVID-19, and any other pandemics on operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; availability of sufficient water for operating purposes; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; risks related to international operations; risks related to joint venture operations; outcomes of pending litigation; changes in taxation, controls and political or economic developments; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom First Majestic or Gatos does business; limitations on insurance coverage; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted or pending in Mexico, whether or not currently in force; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; First Majestic’s and Gatos’ title to properties, changes in climate conditions and extreme weather events, as well as those factors discussed in (a) the section entitled “Description of the Business - Risk Factors” in First Majestic’s most recently filed AIF, available under its profile on SEDAR+ at www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F available on EDGAR at www.sec.gov/edgar or on First Majestic’s website and (b) the Gatos’ Annual Report on Form 10-K for the year ended December 31, 2023, available on EDGAR at www.sec.gov/edgar or on Gatos’s website. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. Gatos is not affirming or adopting any statements or reports attributed to First Majestic (including prior mineral reserve and resource declaration) in this news release or made by First Majestic outside of this news release. In addition, the failure of a party to comply with the terms of the Definitive Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party’s financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic and Gatos have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
First Majestic and Gatos believe that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic and Gatos do not intend, and do not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
______________________
1 Based on First Majestic and Gatos 2024 production guidance, adjusted for First Majestic metal price assumptions and shown on an attributable basis
2 Based on analyst consensus estimates for 2024
3 Based on each company’s average daily value traded over the last twelve months
Alamos Gold Expands High-Grade Mineralization at Puerto Del Aire and Defines Multiple New High-Grade Zones at Cerro Pelon Supporting Significant Upside Potential within the PDA Project
https://ca.finance.yahoo.com/news/alamos-gold-expands-high-grade-105500760.html
Alamos Gold Inc.
Wed, September 4, 2024 at 3:55 a.m. PDT·30 min read
AGI
+0.41%
All amounts are in United States dollars, unless otherwise stated.
TORONTO, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI)
Quetzal Copper Update on Drilling and Geophysics at the Cristinas Project, Chihuahua Mexico
https://www.newsfilecorp.com/release/221567
August 29, 2024 4:57 PM EDT | Source: Quetzal Copper Limited
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") is pleased to provide an update on exploration at the Cristinas Project in Chihuahua, Mexico.
The company completed the two drill holes utilized to complete the InfiniTEM XL downhole geophysical survey. This deep penetrating survey better resolves known EM anomalies at depth.
The company will recommence drilling this week. Our team will use results of the geophysical survey to plan its next drill holes and aims to complete the drill program in September 2024.
Figure 1: Location of Drill Target and Historical Drilling at Cristinas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10393/221567_5cd253edb442ebe9_001full.jpg
CEO Matt Badiali said, "We can't wait to resume drilling at Cristinas. Now we have completed the geophysical survey and are modelling the results. The geophysical model is needed to plan the next phase of drilling. We plan to announce the results of the drill program at Cristinas in September."
Figure 2: Location of Initial 2024 Drill Holes and Geophysical Survey at Cristinas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10393/221567_5cd253edb442ebe9_002full.jpg
About the Cristinas Project
The 685-hectare Cristinas Project is in northeastern Chihuahua state, Mexico, approximately 2 hours by car from Chihuahua City in a prolific belt of carbonate-hosted deposits that extends from south-central Mexico north through the United States (Figure 3). The Cristinas Project includes a historic copper mine that operated in the 1950's on shallow copper oxide mineralization. The project features a >1,250 m long zone of copper mineralization traced through rock chips on surface and 12 historical (2014) drill holes. The copper mineralization is open along strike and at depth with significant expansion potential highlighted by geophysical surveys.
Figure 3: Major Carbonate-Hosted Deposits in the Southwestern US & Mexico
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10393/221567_5cd253edb442ebe9_003full.jpg
QP Statement
Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release. Dr. Greig is a Technical Advisor to Quetzal and is not independent of the Company.
Market Maker
Quetzal is pleased to announce, subject to regulatory approval, it has engaged the services of DS Market Solutions Inc. (DSMS) to provide equity trading advisory and liquidity provider services. DS Market Solutions will replace the previous market maker service provider, Independent Trading Group, Inc. which provided services from March 2024 through August 2024.
Under the agreement, DSMS will receive compensation of CAD $3,200 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated. There are no performance factors contained in the agreement and DSMS will not receive shares or options as compensation. DSMS and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither DSMS nor its principals have an interest, directly or indirectly, in the securities of the Company.
About DS Marketing Solutions
DS Marketing Solutions is a Mississauga, Ontario based equity trading advisor to issuers looking to enhance liquidity in their publicly traded securities. DS Market Solution's contact is its President, David Sears.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. Quetzal currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico. The Company's principal project, Princeton Copper, is located adjacent to Hudbay's Copper Mountain mine in southern British Columbia.
Quetzal Copper Limited
Matthew Badiali, CEO
Phone: (888) 227-6821
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE: Quetzal Copper Limited
Silver Wolf Announces Start of Inaugural Drill Program at the Ana Maria Project
https://www.accesswire.com/910807/silver-wolf-announces-start-of-inaugural-drill-program-at-the-ana-maria-project
Tuesday, 03 September 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / September 3, 2024 / Silver Wolf Exploration Ltd. (TSXV:SWLF)(OTCQB:SWLFF) ("Silver Wolf" or the "Company") is pleased to announce the commencement of drilling on the El Soldado Claim at the Ana Maria Project.
Over the last few months, the team has been integrating additional data into the geological model and drill plan, which has resulted in improved drill targets and a refined proposed drill program at El Soldado. The El Soldado Claim is the primary target at the Ana Maria Property and is interpreted to be a carbonate replacement deposit (CRD)-style target.
The number of planned drill holes has increased to fifteen (15) for a 2,500-metre drill budget. Two drill rigs will be utilized for the drill program and will be mainly testing targets by drilling 120-230 meters long, HQ diameter, diamond drill holes along the NW-SE prospective trend where the various historical workings and mineral occurrences have shown significant precious and base metal mineralization from surface sampling (See Figure 1 and 2). The drill planning will also use geological deposit modelling and target classic CRD alteration and brecciated carbonate host rock features.
In addition, two (2) optional holes have been laid out with planned depths of 200-250 meters to test the SE continuation of the mineralization trend, in case the preliminary results of the previous holes justify deeper target testing. The proposed drill program is subject to changes as the program progresses, and can lead to changes in number, location, depth and orientation of the drilled holes.
Figure 1: El Soldado Claim with Planned Drill Hole Locations
Figure 2: Magnified Area of the El Soldado Claim showing the Planned Drill Holes
"I am thrilled to announce the start of this fully-funded drill campaign" said Peter Latta, President. "Our team on the ground, as well as our technical advisors, have done a tremendous job collecting, analyzing and synthesizing all the data for these targets. I am eager to see the what possible mineralization lies underneath the out-cropping NW-SE trend of old workings and mineral occurrences that we have been able to identify."
Qualified Person
Dr. Honza Catchpole P. Geo., an Independent Director of Silver Wolf Exploration, is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has approved the scientific and technical disclosure in this news release.
About Silver Wolf
Silver Wolf is an exploration company focused on exploring high potential projects in prime silver and gold regions of Mexico including the Ana Maria and El Laberinto properties. The Ana Maria claims are located 21 kilometres (km) northwest of the City of Gómez Palacio and the adjacent City of Torreón. The property consists of 9 mining concessions encompassing 2,549 hectares (ha). The claims are located in a well-known area that is prolific for carbonate replacement deposits (CRDs) in the vicinity of many active or historic mining operations. The Company has operational synergies with Avino Silver & Gold Mines Ltd. and shares many years of combined experience in exploration, development and production. In addition, Silver Wolf has an experienced geological field team who have worked on similar projects with a demonstrated understanding of the jurisdiction and local communities.
For further information please contact Silver Wolf Exploration Ltd. at ph. (604) 682-3701 or visit our website at www.silverwolfexploration.com.
Connect with us on X (formerly Twitter) @SWLFexploration and on LinkedIn at Silver Wolf Exploration Ltd.
ON BEHALF OF THE BOARD
"Peter Latta"
Peter Latta
President
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on numerous assumptions and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume an obligation to update any forward-looking statement. Neither the 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 news release.
Neither the 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 news release.
SOURCE: Silver Wolf Exploration Ltd.
Prime Intersects 9.4 gpt Gold Equivalent over 10.5 metres at Tahonitas in the Z-T Trend
Continuity of Very High Gold and Silver Grades May Support Underground Mining Potential
https://ca.finance.yahoo.com/news/prime-intersects-9-4-gpt-100000977.html
Prime Mining Corp.
Tue, September 3, 2024 at 3:00 a.m. PDT·16 min read
PRMNF
-3.28%
VANCOUVER, British Columbia, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime” or the “Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) i
Minera Alamos Announces Operations Update and Q2 Financials
Nicho Main Pit Startup Progressing Well
https://www.newsfilecorp.com/release/221608
August 30, 2024 7:00 AM EDT | Source: Minera Alamos Inc. Toronto, Ontario--(Newsfile Corp. - August 30, 2024) - Minera Alamos Inc. (TSXV: MAI) (the "Company" or "Minera Alamos") is pleased to provide an operations update and select financial highlights from the second quarter of 2024 as well as some guidance regarding improved operations activity so far during Q3. For a full overview please refer to the Q2 Financial Statements and MD&A filed on Sedarplus.ca on August 29th, 2024.
"The Company is very pleased with the progress being made since implementing the new operating plan for the Santana gold mine in June. Mining and stacking rates are now approaching levels last achieved in 2022 and as the lagging gold leaching recoveries naturally expand we are looking forward to a forecasted return to cash generation at Minera in Q4 of this year." stated Darren Koningen, CEO. "We remain committed to the development of our next mine, Cerro de Oro, which continues to work its way through the permitting process and has been met by constructive dialogue with the relevant government agencies and local stakeholders. This month we also completed the final payments required for 100% ownership of Cerro de Oro, which on final calculations cost the Company less than US$6/oz based on the most recent resource estimates."
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/221608_193a0f1754623b90_002full.jpg
Q3 Operational Summary and Outlook
At the Santana gold mine where the new operations only began in June, mining rates continue to rise as the Nicho Main zone pit is opened up allowing full mining fleet utilization. Waste production from the pit is currently slightly elevated although this is normal with the commencement of a new mining area. In August 2024, overall mine production was up over 20% from the previous month (July) and approaching levels last seen in late 2022.
As the new operating plan progresses, gold mining and stacking in Q3 should exceed what was mined in the entirety of 2023.
Gold shipments recommenced in Q3 following Q2 where the focus had shifted to the preparation of the heap leach pad for the pending increase in mining and stacking activities (necessitating removal of a significant portion of active leach solution drip lines).
As gold extraction from the new mineralization being placed on the leach pad naturally expands at Santana, the Company's current forecasts project a return to net corporate cash generation in Q4 this year.
Through the end of August 2024 approximately 3400 oz of gold will have been placed on the Santana leach pad since the restart of mining activities in June.
The company continues to work on plans for the next two phases of pad expansion.
In July, a total of 7,200,000 5-year stock options (July 30th expiry) with an exercise price of $0.16 were exercised for total consideration of $1,152,000. The Company now has 18,200,000 options outstanding with strike prices of between $0.45 and $0.72.
Completion of the Acquisition of the Cerro de Oro Gold project
In August, the Company made the final payment as part of its Cerro de Oro gold project acquisition. With the US$1,000,000 cash payment and 500,000 share issuance having been made the Company is now the 100% owner of the royalty-free Cerro de Oro gold project which is currently being permitted for construction.
In total, the Company issued stock with a deemed value of USD$1,736,635 using an average exchange rate of $1.3142 and made cash payments totalling USD$2,900,000 for a total acquisition cost of USD$4,638,635 or the equivalent of USD$5.87 per ounce of contained gold based on the NI43-101 Mineral Resource Statement titled "Preliminary Economic Assessment and Mineral Resource Estimate for the Cerro de Oro Project" dated January 5th, 2023, which was first released on October 3rd, 2022.
The project remains in the permitting process and the Company continues its constructive dialogue with the federal environmental permitting agency in Mexico (SERMANAT). In addition to some technical follow-up questions, the Company received a request to update portions of the flora and fauna sampling program conducted in 2022 and that activity is currently being completed at the site.
Q2 Operational Highlights
Late in Q2, the Company started to ramp up mining activities at Santana after a revision to the development plans to utilize existing leach pad capacity while waiting on the leach pad expansion permits. The updated plans will allow mining and stacking operations to increase significantly from 2023 levels. Approximately 20,000 ounces of gold at an average grade of 0.63 g/t and an approximate strip ratio of 1.6:1 has been defined in the updated plan and will be mined over a 12-month period (see news release dated February 22nd, 2024). In addition, a further 4,500 ounces of gold at a higher grade of approximately 1 g/t will be mined and initially stockpiled for future processing pending additional studies to determine an optimal approach for crushing and processing to maximize recoveries.
In April 2024, the Company finalized internal operating plans with its mining contractor who subsequently mobilized at site the additional personnel and equipment required to support the increased mining operations with initial blasting in May in parallel with some site upgrades including new haulage roads. Mining and stacking operations commenced in June following the completion of this work and will continue under the current operating plans through H2 2024 and H1 2025. .
The benefits of these modified plans began in late June with the increase in mining and stacking from the new Nicho Main pit with greatly improved activity subsequent to quarter end (see Q3 Operational Summary and Outlook above).
Gold inventory on the leach pad was 6,158 ounces as at June 30, 2024.
Selected Financial Data:
The following selected financial data is summarized from the Company's Interim Unaudited Financial Statements and related notes thereto (the "Financial Statements') for the quarter ended June 30th, 2024, and the Management's Discussion and Analysis ("MD&A") for the quarter ended June 30th, 2024 (all numbers in Canadian dollars unless otherwise stated). A copy of the Financial Statements and MD&A is available on SEDAR+ at www.sedarplus.ca.
Operationally, revenues totalled $1,499,444 with cost of goods sold and depletion amounting to $1,329,811 for a mine operations income of $169,633. Unit costs for the quarter continued to be higher due to the fixed costs of operations being spread over fewer ounces which is expected to return to normal as operations are expanded over the coming quarters as outlined in February and April (2024) news releases.
Income from mine operations of $169,633 on sales of 505 ounces of gold for the quarter as compared to a loss of ($411,822) on sales of 1,071 ounces of gold in the corresponding quarter in 2023.
Net loss of ($7,035,249) which is inclusive of a non-cash unrealized foreign exchange loss of ($4,690,218) for the quarter or $(0.015)/share compared to net income of $2,730,220 in the corresponding quarter of 2023. The net loss for the quarter includes a significant non-realized foreign exchange loss on the Company's inter-company which is primarily due to the weakening of the Mexican pesos during the quarter as compared to the Canadian dollar. The Company's functional currency and presentation currency is the Canadian dollar and the functional currency for it's Mexican subsidiaries is the Mexican Pesos.
Cash and Cash Equivalents of $8,608,289 compared to $11,844,502 as at March 31st, 2024. The drop in cash balance reflects a designed reduction of normal operating payables during the period ahead of the anticipated increase in operational activity in late Q2 and the remainder of the year as well as costs associated with implementing the new operations plan in May and June. In addition, with priority shifting to new stacking activity on the leach pad, gold that would otherwise have been produced and sold in part from Q2 would be reflected in sales in Q3.
Working capital as of June 30th, 2024 stood at $14,480,746 compared to $18,248,668 as at March 31st, 2023.
Both the Company's cash position and overall working capital is expected to improve in Q4 as the operational plans implemented in late Q2 and Q3 bear fruit.
Cautionary Statement
The Company made its production decision at the Santana gold mine without having completed a feasibility study demonstrating economic and technical viability. As such, there may be increased uncertainty of achieving planned production levels, estimated recovery of gold, the costs associated with such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure.
Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Victoria Vargas de Szarzynski, VP Investor Relations
Tel: 289-242-3599
Email: vvargas@mineraalamos.com
Website: www.mineraalamos.com
About Minera Alamos Inc.
Minera Alamos is a gold production and development Company. The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach mine in Sonora that is currently going through the start-up of operations at the new Nicho Main deposit. The 100%-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and the proposed mining project is currently being guided through the permitting process by the Company's permitting consultants. The La Fortuna open pit gold project in Durango (100%-owned) has a positive, robust preliminary economic assessment (PEA) completed, and the main Federal permits are in place. Minera Alamos is built around its operating team that together brought three open pit heap leach gold mines into successful production in Mexico over the last 14 years.
The Company's strategy is to develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include timing, cost estimates and statements with respect to Minera Alamos' future plans, objectives and goals with respect to the Cerro de Oro gold mine including the receipt of permits and construction timeline, and the satisfaction by the Company of the closing conditions to draw the Remaining Amount. Since forward-looking statements are based on assumptions and address future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
The Company does not have a feasibility study of mineral reserves, demonstrating economic and technical viability for the Santana project, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure.
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.
SOURCE: Minera Alamos Inc.
Guanajuato Silver Reports Record Revenue and Positive Mine Operating Income in Q2
~ GSilver Reports Q2 2024 Production and Financial Results ~
https://www.accesswire.com/909423/guanajuato-silver-reports-record-revenue-and-positive-mine-operating-income-in-q2
Thursday, 29 August 2024 07:20 AM
VANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF)
LUCA REPORTS RECORD NET QUARTERLY REVENUE IN Q2 2024 OF US$18.2 MILLION, UP 49% YEAR-OVER-YEAR
https://www.prnewswire.com/news-releases/luca-reports-record-net-quarterly-revenue-in-q2-2024-of-us18-2-million-up-49-year-over-year-302233729.html
Luca Mining Corp. Aug 29, 2024, 09:00 ET
VANCOUVER, BC, Aug. 29, 2024 /PRNewswire/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce its financial results for the six months ended June 30, 2024.
Highlights
Record Net Quarterly Revenue for Q2 2024 of US$18.2 million, up 49% from Q2 2023. Total Net Revenue for the six months ended June 30, 2024, of US$34.5 million, an increase of 33% over the same 2023 period.
Positive Net Earnings of US$4.7 million for Q2 2024, an increase of 217% over Q2 2023. Q2 Earnings per share ("EPS") increased 130% over the same 2023 period at US$0.03 per share. Total Net Earnings for the six months ended June 30, 2024, were US$10.0 million, a 303% increase over the same 2023 period with EPS increasing 175% to US$0.06.
Cash flow from Operations: US$739,000 in positive cash flow from operations, with cash flow from operations before working capital changes at US$3.4 million.
Positive EBITDA and Adjusted EBITDA: US$6.1 million in positive EBITDA and US$4.1 million in positive Adjusted EBITDA for Q2
Production of 13,947 troy oz of gold equivalent: being comprised of 4,278 ounces of gold, 188,267 ounces of silver, 3,125 tonnes of zinc, 706 tons of copper and 667 tonnes of lead.
Operating Costs: All-in Sustaining costs per AuEq oz produced ("AISC") was US$1,714 at Campo Morado and US$1,677 at Tahuehueto resulting in a consolidated AISC of US$1,766. AISC increased in Q2 due to a reduction in tonnes milled over Q1, offset by reduced overall sustaining capital expenditure as Tahuehueto construction completed. AISC is expected to decrease at both Tahuehueto and at Campo Morado as production ramps up in the second half of 2024.
Tahuehueto Construction Completed: The installation of the third filter press in August 2024 marked the completion of major construction at Tahuehueto. The Company is now commissioning the plant and anticipates ramping up to full production by Q4 2024.
Campo Morado Improvement Project ("CMIP"): Progress continues on refurbishment of float cells, thickeners and filters to ensure reliable plant operation. The focus remains on two key objectives: increasing mill throughput, and sustaining plant performance. The copper-lead separation stage of the project is advancing and is expected to be completed by Q4 2024.
Dan Barnholden, CEO stated, "I am very pleased with our Q2 2024 results. We have achieved positive net income, positive EBITDA and positive Adjusted EBITDA for the second quarter in a row, as well as positive cash flow from operations. I fully expect this trend to continue as Campo Morado and Tahuehueto continue to ramp up to full capacity. We have engaged a leading mine contractor, Cominvi, S.A. de C.V., for our Campo Morado operations which will improve our mobile equipment availability as well as provide enhanced efficiencies going forward. These improvements, along with the ongoing Campo Morado Improvement Project and Tahuehueto achieving commercial production in the near future, sets the stage for exciting growth in the second half and substantial cash flows in 2025."
"Lisa Dea, CFO, commented, "It has been gratifying to witness the transformation of the Company over the past several months. The numbers show that the Company has truly turned a corner, and I look forward to further growth ahead."
Production and Financial Overview
1.
Gold equivalents are calculated using an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023, an 84.46:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for YTD 2024; and an 83.02:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0020:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for YTD 2023, respectively.
2.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See Reconciliation to IFRS on page 29 of the June 30, 2024 MD&A.
3.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital on page 29 of the June 30, 2024 MD&A.
4.
See Reconciliation of earnings before interest, taxes, depreciation, and amortization on page 26 of the June 30, 2024 MD&A.
5.
See "Non-IFRS Financial Measures" on page 25 of the June 30, 2024 MD&A.
6.
Based on provisional sales before final price adjustments, treatment, and refining charges.
7.
Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating loss. See Reconciliation to IFRS on page 25 of the June 30, 2024 MD&A.
8.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 29 of the June 30, 2024 MD&A.
9.
Production costs include mining, milling, and direct overhead cost at the operation sites. See reconciliation on page 29 of the June 30, 2024 MD&A.
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico. The Company produces gold, silver, zinc, copper and lead from these mines that each have considerable development and resource upside.
The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining region in Mexico. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimisation program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.
The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre Mineral Belt which hosts numerous producing and historic mines along its trend. The Company has completed the installation of major equipment and is commissioning its mill capacity to 1,000 tonnes per day, with key test work and production ramp-up underway, to achieve full production by Q4 2024.
The Company expects its operations to start generating positive cash flows in 2024. Luca Mining is focused on growth with the aim of maximizing shareholder returns.
For more information, please visit: www.lucamining.com.
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, CEO
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Chris Richings, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned program to improve mining operations at Campo Morado; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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.
NON-IFRS FINANCIAL MEASURES
The Company has disclosed certain non-IFRS financial measures and ratios in this MD&A, as discussed below. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by Management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company's performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company's performance prepared in accordance with IFRS.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-122") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ration, fraction, percentage or similar representation.
A non-IFRS ratio is defined by 52-112 as a financial measure disclosed that (a) is in the form of a ration, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
Working Capital
Working capital is a non-IFRS measure that is a common measure of liquidity but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and net of current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.
Mine Operating Cash Flow before Taxes
Mine operating cash flow before taxes is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Mine operating cash flow is calculated as revenue minus production costs, transportation and selling costs and inventory changes. Mine operating cash flow is used by management to assess the performance of the mine operations, excluding corporate and exploration activities, and is provided to investors as a measure of the Company's operating performance.
EBITDA
EBITDA is a non-IFRS financial measure, which excludes the following from net earnings:
Income tax expense;
Finance costs;
Amortization and depletion.
Adjusted EBITDA excludes the following additional items from EBITDA:
Share based compensation;
Non-recurring impairments (reversals);
Loss (gain) on Settlement of debt;
Significant other non-routine finance items.
Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the basic weighted average number of shares outstanding for the period.
Management believes EBITDA is a valuable indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a Company.
EBITDA is intended to provide additional information to investors and analysts. It does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined by IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.
Realized Price per Ounce and Realized Price per Tonne
Realized price per ounce or per tonne are based on provisional prices received from the sales of gold, silver, zinc, copper and lead before price adjustments and treatment and refining charges. It also excludes income from streaming.
Operating Cash Flow before Working Capital Changes
Operating cash flow before working capital changes per share is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Operating cash flow per share is calculated by dividing cash from operating activities by the basic weighted average shares outstanding. Operating cash flow per share is used by management to assess operating performance on a per share basis, irrespective of working capital changes and is provided to investors as a measure of the Company's operating performance.
Cash Cost per AuEq Ounce, All-In Sustaining Cost per AuEq Ounce, All-In Cost per AuEq Ounce and Production Cost per Tonne
Cash costs per gold equivalent oz and production costs per tonne are measures developed by precious metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS measures and ratios are similar to those reported by other mining companies. Cash costs per gold equivalent ounce and total production cost per tonne are non-IFRS performance measures used by the Company to manage and evaluate operating performance at its operating mining unit, in conjunction with the related IFRS amounts. They are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Production costs include mining, milling, and direct overhead at the operation sites. Cash costs include all direct costs plus royalties and special mining duty. Total production costs include all cash costs plus amortization and depletion, changes in amortization and depletion in finished goods inventory and site share-based compensation. Cash costs per gold equivalent ounce is calculated by dividing cash costs and total production costs by the payable gold equivalent ounces produced. Production costs per tonne are calculated by dividing production costs by the number of processed tonnes. The following tables provide a detailed reconciliation of these measures to the Company's direct production costs, as reported in its consolidated financial statements.
All-in Sustaining Costs ("AISC") is a non-IFRS performance measure and was calculated based on guidance provided by the World Gold Council ("WGC"). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining capital expenditures. AISC is a more comprehensive measure than cash cost per ounce and is useful for investors and management to assess the Company's operating performance by providing greater visibility, comparability and representation of the total costs associated with producing gold equivalent ounces from its current operations, in conjunction with related IFRS amounts. AISC helps investors to assess costs against peers in the industry and helps management assess the performance of its mine.
AISC includes total production costs (IFRS measure) incurred at the Company's mining operation, which forms the basis of the Company's total cash costs. Additionally, the Company includes sustaining capital expenditures, corporate general and administrative expenses, operating lease payments and reclamation cost accretion. The Company believes this measure represents the total sustainable costs of producing silver and gold concentrate from current operations and provides additional information of the Company's operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold equivalent ounces from the zinc and lead concentrate production from current operations, new projects capital at current operation is not included. Certain other cash expenditures, including share-based payments, tax payments, dividends and financing costs are also not included.
The following tables provide detailed reconciliations of these measures to cost of sales, as reported in notes to our consolidated financial statements.
1.
Gold equivalents are calculated using an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023.
2.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs.
3.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation and sustaining capital.
4.
Production costs include mining, milling, and direct overhead at the operation sites.
5.
Tahuehueto is currently pre-production as construction of the plant to 1,000 tonnes per day is near completion.
1.
Gold equivalents are calculated using an 84.46:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for YTD 2024; and an 83.02:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0020:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for YTD 2023, respectively.
2.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs.
3.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation and sustaining capital.
4.
Production costs include mining, milling, and direct overhead at the operation sites.
5.
Tahuehueto is currently pre-production as construction of the plant to 1,000 tonnes per day is near completion.
The following table is a summary of these measures to cost of sales by quarter and year to date.
1.
Gold equivalents are calculated using an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q3 2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1 (Ag/Au), 0.0008:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2023, an 84.46:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for YTD 2024; and an 83.02:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0020:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for YTD 2023
2.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs.
3.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital.
4.
Production costs include mining, milling, and direct overhead at the operation sites.
5.
1.3488, 1.3617, 1.3412, 1.3433 and 1.3520 average FX rate for Q1 2024, Q1, Q2, Q3 and Q4 2023, respectively, used to translate CAD$ to USD$.
SOURCE Luca Mining Corp.
Xali Gold Advances on Two Fronts at El Oro
https://ca.finance.yahoo.com/news/xali-gold-advances-two-fronts-110000197.html
Xali Gold Corp.
Wed, August 28, 2024 at 4:00 a.m. PDT·4 min read
CGDXF
0.00%
VANCOUVER, British Columbia, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or “the Company”) is pleased to advise that it now has two active projects in the El Oro Mining District, State of Mexico, Mexico.
“We’re excited to be making progress on two fronts at El Oro and planning further exploration here,” states Joanne Freeze, President and CEO of Xali Gold. “In today’s productive meetings with our partners and government officials in El Oro, it became clear that our efforts could bring significant benefits to the local community as well as to our investors. Our strategy to develop potential revenue streams through local Mexican partnerships while resuming exploration in both Mexico and Peru is progressing very well.”
El Oro Underground Project
Xali Gold met with Remedioambiente S.A. de C.V. (“Remedioambiente”), Mexican subsidiary of Rio Verde Resources, in El Oro this week to review their field work to date and discuss how the two Company’s plans for work can benefit each other and the local community.
Remedioambiente has the exclusive right to explore and extract gold and silver above the 2400 metre (“m”) level in the historic mine workings on five mining concessions in El Oro, in exchange for a 3% Net Smelter Return (“NSR”) to Xali Gold. Xali Gold retains the exclusive ownership of all mineral bodies that may be discovered or delineated below the 2400 m level. See the Company’s July 22, 2024 News Release.
As important as the revenue potential from the NSR is, the underground access that Remedioambiente plans to open would be invaluable for Xali Gold’s exploration efforts, particularly for drilling. Previous drilling demonstrated that gold and silver mineralization continues for several hundreds of metres below the historic mine levels and there are many indicators that a second deeper mineralizing system has been active in El Oro. Drilling is key to understand and delineate higher grade targets.
El Oro Tailings Project
Following the successful completion of a 34-hole drill program for metallurgical test work on the Mexican Mine Tailings in El Oro, Mexico, samples were shipped to Kappes, Cassiday and Associates (“KCA”) lab in Reno, Nevada as announced in the Company’s July 11, 2024 News Release. Metallurgical testing is underway and results are expected by the end of Q3 2024.
KCA has the right to process and sell all gold and silver recovered from the Tailings in return for a gross royalty of 3 to 4% to Xali Gold as well as an 8% Net Profits Interest to the municipality of El Oro. See News Releases dated April 15, 2024 and May 16, 2024.
The tailings are estimated to contain 1.27 million tonnes at a grade of 2.94 grams per tonne (“gpt”) gold and 75.12 gpt silver (3.85 gpt gold equivalent) containing 119,900 ounces of gold and 3,061,200 ounces of silver as per an Inferred Mineral Resource Estimate National Instrument 43-101 Resource Study in 2014*. KCA’s recent work indicates an estimated recovery of over 75% of the gold and silver.
*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com.
About Xali Gold
Xali Gold has gold and silver projects in Peru and Mexico. The Company’s flagship project El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4M ozs of gold and 74M ozs of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin Nr. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores).
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200m.
Xali Gold is dedicated to being a responsible Community partner.
Joanne C. Freeze, P.Geo., President and CEO is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. Ms. Freeze has reviewed and approved the contents of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
On behalf of the Board of Xali Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 604-512-3359
info@xaligold.com
Forward-looking Information
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to historical production records. While such forward-looking information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, they may address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Xali Gold’s MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
VIZSLA SILVER CONFIRMS EXCEPTIONAL CONTINUITY OF HIGH-GRADE SILVER AND GOLD THROUGH ONGOING INFILL DRILLING AT COPALA CENTRAL
https://www.newswire.ca/news-releases/vizsla-silver-confirms-exceptional-continuity-of-high-grade-silver-and-gold-through-ongoing-infill-drilling-at-copala-central-818588306.html
Vizsla Silver Corp. Aug 28, 2024, 06:00 ET
NYSE: VZLA TSX-V: VZLA
Guanajuato Silver Provides Operations Update
https://www.accesswire.com/907833/guanajuato-silver-provides-operations-update
Tuesday, 27 August 2024 07:25 AM
VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF)
Silver Tiger Intersects 126.6 Metres of 0.77 g/t Gold Equivalent in the Near -Surface Stockwork Zone Including 19.6 Metres of 1.68 g/t Gold Equivalent
https://www.accesswire.com/907788/silver-tiger-intersects-1266-metres-of-077-gt-gold-equivalent-in-the-near-surface-stockwork-zone-including-196-metres-of-168-gt-gold-equivalent
Tuesday, 27 August 2024 07:00 AM
HALIFAX, NS / ACCESSWIRE / August 27, 2024 / Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF)
Plata Latina Announces Sale and Royalty Agreement with Fortuna on the La Joya Project
https://www.newsfilecorp.com/release/220788
August 22, 2024 9:00 AM EDT | Source: Plata Latina Minerals Corporation
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2024) - Plata Latina Minerals Corporation (TSXV: PLA) ("Plata Latina" or the "Company") is pleased to announce that, through its wholly-owned subsidiary Plaminco S.A. de C.V., it has entered into an agreement with a wholly-owned subsidiary of Fortuna Mining Corp. ("Fortuna") wherein Plata Latina has assigned to Fortuna the mining concession for the La Joya Project (the "Project") in consideration for the right to receive a royalty of 2% of the Net Smelter Returns ("NSR") on the Project commencing at the start of commercial production on the Project. Fortuna may at any time acquire 1% of the NSR for US$1,000,000. The La Joya Project is located in the state of Hidalgo, Mexico.
"We are pleased we are able to retain exposure to the future upside at the La Joya Project and add another royalty to our Company," stated Letitia Wong, Plata Latina's President and CEO. "We now have two royalties in our portfolio as we continue our strategic review of Plata Latina and explore potential transformational transactions. With both cash and cash flow, we are taking the time to thoroughly evaluate various opportunities."
Plata Latina also has a royalty agreement with a wholly-owned subsidiary of Fresnillo plc on the Naranjillo Property. The Company currently receives advance royalty payments of US $100,000 until the earlier of (i) US $1,000,000 of advance royalty payments have been paid, or (ii) Naranjillo commences commercial production of minerals. The Company also was granted a 3% NSR royalty. Naranjillo is located in Guanajuato, Mexico.
About Plata Latina Minerals
Plata Latina Minerals was a Canadian exploration company with mineral properties in Mexico. The Company sold its Naranjillo Property to Fresnillo plc for a total of US $2,150,000 and currently receives advance royalty payments of US $100,000 until the earlier of (i) US $1,000,000 of advance royalty payments have been paid, or (ii) Naranjillo commences commercial production of minerals. In addition, the Company was granted a 3% net smelter return royalty (NSR). The Company also has a 2% NSR on the La Joya Project, which is indirectly owned by Fortuna Mining Corp.
For more information, please contact:
Patricia Fong
Chief Financial Officer
Telephone: +1 800 933 9925
Email: info@plminerals.com
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.
SOURCE: Plata Latina Minerals Corporation
Ranchero Enters Into a Letter of Intent to Sell Mexican Subsidiary, and Related Party Loan
https://ca.finance.yahoo.com/news/ranchero-enters-letter-intent-sell-110000469.html
Ranchero Gold Corp.
Wed, August 21, 2024 at 4:00 a.m. PDT·5 min read
AGI
+0.80%
RNCHF
0.00%
VANCOUVER, British Columbia, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Ranchero Gold Corp. (“Ranchero” or the “Company”) (TSX.V:RNCH) is pleased to announce that has entered into a letter of intent to sell its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V. (“Paika”) to an arm’s length party purchaser for nil consideration.
The sale of Paika, which includes four licenses totaling 16,876 hectares on the Santa Daniela project area, regional water rights and a conditional payment of US$2,500,000 pursuant to the sale by Paika of four mineral licenses to Minas de Oro Nacional, S.A. de C.V., a wholly-owned subsidiary of Alamos Gold Inc. (TSX:AGI) as detailed in the Company’s press release on June 19, 2024 (“Conditional Payment”), will offset accrued liabilities in Paika of $3,545,852 of land fee payments and accrued interest due on the Santa Daniela mineral concessions (collectively, the “Liabilities”) along with a potential finder’s fee in related to the Conditional Payment, as detailed in the press release of June 19, 2024. Under the terms of the transaction, the Liabilities will be assumed by the arm’s length purchaser and will not be transferred to Ranchero or its associates and affiliates. The letter of intent is subject to the Company completing its due diligence. The parties intend that the letter of intent will be replaced by a definitive share purchase agreement between the parties to complete the sale of Paika.
Jesus Noriega, interim Chief Executive Officer of Ranchero said, “The sale of Paika is a watershed moment for the Company, substantially reducing the liabilities of the Company and providing a platform from which we can focus our efforts on continuing to exploring the Pinchi Lake nickel project as well as opportunistically looking at new projects.”
Loan to Related Party
The Company announces that it has agreed to loan up to $30,000 (the “Loan”) to Toro Silver Corp. (“Toro”), a private British Columbia company. The principal amount of the Loan will accrue interest at a rate of 15% per annum. The outstanding balance of the Loan will be repayable upon demand of the Company after December 31, 2024. The Company will advance the Loan to Toro to pay for the audit of Toro’s financial statements. The Loan is evidenced by the terms of a demand promissory note between the Company and Toro. The Loan is subject to the approval of the TSX Venture Exchange.
The Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as Gustavo Mazon and Martyn Buttenshaw are directors of both the Company and Toro, Martyn Buttenshaw is the Chief Executive Officer of Toro and Gustavo Mazon has control and direction of the Company and Toro. The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the Loan, in reliance on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the Loan does not exceed 25% of the Company’s market capitalization as determined in accordance with MI 61-101. The Company obtained approval by the board of directors of the Company to the Loan, with Messrs. Buttenshaw and Mazon declaring their interest and abstaining on the resolutions. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
About Ranchero Gold
Ranchero is an exploration and development company currently focused on the Pinchi Lake Nickel Project (the “Pinchi Project”). Ranchero can earn a 100% interest in the Pinchi Project, consisting of six mineral claims totaling 3,917 hectares, situated approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia.
On behalf of the Board of Directors of the Company:
Jesus Noriega
Interim Chief Executive Officer and Director
For further information, please contact:
Jesus Noriega
Interim Chief Executive Officer and Director
52 1 (662) 437 8520
info@rancherogold.com
Neither the 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.
Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), or that are not statements of historical fact, may be “forward-looking statements”. Forward-looking statements contained in this news release include, but are not limited to, statements regarding the terms and completion of the sale of Paika, including entering into a share purchase agreement, and the terms and completion of the Loan.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. These risks and uncertainties include but are not limited to: risks related to regulatory approval, risks related to financial markets and mining companies generally, and risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Colibri Samples 4.64 g/t Au at the EP Project, Caborca Gold Belt, Sonora,
https://www.newsfilecorp.com/release/220792
Mexico August 22, 2024 9:48 AM EDT | Source: Colibri Resource Corporation
Dieppe, New Brunswick--(Newsfile Corp. - August 22, 2024) - Colibri Resource Corporation (TSXV: CBI) (OTC Pink: CRUCF) ("Colibri" or the "Company") is pleased to report the results of geological mapping and outcrop sampling recently completed on the Plomo property at the EP gold project located in the Caborca Gold Belt, NW Sonora. Highlights include outcrop grab samples which returned values up to 2.99 grams per tonne ("g/t") Au which extend the footprint of surface mineralization at the San Perfecto target approximately 350 meters ("m") and samples from La Culebra target area that returned values up to 4.64 g/t Au occurring over a strike length of approximately 650 m.
Ian McGavney, President & CEO of Colibri commented: "The southwest part of the San Perfecto area is on the books as a priority drill target for Colibri. We are extremely pleased with the results of the recent mapping and sampling at San Perfecto which expanded the area of known mineralization and thereby the scope and potential of our drill target. The work at La Culebra has confirmed historical sampling and demonstrates discovery potential over a 650 m strike length which remains open. We are very encouraged by the common copper occurrences at La Culebra. Reporting these new results from our most advanced, highest priority target and from one of our earlier stage targets clearly demonstrates the significant discovery potential of the large EP property position"
San Perfecto Target
Work recently completed at the San Perfecto target area includes geological mapping and the collection and assay of 29 outcrop grab samples. Results include 14 samples which returned values greater that 0.1 g/t Au, including 9 samples greater than 0.5 g/t Au and 6 samples greater than 1.0 g/t Au, that define a cluster of mineralized outcrops which extend the footprint of known surface mineralization at San Perfecto approximately 350 m to the east-southeast. The footprint of mineralization at San Perfecto is now approximately 1,250 m by 700m and remains open to the southeast (see figure 1). The mineralization is hosted by moderately to strongly foliated and altered diorite. Alteration consists of strong silicification and sericite with disseminated and oxidized fine grained pyrite. Quartz micro-veinlets are locally recognized in the higher-grade samples. The diorite host rock and style of mineralization is continuous for approximately 1 km to the northeast at the San Perfecto target. The domain of foliated, altered, and mineralized diorite is coincident with a northeast magnetic low trend and overlies a strong apparent chargeability anomaly.
The San Perfecto target area is characterized by variably to strongly altered volcanic and intrusive rocks. Anomalous to high grade gold mineralization is associated with fine grained pyrite bearing altered rocks, altered rocks with veinlets and vein stockworks, and with larger veins hosted by fault zones. A total of 616 samples are reported from the San Perfecto Target surface area (102 by Colibri and 514 historical) of which 315, approximately 50%, have returned values greater than 0.10 g/t Au and 213, approximately 35%, have returned assay values greater than 0.25 g/t Au. Ninety-one samples (approximately 15% of the total) have returned Au assays greater than 1.00 g/t with the highest grades, up to 58.9 g/t Au being associated with strong silicification and veins in faults zones. A number of historical (artisanal) pits have been developed in the San Perfecto area including a larger production pit with a surface opening approximately of 35 m x 30 m. Only two exploration holes have been drilled in the area and both have intersected significant mineralization. Supported by interpretation of magnetic and IP data sets, the Company has interpreted the San Perfecto area as being indicative of a well developed high level orogenic gold system with the potential to host economically significant mineralization. The San Perfecto is a top priority target on the EP project.
Figure 1: San Perfecto Samples Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/220792_a946ef2424a7aaa3_001full.jpg
La Culebra Target
La Culebra target area is located approximately 3 km to the southeast of the prioritized core target areas on the Plomo property. The recently completed work was undertaken to follow up on historical assays with reported values up to 4.28 g/t Au. A total of 34 grab samples were taken from La Culebra target area; 14 of the samples returned assay vales greater than 0.1 g/t Au, which includes 9 samples greater than 0.5 g/t Au, 5 samples greater than 1 g/t Au, and high values of 4.64 and 4.46 g/t Au. Mineralization is hosted by rusty zones which were mapped over a 650 m strike length in a northeast direction and coincident with an andesite-rhyolite contact (Figure 2). The rusty zones host historical test pits. Alteration consists of quartz, sericite and oxidized pyrite and common malachite occurrences.
Figure 2 - La Culebra Samples Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/220792_a946ef2424a7aaa3_002full.jpg
About the EP Project and Next Steps
The EP Gold Project is located within the Caborca Gold Belt ("CGB") of northwestern Sonora and is comprised of the Evelyn and the Plomo properties covering a total of 4,766 hectares ("Ha"). The northwest trending CGB is approximately 500 km in length and is characterized by a number of orogenic-type gold deposits, prospects, and occurrences including the > 15 million ounce La Herradura Mine, located 25 km west of EP, the > 2-million-ounce Noche Buena Mine located approximately 8 km southwest of EP, and the past producing Soledad-Dipolos Mine (> 3 Moz Au) located approximately 32 km to the northwest of EP (see figure 3).
Figure 3: EP Project location within the Caborca Gold Belt
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/220792_a946ef2424a7aaa3_003full.jpg
The Evelyn property was acquired by the Company in 2012 and the acquisition of the Plomo property was completed in March of 2023. On the Evelyn property, Colibri has completed comprehensive surface exploration including soil sampling, geological mapping and outcrop sampling, an airborne magnetic survey, and a property wide induced polarization survey. Since February 2020, Colibri has drilled a total of 12,333 metres (total of reverse circulation and core drilling) and is advancing mineralized zones at the Main Zone, El Sahuaro, and West Sahuaro. On the Plomo property, the Company has compiled historical exploration data and has completed earlier stage exploration programs which included geological mapping and outcrop sampling at selected target areas on the property.
The Company is continuing to advance its EP project-wide interpretation and exploration model and has identified 14 target areas (see figure 4) with recent and historical work that includes high grade grab samples from outcrop, high grade grab and channel samples from historical mine working, and drill intercepts that are both locally high grade and are consistent with grades being mined in the Caborca Gold Belt. Current work includes interpretation and inclusion of the airborne (drone) magnetic survey over a selected part of the Plomo property that was completed in January, 2024 and recent mapping and sampling to plan and prioritize drilling and continued surface exploration.
Figure 4: EP Project Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4269/220792_a946ef2424a7aaa3_004full.jpg
QUALIFIED PERSON
Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico's second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.
For more information about all Company projects please visit: www.colibriresource.com.
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.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.
For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com
SOURCE: Colibri Resource Corporation
VIZSLA SILVER PROVIDES EXPLORATION UPDATE ON PANUCO PROJECT: OUTLINES 10KM DRILL PROGRAM TO TEST NEW TARGETS IN THE EAST AREA
https://www.newswire.ca/news-releases/vizsla-silver-provides-exploration-update-on-panuco-project-outlines-10km-drill-program-to-test-new-targets-in-the-east-area-817884966.html
Vizsla Silver Corp. Aug 21, 2024, 06:00 ET
NYSE: VZLA TSX-V: VZLA
Pantera Silver Announces Corporate Update and Strategic Focus
https://www.newsfilecorp.com/release/220582
August 20, 2024 2:33 PM EDT | Source: Pantera Silver Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Pantera Silver Corp. (TSXV: PNTR) ("Pantera" or the "Company") is pleased to provide a corporate update on its ongoing initiatives and strategic direction. As a junior resource company focused on exploration primarily for silver, it has always been a key focus of the Company to advance work at the Nuevo Taxco Silver Project and acquire additional silver exploration assets.
Upcoming Exploration at Nuevo Taxco
The Company is currently evaluating various options to restart exploration work on our Nuevo Taxco Silver project located near the municipality of Taxco - the historical silver capital of Mexico. Work is targeted to commence in the third quarter of 2024. The Company will disclose work program details once finalized. However, work will likely focus on initial sampling and mapping in the "Southwest Zone" of the Nuevo Taxco concession. A major mining company has been actively exploring near the western border of the Southwest Zone, where targeted veins are known to strike onto the Nuevo Taxco concession. The company's initial exploration drilling on Nuevo Taxco is a promising start, and the project holds potential for further exploration with the majority of the approximate 1,100 hectares considered under-explored.
Strategic Focus on Asset Acquisition for Silver
Pantera Silver Corp remains committed to capitalizing on the current market dynamics, which present advantageous opportunities for asset acquisition. The Company is actively pursuing potential acquisitions to enhance its balance sheet and secure high-potential assets that align with its long-term objectives.
Portfolio Development
Our primary goal has consistently been to build a robust portfolio comprising 2-3 high-quality projects focused on silver. This strategic approach ensures that we are well-positioned to expand the opportunity to deliver value to our shareholders through discovery.
About Pantera Silver Corp.
Pantera Silver Corp. is a mineral exploration and development company committed to enhancing shareholder value by advancing a diverse portfolio of mineral projects through collaborative partnerships and highly experienced technical teams. Pantera will continue to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities that build lasting relationships through honest and respectful business and environmental practices while contributing to the growing needs of mined raw materials for a new green economy. For more information visit http://www.panterasilver.com, or email panterasilvercorp@gmail.com.
On behalf of the Board of Directors
"Jay Roberge"
CEO/Chairman
Pantera Silver Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this press release include that we can complete the Private Placement. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Pantera Silver Corp disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as required by law.
Not for distribution to United States newswire services or for release publication, distribution or dissemination
directly, or indirectly, in whole or in part, in or into the United States.
SOURCE: Pantera Silver Corp.
Radius Gold Extends Drill Program on Plata Verde Silver Project
https://thenewswire.com/press-releases/1B2aFpDOg-radius-gold-extends-drill-program-on-plata-verde-silver-project.html
August 23, 2024 – TheNewswire – Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) is pleased to announce initial results of the exploration program on its Plata Verde silver project in Chihuahua, Mexico. Radius, in partnership with Minera San Julian, S.A. de C.V. (“Minera San Julian”), a wholly owned subsidiary of Fresnillo plc (“Fresnillo”), are targeting bulk minable, underground silver resources at the historic Plata Verde mines.
The first batch of assay results from Plata Verde’s drill program has been received, with the first four holes, PV-01 to PV-04 totalling approximately 900m in drilling, focused on the eastern side of the valley. These initial drill holes cut several zones of low-grade silver mineralization and indicate limited potential for an economic discovery in the eastern extension of silver mantos. However, encouraging results have been achieved on the western side of the valley with drill holes PV-05 through PV-08 showing greater thickness of the basaltic host rock and improved visual mineralization (assays pending).
The most recent hole drilled, PV-09, located further northwest (Figure 1: Plata Verde Drill Program), intersected visually improved results, cutting through greater width of basaltic host and encountering visibly the most attractive mineralization seen so far in this drilling program. The improving visual results as the drill rig moves west has prompted the JV partnership to extend the planned drill program, adding three additional drill holes to test the extension of this target zone.
“We are excited to continue drilling at Plata Verde, particularly with the results from PV-09,” stated Bruce Smith, CEO/President of Radius Gold. “The decision to extend the drill program reflects our commitment to fully explore and unlock the potential of this project.”
Radius Gold will continue to provide updates as the drilling progresses.
Figure 1: Plata Verde Drill Program
Click Image To View Full Size
Technical Information
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius’ Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala utilizing partnerships where appropriate to retain the Company’s treasury. Management is seeking out additional investment and project acquisition opportunities across the globe. Radius is a member of the Gold Group of companies, led by Simon Ridgway. You may find more information on Radius Gold at www.radiusgold.com or www.sedarplus.ca.
ON BEHALF OF THE BOARD
Simon Ridgway
Executive Chairman
Symbol: TSXV-RDU
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Email: info@goldgroup.com
Website: www.radiusgold.com
Neither the 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.
Forward-looking statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s plans for its properties. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
IMPACT Silver Announces Q2 2024 Results with Strong Revenue Growth of 40% on Increasing Plomosas Production
https://www.newsfilecorp.com/release/220576
August 20, 2024 1:39 PM EDT | Source: IMPACT Silver Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") announces its financial and operating results for the second quarter ended June 30, 2024.
Overall revenue in Q2 2024 was $7.7 million, representing a significant 40% increase over Q2 2023 revenue of $5.5 million. Revenue in Q2 2024 includes $1.8 million from the Plomosas high-grade zinc mine up from $1.0 million in Q1 2024. The Plomosas high-grade zinc mine (acquired in April 2023) was brought online in late 2023 and therefore, year-over-year comparisons do not include any revenue or operating costs recorded in Q2 2023. Meanwhile, revenue at the Zacualpan silver-lead-zinc project increased to $5.9 million in Q2 2024 from $5.4 in Q2 2023 despite lower production on a year-over-year basis, owing mostly to stronger silver prices.
The mine operating loss (before amortization and depletion) in Q2 2024 was $0.2 million compared to income of $0.9 million Q2 2023 which did not include any start-up and operating costs from Plomosas. The Company continued to experience cost pressures at its mine sites, certain one-time costs associated with bringing the Plomosas mine online, and the negative effects of a strong Mexican Peso. The net loss in Q2 2024 was $2.6 million compared to a net loss of $0.9 million in Q2 2023.
Q2 2024 Consolidated Financial Overview
Revenue in Q2 2024 was $7.7 million, up from $5.5 million in Q2 2023.
Mine operating loss before amortization and depletion[1] in Q2 2024 was $0.22 million, compared to income of $0.9 million in Q2 2023.
The net loss in Q2 2024 was $2.6 million after foreign exchange expense and deferred income taxes totalling $0.6 million compared to net loss of $0.9 million in Q2 2023.
After investing $1.6 million in exploration expenditures and mining assets during the quarter, the cash position remained strong at quarter-end with $9.9 million and working capital of $8.8 million.
During the quarter, the Company closed a non-brokered "LIFE" and private placement of $8.6 million.
The Company has no long-term debt.
Q2 2024 Zacualpan Mine Production Overview
Mill throughput in Q2 2024 was 35,062 tonnes compared to 35,753 tonnes in Q2 2023.
Silver production during the period decreased by 2% to 152,152 oz compared to 155,744 oz in Q2 2023 while lead and gold production decreased on a year-over-year basis by 36% and 69%, respectively.
Revenue per tonne sold was $168.17 in Q2 2024, representing an increase of 8% compared to $155.67 in the same period of 2023.
Direct costs per production tonne were $153.26 in Q2 2024, representing an increase of 17% over Q2 2023 costs of $130.67 per tonne. Much of this increase is due to foreign exchange, a retroactive union labour settlement including associated bonuses, with the balance coming from inflation-related pressures in Mexico. On a Mexican Peso basis, costs for the first six months of 2024 were the same as the first six months of 2023.
Zacualpan Silver District Review
The Company's overall average mill head grade of 161 g/t during the period was down 1% year-over-year from 163 g/t in Q2 2023. Gold production during the period was temporarily reduced compared to the same period in 2023 as the Company adjusted mining efficiencies and improved recoveries from its gold-rich Alacran mine. The Company is continuing to focus on exploration and development of the mining district in Q2 2024, having drilled 5,243 meters over the last six months.
Stronger metal prices on a year-over-year basis are due to increased confidence of pending looser monetary policy in 2024 as well as geopolitical uncertainties emanating from Eastern Europe and the Middle East. A flight to safety has increased the flow of funds into commodities in general, and the mining sector in particular as investors seek protection from ongoing inflationary pressures. Notwithstanding, ongoing cost inflation continues to impact costs throughout the supply chain and labour network, despite a softening of these trends since late 2023. Moreover, the overall negative effect of a strong Mexican Peso continues to hamper the Company's profit margins. The rate of cost increases at Zacualpan may start to subside further in 2H 2024 as new labour contracts have provided some cost certainty while the Company works to improve throughput grade.
Q2 2024 Plomosas Mine Production Overview
The Plomosas high-grade zinc mine (acquired in April 2023) was brought online in late 2023 and production continues to ramp up
Mill throughput in Q2 2024 was 9,256 tonnes, up 157% from 3,594 tonnes in Q1 2024.
Since the start of 2024, the average zinc grade was 14%, lead was 8.7% and silver was 43.7 g/t.
Over the last six months, the Company drilled 14,377 meters to support ongoing and future production.
Production at the start of Q2 2024 was approximately 100 tpd (tonnes per day), compared to no production in the same period last year.
Costs at Plomosas stabilized over the first six months of 2024 despite ongoing costs related to site improvements and mine development, resulting in a $0.2 million cost decrease in Q2 2024 compared to Q1 2024.
Plomosas High-Grade Zinc Mine Review
Following the acquisition of the Plomosas high grade zinc (lead-silver) mine in April 2023, the Company was focused on rehabilitating the mine, plant and equipment, and commenced limited start-up operations in late 2023 while initiating an extensive exploration program. During Q2 2024, the Company accelerated the production ramp-up at Plomosas and expects continued growth in production levels, reaching 150-170 tpd by the end of Q3 2024 and eventually design capacity levels by late 2024/early 2025 of 225 tpd.
This production ramp up is reflected in the current financial results and should continue to play a larger role over the balance of 2024 and into 2025. As the operation reaches design capacity, investors should anticipate higher overall revenue from the project and an ongoing decrease in per tonne operating costs, as was the case in Q2 2024 compared to Q1 2024.
Fred Davidson, President & CEO of IMPACT, stated, "During the second quarter, our team at Plomosas successfully met its objective of increasing production throughput following a substantive but continuing mine rehabilitation program. As we approach design capacity levels over the coming quarters, we expect to expand the mine's development and increase high-grade production activity at site. Meanwhile, our silver operations at Zacualpan are adapting to higher cost profiles by improving efficiencies in terms of grade and recoveries, which we expect to bear fruit in 2025. Our new discovery of the Keno vein is exciting and potentially the start of a trend of new higher grade production results beginning later this year."
Outlook - Grade Improvement at Zacualpan & Production Increasing at Plomosas
The Company's strong balance sheet provides it with a solid footing to continue to improve efficiencies at the Zacualpan silver-lead-zinc operation while allowing for ongoing production increases at the Plomosas high-grade zinc mine.
Through year-end 2024, management expects the production mix at Zacualpan to reflect higher grade mine development on the back of recently encouraging exploration results. The operation can be nimble as it seeks higher grade production mixes from its various legacy mines and new discoveries. Meanwhile at Plomosas, exploration activity is ongoing with up to two drill rigs working to develop the resource. These efforts should lead to ongoing improvement in Company-wide overall revenues while management expects cost pressures to continue to abate heading into 2025.
The Company's recent exploration success at Zacualpan and production increases at Plomosas reflects its position as one of just a handful of intermediate miners offering investors exposure to three distinct verticals within the mining sector, including exploration, production, and overall growth.
A recorded conference call reviewing the financial and production results of the quarter ended June 30, 2024 will be available on the Company website on August 21st, 2024 at https://impactsilver.com/media/conference-calls/.
The information in this news release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis, available on the Company website at www.impactsilver.com and on SEDAR at www.sedarplus.ca. All amounts are stated in Canadian dollars unless otherwise specified.
ABOUT IMPACT SILVER
IMPACT Silver Corp. (TSXV: IPT) is a successful intermediate mineral producer and explorer with three mining projects in Mexico.
Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project in central Mexico where four underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI?43-101 inferred mineral resource of over 4.5?million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016, for details and QP statement). Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 18 years, IMPACT has developed multiple exploration zones into commercial production and has produced over 12 million ounces of silver, generating revenue more than $271 million, with no long-term debt.
Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc producer in northern Mexico with exceptional exploration upside potential. The Company recently restarted mining operations and is expected to reach design capacity production levels over the next six months. Exploration potential at Plomosas is exceptional where only 600m of the 6 km-long structure have seen modern exploration. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with indications of high-grade material from surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
Additional information about IMPACT and its operations can be found on the Company website at www.impactsilver.com. Follow us on Twitter @IMPACT_Silver and LinkedIn at https://www.linkedin.com/company/impactsilver
Qualified Person and NI 43-101 Disclosure
George Gorzynski, P.Eng., VP Exploration and a Director of IMPACT, is a "Qualified Person" within the meaning of NI 43-101 and has approved the technical information contained in this news release.
On behalf of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For more information, please contact:
Jerry Huang
CFO | Investor Relations
(604) 664-7707 or inquiries@impactsilver.com
(778) 887 6489 Direct
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.
Forward-Looking and Cautionary Statements
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements with respect to continued ramp-up of operations, and improved operating revenues and decreasing costs.
Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, criminal activity, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, pandemics, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statements, except as required by law.
The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101 the Company is required to disclose that it has not based its production decisions on NI 43-101 compliant mineral resource or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.
303-543 Granville Street
Telephone 604 664-7707
Vancouver, BC, Canada V6C 1X8
www.impactsilver.com
X (Twitter)
LinkedIn
[1] Mine operating earnings before amortization and depletion is a non-IFRS measure which the Company believes provides meaningful information about the Company's financial performance. See "Non-IFRS MEASURES".
SOURCE: IMPACT Silver Corp.
Starcore Announces First Quarter Production Results
https://www.newsfilecorp.com/release/220319
August 19, 2024 2:30 AM EDT | Source: Starcore International Mines Ltd.
Vancouver, British Columbia--(Newsfile Corp. - August 19, 2024) - Starcore International Mines Ltd. (TSX: SAM)
Endeavour Silver Provides Update on Guanacevi Trunnion Failure
https://ca.finance.yahoo.com/news/endeavour-silver-provides-guanacevi-trunnion-105000724.html
Endeavour Silver Corporation
Mon, August 19, 2024 at 3:50 a.m. PDT·3 min read
EXK
+5.45%
VANCOUVER, British Columbia, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) provides an update to the Guanacevi primary ball mill trunnion failure that was reported on August 12, 2024.
Processing has resumed at the Guanacevi mine site. Temporary modifications have been completed within the plant to re-purpose one of the regrind mills as the primary ball mill which is currently milling at a rate of 400 tonnes per day (tpd). While the grinding circuit is being closely monitored, there is potential for the plant to operate near 500 tpd or close to half of its planned production capacity of 1,200 tpd during this temporary phase.
During this time, mining operations will continue at a reduced rate without comprising safety or the long-term viability of the ore body. The operations will focus on feeding the highest-grade ore to the mill and stockpiling the remaining material. Contract mining activities and local third-party material purchases will cease until the process plant operations have returned to full capacity. These temporary solutions are intended to manage cash flows until the primary mill is fully operational. Using current metal prices, the preliminary estimate indicates a cash shortfall could be limited to during this period of reduced processing is less than US$5 million over an estimated 15-week period. This cash outflow includes accumulating ore stockpile with self-mining activities.
Constructive discussions have been held with our workforce, communities and suppliers to address the potential implications and broader social impact of these temporary measures.
Initial quotes for the trunnion fabrication and installation have been obtained with an estimated fabrication cost of US$0.5 million and a period of 16-weeks to installation. Management is assessing several alternatives to shorten the estimated downtime of the primary ball mill.
During this reduced processing period, Guanacevi production is estimated to decrease by 0.9 million to 1.1 million silver ounces and by 2,000 to 3,000 gold ounces compared to its original operating plan. Annual consolidated silver production for 2024 is expected to range from 4.4 to 4.6 million ounces, and gold production is expected to be between 36,000 ounces and 38,000 ounces. Silver equivalent production for 2024 is now forecast to total between 7.3 million and 7.6 million ounces. We achieved 4.4 million silver equivalent ounces in the first half of the year.
Due to the reduced operating capacity for 15 weeks, operating costs and all in sustaining cost metrics will be higher than originally guided for 2024. Due to the number of variables, estimates and remaining uncertainties, management is withdrawing its cost guidance at this time.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information
Allison Pettit, Director Investor Relations
Tel: (877) 685 - 9775
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook, X, Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the suspension of processing at Guanacevi, timing for completion of repairs at the Guanacevi mill, the availability and assessment of alternative processing methods, the impact on Q3 production and annual production and cost guidance, and Endeavour’s anticipated performance in 2024 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ability to complete repairs at the Guanacevi mill in a timely manner, the availability of alternative processing methods, changes in production and costs guidance; and satisfaction of conditions precedent to drawdown under the Debt Facility; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the ability to complete repairs at the Guanacevi mill in a timely manner, the availability of alternative processing methods, the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted mine economics as of 2024, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Discovery Reports Second Quarter 2024 Financial Results
https://ca.finance.yahoo.com/news/discovery-reports-second-quarter-2024-023100138.html
Discovery Silver Corp.
Tue, August 13, 2024 at 7:31 p.m. PDT·11 min read
DSVSF
-28.71%
TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF)
Silver Storm Announces Several Intercepts Exceeding 1,000 g/t Ag.Eq From the Rosarios Mine
https://ca.finance.yahoo.com/news/silver-storm-announces-several-intercepts-113000760.html
Business Wire
Thu, August 15, 2024 at 4:30 a.m. PDT·
Avino Generates Record Quarterly Revenues in Q2 2024
https://www.accesswire.com/900323/avino-generates-record-quarterly-revenues-in-q2-2024
Tuesday, 13 August 2024 05:00 PM
VANCOUVER, BC / ACCESSWIRE / August 13, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6
Americas Gold and Silver Signs Credit and Off-Take Agreement for EC120 Project
https://ca.finance.yahoo.com/news/americas-gold-silver-signs-credit-210600766.html
Business Wire
Wed, August 14, 2024 at 2:06 p.m. PDT·12 min read
USAS
+6.44%
TORONTO, August 14, 2024--(BUSINESS WIRE)--Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company"), a growing North American silver producer, is pleased to announce the signing of a Credit and Off-Take Agreement (the "Agreement") with Trafigura PTE Ltd. ("Trafigura") for the development of the 100%-owned Zone 120 and El Cajón silver-copper project ("EC120 Project") at the Company’s Cosalá Operations in Mexico. All figures are in U.S. dollars unless otherwise noted.
Highlights
The Agreement provides the Company with a secured credit facility of up to $15 million to complete the pre-production development of the EC120 Project at its Cosalá Operations to begin producing high-grade silver-copper concentrate in Q3-2025. The Company expects to draw only $10 million on the credit facility initially subject to standard closing conditions.
The 2019 Preliminary Feasibility Study ("PFS") for the EC120 Project projected average annual metal production of 2.5 million ounces of silver and 4.5 million pounds of copper at life of mine cash cost [1] and all-in sustaining cost [1] estimated to be $9.61/oz and $10.81/oz, respectively, with estimated annual average cash flow of $15 million using $17.50 per ounce silver and $3.00 per ounce copper. At the current prices, the Company expects to generate substantially greater cash flow over the life of the project with lower capital, cash cost per silver and AISC per silver ounce.
Initial development access to the Zone 120 deposit began in Q3-2023 and is expected to be fully completed in Q3-2025. The Company has already processed close to 140,000 tonnes of EC120 ore, 30,000 tonnes of development ore from Zone 120, and 110,000 tonnes of ore from El Cajón in 2017. Recoveries from processing this ore have been within acceptable range of the PFS targets and Trafigura off-take requirements.
The EC120 Project is expected to increase the portion of total Company revenue derived from silver to over 80% by the end of 2025, positioning the Company as one of the foremost silver-focused companies in politically stable jurisdictions.
"We are excited to partner with Trafigura to fully finance the EC120 Project development," stated Americas Executive Vice President and CFO Warren Varga. "The Agreement provides non-dilutive financing at competitive terms to complete this brownfield project. At current market prices, the EC120 Project is expected to generate significantly greater cash flow for the Company which will be deployed to continue to derisk the Company’s balance sheet. The significant increases in both silver production and cash flow from both silver and copper are anticipated to have a positive impact on the Company’s profitability moving forward."
EC120 Project Overview
With the current silver and copper prices, the Company decided to expedite the development of its 100%-owned EC120 Project at the Cosalá Operations prior to the full depletion of the San Rafael orebody. Zone 120 is located contiguous to the Company’s existing San Rafael deposit and initial access occurred in Q3-2023 from the San Rafael Upper Zone development. The EC120 Project will use the existing Cosalá plant facilities, tailings, and equipment with underground development costs representing the majority of the capital for the project, which represents a significant decrease in capital requirements compared to standalone project envisioned in the PFS. Pre-production capital requirements for underground development have also been reduced by $2 million due to approximately 1,100 metres of already completed pre-production capital development. The Company is expecting to continue to operate San Rafael up to the commencement of commercial production from the EC120 Project.
The PFS projected average annual metal production of 2.5 million ounces of silver and 4.5 million pounds of copper with a total of over 12 million ounces of silver and 23.0 million pounds of copper over the planned five-year life of the project. Estimated cash cost per ounce silver for the PFS were $9.61 per ounce and all-in sustaining cost per silver ounce of $10.81 per ounce silver. The PFS assumed metal prices $17.50 per ounce silver and $3.00 per pound copper.
Both silver and copper prices have increased significantly since the completion of the 2019 Preliminary Feasibility Study. At the current prices, the Company expects to generate substantially greater cash flow over the life of the project with both lower cash cost and AISC per ounce and will evaluate the processing of additional silver-copper ore that may now be economic at current prices.
The Company has mined and processed close to 30,000 tonnes of Zone 120 development ore with recoveries within acceptable range of the PFS targets. The Company estimates that the EC120 Project will reach commercial production in Q3-2025. Silver production from the Cosalá Operations is expected to increase from less than 1 million ounces per year to ~2.5 million ounces per year. Along with the forecasted increase in silver production from the Company’s Galena Complex in Idaho, the Company expects consolidated silver revenue to increase to over 80% of total revenue by the end of H2-2025 making it one of the rare, North American-focused, primary silver producers in the silver mining sector.
Credit Facility Terms
The credit facility provides the Company with up to $15 million available for the development of the EC120 Project though expects to initially draw only $10 million, relying on both internally generated cash in addition to funds advanced under the credit facility to fund the development of the Project. The term is 36 months which includes a principal repayment grace period of 12 months and bears interest at Secured Overnight Financing Rate ("SOFR") plus 6% on the cumulative drawings up to $12 million and 6.5% on the outstanding principal amount thereafter. The credit facility will be amortized in equal monthly installments of $600,000 commencing after expiry of the grace period. The facility will be secured by share and asset pledges of all the Company’s material Mexican subsidiaries with the Company’s existing convertible debenture creditors agreeing to subordinate existing security. As part of the Agreement, Trafigura receives 100% of the silver-copper concentrate production from the EC120 Project on commercial terms.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company owns and operates the Cosalá Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho, USA, and is re-evaluating the Relief Canyon mine in Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR+ or www.americas-gold.com.
Technical Information and Qualified Persons
The scientific and technical information relating to the Company’s material mining properties contained herein has been reviewed and approved by Chris McCann, P.Eng., Vice President, Technical Services of the Company. The Company’s current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, all of which are available on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company’s material mineral properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC’s reporting and disclosure requirements.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas’ expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver, copper and other metals, the expected prices of gold, silver, copper and other metals, as well as the related costs, expenses and capital expenditures; production from the Galena Complex and Cosalá Operations, including the expected number of producing stopes and production levels; the expected timing and completion of required development and the expected operational and production results therefrom, including the anticipated improvements to production rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; and statements relating to Americas’ EC120 Project, including expected approvals, prepayment ?nancing availability, execution and timing and capital expenditures required to develop such project and reach production thereat, and expectations regarding its ability to rely in existing infrastructure, facilities, and equipment. Guidance and outlook references contained in this press release were prepared based on current mine plan assumptions with respect to production, development, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no further adverse impacts to the Cosalá Operations from blockades or work stoppages, and completion of the shaft repair and shaft rehab work at the Galena Complex on its expected schedule and budget, the realization of the anticipated benefits therefrom, and is subject to the risks and uncertainties outlined below. The ability to maintain cash flow positive production at the Cosalá Operations, which includes the EC120 Project, through meeting production targets and at the Galena Complex through implementing the Galena Recapitalization Plan, including the completion of the Galena shaft repair and shaft rehab work on its expected schedule and budget, allowing the Company to generate sufficient operating cash flows while facing market fluctuations in commodity prices and inflationary pressures, are significant judgments in the consolidated financial statements with respect to the Company’s liquidity. Should the Company experience negative operating cash flows in future periods, the Company may need to raise additional funds through the issuance of equity or debt securities. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "potential’, "estimate", "may", "assume" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas to be materially different from those expressed or implied by such forward-looking information. With respect to the business of Americas, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreak, actions that have been and may be taken by governmental authorities to contain such epidemic or pandemic or to treat its impact and/or the availability, effectiveness and use of treatments and vaccines (including the effectiveness of boosters); interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments, risks associated with generally elevated inflation and inflationary pressures, risks related to changing global economic conditions, and market volatility, risks relating to geopolitical instability, political unrest, war, and other global conflicts may result in adverse effects on macroeconomic conditions including volatility in financial markets, adverse changes in trade policies, inflation, supply chain disruptions and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas’ filings with the Canadian Securities Administrators on SEDAR+ and with the SEC. Americas does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.
_________________________
1 This metric is a non-GAAP financial measure or ratio. The Company uses the financial measures "Cash Cost", "Cash Cost/Ag Oz Produced", "All-In Sustaining Cost", and "All-In Sustaining Cost/Ag Oz Produced" in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s underlying cash costs and total costs of operations. Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations, while all-in sustaining costs is the cash costs plus all development, capital expenditures, and exploration spending. A full reconciliation of these non-GAAP financial measures can be found in the Technical Report on the San Rafael Mine and the EC120 Preliminary Feasibility Study, Sinaloa, Mexico available on the Company’s website.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814616373/en/
Contacts
For more information:
Stefan Axell
VP, Corporate Development & Communications
Americas Gold and Silver Corporation
416-874-1708
Darren Blasutti
President and CEO
Americas Gold and Silver Corporation
416-848-9503
Tocvan Provides Update Surface Sampling Ongoing, Preparing for Next Phases of Drilling, Plans for On-site Pilot Plant
https://www.accesswire.com/900087/tocvan-provides-update-surface-sampling-ongoing-preparing-for-next-phases-of-drilling-plans-for-on-site-pilot-plant
Tuesday, 13 August 2024 08:30 AM
Highlights:
Summer Surface Exploration Work Ongoing at Gran Pilar, over 200 Soil Samples Collected to Date Along Northern and Eastern Extensions of Main Zone, North Hill and 4-T Trends
Major Producer Completes its District Scale Review of Gran Pilar's Multi-Million Ounce Potential
Upcoming Core Drill Program at Pilar Main Zone Scheduled for September Start
Outlines Plans for Resource Drilling with Core and RC
Tocvan Invited to Present at Mexico's Biggest Annual Mining Conference
Congreso Internacional Minero October 22-26
Updated Corporate Presentation (Click Here)
CALGARY, AB / ACCESSWIRE / August 13, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(FSE:TV3), is pleased to provide an update from its gold-silver projects in mine-friendly Sonora, Mexico. The Company will refer to the consolidated area that includes the Pilar Main Zone and the adjacent 22 km2 as Gran Pilar. This signifies the broader scale project size the Company is focusing on as it advances to a maiden resource at the Pilar Main Zone as well as defining large-scale targets beyond.
Based on management's strong belief in the project's potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023 news release for more details).
Surface sampling has been ongoing across the Gran Pilar project area with a focus on the northern and eastern extensions of the Main Zone, North Hill and 4-T trends. To date, over 200 surface samples have been collected by technical staff with results pending. The sampling will provide key information for defining target areas for future drilling campaigns and outlining areas appropriate for future mine-infrastructure. The Company is encouraged by the initial surface results released early this year that identified several high-grade gold and silver zones east of the Main Zone highlighted by 7.3 g/t Au with 177 g/t Ag and 5.5 g/t Au with 80 g/t Ag (see Figure 1 and April 18, 2024 news release) and the continued work of small, placer miners in the area which continue to report positive results from several areas of interest. These results are coupled with high-grade gold and silver results associated with a large footprint of hydrothermal alteration five kilometers north of the Main Zone (5.6 g/t Au in the October 19, 2023 news release and 3.2 g/t Au with 1,225 g/t Ag in the March 8, 2024 news release).
As a result of the surface findings, a detailed review of Gran Pilar spanning over 6 weeks of on-site due diligence has been completed by a regional major producer. Once data has been processed and reviewed both parties will discuss next steps later in the fall.
Also, preparations are being made for the next phases of core and RC drilling that will focus on resource definition. Between 1,200 to 2,000 meters of core drilling are being considered along with 1,700 to 2,500 meters of RC drilling before the end of the year. Additional drilling of exploration targets across Gran Pilar will be considered later in the year. Core drilling will focus on building a robust geological model across Pilar with emphasis on the Main Zone. RC drilling will concentrate on additional infill and step-out targeting across the Main Zone, North Hill and 4-T trends. Upon completion of drilling the Company anticipates a maiden resource estimate will be finalized for the initial Pilar Main Zone and adjacent trends providing an initial step of showcasing the full potential of the project area.
In addition, Tocvan has been invited to present at the annual Congreso Internacional Minero held in Hermosillo, Sonora. The mining conference sees over 10,000 attendees, showcasing the resource industry in Mexico. More information of the conference and technical presentations can be found here: congresominerosonora.com
"Making the most of the rain season in Sonora, our field crews have been hard at work advancing our understanding of the broader mineralized footprint that extends out from Pilar" commented Brodie Sutherland, CEO. "We are excited to review the results of their initial work as it will provide key information in drill targeting across the broader Gran Pilar property. We are also preparing for the next phases of drilling which will include important core drilling through our Main Zone and other prospective trends. The last core program we completed in 2022 was a huge success, giving us a better understanding of the host rocks and the pervasive alteration and brecciation one would expect from a robust mineralized system. Drilling completed before the end of the year will go into a maiden resource estimate for Pilar, a starting point for establishing initial resources for development. Along with these preparations the Company is evaluating a pilot mine facility to process material at site. A logical step-forward as we showcase the accessibility of gold and silver whilst taking advantage of current market prices for the commodities. The Company anticipates necessary equipment setup and permitting can be completed by early 2025, with the objective of processing up to 50,000 tonnes of material directly from Pilar. A key differentiator for the Company and project. Our core objective is to unlock the potential of the greater project area while advancing mine development. The work completed to date has sparked interest from producers on the project potential and the immense upside to resource expansion we have shown quickly through exploration. We expect discussions to increase leading up to Mexico's biggest mining conference in October. The Company maintains a positive outlook on the future of mining in Mexico and looks forward to advancing its initiatives of transitioning to producer. Taking full advantage of the excellent infrastructure and talented work force Sonora provides."
Plate 1. Tocvan technical crews actively exploring mineralized expansion corridors through rock and soil sampling.
Figure 1. Target Map of the Gran Pilar Project Area. Recent surface discoveries have highlighted several target zones across the project area.
About the Pilar Property
The Pilar Gold-Silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. The Company has now expanded its interest in the area by consolidating 22 square-kilometers of highly prospective ground where it has already made significant surface discoveries.
Pilar Drill Highlights:
2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
29m @ 0.7 g/t Au
35.1m @ 0.7 g/t Au
2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
15,000m of Historic Core & RC drilling. Highlights include:
21.0m @ 38.3 g/t Au and 38 g/t Ag
13.0m @ 9.6 g/t Au
9.0m @ 10.2 g/t Au and 46 g/t Ag
61.0m @ 0.8 g/t Au
Pilar Bulk Sample Summary:
62% Recovery of Gold Achieved Over 46-day Leaching Period
Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag
Bulk Sample Only Included Coarse Fraction of Material (+3/4" to +1/8")
Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach
Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time
Additional Metallurgical Studies:
Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned
95 to 99% Recovery of Gold
73 to 97% Recovery of Silver
Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.
About Tocvan Ventures Corp.
Tocvan's advancing gold-silver projects are located in the mine-friendly jurisdiction of Sonora, Mexico. Through ongoing exploration programs, Company is unveiling the high-potential at its Gran Pilar Gold-Silver Project where it holds 100% interests in over 21 square kilometers of prospective area and a majority ownership (51%) in a one square kilometer area shared with Colibri Resources. The Company also holds 100% interest in the Picacho Gold-Silver project in the Caborca Trend of northern Sonora, a trend host to some of the major gold deposits of the region. Management feels both projects represent tremendous opportunity to create shareholder value.
Tocvan has approximately 51 million shares outstanding.
Quality Assurance / Quality Control
Samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.
Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
1150, 707 - 7 Ave SW
Calgary, Alberta T2P 3H6
403-829-9877
bsutherland@tocvan.ca
The Howard Group
Jeff Walker
VP Howard Group Inc.
403-221-0915
jeff@howardgroupinc.com
SOURCE: Tocvan Ventures Corp
Kootenay Reports Wide High-Grade Intercept with Aggressive 400 Meter Step Out.
D-Vein Strike Length, Now Drilled To 1,080 Meters at Columba Project.
https://www.newswire.ca/news-releases/kootenay-reports-wide-high-grade-intercept-with-aggressive-400-meter-step-out--832959884.html
Kootenay Silver Inc. Aug 14, 2024, 07:30 ET
VANCOUVER, BC , Aug. 14, 2024 /CNW/ - Kootenay Silver Inc. (TSXV: KTN)
Orla Mining Reports Second Quarter 2024 Financial Results and Improves Annual Production and Cost Guidance
Robust Margin Expansion Driving Record Free Cash Flow
https://www.newswire.ca/news-releases/orla-mining-reports-second-quarter-2024-financial-results-and-improves-annual-production-and-cost-guidance-864350914.html
Orla Mining Ltd. Aug 12, 2024, 20:25 ET
VANCOUVER, BC, Aug. 12, 2024 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA
Prime Mining Q2 2024 Financial and Operating Results
https://ca.finance.yahoo.com/news/prime-mining-q2-2024-financial-030000820.html
Prime Mining Corp.
Mon, August 12, 2024 at 8:00 p.m. PDT·15 min read
PRMNF
+4.65%
VANCOUVER, British Columbia, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime”, or the “Company”) (TSV: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3
Colibri/Tocvan Provide Update Surface Sampling Ongoing, Preparing for Next Phases of Drilling, Plans for On-site Pilot Plant
https://www.accesswire.com/900087/tocvan-provides-update-surface-sampling-ongoing-preparing-for-next-phases-of-drilling-plans-for-on-site-pilot-plant
Tuesday, 13 August 2024 08:30 AM
Highlights:
Summer Surface Exploration Work Ongoing at Gran Pilar, over 200 Soil Samples Collected to Date Along Northern and Eastern Extensions of Main Zone, North Hill and 4-T Trends
Major Producer Completes its District Scale Review of Gran Pilar's Multi-Million Ounce Potential
Upcoming Core Drill Program at Pilar Main Zone Scheduled for September Start
Outlines Plans for Resource Drilling with Core and RC
Tocvan Invited to Present at Mexico's Biggest Annual Mining Conference
Congreso Internacional Minero October 22-26
Updated Corporate Presentation (Click Here)
CALGARY, AB / ACCESSWIRE / August 13, 2024 / Tocvan Ventures Corp. (the "Company") (CSE:TOC)(OTCQB:TCVNF)(FSE:TV3), is pleased to provide an update from its gold-silver projects in mine-friendly Sonora, Mexico. The Company will refer to the consolidated area that includes the Pilar Main Zone and the adjacent 22 km2 as Gran Pilar. This signifies the broader scale project size the Company is focusing on as it advances to a maiden resource at the Pilar Main Zone as well as defining large-scale targets beyond.
Based on management's strong belief in the project's potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023 news release for more details).
Surface sampling has been ongoing across the Gran Pilar project area with a focus on the northern and eastern extensions of the Main Zone, North Hill and 4-T trends. To date, over 200 surface samples have been collected by technical staff with results pending. The sampling will provide key information for defining target areas for future drilling campaigns and outlining areas appropriate for future mine-infrastructure. The Company is encouraged by the initial surface results released early this year that identified several high-grade gold and silver zones east of the Main Zone highlighted by 7.3 g/t Au with 177 g/t Ag and 5.5 g/t Au with 80 g/t Ag (see Figure 1 and April 18, 2024 news release) and the continued work of small, placer miners in the area which continue to report positive results from several areas of interest. These results are coupled with high-grade gold and silver results associated with a large footprint of hydrothermal alteration five kilometers north of the Main Zone (5.6 g/t Au in the October 19, 2023 news release and 3.2 g/t Au with 1,225 g/t Ag in the March 8, 2024 news release).
As a result of the surface findings, a detailed review of Gran Pilar spanning over 6 weeks of on-site due diligence has been completed by a regional major producer. Once data has been processed and reviewed both parties will discuss next steps later in the fall.
Also, preparations are being made for the next phases of core and RC drilling that will focus on resource definition. Between 1,200 to 2,000 meters of core drilling are being considered along with 1,700 to 2,500 meters of RC drilling before the end of the year. Additional drilling of exploration targets across Gran Pilar will be considered later in the year. Core drilling will focus on building a robust geological model across Pilar with emphasis on the Main Zone. RC drilling will concentrate on additional infill and step-out targeting across the Main Zone, North Hill and 4-T trends. Upon completion of drilling the Company anticipates a maiden resource estimate will be finalized for the initial Pilar Main Zone and adjacent trends providing an initial step of showcasing the full potential of the project area.
In addition, Tocvan has been invited to present at the annual Congreso Internacional Minero held in Hermosillo, Sonora. The mining conference sees over 10,000 attendees, showcasing the resource industry in Mexico. More information of the conference and technical presentations can be found here: congresominerosonora.com
"Making the most of the rain season in Sonora, our field crews have been hard at work advancing our understanding of the broader mineralized footprint that extends out from Pilar" commented Brodie Sutherland, CEO. "We are excited to review the results of their initial work as it will provide key information in drill targeting across the broader Gran Pilar property. We are also preparing for the next phases of drilling which will include important core drilling through our Main Zone and other prospective trends. The last core program we completed in 2022 was a huge success, giving us a better understanding of the host rocks and the pervasive alteration and brecciation one would expect from a robust mineralized system. Drilling completed before the end of the year will go into a maiden resource estimate for Pilar, a starting point for establishing initial resources for development. Along with these preparations the Company is evaluating a pilot mine facility to process material at site. A logical step-forward as we showcase the accessibility of gold and silver whilst taking advantage of current market prices for the commodities. The Company anticipates necessary equipment setup and permitting can be completed by early 2025, with the objective of processing up to 50,000 tonnes of material directly from Pilar. A key differentiator for the Company and project. Our core objective is to unlock the potential of the greater project area while advancing mine development. The work completed to date has sparked interest from producers on the project potential and the immense upside to resource expansion we have shown quickly through exploration. We expect discussions to increase leading up to Mexico's biggest mining conference in October. The Company maintains a positive outlook on the future of mining in Mexico and looks forward to advancing its initiatives of transitioning to producer. Taking full advantage of the excellent infrastructure and talented work force Sonora provides."
Plate 1. Tocvan technical crews actively exploring mineralized expansion corridors through rock and soil sampling.
Figure 1. Target Map of the Gran Pilar Project Area. Recent surface discoveries have highlighted several target zones across the project area.
About the Pilar Property
The Pilar Gold-Silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. The Company has now expanded its interest in the area by consolidating 22 square-kilometers of highly prospective ground where it has already made significant surface discoveries.
Pilar Drill Highlights:
2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
29m @ 0.7 g/t Au
35.1m @ 0.7 g/t Au
2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
15,000m of Historic Core & RC drilling. Highlights include:
21.0m @ 38.3 g/t Au and 38 g/t Ag
13.0m @ 9.6 g/t Au
9.0m @ 10.2 g/t Au and 46 g/t Ag
61.0m @ 0.8 g/t Au
Pilar Bulk Sample Summary:
62% Recovery of Gold Achieved Over 46-day Leaching Period
Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag
Bulk Sample Only Included Coarse Fraction of Material (+3/4" to +1/8")
Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach
Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time
Additional Metallurgical Studies:
Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned
95 to 99% Recovery of Gold
73 to 97% Recovery of Silver
Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.
About Tocvan Ventures Corp.
Tocvan's advancing gold-silver projects are located in the mine-friendly jurisdiction of Sonora, Mexico. Through ongoing exploration programs, Company is unveiling the high-potential at its Gran Pilar Gold-Silver Project where it holds 100% interests in over 21 square kilometers of prospective area and a majority ownership (51%) in a one square kilometer area shared with Colibri Resources. The Company also holds 100% interest in the Picacho Gold-Silver project in the Caborca Trend of northern Sonora, a trend host to some of the major gold deposits of the region. Management feels both projects represent tremendous opportunity to create shareholder value.
Tocvan has approximately 51 million shares outstanding.
Quality Assurance / Quality Control
Samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.
Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
1150, 707 - 7 Ave SW
Calgary, Alberta T2P 3H6
403-829-9877
bsutherland@tocvan.ca
The Howard Group
Jeff Walker
VP Howard Group Inc.
403-221-0915
jeff@howardgroupinc.com
SOURCE: Tocvan Ventures Corp
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