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Turmalina Metals Corp. Provides Update on the Colquemayo Project
https://ca.finance.yahoo.com/news/turmalina-metals-corp-provides-colquemayo-120000284.html
Turmalina Metals Corp.
Wed, July 24, 2024 at 5:00 a.m. PDT·9 min read
TBXXF
+7.53%
VANCOUVER, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) is pleased to provide an update on the Company’s recently announced (press release of July 3, 2024) Option to acquire 100% of the Colquemayo Project in Peru (the “Option”).
Highlights of the Colquemayo Project:
Epithermal and porphyry copper-silver-gold exploration project in Moquegua Province, Southern Peru.
Historic drill results include an intersection that returned:
237.3 m at 2.4% Cu, 0.08 g/t Au & 10 g/t Ag,
including 161.2 m at 3.4% Cu, 0.09 g/t Au & 14 g/t Ag
and 31.3 m at 14.8% Cu, 0.2 g/t Au & 47 g/t Ag.
6,600 hectare property.
Option to acquire 100%.
Multiple epithermal and porphyry targets with significant drill intercepts as well as several undrilled targets.
James Rogers, Turmalina CEO comments, “The combination of advanced alteration and significant mineralization on surface and in previous drilling at the Colquemayo project represents an excellent opportunity for Turmalina to create shareholder value by advancing the exploration of this exciting new asset.”
Miguel Inchaustegui, Turmalina Director and previous Minister of Energy and Mines, Peru comments on the progress to date, “Continuing with our policy of proactive relations with authorities and community leaders, we have held informative meetings with said stakeholders to inform them we wish to maintain a positive relationship with them to build trust and permanent communication as we advance the project.”
Amat to Cairani long section showing highlight drill intercept results. High-sulphidation epithermal copper-silver mineralization is related to hydrothermal and phreatomagmatic breccias and zones of advanced argilic alteration and vuggy silica.
Figure 1 - Amat to Cairani long section showing highlight drill intercept results. High-sulphidation epithermal copper-silver mineralization is related to hydrothermal and phreatomagmatic breccias and zones of advanced argilic alteration and vuggy silica.
Activities are underway in Peru, including initial permitting steps, meetings with the local communities and local authorities as well as the commencement of a data and core review. During this period a detailed core review will be undertaken to build geological models for the breccia bodies with significant historic drill intercepts, including:
Validation of the logged geology using the geochemical database.
Determining the geometry of the breccia bodies based on surface mapping and drill core information.
Review, modelling and interpretation of the geophysical data.
Mapping of alteration zones to define potential source areas – including porphyry intrusions with Cu-Mo mineralization.
Francisco Azevedo, Director and VP Business Development adds, “The Company’s exploration team has previous experience in successfully exploring for similar deposits. In the last few weeks significant advances have been completed in the validation and assessment of the available data base. Next month we will start the systematic core review and field work to validate drill targets to be tested.”
Exploration will also focus on areas in the property outside the three centres of hydrothermal alteration identified and drill tested to date. In some of these areas argillic and advanced argillic alteration have been recognized locally, with limited exposure because of overlying lower temperature alteration assemblage (chlorite, epidote and carbonate). These areas may represent less eroded parts of epithermal systems, with potential for definition of new hydrothermal centres for initial drilling. Additional geophysics to cover the remaining part of the property will also be considered.
Colquemayo alteration mapping: Three lithocaps (Amata-Cairani, Coripuquio and Yanarico) were explored between 2009 and 2014 by Rio Tinto and Buenaventura.
Figure 2 - Colquemayo alteration mapping: Three lithocaps (Amata-Cairani, Coripuquio and Yanarico) were explored between 2009 and 2014 by Rio Tinto and Buenaventura.
View of the Colquemayo project, showing topography, drill roads and alteration.
Figure 3 View of the Colquemayo project, showing topography, drill roads and alteration.
About the Colquemayo Project
The road accessible Colquemayo Cu-Ag-(Au) Project lies between 4,300 and 4,800 masl and is located in General Sanchez Cerro province in Moquegua department, near the border with the Arequipa department, in southern Peru. The project is situated in the late Miocene to Pliocene epithermal belt to the east of the productive Cu-Mo Paleocene to Eocene porphyry belt hosting the copper mines of Cerro Verde, Cuajone, Quellaveco and Toquepala, and to the west of the Au-Ag Late Miocene to Pliocene epithermal belt with important projects and mines such as San Gabriel, currently under construction, and the Aruntani mining district (>2 Moz Au produced).
Previous work by Rio Tinto and Buenaventura between 2003 and 2014 includes ~27,000 m of diamond drilling across 80 holes, detailed geological mapping and intensive surface geochemistry with ~9,800 rock chip and ~1,500 channel samples. Detailed topography (1 m resolution) and geophysical surveys (magnetometry, chargeability and resistivity) have been completed at two of the hydrothermal centres identified to date.
Alteration mapping shows the zonation typical of a high-sulphidation epithermal system including argillic alteration with kaolinite and dickite, advanced argillic alteration with quartz and alunite, and some deeper pyrophyllite zones, along with zones of massive and vuggy silica. Several phreato-magmatic and hydrothermal breccias with significant gold values have been identified. Several kilometer scale hydrothermal targets have been identified to date namely the Amata, Cairani, Coripuquio, and Yanarico which represent exceptional exploration targets for Turmalina.
Highlights of previous drilling include:
Amata:
70 m @glenp-36, from 192 m), including:
7.8 m @ 0.79% Cu, 0.14 g/t Au & 1,866 g/t Ag (from 192 m).
237.3 m @glenp-36, from 306.2 m) including:
161.2 m @ 3.4% Cu, 0.09 g/t Au & 14 g/t Ag (from 306.2 m), including:
31.3 m @ 14.8% Cu, 0.2 g/t Au & 47 g/t Ag (from 392.5 m.).
67.8 m @Tommy_Brown-37, from 295.2 m), including:
31.5 m @ 1.2% Cu, 0.10 Au and 12 g/t Ag (from 310.4 m).
55.5 m @Tommy_Brown-44, from 264.5 m).
68.9 m @Tommy_Brown-40, from 367.1 m).
104.2 m @glenp-31, from 0 m), including:
28.3 m @ 193 g/t Ag (from 66.5 m) and
3 m @ 161 g/t Ag (from 131.6 m).
111.0 m @glenp-32, from 1.6 m) and 183 m @ 0.21% Cu, 0.12 g/t Au & 10 g/t Ag (from 217.1 m), including:
22.5 m @ 1.21% Cu, 0.48 g/t Au & 29 g/t Ag (from 330.9 m).
58.1 m @No Moderator, from 208 m).
Cairani:
99 m @BravesFan-03, from 65.5 m), including:
24.5 m @ 0.46% Cu & 0.18 g/t Au (from 133.4 m) and 24.3 m @ 1.22% Cu, 0.05 g/t Au & 15 g/t Ag (from 216.3 m).
Coripuquio:
98.9 m @glenp-27, from 75.3 m).
54.7 m @glenp-12, from 117 m).
133.3 m @glenp-06, from 21.3 m).
47.5 m @glenp-16, from 226.2 m).
103 m @glenp-21, from 153 m) and 37 m @ 1.34% Cu & 0.17 g/t Au (from 290.1 m), including:
12.6 m @ 3.7% Cu, 0.31 g/t Au & 8 g/t Ag (from 314.5 m).
On Behalf of the Company,
James Rogers, Chief Executive Officer and Director.
Website: turmalinametals.com
Address: #1507 - 1030 West Georgia St, Vancouver, BC V6E 3M5.
For Investor Relations enquiries, please contact +1 833 923 3334 (toll free) or via info@turmalinametals.com.
Statements
About Turmalina Metals and our projects: Turmalina Metals is a TSXV-listed exploration company focused on developing our portfolio of high-grade gold-copper-silver projects in South America. Turmalina Metals is led by a team responsible for multiple gold-copper-silver discoveries. Our projects are characterised by open high-grade mineralization on established mining licenses that present compelling drill targets. The principal project held by Turmalina is the San Francisco project in San Juan, Argentina. For further information on the San Francisco Project, refer to the technical report entitled “NI43-101 Technical Report San Francisco Copper Gold Project, San Juan Province, Argentina” dated November 17, 2019 under the Corporation’s profile at www.sedarplus.ca.
Forward Looking Statement: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward looking statements in this news release include statements related to TSXV approval of the Company’s acquisition of the Option and the Option Agreement. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions, as well as legal, social, and economic conditions in Argentina and Peru, where the Company’s mineral exploration properties are located. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Qualified Person: All scientific and technical information in this news release has been approved by Dr. Rohan Wolfe, Technical Advisor, MAIG, who serves as the Qualified Person (QP) under the definition of National Instrument 43-101. Dr Wolfe has conducted a review of historic data at the project, reviewed the Company’s due diligence study of the Project and has conducted an independent QA/QC review of historic drilling assays, and consents to the inclusion of this information in the form and context in which it appears.
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 or has in any way approved or disapproved of the contents of this news release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/76cf356c-a9e9-43b1-9aa9-f2be2529cd6c
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9d113cd-157f-4752-b149-0f0bf7ae3237
https://www.globenewswire.com/NewsRoom/AttachmentNg/69165eca-2177-4650-b836-4f490ff9d613
Solis Minerals Announces Extensive Drone Mag Survey Planned at Guaneros Project, Peru
HIGHLIGHTS
Solis has contracted a drone airborne magnetometry survey at the recently staked Guaneros Project area
Program will start in early August with results expected during the month
Identified anomalies are anticipated to be followed up where practical with ground based Induced Polarisation surveys to assist with the final target and drill design programmes
Geochemical sampling and mapping will continue to gain a better understanding of any alteration and mineralisation styles present and assist with targeting of the first drill programmes
Guaneros is the fourth project area being progressed to drill status for copper porphyry targeting in Southern Peru and is situated on the prospective Coastal Belt between the Ilo Este and Chancho Al Palo drill targets
https://www.newsfilecorp.com/release/217385
July 23, 2024 9:00 AM EDT | Source: Solis Minerals Ltd.
West Leederville, Western Australia--(Newsfile Corp. - July 23, 2024) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) ("Solis" or the "Company") is pleased to announce an update on exploration activities at the Guane
Palamina Bulk Sample Returns 3.6 gpt Gold at the Usicayos Gold Project, Peru
https://www.newsfilecorp.com/release/217269
July 22, 2024 8:30 AM EDT | Source: Palamina Corp.
Toronto, Ontario--(Newsfile Corp. - July 22, 2024) - Palamina Corp.'s (TSXV: PA) (OTCQB: PLMNF)
Aftermath Silver's Berenguela Third Composite Test Sample Achieves 99.9% Pure Battery Grade Manganese Sulphate Monohydrate
https://www.newsfilecorp.com/release/217380
July 23, 2024 8:30 AM EDT | Source: Aftermath Silver Ltd.
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF
Buenaventura Announces Second Quarter 2024 Results for Production and Volume Sold per Metal
https://ca.finance.yahoo.com/news/buenaventura-announces-second-quarter-2024-212200143.html
Business Wire
Tue, July 16, 2024 at 2:22 p.m. PDT·8 min read
BVN
-1.10%
LIMA, Peru, July 16, 2024--(BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM),
DLP Resources Intersects 431m of 0.41% CuEq* on the Aurora Project in Southern Peru
https://www.newsfilecorp.com/release/216614
July 16, 2024 6:00 AM EDT | Source: DLP Resources Inc.
Cranbrook, British Columbia--(Newsfile Corp. - July 16, 2024) - DLP Resources Inc. (TSXV:DLP) (OTCQB:DLPRF
Western Metallica Awarded Drilling Permit for Caña Brava Copper Porphyry Project in Peru
https://ca.finance.yahoo.com/news/western-metallica-awarded-drilling-permit-110000049.html
Western Metallica Resources Corp.
Mon, July 15, 2024 at 4:00 a.m. PDT·6 min read
WMS.V
0.00%
TORONTO, July 15, 2024 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to provide an update on its current exploration activities aimed at advancing the Luz Maria and Caña Brava 1 drill targets, two key copper-molybdenum porphyry prospects located within its 100% owned Caña Brava Project, situated in the La Libertad Department of Northern Peru.
Western Metallica announces that it has received the permit to drill from 19 platforms, along with approval of its Environmental Evaluation (“FTA”) for Luz Maria from the Peruvian Ministry of Energy and Mines (“MINEM”), which enables the Company to commence its drilling program at Luz Maria. The Company has filed notice for permit activation, has obtained the local water permit as well as the plan for archaeological monitoring, as required to commence drilling. Luz Maria is a well-preserved porphyry system and priority drill target at Caña Brava given its prominent potassic and phyllic alteration footprint with multiple mineralized intrusion events. The Company is finalizing the plans for its inaugural drill program in Peru intended with an initial 2,000-metre diamond drill program.
Luz Maria Highlights
Located on the West coastal line of Peru, on the South-East sector of the Caña Brava Project, close to infrastructure, highway, and power.
Surface agreement in place until 2028.
Resides in a large 3.0-kilometre by 1.5-kilometre Cu-Mo porphyry system.
Coinciding mag, >30mV/V chargeability, and Cu- and Mo-regolith geochemistry anomalies.
Permit to drill from 19 platforms is now fully granted.
The acquisition of the IP pole-dipole data, allowed to define a main >30 mV/V chargeability anomaly, coinciding with one of the magnetic anomalies previously interpreted as a possible intrusive as well as with the Cu and Mo soil anomalies obtained through the execution of recognition in-situ pXRF analyses (refer to Figures 1, 2 and 3).
Regolith geochemistry, chargeability, and magnetic anomalies are still open towards the West providing further prospective targets for the planned first phase of scout drilling expected to commence near term.
The exploration work at Luz Maria successfully defined, so far, a 3.0-kilometre by 1.5-kilometre phyllic and potassic alteration footprint, comparable in size to other major Peruvian porphyry deposits. The diamond-sawn channel sampling campaign executed to date displayed consistent anomalous grades up to 0.06% Cu and 0.03% Mo from multi-phase intrusions, confirming at least three intrusion phases that host both Cu and Mo-sulphide mineralization and locally associated to a weak biotite-replacement (refer to press release dated January 22, 2024).
The Company is also advancing drilling target generation at the Project’s other porphyry prospect, Caña Brava 1, a 1-kilometre by 1-kilometre sized porphyry target characterized by a distinctive leached zone with goethite and hematite box works. Both environmental and social base lines, required to support the FTA process, are also being completed for this sector.
The diamond-sawn channel sampling campaign previously announced had confirmed grades up to 0.3% Cu and average 500 ppm Cu from intrusive rocks. The Company is now conducting an in-situ regolith geochemistry with portable XRF equipment aimed at following up the mag anomalies interpreted to be the expression of intrusive plugs related to mineralization. The results obtained so far are very encouraging with copper and molybdenum anomalies centered on the mag anomalies and still open in all direction (refer to Figure 4).
Figure 1
Figure 1 – Luz Maria Prospect – Regolith Mo (left) and Cu (right) portable XRF geochemistry anomalies, and position of the drilling platforms covered by the recently granted permit.
Figure 2
Figure 2 – Luz Maria Prospect – Diagram showing the regolith Cu anomalies with respect to the mag anomalies (left) and the chargeability anomalies (right). Collar position and traces of the planned first phase diamond drill holes are also shown.
Figure 3
Figure 3 – Luz Maria Prospect – Diagram showing the regolith Mo anomalies with respect to the mag anomalies (felt) and the chargeability anomalies (right). Collar position and traces of the planned first phase diamond drill holes are also shown.
Figure 4
Figure 4 – Caña Brava 1 Prospect – Regolith Mo (left) and Cu (right) portable XRF geochemistry anomalies with respect to the interpreted high mag susceptibility body (dotted red line) and mapped extent of the leached cap (dotted yellow line), The position of the proposed drilling platforms is also indicated.
Gregory Duras, Western Metallica’s Chief Executive Officer and Director, commented, “Receiving the drilling permit at Luz Maria is a major milestone which puts the Company in a position to commence its first copper-focused drill program at its Caña Brava Project, located in such a favorable sector of La Libertad, Peru. The Company’s drill permitting efforts advanced quickly in conjunction with the exploration teams ongoing non-invasive field work, preparing us to commence drilling, with a multitude of systematically assessed drill targets across a prominent alteration footprint of well-preserved porphyry systems. Western Metallica is building a compelling portfolio of copper exploration properties in highly prospective and underexplored porphyry belts in Peru, with excellent access and nearby infrastructure, which we firmly believe will generate significant accretive value to our shareholders once a Phase 1 program is advanced.”
Background
Western Metallica holds the option to acquire 100% of the mineral claims, rights, and interests in two Cu-Mo projects located in Northern Peru: Caña Brava and Turmalina (refer to press release dated August 10th, 2023). Both projects lie in a prolific Cu-Mo metallogenic belt, extending from Northern Peru into Ecuador, which has seen notable exploration success and hosts world class discoveries and deposits such as La Granja (First Quantum), Cañariaco (Alta Copper), and Rio Blanco (Zijin Mining Group). The Company´s projects are well located in proximity to industrial ports and major paved roads, and each project is comprised of large mineral concessions conducive to future project scalability.
The Caña Brava Project is a highly prospective 5,700-hectare (2,600 hectares granted to date) copper-molybdenum property located in the La Libertad Department, only 35 kilometres inland from the Peruvian coast and at an elevation of 1,500 metres in the Western Cordillera of the Peruvian Andes. The Caña Brava Project is neighboring Hudbay’s Llaguen Project which lies on the Western margin of the Miocene epithermal-porphyry copper-gold belt of Northern Peru, with the potential for Caña Brava to similarly host shallow high-grade mineralization across a considerable alteration footprint.
Quality Assurance and Quality Control
Sample preparation and analyses will be conducted according to standard industry procedures. Rock samples are crushed, split, and pulverized prior to analysis of Gold by fire assay and Atomic Absorption and multi-elements by ICP-AES after four acid digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Samples are prepared and analysed at SGS lab in Lima, Peru.
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by Mr. Giovanni Funaioli, Eur.Geol., Vice President Exploration of Western Metallica, who is a “Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI 43-101. Some of the technical information relating to the Caña Brava and Turmalina Projects is historical in nature and has not been independently verified by the Company.
About Western Metallica Resources Corp.
Western Metallica is an Ontario registered company with its head office in Toronto, Ontario, trading on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral resource exploration and development and holds the options to acquire a 100% interest in two copper projects in Peru: Caña Brava, in La Libertad Province, and Turmalina, in Piura Province. Western Metallica is also advancing its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain (Penedela, Valledor and Sierra Alta).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com
Investor Relations
Email: info@westernmetallica.com
Cautionary Note Regarding Forward-Looking Statements
The TSXV has neither approved nor disapproved the contents of this press release. 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 press release.
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned drill program and the development of the Company’s projects and other mining projects and prospects thereof, the impact of the management additions on the Company; and the potential and economic viability of the Caña Brava and Turmalina Projects. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2b19ec4-9f1a-4cc7-adb4-6c26c030fcc4
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5aa55c0-a628-49bd-a717-0cee65cda294
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Tier One Silver Resumes Exploration Activities on Highly Prospective Cambaya Corridor at Curibaya
https://www.accesswire.com/888621/tier-one-silver-resumes-exploration-activities-on-highly-prospective-cambaya-corridor-at-curibaya
Monday, 15 July 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / July 15, 2024 / Tier One Silver Inc. (TSXV:TSLV)(OTCQB:TSLVF) ("Tier One" or the "Company") is pleased to announce that it has resumed exploration activities at its flagship Curibaya project, located in Southern Peru. The exploration program has been planned to cover three main project zones within the Company's high-priority silver-gold corridors that have been underexplored to date: Cambaya I, Cambaya II and the recently identified polymictic breccia in Zone 1 (Figure 1). The program will consist of two to three months of field work, including sampling and geological mapping, with the aim of expanding and defining the potential of the precious metal epithermal corridors and the porphyry target based on existing geochemical and CSAMT geophysical anomalies, to delineate drill targets for the drill program anticipated for later this year.
Peter Dembicki, CEO and Director of Tier One commented, "We are excited to be resuming exploration at our highly underexplored Curibaya property. We have only explored a small fraction of the project and identified six distinct silver-gold mineralized kilometric corridors to date. Our focus for this program, and upcoming drilling, is the Cambaya corridors, which are higher in elevation where there is potential for high grade silver mineralization and scale. We are still very early in our exploration efforts of pursuing a world class discovery in Peru. Evidence gathered to date from surface mineralization and drill holes has strengthened our thesis that both a high-grade precious metals system as well as a porphyry copper system could exist on the large prospective property."
Cambaya I and Cambaya II Corridors:
The Cambaya structural corridors are located in the northeast area of the project (Figure 1), which is the highest target in topographic elevation (2400m above sea level) and within the epithermal system with highly elevated arsenic values, indicating that the potential precious metals horizon is being preserved at shallow depth (see news release date September 26, 2022).
Highlights from previous channel sampling (refer to press releases dated October 14, 2021 and September 26, 2022) in these corridors include:
• 4.5 metres (m) of 408.2 g/t silver (Ag) and 1.48 g/t gold (Au), including 1 m of 1,768.0 g/t Ag and 6.33 g/t Au, in 22CRT-080;
• 8 m of 349.1 g/t Ag and 0.46 g/t Au, including 1 m of 2,680.0 g/t Ag and 3.14 g/t Au, in 21CRT-56;
• 2.5 m of 136.4 g/t Ag and 0.82 g/t Au, including 0.5 m of 568.0 g/t Ag and 3.37 g/t Au, in 22CRT-101;
• 20 m of 242.7 g/t Ag and 0.71 g/t Au in 21CRT-55;
• 2 m of 1,074 g/t Ag and 0.53 g/t Au in 21CRT-44;
• 11 m of 232.1 g/t Ag and 1.6 g/t Au, including 1 m of 1660 g/t Ag and 14 g/t Au, in 21CRT-34;
• 9 m of 409 g/t Ag and 0.4 g/t Au including 3 m of 949.7 g/t Ag and 0.8 g/t Au in 21CRT-36;
• 2 m of 1736.5 g/t Ag and 1.6 g/t Au including 1 m of 3170 g/t Ag and 2 g/t Au in 21CRT-52.
The intention for this fieldwork campaign is to extend both corridors and gain a better understanding of the geometry of the ore shoots within each corridor.
Figure 1: Illustrates a geological map of the Curibaya area and the location of the two main corridors, Cambaya I and Cambaya II, and the polymictic breccia.
Zone 1:
The Company will also be following up on the strong stream sediment copper signatures in Zone 1, which is located on the west side of the primary Cambaya I and Cambaya II corridors, where minimum exploration has occurred to date (Figure 2).
Besides having high bulk leach extractable gold ("BLEG") anomalies in copper and gold, this area returned high grade silver samples up to 1,360 g/t Ag, 42.20 Au and 6.12% Cu related to silicified fragments in a possible polymictic shatter breccia.
Field work in this campaign will be focused on extending the north-south extension of this polymictic breccia and to help better understand its geometry.
Figure 2: Illustrates a general location map of Zone 1 on the Curibaya project and copper BLEG anomalies. See location of the polymictic breccia containing high-grade fragments with values up to 1,360 g/t Ag, 42.20 Au and 6.12% Cu.
The current exploration work will help to further delineate drill targets within the area that has greater widths and higher grades (Figure 3), for a follow up drill program planned, subject to financing, to test the targets identified within the Cambaya corridors.
Figure 3: Illustrates the preliminary drill holes planned for the Company's next drill campaign. Current field work will further delineate final drill targets.
Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.
Peter Dembicki President, CEO and Director
For further information on Tier One Silver Inc., please contact the Company at (778) 729-0700 or info@tieronesilver.com.
Capital Markets Contact:
Julia Becker
Julia.becker@tieronesilver.com
About Tier One Silver
Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and copper deposits in Peru. The Company is focused on its flagship exploration project, Curibaya. The Company's management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success. For more information, visit www.tieronesilver.com.
Forward Looking Information and General Cautionary Language
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events in connection with the Company's plans to resume exploration at its Curibaya project. Forward-looking statements are not historical facts and therefore may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release. In particular, and without limitation, this news release contains forward-looking statements in regard to future exploration plans, including drilling. Readers should refer to the risks discussed in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2023, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca.
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: Tier One Silver, Inc.
Palamina Completes Drone Magnetic and Structural Studies in Preparation for Drilling at the Usicayos Gold Project
https://www.newsfilecorp.com/release/216484
July 15, 2024 8:30 AM EDT | Source: Palamina Corp.
Toronto, Ontario--(Newsfile Corp. - July 15, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has completed a drone-based magnetic survey over the entire 4.5 km long mineralized gold trend at its 100% owned Usicayos Gold Project in the department of Puno in south eastern Peru. The survey was carried out by Lima-based geophysical contractor Deep Sounding E.I.R.L and included generating a detailed Digital Terrain Model ("DTM") and acquiring an orthophoto to generate a new high-resolution topographic map. The company also completed a new structural interpretation of the Sol de Oro ("SDO") zone which confirms the main controls on surface mineralization
"The recently completed drone magnetic survey confirms that our priority drill target areas in the Sol de Oro zone coincide with magnetic anomalies, likely linked to pyrrhotite closely associated with gold mineralization. Structural mapping has confirmed that high grade gold values are spatially controlled by a continuous low angle shear zone, near the intersection with vertical conjugate faults. The uppermost manto seen in SDO East coincides with this flat shear zone. Our imminent drill program at the SDO East, SDO North and SDO South targets will test where the two structural trends intersect," commented Andrew Thomson, President of Palamina.
Deep Sounding completed 164 line kilometers of magnetic survey using a MagDrone R3 magnetometer. A detailed DTM was completed prior to the magnetic survey to ensure a constant 35 metre elevation above surface for the drone. Figure 1 shows the Total Field magnetic survey, and the location of the three Sol de Oro zones to be drilled by Palamina during 2024.
Figure 1: Sol de Oro zone Total Field magnetic anomaly map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/216484_508b665bd487c9b2_002full.jpg
The Company also engaged Cumbrex S.A. to complete a detailed structural review of the Sol de Oro zones. Their report has confirmed that the uppermost manto at Sol de Oro East coincides with a sub-horizontal shear zone (the "SDO detachment Fault"), marking the contact between an upper, shale-dominated sedimentary sequence, and a lower, sandstone dominated one. Gold mineralization occurs in both blocks. Gold in the upper block is hosted along sub-vertical conjugate shear zones and appears to increase where they intersect subhorizontal structures, while the lower block hosts gold along flat, stratiform mantos, four of which outcrop in the Sol de Oro East zone. Both the drone magnetics and the structural study have been used to refine the drill targets. Palamina has completed building its camp in the Sol de Oro zone with drilling expected to be underway by months end.
Figure 2: Long section looking north of the Sol de Oro Zone showing the projection of the SDO detachment fault coinciding with the uppermost Manto at SDO East
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/216484_palaminafig2.jpg
Figure 3: Sol de Oro zone initial drill target areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/216484_508b665bd487c9b2_006full.jpg
Helipad in SDO-E Zone used to mobilize drill
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/216484_508b665bd487c9b2_008full.jpg
SDO-E drill platform
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/216484_508b665bd487c9b2_007full.jpg
Technical Information
The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (P. Geo.); a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice President of Exploration to Palamina.
About Palamina Corp.
Palamina is a gold exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in south-eastern Peru. Palamina is set to commence a drill program at its Usicayos gold project. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (TSXV: WINS). Winshear are scheduled to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina also has an "acquire and hold" strategy with copper silver assets in south and north eastern. Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
On Behalf of the Board of
Directors: Andrew Thomson,
President
Phone: (416) 204-7536 or visit www.palamina.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
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the Company's future business plans. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.ca.
SOURCE: Palamina Corp.
Tier One Silver Resumes Exploration Activities on Highly Prospective Cambaya Corridor at Curibaya
https://www.accesswire.com/888621/tier-one-silver-resumes-exploration-activities-on-highly-prospective-cambaya-corridor-at-curibaya
Monday, 15 July 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / July 15, 2024 / Tier One Silver Inc. (TSXV:TSLV)(OTCQB:TSLVF) ("Tier One" or the "Company") is pleased to announce that it has resumed exploration activities at its flagship Curibaya project, located in Southern Peru. The exploration program has been planned to cover three main project zones within the Company's high-priority silver-gold corridors that have been underexplored to date: Cambaya I, Cambaya II and the recently identified polymictic breccia in Zone 1 (Figure 1). The program will consist of two to three months of field work, including sampling and geological mapping, with the aim of expanding and defining the potential of the precious metal epithermal corridors and the porphyry target based on existing geochemical and CSAMT geophysical anomalies, to delineate drill targets for the drill program anticipated for later this year.
Peter Dembicki, CEO and Director of Tier One commented, "We are excited to be resuming exploration at our highly underexplored Curibaya property. We have only explored a small fraction of the project and identified six distinct silver-gold mineralized kilometric corridors to date. Our focus for this program, and upcoming drilling, is the Cambaya corridors, which are higher in elevation where there is potential for high grade silver mineralization and scale. We are still very early in our exploration efforts of pursuing a world class discovery in Peru. Evidence gathered to date from surface mineralization and drill holes has strengthened our thesis that both a high-grade precious metals system as well as a porphyry copper system could exist on the large prospective property."
Cambaya I and Cambaya II Corridors:
The Cambaya structural corridors are located in the northeast area of the project (Figure 1), which is the highest target in topographic elevation (2400m above sea level) and within the epithermal system with highly elevated arsenic values, indicating that the potential precious metals horizon is being preserved at shallow depth (see news release date September 26, 2022).
Highlights from previous channel sampling (refer to press releases dated October 14, 2021 and September 26, 2022) in these corridors include:
• 4.5 metres (m) of 408.2 g/t silver (Ag) and 1.48 g/t gold (Au), including 1 m of 1,768.0 g/t Ag and 6.33 g/t Au, in 22CRT-080;
• 8 m of 349.1 g/t Ag and 0.46 g/t Au, including 1 m of 2,680.0 g/t Ag and 3.14 g/t Au, in 21CRT-56;
• 2.5 m of 136.4 g/t Ag and 0.82 g/t Au, including 0.5 m of 568.0 g/t Ag and 3.37 g/t Au, in 22CRT-101;
• 20 m of 242.7 g/t Ag and 0.71 g/t Au in 21CRT-55;
• 2 m of 1,074 g/t Ag and 0.53 g/t Au in 21CRT-44;
• 11 m of 232.1 g/t Ag and 1.6 g/t Au, including 1 m of 1660 g/t Ag and 14 g/t Au, in 21CRT-34;
• 9 m of 409 g/t Ag and 0.4 g/t Au including 3 m of 949.7 g/t Ag and 0.8 g/t Au in 21CRT-36;
• 2 m of 1736.5 g/t Ag and 1.6 g/t Au including 1 m of 3170 g/t Ag and 2 g/t Au in 21CRT-52.
The intention for this fieldwork campaign is to extend both corridors and gain a better understanding of the geometry of the ore shoots within each corridor.
Figure 1: Illustrates a geological map of the Curibaya area and the location of the two main corridors, Cambaya I and Cambaya II, and the polymictic breccia.
Zone 1:
The Company will also be following up on the strong stream sediment copper signatures in Zone 1, which is located on the west side of the primary Cambaya I and Cambaya II corridors, where minimum exploration has occurred to date (Figure 2).
Besides having high bulk leach extractable gold ("BLEG") anomalies in copper and gold, this area returned high grade silver samples up to 1,360 g/t Ag, 42.20 Au and 6.12% Cu related to silicified fragments in a possible polymictic shatter breccia.
Field work in this campaign will be focused on extending the north-south extension of this polymictic breccia and to help better understand its geometry.
Figure 2: Illustrates a general location map of Zone 1 on the Curibaya project and copper BLEG anomalies. See location of the polymictic breccia containing high-grade fragments with values up to 1,360 g/t Ag, 42.20 Au and 6.12% Cu.
The current exploration work will help to further delineate drill targets within the area that has greater widths and higher grades (Figure 3), for a follow up drill program planned, subject to financing, to test the targets identified within the Cambaya corridors.
Figure 3: Illustrates the preliminary drill holes planned for the Company's next drill campaign. Current field work will further delineate final drill targets.
Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.
Peter Dembicki President, CEO and Director
For further information on Tier One Silver Inc., please contact the Company at (778) 729-0700 or info@tieronesilver.com.
Capital Markets Contact:
Julia Becker
Julia.becker@tieronesilver.com
About Tier One Silver
Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and copper deposits in Peru. The Company is focused on its flagship exploration project, Curibaya. The Company's management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success. For more information, visit www.tieronesilver.com.
Forward Looking Information and General Cautionary Language
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events in connection with the Company's plans to resume exploration at its Curibaya project. Forward-looking statements are not historical facts and therefore may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release. In particular, and without limitation, this news release contains forward-looking statements in regard to future exploration plans, including drilling. Readers should refer to the risks discussed in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2023, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca.
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: Tier One Silver, Inc.
Solis Minerals: High Grade Copper Samples Identified at Cinto
https://www.newsfilecorp.com/release/215766
July 09, 2024 6:00 AM EDT | Source: Solis Minerals Ltd.
HIGHLIGHTS
Solis has signed an access agreement with local Carumbraya community at the Cinto Project and initiated systematic mapping and sampling of outcropping copper mineralisation
Surface grab samples from Cinto report assays up to 7.14% Cu with mineralisation mapped over a 200m x 100m area in historical workings associated with significant alteration and structural deformation
Significant structures evident in 100m wide exposed area with abundant copper oxide mineralisation in historical artisanal workings
Positioned on boundary of regional scale transcurrent Incapuquio fault system which forms structural corridor related to massive Toquepala porphyry system 10km to the north-west
Geochemical signature and base metal concentration ratios assayed in very similar ranges to metals content in Toquepala indicating porphyry-style mineralisation1
Drone magnetometer and follow up geological mapping is underway to guide drill permitting
West Leederville, Western Australia--(Newsfile Corp. - July 9, 2024) - Solis Minerals Limited (ASX: SLM)
Aftermath Silver's Berenguela Second Composite Test Sample Achieves 99.9% Pure Battery Grade Manganese Sulphate Monohydrate
https://www.newsfilecorp.com/release/216091
July 11, 2024 8:30 AM EDT | Source: Aftermath Silver Ltd.
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2024) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF)
Silver X Continues to Increase Production During Second Quarter of 2024
https://www.accesswire.com/886971/silver-x-continues-to-increase-production-during-second-quarter-of-2024
Wednesday, 10 July 2024 07:30 AM
VANCOUVER, BC / ACCESSWIRE / July 10, 2024 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX)
SILVER MOUNTAIN SECURES FINAL GOVERNMENT APPROVAL FOR RELIQUIAS MINE CLOSURE PLAN
https://www.newswire.ca/news-releases/silver-mountain-secures-final-government-approval-for-reliquias-mine-closure-plan-899493529.html
Silver Mountain Resources Inc. Jul 09, 2024, 07:00 ET
TORONTO, July 9, 2024 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or "the Company") (TSXV: AGMR) (OTCQB: AGMRF) is pleased to announce that Peru´s Ministry of Energy and Mines has approved the Reliquias and Caudalosa Mine Closure Plans, a key milestone permit needed to commence production in this historic mining district located in central Peru.
Alvaro Espinoza, CEO of Silver Mountain, remarked, "We welcome the approval of the Reliquias and Caudalosa Mine Closure Plans. Our legal, technical, and permitting team has done exceptional work preparing and presenting a solid mine closure plan which fully complies with Peru´s rigorous environmental standards. The Mine Closure Plans are some of the final permits required to restart commercial production at the Reliquias Mine and, coupled with the recently approved extension of the environmental certification, brings us closer to our goal of becoming Peru's next silver producer. The Company continues to advance its work at the Reliquias Mine at a time of high metal prices and improving market sentiment towards silver producers."
The approval of the Mine Closure Plans includes authorizing the disposal of waste material from the underground Reliquias Mine into the historic Matacaballo open pit, simultaneously reducing the project´s footprint and remediating historic environmental liabilities.
On Behalf of the Board of Directors of Silver Mountain Resources Inc.
Alvaro Espinoza, Chief Executive Officer
About Silver Mountain
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and currently exploring its 100% owned Castrovirreyna Project, consisting of over 60,000 hectares of highly prospective mineral claims and concessions located in the Huancavelica Region, central Peru. For additional information regarding the Castrovirreyna Project, please refer to the Company's technical report, titled NI 43-101 Technical Report: Preliminary Economic Assessment, Reliquias Mine, dated June 26, 2024, effective date May 15, 2024, available at https://sedarplus.ca.
For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca.
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 Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under "Caution Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form dated April 26, 2026, and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE Silver Mountain Resources Inc.
For Further Information Contact: Alvaro Espinoza, Chief Executive Officer, Silver Mountain Resources Inc, 82 Richmond Street East, Toronto, ON M5C 1P1, +51 954 475 319, info@agmr.ca, www.agmr.ca
Peruvian Metals Production Update for the First Half of 2024 at Aguila Norte Processing Plant and the Closing of the Private Placement
https://www.newsfilecorp.com/release/215860
July 08, 2024 5:30 PM EDT | Source: Peruvian Metals Corp.
Edmonton, Alberta--(Newsfile Corp. - July 8, 2024) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide an update regarding the mineral processing at its 80-per-cent-owned fully permitted Aguila Norte processing plant ("Aguila Norte" or the "Plant") located in Northern Peru.
During the first six months of 2024 the Plant processed 14,869 tonnes of third-party mineral, compared with 13,786 tonnes in 2023 and 14,886 tonnes in 2022. The 2024 year-to-date production represents an increase of 7.9 % compared to the same period for 2023, and 0.1 % decrease compared to the same period for 2022. The Plant was at capacity in April and May. The Company anticipates a further increase in production during the remainder of 2024 and expects to report a record year of production.
Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: "We are pleased that we are on track for a record processing year in 2024 at Aguila Norte. Our effort to add quality prospective mineral concessions by applications and by outright purchase continues and is funded by cash flow from the Plant. The use of proceeds from our financing will be used to advance the recently acquired Mercedes property and the prospective Palta Dorada Au-Ag-Cu property. The Company is planning to enter into the Peruvian gold space and is reviewing new sites for the ideal location to build a Carbon in Pulp gold processing plant. The Company is in a unique position compared to many in the junior mining space as we continue to strengthen the Company's financial position and advance our mineral assets with minimal share dilution."
The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
Closing of Private Placement
Peruvian Metals Corp. has closed its previously announced private placement by issuing 3,929,286 Units at $0.07 cents per Unit for total proceeds of $275,050. Each Unit consists of one common share of the Company and one-half non-transferable share purchase warrant ("Warrant") of the Company.
Each Warrant will be exercisable to acquire one additional common share for two years from the closing date of the offering at a price of $0.10 cents. In the event the volume-weighted average closing price of the Company's common shares on the TSX Venture Exchange (the "Exchange") exceeds $0.15 for five consecutive trading days, the Company retains the option to accelerate the expiry date of the Warrants to thirty days after a public announcement of its election to accelerate the expiry date of the Warrants.
The Company has paid finders' fees of $3,000 in cash paid in accordance with the policies of the Exchange.
Certain insiders acquired an aggregate of 279,286 Units in the Financing, and as such, the Financing is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company has relied on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insiders' participation in the Financing, as such participation in the Financing does not exceed 25% of the Company's market capitalization.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.
Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange : Symbol "PER", and the OTCQB Venture Market: Symbol "DUVNF".
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
SOURCE: Peruvian Metals Corp.
Hannan Doubles Footprint of the Copper-Gold Porphyry at Previsto Central, Peru
https://www.accesswire.com/884147/hannan-doubles-footprint-of-the-copper-gold-porphyry-at-previsto-central-peru
Tuesday, 02 July 2024 06:30 AM
VANCOUVER, BC / ACCESSWIRE / July 2, 2024 / Hannan Metals Limited's ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to announce that a significant copper-gold porphyry discovery continues to expand at the Previsto Central prospect within the 100%-owned Valiente Project in Peru (Figures 1 and 2).
Highlights:
Discovery: Outcropping porphyry-style copper and gold mineralization has been discovered over a significant 10 km by 5 km area at Previsto Central to Previsto East (Pictures 1 and 2, Figures 4 to 7) within a previously unmapped area. The discovery remains open in all directions.
Extensive surface anomalism, soil anomaly doubles in size and only 20% of the target area covered: Field work during the optimal dry season is now focused on mapping (alteration and lithology) and soil sampling. A team of six geologists are working on the project supported by two technicians and a large group of local residents acting as field support. Extensive copper and gold anomalism has been discovered to date by geochemical soil sampling in only 20% of the 10 km by 5 km target area. Soil samples commonly exceed 0.1 g/t gold and 0.025% copper (Figures 4 to 7). The gold anomaly has doubled in size over the last month and now exceeds 2 km by 4 km. Impressive copper rich outcrops (formed from blue azurite, a copper oxide) have been identified with many assay results in the laboratory, including channel sampling up to 192 m long (Picture 1).
Upper parts of a porphyry mineral system with scale: Mapping continues to demonstrate the scale of the mineral system. Alteration is dominated by phyllic and intermediate argillic alteration assemblages where pyrite dominates over chalcopyrite, indicating the outcropping rock exposures represent the upper parts of a porphyry mineral system. The new discovery coincides with a 10 km x 5 km large airborne magnetic and radiometric potassic anomaly. Hannan is planning 70 km regional scale IP lines across the entire system for September 2024, to demonstrate the scale and extent of the system in three dimensions.
Cluster: The Previsto discovery is the eighth significant porphyry and/or epithermal target discovered within an area of 25 km by 10 km at Previsto and Belen that Hannan now believes represents a district-scale porphyry cluster.
Michael Hudson, CEO, states: "The Previsto Central discovery area impressively continues to expand rapidly. This further supports the premise that Hannan has found another, and what looks like the largest, porphyry Cu-Au system at Valiente. We are just seeing a glimpse of what is hidden under thin soil cover and to date we have only explored a very small portion of the 10 km by 5 km target area. A team of six geologists is working on the project supported by two technicians and a large group of local residents acting as field support during the dry season as we continue de-risk and move Previsto Central forward to drill permitting as soon as possible."
Having just entered the optimal dry season Hannan's technical teams are focused on mapping and soil sampling the entire Previsto Central target covering an area of 10 km by 5 km. This will provide an excellent overview of the target that will form the basis for detailed mapping, surface IP geophysics and drill permitting. Results continue to impress and with only 20% of the target covered we are confident that the scale of this system will continue to grow.
Stream sediment sampling by Hannan in 2021 provided initial signs of a mineralized system at Previsto Central. The Company gained social access to the area late last year and prospecting work since the start of 2024 has confirmed that a significant copper-gold porphyry discovery exists in the area.
Previsto Central is defined by a large 10 km by 5 kmairborne magnetic and radiometric anomaly. Alteration associated with porphyry intrusions is often magnetic (from magnetite) and potassic (from sericite/biotite/K-feldspar). At Previsto anomalous soil anomalies are associated with areas of elevated magnetics and potassium indicating minerals associated with porphyry alteration. The footprint dimensions of the alteration system at Previsto are considered significant on a global scale for a porphyry system. This area remains the main focus of the Company's field programs during the dry season.
This Previsto Central prospect is located 2.5 km west of the Previsto East (reported on April 10, 2024). The style of mineralization observed at both prospects show strong similarities, where alteration assemblages and mineralization styles include hydrothermal breccias, intense phyllic alteration and relics of potassic alteration, roscoelite veining/dissemination and replacement of feldspars, observed sulfide minerals include chalcopyrite, molybdenite, pyrite. Veining is rare and generally only thin quartz and quartz-pyrite-iron oxide veinlets have been observed in boulders.
Previsto Central exhibits highly anomalous soil geochemical anomalies over 1,000 m, with anomalous rock chip samples and numerous windows of exposed copper and gold mineralization within a 4 km by 2 km area (Figures 4 to 7).
A detailed cross section was made across the broadest part of the 4 km wide alteration system (Figure 3). The section demonstrates a 700 m wide alteration zone, open to the east and west, showing phyllic and intermediate argillic alteration of a K-feldspar porphyry and feldspar porphyry.
Soil sampling continues to expand the footprint of the porphyry copper-gold system at Previsto Central. Soils continue to yield very high gold numbers exceeding 0.1 ppm Au. The width of the gold anomaly has now doubled and exceeds 2 km by 4 km with soil collected at a 100 m to 200 m sample spacing.
Rock sampling has returned anomalous gold and copper in channels and panel samples. The widest channel (14975) to date is 44.5m @ 551 ppm Cu and 28 g/t Mo, including 5.8 m @ 0.25 % Cu and 36 ppm Mo and 4.7 m @ 0.1 % Cu and 67 ppm Mo (Figures 4 and 6). The host rock exhibits intermediate argillic alteration in a K-felspar porphyry. A panel sample covering 3m3 located 1 km NNW of the channel returned 1.2 g/t Au hosted in a phyllic altered K-feldspar porphyry with 3% jarosite and goethitic veinlets. In the same area a weak vuggy texture and phyllic alteration is common in many samples.
Litho-geochemistry at Previsto shows a clear alkaline composition of the porphyry instructive host. The porphyries intrude sediments (sandstone, limestone, and shale) which show contact metasomatism around dykes and intrusive stocks.
Hannan is planning a 70-line km pole-dipole induced polarization geophysical survey to demonstrate the scale and extent of the mineral system in three dimensions. The Company also plans a regional LiDAR survey across the Previsto Central and Previsto East areas to help define outcropping areas and plan logistics.
At Previsto East a 1,800 m by 400 m area contains a high gold in soil anomaly associated with multiple large local copper and gold mineralized boulders, covered by scree and soil cover from 1 m to 5 m thick. Previsto East could represent either a secondary alluvial deposit that is locally or distally sourced (Picture 2).
Other News
Valiente Peru (Hannan 100%)
The DIA application for the Belen area was submitted in late January 2024 and has been progressing through the bureaucratic system much faster than previously expected. Hannan has already started to receive observations and feedback from the relevant authorities. Drill permitting times in Peru appears to be improving and the social support from the project remains strong and the Company completed the last observation to the application, being a water survey by the local water authority, over the last two weeks.
The permit area contains two outcropping porphyry targets (Ricardo Herrera and Sortilegio) and one zone with signatures of both porphyry-epithermal and skarn mineralization (Vista Alegre).
San Martin (JOGMEC JV - Peru)
The environmental permit, the Declaracion de Impacto Ambiental ("DIA") for 40 drill platforms was received from the Ministry of Mines in Peru during January 2024. The DIA is the primary environmental certification required to allow low impact mineral exploration programs, that includes drilling programs, to proceed at the San Martin copper-silver project in Peru.
The Authorization to Initiate activities has been delayed by 30 to 60 days as the Company has been requested to provide further information by the General Directorate of Mining from the Ministry of Mines ("DGM") relating to additional underlying paperwork from the State who holds underlying land titles. The Company has legal permission from the local landholders and communities who have lived on the land for decades. The Company expects drill rigs on the ground in San Martin in October 2024.
A two-stage drill program is planned:
First stage: A 2,000 m diamond drilling program over a 2 km strike of mapped surface mineralization down to 800 m depth.
Second stage: Subject to Stage 1, a further 1,500 m drill program to test the continuity of mineralization
Subject to results in Stage 1 or Stage 2 additional areas may be tested within the 7 km long permitted area.
San Martin West (JOGMEC JV - Peru)
Environmental data collection to support a new DIA application at San Martin West has commenced and will be completed in the coming 2 months.
The environmental data is being collected at San Martin West over an outcropping copper-silver mineralization trend that has been mapped for over 2.3 km of strike including 5.8 m at 3.1% copper and 65 g/t silver from a surface channel sample (previously reported).
Cerro Rolando Chile (Hannan has option to earn 100%)
Hannan is in the process of permitting a small drill program to test a shallow conductor at the Cerro Rolando Project in Chile. The conductor has been modeled to a depth of 60 m and may represent a perched supergene blanket from a mineralized porphyry at depth.
A community contract is in the process of being signed with final drill approval anticipated during September 2024. Permitting for 3 platforms has been made with a minimum contract requirement for one 100 m deep hole to test the shallow conductor.
The conductor is 10 m to 15 m thick and open to the E and W. It directly overlays a magnetic anomaly that is modeled to 450 m depth. The drill target is located at a regional significant NNW lineament that controls the emplacement of the giant Chuquicamata deposit.
About the Valiente project
The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1 and 2). The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level (a.s.l.). The project was discovered in 2021 during an extensive greenfields exploration program initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively exploring the project since 2021 and has successfully gained social permits progressively in all areas of interest.
During 2021 Hannan staked and still holds 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. Early surface prospecting discovered two outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023) that is now being drill permitted (Figures 1 and 2). Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.
In January 2024 Hannan submitted it first drilling application (DIA) covering two porphyry targets and one epithermal target at the Belen zone (here for news release). The company is now expanding the footprint by exploring new areas to build a pipeline of projects that will be permitted, and drill tested over the coming five years.
Technical Background
All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30g fire assay sample charge. Soil samples were analyzed by a portable XRF (VANTA-VMR) using an inhouse protocol which includes routing use of CRM and field duplicates as well as 10% check samples analyzed by ALS Lima.
About Hannan Metals Limited (TSXV:HAN)(OTC PINK:HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru. Hannan is a top ten in-country explorer by area in Peru.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.hannanmetals.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, info@hannanmetals.com
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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.
Picture 1: Photos of outcropping copper oxides (azurite) at Previsto Central
Picture 2: View from Previsto East looking west showing the 4 km2 footprint of the Previsto Central porphyry target area and the core 3 km x 1 km target.
SOURCE: Hannan Metals Ltd.
Turmalina Metals Corp. to Acquire the Colquemayo Copper-Gold-Silver Epithermal-Porphyry Project in Peru with Reported Drill Assays Including 237.3 m of 2.4% Copper
https://ca.finance.yahoo.com/news/turmalina-metals-corp-acquire-colquemayo-120000222.html
Turmalina Metals Corp.
Wed, July 3, 2024 at 5:00 a.m. PDT·18 min read
TBXXF
0.00%
VANCOUVER, British Columbia, July 03, 2024 (GLOBE NEWSWIRE) -- Turmalina Metals Corp. (“Turmalina”, or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE)
DLP Resources Intersects 66m of 0.42% Cu and 4.89g/t Ag Within a 202m Interval of 0.25% Cu and 2.93g/t Ag on the Aurora Project in Southern Peru
https://www.newsfilecorp.com/release/214248
June 25, 2024 6:00 AM EDT | Source: DLP Resources Inc.
Cranbrook, British Columbia--(Newsfile Corp. - June 25, 2024) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF)
American Lithium Announces Strong Progress on Falchani Flow Sheet Optimization and Intent to Commence Pilot Work During H2 2024
https://ca.finance.yahoo.com/news/american-lithium-announces-strong-progress-110000393.html
American Lithium Corp.
Thu, June 27, 2024 at 4:00 a.m. PDT·5 min read
AMLI
+2.43%
VANCOUVER, British Columbia, June 27, 2024 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to provide an update on the optimization of the Falchani processing flow-sheet. This update is based on recently completed, and ongoing, test work at Australian Nuclear Science and Technology Organization Laboratories in Sydney, Australia (“ANSTO”) in conjunction with TECMMINE in Lima, Peru (“TECMMINE”).
The unique volcanic style of lithium mineralization at Falchani, combined with low impurity content allows its flow-sheet to resemble more conventional mining / processing flow-sheets versus most hardrock lithium projects where concentrates are produced and then shipped elsewhere for further refining into higher quality products. Falchani’s flow-sheet utilizes warm sulfuric acid leaching and impurity removal steps to produce a high purity lithium carbonate (“LC”) end product on site with purity in excess of 99.5%, typically the threshold for battery grade LC. This helps drive the robust economics, particularly the low operating costs, highlighted in the Company’s original and recently updated Preliminary Economic Assessments (“PEA’s”). There is no need for additional refining steps offshore.
The Company believes it can further reduce acid consumption and reagent costs and optimize the production of LC as well as highly economic / strategic by-products by implementing a number of additional tried and tested hydrometallurgical processing steps into the core flow-sheet. This work has yielded strong results, and the Company currently intends to commence piloting work for its Falchani Project during H2, 2024.
HIGHLIGHTS FROM LATEST TEST WORK ON FALCHANI FLOW-SHEET:
Reduction of sulfuric acid consumption by approximately 50% from 480-500 kg per tonne (“kg/t”) (February 2024 PEA), down to 240 kg/t processed by utilizing counter-current leaching and simple recycling of acid-containing streams coupled with leach optimization.
Reduced acid consumption / recycling also has the implication of considerably reducing reagent requirements during final waste neutralization, which positively impacts the projected operating costs further.
Potential to further simplify the flow-sheet by employing Solvent Extraction (“SX”):
Initial testing with SX has demonstrated potential to separate even higher purity lithium at an earlier stage with the rejection of key impurities;
SX may remove several processing steps from the flow-sheet leading to reduced capex and lower reagent consumption; and
ANSTO continues to refine / optimize the potential use of SX in the Falchani flow-sheet.
At $5,092/t LC, current projected operating costs for Falchani (February 2024 PEA) are already amongst the lowest globally
Recent improvements / optimization steps and the introduction of higher quality by-products should materially reduce costs further.
Continued improvement in the specification of key by-products;
Sulfate of Potash (“KSOP”) recovery has been optimized and meets the parameters of producers and traders of potassium (“K”)-based fertilizers;
Approximately 40% of the K available in Falchani’s Lithium mineralization can be recovered as high-quality KSOP;
Concentration of Cesium Sulfate (“Cs”) has improved to approximately 20% Cs content, the threshold at which it would become a commercially viable by-product.
TECMMINE has recently run numerous additional full cycle tests on the existing “lithium-only” flow-sheet and continues to produce high purity LC with purities between 99.50% – 99.87% LC.
Simon Clarke, CEO of American Lithium stated: “We are very excited about recent flow-sheet work in which we continue to produce high purity LC exceeding battery grade thresholds in repeated full-cycle tests giving us confidence to start piloting later this year. Recent work focusing on counter-current leaching and SX has been extremely positive not only for producing high-quality by-products with strong strategic and economic value but also for optimization and material cost reduction. We will continue to refine these additions to the flow-sheet with ANSTO and TECMMINE with the goal of also introducing them into our pilot work at the appropriate time.”
Qualified Person
Mr. Ted O’Connor, P.Geo., a Director of American Lithium, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About ANSTO Minerals
ANSTO Minerals is an international mining consultancy group located in Sydney, Australia, with an experienced team of 60+ engineers, metallurgists, chemists, and scientists who have been providing consulting services and process development services to the mining and minerals processing industries for well over 35 years. ANSTO Minerals has world-leading expertise in uranium ore processing, rare earth processing, zirconium/niobium/hafnium processing, base metals processing, lithium processing (brines and hardrock), and radioactivity control and management.
About TECCMINE
TECMMINE E.I.R.L. is a Peruvian metallurgical consulting company based in Lima, Peru with mineral processing and metallurgical testing laboratory facilities and experienced metallurgical personnel led by Eng. Jose Malqui.
About American Lithium
American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas. The Company is currently focused on enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium project (“TLC”) in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium (“Falchani”) and Macusani uranium (“Macusani”) development-stage projects in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support.
For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com.
Follow us on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
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 press release.
Cautionary Statement Regarding Forward Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the business plans, expectations and objectives of American Lithium. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend", “indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management and are not, and cannot be, a guarantee of future results or events. Although American Lithium believes that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since American Lithium can provide no assurance that such opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions related to: American Lithium’s ability to achieve its stated goals;, which could have a material adverse impact on many aspects of American Lithium’s businesses including but not limited to: the ability to access mineral properties for indeterminate amounts of time, the health of the employees or consultants resulting in delays or diminished capacity, social or political instability in Peru which in turn could impact American Lithium’s ability to maintain the continuity of its business operating requirements, may result in the reduced availability or failures of various local administration and critical infrastructure, reduced demand for the American Lithium’s potential products, availability of materials, global travel restrictions, and the availability of insurance and the associated costs; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the potential for delays in exploration or development activities; the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; risks that permits will not be obtained as planned or delays in obtaining permits; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated difficulties with or interruptions in exploration and development; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which American Lithium operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and the effects upon the global market generally, any of which could continue to negatively affect global financial markets, including the trading price of American Lithium’s shares and could negatively affect American Lithium’s ability to raise capital and may also result in additional and unknown risks or liabilities to American Lithium. Other risks and uncertainties related to prospects, properties and business strategy of American Lithium are identified in the “Risk Factors” section of American Lithium’s Management’s Discussion and Analysis filed on May 29, 2024, and in recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements. American Lithium undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
Cautionary Note Regarding 32 Concessions
Thirty-two of the one-hundred-seventy-four concessions comprising the Falchani and Macusani Projects are currently subject to Administrative and Judicial processes in Peru to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared title to thirty-two concessions invalid due to late receipt of the annual validity payments. On November 2, 2021, American Lithium was awarded a favorable ruling in regard to title to the concessions, but on November 26, 2021, appeals of the judicial ruling were lodged by INGEMMET and MINEM. A three-judge tribunal of Peru’s Superior Court unanimously upheld the ruling in a decision reported in November 2023. American Lithium was subsequently notified that INGEMMET and MINEM have filed petitions to the Supreme Court of Peru to assume jurisdiction in the proceedings. Given the precedent of the original ruling it is hoped that the Supreme Court will not assume jurisdiction; however, there is no assurance of the outcome at this time.
Cerro de Pasco Resources Completes Payment for Critical Easement, Mobilizes Drilling Program and Prepares Financing
https://ca.finance.yahoo.com/news/cerro-pasco-resources-completes-payment-123000038.html
Cerro de Pasco Resources
Thu, June 27, 2024 at 5:30 a.m. PDT·9 min read
GPPRF
+5.77%
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
MONTRÉAL, June 27, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to inform that, following the publication of the Supreme Resolution on May 24, 2024, which granted CDPR the landmark Legal Easement, the Company has now completed the formalities related to the administrative procedure and is on track to start drilling in the coming weeks.
Formalities have included the payment of approximately US$ 1 million into the Peruvian National Bank on May 29, 2024, and formal signing of the minutes of the Easement Agreement on June 24, 2024, between CDPR and Activos Mineros (AMSAC), with the participation of the General Directorate of Mining (Ministry of Energy and Mines).
The Legal Easement enables the Company to meet conditions required to proceed with engineering studies and a 40-hole drilling program at its Quiulacocha Tailings Project (“QT Project”), with the objective of producing a master plan for reprocessing the entire Quiulacocha tailings resource.
Guy Goulet, CEO: “We are excited to commence on-site studies. Our preferred contractors are signed up and prepared to begin. Our application has undergone rigorous scrutiny, and the merits of our project, including economic, environmental, and social benefits, now speak for themselves.”
Next Steps
The drilling program will encompass geophysical studies, laboratory testing, mineralogy testing, resource estimation, and economic assessment. Its objective is to complete a Preliminary Economic Assessment (PEA) and submit a resource report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The Company plans to subsequently undertake a feasibility study for the Quiulacocha Project.
Site induction is currently underway to prepare for geophysical studies, and the Company aims to commence drilling activities in late July. Additionally, the Company has engaged All North as the independent qualified professional consulting firm for engineering and preparation of the NI 43-101 compliant technical report.
Concurrently with the drilling and PEA activities, CDPR has initiated the process to obtain additional authorization from the Ministry of Energy and Mines, necessary to access the area outside the El Metalurgista concession. It will allow for the completion of a comprehensive feasibility study and the application for approval to develop the extraction project for the entire Quiulacocha Tailings Storage Facility Site.
The Supreme Resolution
The Supreme Resolution was signed by the President of Peru on May 23, 2024, following an exhaustive process and endorsement by the ministries of Energy & Mines, Agriculture, and Housing & Construction. The process also included two separate rulings in support of the Legal Easement by the autonomous Mining Council.
The Quiulacocha Tailings
CDPR is the titleholder of the concession located in Peru called “El Metalurgista”, which grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned area. The enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian Ministry of Energy and Mines.
The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of material processed from the 1920s to 1990s.
The Quiulacocha Tailings Storage Facility is comprised of processing residues that came from the Cerro de Pasco open pit and underground mine. Noteworthy reports indicate an estimated 458 million ounces of silver equivalent across silver, zinc, copper, lead and gold within the tailings, in addition there is evidence of additional valuable metals such as germanium, tellurium, indium, and gallium.
Initially these tailings resulted from the mining 16+ million tonnes of copper-silver-gold mineralization with reported historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag and later from the mining of 58+ million tonnes of zinc-lead-silver mineralized material with average historical grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.
With minimal mining costs due to surface-level material and current reprocessing capacity at adjacent plants, CDPR's Quiulacocha Project stands out as one of Peru's key mining initiatives. This endeavor not only promises economic benefits but also aims to restore the environment and create employment opportunities, aligning with the local community's needs.
Private Placement Offering of Common Share Units
The Company is pleased to announce its intention to complete a non-brokered private placement offering (the “Offering”) of up to 20,000,000 units of the Company (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to $2,000,000. Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.15 per share for a period of 24 months from the closing date of the Offering (the “Closing Date”).
In the event that, during the period following 24 months from the Closing Date, the volume-weighted average trading price of the Common Shares exceeds $0.60 per Common Share for any period of 20 consecutive trading days, the Company may, at its option, following such 20-day period, accelerate the expiry date of the Warrants by delivery of notice to the registered holders (an "Acceleration Notice") thereof and issuing a press release (a "Warrant Acceleration Press Release", and, in such case, the expiry date of the Warrants shall be deemed to be 5:00 p.m. (Montreal time) on the 30th day following the later of (i) the date on which the Acceleration Notice is sent to Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
A finder's fee might be paid on the Offering, subject to the policies of the Canadian Securities Exchange ("CSE").
The net proceeds from the Offering will be used for working capital.
All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
The securities to be issued under the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, these securities may not be offered or sold, pledged or otherwise transferred within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in the U.S., nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Engagement of Peak Investor Marketing
The Company is pleased to announce that it has retained the services of Peak Investor Marketing Corp. (www.peakinvestormarketing.com) (“Peak”) to provide marketing services to the Company for an initial 12-month term (the “Initial Term”). Peak is a Vancouver-based full-service marketing and consulting firm focused on the junior mining sector. Peak is an independent arm’s-length entity and will assist Cerro De Pasco Resources with marketing strategy and planning, corporate communications and public relations, with the goal of increasing market awareness for the Company. Under the terms of the agreement, the Company will pay Peak a monthly fee of $12,000 (plus taxes), payable on the last day of each month. After the Initial Term, Peak will continue providing these services in consideration for a monthly fee of $ 12,000 (inclusive of taxes) payable on the first day of each month, subject to termination by either party on 30 days’ prior written notice.
Technical Information
Mr. Jorge Lozano, MMSAQP and Chief Operating Officer for CDPR, has reviewed and approved the scientific and technical information contained in this news release. Mr. Lozano is a Qualified Person for the purposes of reporting in compliance with NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources is a mining company, with the goal to become the next mid-tier producer in Peru. CDPR is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising mineral tailings and stockpiles extracted from the Cerro de Pasco open pit mine in Central Peru. The company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. CDPR is also focused on mining, development, and exploration of its wholly owned 6,000-hectare Santander Mine in the highly prospective Antamina-Yauricocha Skarn Corridor, located 215 km from Lima. CDPR is founded on clear objectives, to engender long-term economic sustainability and benefit for the local population, from an economic, social and health point of view.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions.
Forward-looking statements, including the expectations of CDPR’s management regarding the realization, timing and scope of its drilling program, the completion of a resource report as well as the business and the expansion and growth of CDPR’s operations, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Forward-looking statements are subject to business and economic factors and uncertainties and other factors, that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. 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. Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000
ggoulet@pascoresources.com
Winshear Commences Construction of Drill Roads and Field Camp Ahead of Its Maiden 1,600m Drill Program at the Gaban Gold Project in Peru
https://ca.finance.yahoo.com/news/winshear-commences-construction-drill-roads-120000575.html
Winshear Gold Corp.
Tue, June 18, 2024 at 5:00 a.m. PDT·3 min read
HELOF
0.00%
VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- Winshear Gold Corp. (TSXV: WINS) (‘Winshear’ or the ‘Company’), is pleased to report that it has initiated field activities at the Gaban Gold Project, SE Peru, including construction of an access road to the Coritiri Gold Zone, a staging field camp and the preparation of five drill sites in anticipation of a 1,600m helicopter supported diamond drill program.
Access to the project area and drill sites is reached via a nine (9) kilometre foot path and light vehicle road. The road construction is expected to take around two months to complete.
Gaban is located in the Puno Orogenic Gold Belt (“POGB”) at the juncture of the San Gaban and Inambari Rivers, which then drain into the Madre de Dios basin where extensive alluvial gold mining covers an 1,800 square kilometre area (Figure 1 and Figure 2). The Company is investigating Gaban as a potential hard-rock source for the alluvial gold being mined at Madre de Dios and on the Gaban project itself.
Following the construction of the access road, Winshear plans on completing at minimum a 1,600m core drilling program to test several shear-hosted gold zones that have returned significant gold values in several surface channel sampling programs. Previous sampling campaigns have outlined a gold mineralized shear zone extending over a one kilometre by two kilometre area with quartz vein sampling returning gold assaying up to 11.2 g/t Au. The gold anomalous zone remains open along strike to the east and southeast.
The Coritiri Gold Zone was initially identified from interpretation of airborne magnetic data, flown in 2018, which inferred the presence of an 8 km x 1 km NW-SE linear target adjacent to a 6.5 km x 3.0 km northwest-southeast trending magnetic high (Figure 1). The geophysical anomaly is coincident with a five (5) km long series of gold-in-stream sediment anomalies located within the Yanamayo River catchment (Figure 3). The underlying geology of the area comprises sheared and deformed siltstones and slates with foliation typically striking northwest-southeast and dipping moderately to the southwest.
There are several artisanal workings in the Yanamayo catchment that develop placer gold deposits where Winshear field crews have observed local alluvial miners extracting nuggets weighing up to 54 grammes. There are several prospect pits and short adits on outcropping quartz veins where visible gold has been sampled and mapped.
Winshear’s proposed Gaban drill program will be the first ever carried out on the property with the intent of testing the width of the shear zone hosting the gold mineralized quartz vein zones.
Technical Information
J. Patricio Varas, P. Geo. Is Winshear’s President and is a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release. Mr. Varas has visited Winshear’s Gaban exploration project and has reviewed the data from sampling programs for the project.
About Winshear Gold Corp.
Winshear Gold Corp. is a Canadian-based minerals exploration company advancing the Gaban Gold Project in the Puno region of Peru. The Company considers Gaban to be one of the hard-rock sources of gold contributing to the 700 km2 Madre de Dios alluvial goldfield, located 50km north of, and downstream from, the Gaban gold project.
For more information, please contact Irene Dorsman at +1 (604) 200 7874 or visit www.winshear.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard Williams, CEO
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.
Cautions Regarding Forward-Looking Statements
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements and contain forward-looking information.
Generally, forward-looking 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". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the risks normally associated with mineral exploration. 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. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
SILVER MOUNTAIN GRANTED ENVIRONMENTAL IMPACT ASSESSMENT (EIA) PERMIT EXTENSION FOR THE RELIQUIAS MINE, CAUDALOSA MINE AND PLANT UNTIL 2034
https://www.newswire.ca/news-releases/silver-mountain-granted-environmental-impact-assessment-eia-permit-extension-for-the-reliquias-mine-caudalosa-mine-and-plant-until-2034-856904240.html
Silver Mountain Resources Inc. Jun 18, 2024, 07:00 ET
TORONTO, June 18, 2024 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or the "Company") (TSXV: AGMR) (OTCQB: AGMRF) is pleased to announce that Peru's National Authority for Environmental Certification (SENASE) has approved the extension of the main environmental permit (or EIA-d) for its 100% owned Reliquias Mine, Caudalosa Mine and all their components in central Peru. This authorization extends the environmental certification for the Company's future mining operations until 2034.
Alvaro Espinoza, CEO of Silver Mountain, stated, "We continue to hit the key milestones for our Reliquias Mine as planned. Extending the Reliquias EIA is part of the permitting process which will allow us to start operations, certain that the main environmental certification covers the initial years of production and any resources that may be incorporated through our planned resource expansion programs. Furthermore, the timely approval of this extension confirms that the Peruvian government is proactively helping advance modern and responsible new mine operations in the country, taking full advantage of high metal prices and high demand for metals around the world."
On Behalf of the Board of Directors of Silver Mountain Resources Inc.
Alvaro Espinoza, Chief Executive Officer
About Silver Mountain
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.
For additional information regarding the Project, please refer to the Company's news release dated May 15th, 2024 (https://agmr.ca/silver-mountain-delivers-positive-preliminary-economic-assessment-for-its-reliquias-project-peru-pre-tax-npv-5-of-c107-million-pre-tax-irr-of-57-and-payback-of-1-8-years/). A new technical report is being prepared and will be filed within 45 days of May 15, 2024. The current technical report, titled "NI 43-101 Technical Report: Mineral Resource Update, Reliquias Mine", Huancavelica- Peru, dated March 8, 2024, effective date January 1, 2024, is available at https://sedarplus.ca.
For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.
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.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under "Caution Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form dated April 26, 2024, and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE Silver Mountain Resources Inc.
For Further Information Contact: Alvaro Espinoza, Chief Executive Officer, Silver Mountain Resources Inc, 82 Richmond Street , East, Toronto, ON M5C 1P1, +51954 475 319, info@agmr.ca, www.agmr.ca
Buenaventura Announces Resumption of Ore Processing Operations at El Brocal Mine
https://ca.finance.yahoo.com/news/buenaventura-announces-resumption-ore-processing-144500312.html
Business Wire
Mon, June 10, 2024 at 7:45 a.m. PDT·3 min read
BVN
-2.31%
LIMA, Peru, June 10, 2024--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, is pleased to announce that ore treatment operations at its El Brocal processing plant has resumed. Ore treatment activities resumed operations at midnight on June 7, 2024 to begin processing the accumulated inventory at the mine site. El Brocal has accumulated approximately 220,000 tonnes of copper ore to date, the processing of which will gradually ramp to a rate of 15,000 tons per day, enabling recovery of ore processing which was halted during the suspension. The Company expects to achieve the budgeted production in 3Q24 to achieve its full year 2024 production guidance.
Huaraucaca community leaders signed an agreement with El Brocal representatives to end the prior blockade and related suspension of ore treatment at the Company’s processing facilities. A formal dialogue between Community leaders and Buenaventura, facilitated by officials from Peru’s Ministry of Energy and Mines (MINEM) have reviewed and addressed overall compliance with commitments between both parties. Further, Buenaventura reaffirms its commitment and compliance with all signed agreements with communities surrounding its operations.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2023 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240610718561/en/
Contacts
Contacts in Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540
Gabriel Salas, Head of Investor Relations
(511) 419 2591 / Gabriel.salas@buenaventura.pe
Contact in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com
Company Website: www.buenaventura.com.pe/ir
Palamina to Acquire Aurania's Peruvian Subsidiary for the Pluma Sediment-Hosted Copper Silver Project
https://www.newsfilecorp.com/release/212290
June 10, 2024 8:00 AM EDT | Source: Palamina Corp.
Toronto, Ontario--(Newsfile Corp. - June 10, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has signed a Share Purchase Agreement (the "Agreement") to acquire 100% of the shares of Sociedad Minera Vicus Exploraciones S.A.C. ("Vicus") from Aurania Resources Ltd. (TSXV: ARU) for a consideration of 350,000 common shares of Palamina and a 1% Net Smelter Return ("NSR") royalty. Palamina may buy back half of the NSR for $1,000,000. Palamina has an "acquire and hold" strategy for its existing copper silver projects in south eastern Peru and the secured Vicus Pluma copper silver project in north eastern Peru. Closing of the Vicus transaction is expected to be completed by the end of June. Palamina remains focused on the upcoming drilling program at its Usicayos gold project in the Puno region in south eastern Peru.
Palamina, on closing of the Vicus purchase, will secure 100% ownership of the Pluma sediment-hosted copper silver project which covers 9,800 hectares north and contiguous to Hannan Metals Limited's ("Hannan") San Martin Copper Silver Project. Hanna's San Martin is subject to an earn-in with the Japan Organization for Metals and Energy Security ("JOGMEC"). JOGMEC has the option to earn up to a 75% beneficial interest in the San Martin JV Project from Hannan by spending up to US$35,000,000 to deliver a feasibility study or completing certain expenditure milestones. Hannan is reportedly planning to carry out an inaugural 2,000m drill program at San Martin in 2024.
Both Aurania and Hannan were early movers in staking prospective copper silver prospects in north eastern Peru with the potential for basin-scale mineral systems that share geological similarities with sedimentary copper silver deposits including the vast Kupferschiefer deposits in Eastern Europe and deposits of the African Copper Belt situated in southern Africa, two of the largest copper districts in the world.
"On closing of the Vicus transaction, Palamina will secure 100% of the Pluma copper silver project contiguous and north of Hannan's San Martin copper silver JOGMEC JV Project where an inaugural drill program is reportedly planned in 2024. Hannan's drill program is designed to test the theory that the red-bed strata located in proximity to salt domes (acting as a conduit for mineralization) has the potential to host world class sedimentary copper silver deposits. Inaugural drill discovery programs are also being carried out in the Sol de Oro zone at Palamina's Usicayos gold project and in the Coritiri zone at Winshear's Gaban gold project in 2024. Palamina holds a 15.4% equity position in Winshear and a 2% NSR royalty on all their projects. Securing the Pluma copper silver project will provide Palamina shareholders exposure to the San Martin district where a third drill discovery program is planned by Hannan seeking to confirm a new world-class copper-silver district in Peru," commented Andrew Thomson, President of Palamina.
The Pluma block of mineral concessions, within the San Martin region of northeastern Peru, cover prospective geology, including large salt domes which could be the source of mineralizing brines in this kind of environment. Vicus has acquired 2D seismic data over northeastern Peru, which was collected by the state-owned oil company, facilitating the identification of further diapiric salt structures with additional mapping of prospective stratigraphy in an area with abundant forest cover.
At Hannan's San Martin copper silver project, drilling is planned on the northern block of their claims where reduced shales within a thick continental red-bed sequence hosts stratabound copper silver occurrences. Compression of the red-bed basins seems to be a key element in mobilizing fluids. Compression would result in sub-horizontal cracks opening, facilitating fluid flow along sedimentary beds.
Hannan's San Martin project and Palamina's secured Pluma concessions occur in the same northwest trending fold-thrust belt in which both northeast and southwest verging faults occur. Salt domes and their associated emplacement structures are viewed as conduits for potential mineralization located along antiformal axes where they intrude mainly in mudstone and siltstone sequences of the Upper Jurassic Sarayaquillo Group and coarse-grained sandstone of its Cushabatay Member.
Location of Palamina's secured Pluma copper silver project area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/212290_6cbee5c2d4142b87_001full.jpg
The Pluma copper silver concessions cover a northwest trending antiform extending from the northern end of Hannan's San Martin project, the core of which is composed of Sarayaquillo Group sedimentary rocks. Government maps show a salt dome in the southwest corner of the Pluma claim block. The Pluma claims have road access where an initial site visit by Aurania reportedly identified gossanous material with relict pyrite casts and suspected malachite staining within veinlets hosted in sandstone of the Cushabatay Member. Palamina plans to carry out an initial reconnaissance mapping and sampling program before the start of the rainy season in November.
Technical Information
The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (P. Geo.); a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice President of Exploration to Palamina.
About Palamina Corp.
Palamina is a gold exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in south-eastern Peru. Palamina is set to commence a drill program at its Usicayos gold project. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (TSXV: WINS). Winshear are scheduled to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina also has an "acquire and hold" strategy with copper silver assets in the Santa Lucia district in south eastern Peru and an Agreement to purchase Vicus and all of its assets including the Pluma copper silver project in the San Martin district in north eastern Peru. Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.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.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the Company's future business plans. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
SOURCE: Palamina Corp.
Hannan Announces Drilling Update and Private Placement Financing to Raise C$2.5 Million
https://www.accesswire.com/871167/hannan-announces-drilling-update-and-private-placement-financing-to-raise-c25-million
Tuesday, 04 June 2024 06:30 AM
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.
VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Hannan Metals Limited ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) announces a non-brokered private placement financing (the "Offering") of up to 7,142,857 units of the Company (the "Units") at a price of C$0.35 per Unit (the "Issue Price") for gross proceeds of up to C$2,500,000. Each Unit comprises one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share of the Company at an exercise price of C$0.50 for a period of two years from closing of the Offering. The Company has the right to force conversion of the Warrants, if at any time from and after the date of issuance, the weighted average closing price of the Company's common shares on the TSX Venture Exchange (the "Exchange"), equals or exceeds C$0.70 for 20 consecutive trading days. The expiry date of the Warrants will then be 30 days from the date of issue of a news release announcing the forced conversion.
Finder's fees may be payable on a portion of the Offering. Certain insiders of the Company will participate in the Offering.
All securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws in Canada. The Offering is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange.
The Company plans to use the net proceeds to fund exploration expenditures at the Company's Peruvian and Chilean projects, as well as for general working capital and corporate purposes.
Drilling Updates
At the Valiente Project, Hannan has discovered a Miocene-age porphyry-epithermal gold-copper mineralized belt that extends over 150 km by 40 km in area, located in central-eastern Peru. Within this belt a clustered porphyry/epithermal camp has emerged where five porphyry copper-gold targets and associated skarns have now been discovered (Ricardo Herrera, Sortilegio, Divisoria, Previsto Central and Previsto North), and two epithermal prospects (Vista Alegre and Previsto East).
At the San Martin Project located 400 km NNE of Valiente, Hannan has discovered a basin-scale high-grade sediment-hosted copper-silver system that extends over 200 km x 100 km along the foreland region of the eastern Andes Mountains. Mineralization is geologically similar to the vast Kupferschiefer deposits in Eastern Europe. Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries.
Hannan's strategy is to geologically derisk targets and sequentially drill permit these targets, such that the Company will be drilling multiple targets over these vast frontier areas over the next years.
San Martin (JOGMEC JV - Peru)
The environmental permit, the Declaracion de Impacto Ambiental ("DIA") for 40 drill platforms was received from the Ministry of Mines in Peru during January 2024. The DIA is the primary environmental certification required to allow low impact mineral exploration programs, that includes drilling programs, to proceed at the San Martin copper-silver project in Peru.
The Authorization to Initiate activities from the General Directorate of Mining from the Ministry of Mines ("DGM"), is now in a process that takes 1 to 3 months, and then the Water Use Permit (1 month duration) will be sought from the Peru National Water Authority ("ANA") which should see drill rigs on the ground in San Martin in August 2024.
A two-stage drill program is planned:
First stage: A 2,000m diamond drilling program over a 2 km strike of mapped surface mineralization down to 800m depth (Figures 2 and 3).
Second stage: Subject to Stage 1, a further 1,500m drill program to test the continuity of mineralization (Figures 2 to 4).
Subject to results in Stage 1 or Stage 2 additional areas may be tested within the 7 km long permitted area.
San Martin West (JOGMEC JV - Peru)
Environmental data collection to support a new DIA application at San Martin West has commenced and will be completed in the coming 2 months.
The environmental data is being collected at San Martin West over an outcropping copper-silver mineralization trend that has been mapped for over 2.3 km of strike including 5.8m at 3.1% copper and 65 g/t silver from surface (previously reported).
Valiente Peru (Hannan 100%)
The DIA application for the Belen area was submitted in late January 2024. Hannan has already started to receive observations and feedback from the relevant authorities. Drill permitting times in Peru appears to be improving and the social support from the project remains strong.
The permit area contains two outcropping porphyry targets (Ricardo Herrera and Sortilegio) and one zone with signatures of both porphyry-epithermal and skarn mineralization (Vista Alegre) (Figures 5 to 8).
Hannan is planning a 70-line km pole-dipole induced polarization geophysical survey and regional LiDAR survey across the three porphyry targets areas to define drill targets.
Cerro Rolando Chile (Hannan has option to earn 100%)
Hannan is in the process of permitting a small drill program to test a shallow conductor at the Cerro Rolando Project in Chile. The conductor has been modeled to a depth of 60m and may represent a perched supergene blanket from a mineralized porphyry at depth.
A community contract is in the process of being signed with final drill approval anticipated during August 2024. Permitting for 3 platforms has been made with a minimum contract requirement for one 100m deep hole to test the shallow conductor.
The conductor is 10m to 15m thick and open to the E and W. It directly overlays a magnetic anomaly that is modeled to 450m depth (Figure 9)
The drill target is located at a regional significant NNW lineament that controls the emplacement of the giant Chuquicamata deposit (Figure 10).
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Latin America. Hannan is a top ten in-country explorer by area in Peru and has recently optioned a copper-porphyry project in Northern Chile. Mr. Michael Hudson, FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.hannanmetals.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, info@hannanmetals.com
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: timing and successful completion of the Offering; the intended use of proceeds from the Offering; the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; the Company's expectations regarding its mineral projects; market conditions, the preliminary nature of the Company's operations; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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.
Figure 1: Location of Hannan's Peruvian Projects
SOURCE: Hannan Metals Ltd.
Aftermath Silver: Update on Successful Metallurgical Test Work on Berenguela Ag-Cu-Mn Mineralization
https://www.newsfilecorp.com/release/211418
June 03, 2024 8:30 AM EDT | Source: Aftermath Silver Ltd.
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF)
Palamina Samples 26.67 GPT Gold over 2 Metres from the Sol De Oro Zone at the Usicayos Gold Project
https://www.newsfilecorp.com/release/210891
May 29, 2024 8:30 AM EDT | Source: Palamina Corp.
Toronto, Ontario--(Newsfile Corp. - May 29, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF)
Inca One Provides Update on OCIM Loan Default
https://www.newsfilecorp.com/release/211150
May 30, 2024 2:42 PM EDT | Source: Inca One Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - INCA ONE GOLD CORP. (TSXV: INCA) (OTCQB: INCAF) (FSE: SU92) ("Inca One" or the "Company") a gold producer operating two mineral processing facilities in Peru provides the following update.
Further to the Company's news release on April 8, 2024 whereby the Company announced the receipt of a notice of default from OCIM Precious Metals ("OCIM") related to a missed gold loan payment, on May 23, 2024, OCIM delivered to the Company a Notice of Intention to Enforce Security in both Canada and Peru. OCIM's primary security is a share pledge over the Company's 100% owned Peruvian subsidiaries that own the Company's Chala One processing plant in Peru. The Company is in negotiations with OCIM and is committed to finding a solution that is in the best interests of all its stakeholders.
About Inca One
Inca One Gold Corp is an established gold producer operating two permitted, gold mineral processing facilities in Peru. The Company possesses a combined 450 TPD permitted operating capacity at its two fully integrated plants, Chala One and Kori One, generating over US$200 million in sales from its processing operations. Inca One is led by an experienced and capable management team that has established the Company as a trusted leader in servicing permitted, Artisanal and Small-scale Gold Miners (ASGM). Peru is one of the world's largest producers of gold, and its ASGM sector is estimated by government officials to be valued in the billions of dollars annually. Through the Company's partnerships with the UN backed PlanetGold Program and the Swiss Better Gold Initiative, Inca One supports the sustainable development and mining practices of the ASGM sector and the responsible gold supply chain from mine to market. To learn more, visit www.incaone.com.
Figure 1. Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2645/211150_2bc89088d4c7dafa_001full.jpg
On behalf of the Board,
Edward Kelly
President and CEO
Inca One Gold Corp.
For More Information Contact:
Konstantine Tsakumis
ktsakumis@incaone.com
604-568-4877
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.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, they involve inherent risks and uncertainties by their very nature. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operating results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
SOURCE: Inca One Gold Corp.
Cerro de Pasco Resources is Granted a Long-Awaited Land Easement for its Quiulacocha Project, Peru
https://ca.finance.yahoo.com/news/cerro-pasco-resources-granted-long-120000140.html
Cerro de Pasco Resources
Tue, May 28, 2024 at 5:00 a.m. PDT·6 min read
GPPRF
+26.36%
MONTRÉAL, May 28, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is delighted to confirm that the Company has been granted a long awaited Land Easement (“Easement”) via Supreme Resolution (“Resolution”), providing access to the surface areas corresponding to its wholly owned El Metalurgista Concession and Quiulacocha Tailings Project (“QT Project”), where the Company will perform its exploration drilling campaign, marking a major milestone for the Company.
The Resolution, which overrides deadlock with the State-owned Activos Mineros SAC (“AMSAC”), enforces the Company’s legitimate rights as holder of the El Metalurgista Concession, to explore and in due course exploit the QT Project. Following concerted action led by the Ministry of Energy and Mines and a rigorous process, the Government signed the Supreme Resolution, thus marking the start of the full-scale project in Cerro de Pasco. Easements of this type have only been granted a handful of times in the past in Peru.
Guy Goulet, CEO: “This is a very significant development for CDPR, we have pursued this Easement for several years and were able to satisfy requirements every step of the way, overcoming the deadlock with AMSAC. We had hoped to get here sooner but recognize that the sign-off on a special instrument of this nature requires a very detailed level of diligence. The fact that we have achieved this milestone gives us significant comfort that subsequent stages can be executed more quickly due to this precedent. I would like to express my thanks to the various authorities who have guided us through this process. This is a project that is fully supported by the local community, it is a project that the city of Cerro de Pasco needs. It brings innovation, health and environmental benefits, and much-needed revival in the local economy. It is also considered one of the largest above-ground resources on the Planet, with considerable precious and critical metal values.”
Next Steps
With this, the Company complies with all requirements to get access to the area covered by the El Metalurgista and undertake drilling during the forthcoming Andean dry season (June to November). In parallel, the Company will agree terms to extend drilling to the entire Quiulacocha Tailings site, beyond the boundaries of the El Metalurgista concession.
Agreement Highlights
The Supreme Resolution, signed by the President of Peru, as well as the Ministers of Energy & Mines, and Agriculture, respectively, concludes a lengthy deadlock with AMSAC, a state-owned entity originally tasked with the remediation of state environmental liabilities stemming from the privatization of Centromin. CDPR will deposit approximately US$ 1 million at the National Bank for the Easement and will be allowed to access and start activities forthwith within the El Metalurgista concession.
Drilling Program
CDPR expects to complete the 40-hole drilling program and to begin the first phase of the QT Project in the coming months, coinciding with the Peruvian Andes dry season. The program will include geophysical studies, laboratory testing, minerology testing, resource estimation and economic assessment, with the objective of filing a resource report compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Quiulacocha Tailings
CDPR is the titleholder of the concession located in Peru called “El Metalurgista”, which grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned area. The enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian Ministry of Energy and Mines.
The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of material processed from the 1920s to 1990s.
The Quiulacocha Tailings Storage Facility is comprised of processing residues that came from the Cerro de Pasco open pit and underground mine. Initially these tailings resulted from the mining 16+ million tonnes of copper-silver-gold mineralization with reported historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag and later from the mining of 58+ million tonnes of zinc-lead-silver mineralized material with average historical grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.
Technical Information
Mr. Jorge Lozano, MMSAQP and Chief Operating Officer for CDPR, has reviewed and approved the scientific and technical information contained in this news release. Mr. Lozano is a Qualified Person for the purposes of reporting in compliance with NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources is a mining company, with the goal to become the next mid-tier producer in Peru. CDPR is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising mineral tailings and stockpiles extracted from the Cerro de Pasco open pit mine in Central Peru. The company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. CDPR is also focused on mining, development, and exploration of its wholly owned 6,000-hectare Santander Mine in the highly prospective Antamina-Yauricocha Skarn Corridor, located 215 km from Lima. CDPR is founded on clear objectives, to engender long-term economic sustainability and benefit for the local population, from an economic, social and health point of view.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions.
Forward-looking statements, including the expectations of CDPR’s management regarding the realization, timing and scope of its drilling program, the completion of a resource report as well as the business and the expansion and growth of CDPR’s operations, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Forward-looking statements are subject to business and economic factors and uncertainties and other factors, that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. 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. Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000
ggoulet@pascoresources.com
Buenaventura Announces Voluntary Temporary Ore Treatment Suspension at El Brocal Mine
https://ca.finance.yahoo.com/news/buenaventura-announces-voluntary-temporary-ore-192400005.html
Business Wire
Wed, May 22, 2024 at 12:24 p.m. PDT·3 min read
BVN
-1.59%
Underground Mining Continues Per Normal
LIMA, Peru, May 22, 2024--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, announces the voluntary temporary suspension of El Brocal’s processing plant facilities. Underground mining works at El Brocal continue uninterrupted per normal, with accumulated mined ore stockpiled for later processing, as has been previously provisioned and authorized, to be processed once concentrator plant operations have resumed.
A small group from the Huaraucaca Community residing adjacent to the El Brocal processing facility entered the property without El Brocal’s authorization. The Company has therefore voluntarily suspended its two El Brocal processing plant operations to ensure the safety of its employees and infrastructure.
Buenaventura maintains a respectful open dialog with all communities surrounding its operations, and is therefore confident that discussions with the Huaraucaca community will result in a peaceful and mutually amenable resolution. The Company will continue to maintain a proactively prudent approach at all of its operations, prioritizing the safety of its workers and of its facilities.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2023 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240522985130/en/
Contacts
Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540
Gabriel Salas, Head of Investor Relations
(511) 419 2591 / Gabriel.salas@buenaventura.pe
NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com
Company Website: www.buenaventura.com.pe/ir
Silver X Mining Announces Strategy Update to Mineral Resource for 2024-2025 Following Social Agreement Signing
https://www.accesswire.com/866511/silver-x-mining-announces-strategy-update-to-mineral-resource-for-2024-2025-following-social-agreement-signing
Thursday, 23 May 2024 07:30 AM
VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(FRA:AGX) ("Silver X" or the "Company") is pleased to announce the signing of a 15-year social agreement with the Community of Carhuapata in Huancavelica in Peru. This in addition with the 12-year agreement with the Community of Huachocolpa signed on November 6, 2023. This new social contract grants Silver X Mining access to the totality of the Plata Mining Area.
Highlights of the Agreement
Duration: The 15-year agreement encompasses 100% of the project, providing ample area for the planned expansion and development activities.
Exploration and Mining: Allows exploration and mining with no restriction within the area of the agreement.
Strong Support: The unanimous approval by Carhuapata's Community assembly highlights the strong social support to Silver X's activities in the district.
"This agreement with the Carhuapata community marks another significant milestone in our efforts to activate and rejuvenate an entire mining district. Plata holds enormous potential and is crucial for the organic growth of our company," said Silver X CEO Jose Garcia.
Company's Development Strategy
Exploration Data: Consisting of a historical mining area, Silver X has compiled geological information from approximately 30,0000 meters of existing drill core and 8,000 meters of underground samples.
High-grade veins: historical data shows the existence of several high-grade silver and polymetallic veins, some of which were subject to mining in the past century.
Upcoming Resource: The Company anticipates producing a resource update before the end of 2024.
District Scale Development: This new development area is expected to boost SilverX's resource development and mining activities to the full district potential.
The Plata mining area is a part of the Nueva Recuperada Silver District and is a significant component of Silver X Mining's growth strategy. This area spans over 3,829 hectares and includes 17 surface-exposed mineralized veins, offering substantial exploration potential. Historical data indicate rich silver-polymetallic deposits, with a non-compliant historical inferred resource of 448,812 tonnes grading 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. (See Preliminary Economic Assessment, Nueva Recuperada Project, Huancavelica, Peru, April 4, 2023.)
"The support from Carhuapata is instrumental as we harness this potential, driving shared prosperity for both the community and Silver X Mining. We are enthusiastic about the future and confident in the transformative impact this project will have on our operations and the local region," said Garcia.
About Silver X Mining Corp.: Silver X Mining Corp. is a premier silver mining company with a focus on exploration, development, and production in South America. Our flagship asset, the Nueva Recuperada Silver District in Peru, is positioned in a prolific silver-producing region, with extensive high-grade silver, gold, lead, and zinc mineralization. Our mission is to deliver outstanding value to stakeholders through sustainable and socially responsible mining practices.
ON BEHALF OF THE BOARD
José M. Garcia, CEO and Director
For further information, please contact:
Sebastian Wahl
Vice President, Corporate Development
+1 647 259 6901 x 101
s.wahl@silverxmining.com
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.
Cautionary Statement Regarding "Forward-Looking" Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward- looking information contained in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.
The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedar.com from time to time. Forward- looking statements are based on the opinions and estimates of management as of the date such statements are made. 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. There can be no assurance that such 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: Silver X Mining Corp.
Highlander Silver Announces Acquisition of the Bonanza Grade San Luis Epithermal Gold-Silver Project in Peru, With Historical Measured & Indicated Resources of 348,000 Ounces Grading 22.4 g/t Gold, and 9,003,300 Ounces Grading 578 g/t Silver
https://www.accesswire.com/866514/highlander-silver-annoucnes-acquisition-of-the-bonanza-grade-san-luis-epithermal-gold-silver-project-in-peru-with-historical-measured-indicated-resources-of-348000-ounces-grading-224-gt-gold-and-9003300-ounces-grading-578-gt-silver
Thursday, 23 May 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Highlander Silver Corp. (CSE:HSLV) (the "Company" or "Highlander Silver") is pleased to announce that, further to its news releases dated Nov
Aftermath Silver Obtains Permits for Additional Drilling at Berenguela
https://www.newsfilecorp.com/release/209985
May 22, 2024 8:30 AM EDT | Source: Aftermath Silver Ltd.
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2024) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: AAGFF)
Hannan Outlines A Significant Copper-Gold Porphyry At Previsto Central, Peru
https://www.accesswire.com/866153/hannan-outlines-a-significant-copper-gold-porphyry-at-previsto-central-peru
Wednesday, 22 May 2024 06:30 AM
VANCOUVER, BC / ACCESSWIRE / May 22, 2024 / Hannan Metals Limited's ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF)
Kuya Silver Announces First Production from Bethania Silver Project
https://www.newsfilecorp.com/release/209923
May 21, 2024 8:00 AM EDT | Source: Kuya Silver Corporation
Toronto, Ontario--(Newsfile Corp. - May 21, 2024) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to announce the commencement of production from the Bethania silver mine.
Mineralized material is being recovered from the Española vein system at the 640 level, hauled to surface using the pre-existing decline and a winch on surface. Over the past few months, the Company has focused on reconditioning of the western portion of the mine to allow for safe production from this initial stope. In the coming months, reconditioning of other areas will continue at the 640 and 670 levels, and production access for the 12 de Mayo and Victoria vein systems are to be developed. Production is expected to ramp up progressively over the next year to an initial target of 350 tons per day.
Initial production is being stockpiled at the mine to be transported in larger batches for milling. Production and stockpiling operations for the first processing batch may take a month or more, however as operations scale, the Company anticipates transitioning to producing a processing batch every few days.
Christian Aramayo, Kuya Silver's COO, commented: "Achieving first production from the Bethania mine is a monumental milestone for Kuya Silver and signifies the beginning of increased production in this rich silver district. The dedication of the Kuya Silver team in Peru has been instrumental in reaching this point, demonstrating perseverance and proficiency while fostering a strong culture of safety and care for our surroundings."
The Company will continue to provide operational updates as the Bethania project ramps up.
Figure 1: Christian Aramayo, COO (left) and David Stein, President and CEO (right) cutting the ribbon to officially open the Bethania Silver Mine
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/209923_82b68dd5b4fbb88e_001full.jpg
Figure 2: First full ore cart, material from the Española vein hauled up from the 640 level by a motorized winch and ready to be dumped on the ore stockpile
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/209923_82b68dd5b4fbb88e_002full.jpg
Figure 3: Group including Kuya Silver management, guests and mine staff entering the 670 level adit to inspect the progress
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/209923_82b68dd5b4fbb88e_003full.jpg
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Kevin J. O'Connell, P.E., Independent Technical Advisor to Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian-based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.
For more information, please contact:
David Stein, President and Chief Executive Officer
Telephone: (604) 398-4493
info@kuyasilver.com
www.kuyasilver.com
Reader Advisory
This news release contains statements that constitute "forward-looking information," including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "must," "next," "propose," "new," "potential," "prospective," "target," "future," "verge," "favourable," "implications," and "ongoing," and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Kuya Silver Corporation
Alta Copper Announces Robust Economics for Cañariaco with US$2.3 billion After-Tax NPV and 24% IRR
https://www.accesswire.com/863483/alta-copper-announces-robust-economics-for-caariaco-with-us23-billion-after-tax-npv-and-24-irr
Wednesday, 15 May 2024 08:00 AM
VANCOUVER, BC / ACCESSWIRE / May 15, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU)
Western Metallica Returns Average Values of 2.9% CU and Confirms Historical Results From Turmalina Copper-Molybdenum Project in Peru
https://ca.finance.yahoo.com/news/western-metallica-returns-average-values-104500696.html
Western Metallica Resources Corp.
Wed, May 15, 2024 at 3:45 a.m. PDT·4 min read
WMS.V
0.00%
TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce initial results from its ongoing sampling program at the Company’s 2,747-hectare, Turmalina Project, a high-grade copper-molybdenum past producing mine hosted in tourmaline breccia pipes.
The recent rock chip sampling (refer to Figure 2) confirmed the historic results, as well as fit within the historical grade sections of the main breccia pipe in Figure 3, at both level 0 and level 5 that, are the only levels partially accessible currently (see Figure 3). The only sample collected from a face at level 0 returned Cu value of 0.1%, Mo >1%, with 1g/t Au and 37g/t Ag. More consistently 6 samples have been collected along level 5 that returned an average Cu value of 2.9% (MAX 5.9%) and average Mo values of 0.19% with one sample above 1% Mo.
Greg Duras, President and CEO of Western Metallica, commented: “It is encouraging to see such high grades in an underexplored Project in Peru, a country that hosts several world-class copper porphyry mines and projects. We believe Turmalina has an intact exploration potential that needs to be tested to define what could be a new high-grade copper-molybdenum resource."
The Turmalina Project is located in the Piura region of northern coastal Peru, approximately 170 kilometres by road from the Pan-American coastal highway to the west. The Project is located at an elevation of 2,600 metres in the western Cordillera of the Peruvian Andes near the coast and along a major road, lying within the same metallogenic belt as major projects such as Rio Blanco, Canariaco and La Granja.
The project is characterized by widespread, kilometre-scale, porphyry-style phyllic alteration, sulfidic veining, and several quartz tourmaline breccia pipes of which at least two are mineralized, suggesting the potential exists for a very large porphyry copper-molybdenum system at depth (refer to Figure 1).
One of the high-grade copper-molybdenum breccia pipes at Turmalina was the site of a historic producing mine with five production levels. The mine was active for ~25 years from the late 1960s until the mid 1990s, producing copper and molybdenum concentrates. Previously operated by Hochschild and then by Peruvian mining pioneer Guido del Castillo, the mine was shut down in the mid-1990s due to low commodity prices during that period.
The mine is known to have had an output rate between 100 tonnes and 300 tonnes per day by the 1990s, up from less than 100 tonnes per day in the 1970s. The mine has historically produced between 2 million and 3 million tonnes, with reported head grades of 2.0% Cu and 0.40% Mo and metallurgical recoveries of approximately 70% for copper and 95% for molybdenum. Historical reports indicate that the concentrates produced graded up to 35% copper and 95% molybdenum. There is significant exploration potential at Turmalina, with no exploration drilling taken place since the late 1990s and where several breccia pipes with no historic production have been mapped on surface but have to be drilled.
The mineralized breccia pipe measures approximately 175 metres in diameter and extends 350 metres in depth, remaining open at depth. Mineralization occurs as open space fillings, disseminations, and sulfide-rich vein, consisting of pyrite, chalcopyrite, minor bornite, molybdenite, and arsenopyrite within a quartz-tourmaline matrix. A pyrite-bearing silicified halo to the breccia extends approximately 100 metres away, increasing the exploration potential significantly.
Turmalina Project – Location of the known breccia pipes and old mine tailings.
Figure 1 - Turmalina Project – Location of the known breccia pipes and old mine tailings.
Turmalina mine –Plan view showing the surface projection of level 4 (the only historical survey available), the location of the Western Metallica rock chip samples described above and the cross-section trace (Figure 3).
Figure 2 - Turmalina mine –Plan view showing the surface projection of level 4 (the only historical survey available), the location of the Western Metallica rock chip samples described above and the cross-section trace (Figure 3).
Turmalina mine –N-S section (looking E) of the mine with Cu (left) and Mo (right) grade contours (from historical plans) and location of the rock samples assays from the Western Metallica validation program.
Figure 3 - Turmalina mine –N-S section (looking E) of the mine with Cu (left) and Mo (right) grade contours (from historical plans) and location of the rock samples assays from the Western Metallica validation program.
Quality Assurance and Quality Control
Sample preparation and analyses will be conducted according to standard industry procedures. Rock samples are crushed, split, and pulverized prior to analysis of Gold by fire assay and Atomic Absorption and multi-elements by ICP-AES after four acid digestion. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Samples are prepared and analysed in SGS lab in Lima, Peru.
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by Mr. Giovanni Funaioli, Eur.Geol., Vice President Exploration of Western Metallica, who is a “Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI 43-101. Some of the technical information relating to the Caña Brava and Turmalina Projects is historical in nature and has not been independently verified by the Company.
About Western Metallica Resources Corp.
Western Metallica is an Ontario registered company with its head office in Toronto, Ontario, trading on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral resource exploration and development, and holds the options to acquire a 100% interest in two copper projects in Peru: Caña Brava, in La Libertad Province, and Turmalina, in Piura Province. Western Metallica is also advancing its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain (Penedela, Valledor and Sierra Alta).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com
Investor Relations
Email: info@westernmetallica.com
Cautionary Note Regarding Forward-Looking Statements
The TSXV has neither approved nor disapproved the contents of this press release. 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 press release.
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned drill program and the development of the Company’s projects and other mining projects and prospects thereof, the impact of the management additions on the Company; and the potential and economic viability of the Caña Brava and Turmalina Projects. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/399e6b1e-5d04-4b4d-a4ad-0629bc7722ff
https://www.globenewswire.com/NewsRoom/AttachmentNg/90543ce9-f5b6-4570-b8f6-c0c44a2de48a
https://www.globenewswire.com/NewsRoom/AttachmentNg/1635225a-0083-40f9-b84f-d3d0e598b437
Solis Bolsters Copper Landholding in Peru
https://www.newsfilecorp.com/release/208869
May 10, 2024 7:27 PM EDT | Source: Solis Minerals Ltd.
HIGHLIGHTS
New applications cover 6,400 hectares of highly prospective copper ground across a coastal belt located directly between Ilo Norte and Ilo Este
Areas were previously held by Anaconda Copper. Ground visits indicate the area has received limited exploration
Total of 43,500 hectares pegged, mostly in the coastal belt, establishing Solis as a significant landholder in a highly prospective and emerging belt with porphyry copper potential
Two drill permit applications now underway over Ilo Este and Ilo Norte (Chancho al Palo). Cinto application in planning phase
Copper mineralisation in association with silicification and alteration identified outcropping at surface on new application areas
Follow-up mapping and initial geophysical studies to commence immediately
Solis continues to review potential acquisitions in various jurisdictions and commodity spaces with a focus on copper and lithium projects which are drill ready or with mineralised systems already identified
West Leederville, Western Australia--(Newsfile Corp. - May 10, 2024) - Solis Minerals Limited (ASX: SLM)
Silver Mountain Delivers Positive Preliminary Economic Assessment For Its Reliquias Project, Peru; Pre-Tax NPV 5% Of C$107 million, Pre-Tax IRR Of 57%, And Payback Of 1.8 Years
https://www.newswire.ca/news-releases/silver-mountain-delivers-positive-preliminary-economic-assessment-for-its-reliquias-project-peru-pre-tax-npv-5-of-c-107-million-pre-tax-irr-of-57-and-payback-of-1-8-years-883083484.html
Silver Mountain Resources Inc. May 15, 2024, 07:00 ET
Key Highlights – Preliminary Economic Assessment ("PEA")
Pre-Tax Net Present Value ("NPV"), C$107 million1 at 5% discount rate, and Pre-Tax Internal Rate of Return ("IRR") of 57%
After-Tax Net Present Value ("NPV"), C$85 million1 at 5% discount rate, and After-Tax Internal Rate of Return ("IRR") of 51%.
Construction time of 10 months
Payback Period of 1.8 years
Profitability ratio (Initial CAPEX/NPV) of 2.5 times
Average annual metal production of 2.2 million ounces AgEq per year
Initial CAPEX of US$24.8 million
All-in Sustaining Cost ("AISC") 2 of 17 US$/Oz AgEq
Benefits from existing and fully permitted infrastructure
TORONTO, May 15, 2024 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or the "Company") (TSXV: AGMR) (OTCQB: AGMRF)
First Andes Silver Signs Drill Contract for Santas Gloria Silver Property
https://www.newsfilecorp.com/release/208473
May 09, 2024 8:00 AM EDT | Source: First Andes Silver Ltd.
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2024) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) (the "Company") is pleased to announce that it has entered into a drill contract for its maiden drill program at the high-grade Santas Gloria silver property.
Highlights:
An initial 1,500m diamond drill program to commence in the upcoming weeks.
Drilling to target Tembladera and San Jorge vein systems with previous high-grade results:
Tembladera underground channel assays of >10,000 g/t Ag, >20% Pb and up to 9.1% Zn.
San Jorge surface channel assays of between 93 to 2500 g/t Ag, and underground channel assays of up to 3210 g/t Ag.
Fully funded drill program from recent private placement.
Drilling will initially target the strike and depth extensions of high-grade silver-base metal mineralized segments of the Tembladera and San Jorge veins, which have been defined by channel sampling of surface veins and underground workings (Figure 1).
San Jorge is a multiphase silver-rich intermediate sulphidation epithermal vein system, that is up to 6 meters wide at the surface and has been mapped over 2 strike kilometers. Drilling will test the down dip extensions of a high-grade zone that returned surface channel samples assays of between 93 to 2500 g/t Ag over 450 m strike length. The Company also plans to target a high-grade mineralized shoot beneath historical underground mine workings which returned underground channel samples grades of up to 3210 g/t Ag.
The Tembladera vein system is a complex of silver-rich intermediate vein splays and breccia's in the south of the Santas Gloria silver property, with a cumulative vein strike length of over 4 kilometers. Drilling at Tembladera will test the downdip and strike extensions of the vein where underground channel sampling by the Company that returned grades of >10,000 g/t Ag, >20% Pb and up to 9.1% Zn. Additional drilling will also focus on the near surface down dip extensions of high-grade silver mineralization which has been defined in surface channel samples over a strike length of 400 meters along the Tembladera 1 and Tembladera 2 veins.
Figure 1: Map of the Santas Gloria Property showing planned drill pads, hole traces and channel sampling results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10525/208473_1603c21d247e5bb2_002full.jpg
The Santas Glorias property is approximately 100 km from Lima, is at a relatively low altitude of 3300 m, and benefits from a community access agreement that is valid until 2028. The Company was awarded three archaeology certificates (CIRA) that cover key drill targets and confirm that there are no archaeological impediments to drilling. The Company's environmental application (Ficha Tecnica Ambiental) and water permits have been accepted and an authorization for drilling (AIA) up to 20 pads. The Company elected to initially construct only 10 of the possible 20 pads - allowing for optionality of pad location for a second round of drilling.
About First Andes Silver Ltd.
First Andes Silver Ltd. is a British Columbia company that holds a 100% interest in the high-grade Santas Gloria silver property, located in Peru.
For more information please contact:
Jacob Garland
Phone: (604) 806-0626
E-mail: info@firstandes.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service 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: First Andes Silver Ltd.
Chakana Confirms Another Mineralized Breccia Pipe with 23.0m of 0.61 g/t Gold, 1.02% Copper and 26.1 g/t Silver (1.65% Cu-Eq) at Estremadoyro - Soledad, Peru
https://www.newsfilecorp.com/release/208343
May 08, 2024 6:20 AM EDT | Source: Chakana Copper Corp.
2024 Highlights at Soledad Project Include:
Two shallow holes completed to test the grade of the Estremadoyro tourmaline breccia pipe with mineralized intercepts of:
17.7 m @Bill H
23.0 m @jakev
First reported occurrence of:
bornite associated with chalcopyrite in breccia mineralization
low-grade copper halo in wall rock of breccia
Drilling is now underway 900 m southwest in the Mega-Gold target area with 2 holes completed and the third hole in progress (assays pending)
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX)
Peruvian Metals Provides Update on Production at the Aguila Norte Processing Plant
https://www.newsfilecorp.com/release/208103
May 06, 2024 9:30 AM EDT | Source: Peruvian Metals Corp.
Edmonton, Alberta--(Newsfile Corp. - May 6, 2024) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide an update on mineral processing at its 80% owned Aguila Norte Processing Plant ("Aguila Norte" or the "Plant") located in Northern Peru.
During the first four months of 2024 the Plant completed ten mineral campaigns processing a total of 9,199 metric tonnes (mt). This year's production exceeded production levels of 8,157 mt in 2023 by 13%. The Company is extremely pleased with this years' production at a time when the rainy season in Peru usually affects mining operations.
Jeffrey Reeder, CEO of Peruvian Metals, comments: "We are extremely pleased with our production at Aguila Norte during the first months of 2024. Normally this is a time where Peruvian miners and explorers are affected by the rainy season with less mineral available. We have steady clients and expect to process our mineral in the 3rd and 4th quarter of 2024. We fully expect that production levels will increase for the remainder of the year and expect a record year."
The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.
Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange : Symbol "PER"
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290 or Evan Eadie Tel: (647)-370-5268.
Website: www.peruvianmetals.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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
SOURCE: Peruvian Metals Corp.
Buenaventura Announces First Quarter 2024 Results
https://ca.finance.yahoo.com/news/buenaventura-announces-first-quarter-2024-014000657.html
Business Wire
Mon, April 29, 2024 at 6:40 p.m. PDT·5 min read
BVN
+2.37%
LIMA, Peru, April 30, 2024--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM)
Alta Copper Delivers a New Geological Model; Provides Update on the Optimized PEA; Drill Permit and Community Relations
https://www.accesswire.com/857942/alta-copper-delivers-a-new-geological-model-provides-update-on-the-optimized-pea-drill-permit-and-community-relations
Tuesday, 30 April 2024 08:00 AM
VANCOUVER, BC / ACCESSWIRE / April 30, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is very pleased to provide an update on significant developments and progress to date on several fronts at its 100% owned Cañariaco advanced staged copper project.
Highlights:
New Geological Model ("2024 Model") Identifies Several High Priority Drill Targets: a new geological model for the Cañariaco project has been completed with the re-interpretation of zonation of grades within the Cañariaco Norte deposit while identifying several high priority drill targets (See Figure 3 & Figure 4);
Conducted a generative study to define and prioritize a portfolio of targets for future testing in underexplored areas of the Cañariaco Sur and Quebrada Verde Targets (See Figure 1);
Planned increased drill hole coverage in areas with less drill data to obtain a better understanding of the geometry and continuity of mineralized zones, breccias and the various porphyry intrusions within both the Cañariaco Norte and Cañariaco Sur deposits (See Figure 2);
Drilling will focus on the under explored Cañariaco Sur porphyry copper gold deposit, the undrilled Quebrada Verde porphyry target and enhancement of the Cañariaco Norte deposit with both infill drilling and testing of several recently identified high grade zones open to depth;
A 40 Platform drill permit application ("DIA") based on on Environmental and Social Impact Assessment studies completed by Yaku Consultores was submitted in December 2023 to Ministerio de Energia Minas ("MINEM"). Up to 47,000 metres of drilling will be staged in phases of 10,000 to 20,000 metre drilling each targeted to commence by Q4-2024 or earlier;
A meeting was recently held regarding initial comments received from Dirección General de Asuntos Ambientales Mineros de Perú ("DGAAM"), Servicio Nacional Forestal y de Fauna Silvestre ("SERFOR") and Autoridad Nacional del Agua ("ANA") on the DIA application. The Company readily addressed all comments with approval of drill permits now expected by Q3-2024 or earlier;
Optimized Preliminary Economic Assessment ("Optimized PEA") with publication of results now targeted on or before May 15, 2024; and
Alta Copper continues to advance its long-term involvement with the community in a fashion that endeavors to benefit all stakeholders. The primary objective it is to improve sustainable development in the community which will allow for better quality of life for all community members with or without a mining project through the implementation of Economic and Social Development Support Programs and Corporate Strategic Partners. The provision of S/250,000 soles of a total of S/750,000 soles of a previous commitment has been further ratified for the development of sustainable projects in the area.
Giulio T. Bonifacio, Executive Chair, commented "We are very pleased with progress achieved to date on several fronts inclusive of our Optimized PEA and while this has taken longer than initially anticipated the results and the additional time taken will be more than justified. During the field visit in February, engineers from AGP and Ausenco identified excellent opportunities to improve the project with changes to the infrastructure layout for the site. Following this, Whittle also identified several opportunities for optimizing the mine plan. These various improvements have required additional time to incorporate into the Optimized PEA however they will prove to be of great value while further guiding the future development of the Cañariaco project which is one of the largest copper deposits in the Americas not currently held by a major. We have benefited from the wealth of previous studies and engineering work completed to date which will result in a study that is more advanced on several levels than one typically sees in many other PEA level studies."
Joanne C, Freeze, President & Chief Executive Officer, commented "We are very pleased with the results from our 3D Geological Modelling inclusive of an extensive and thorough review of our deposits which has identified several high-grade zones which are open to depth and laterally at Cañariaco Norte. We have also gained a better understanding of Cañariaco Sur and Quebrada Verde while identifying several high priority drill targets. All of this has clearly demonstrated further expansion potential in the two known deposits as well as the Quebrada Verde porphyry target. We are equally pleased with the recent gains with the Community which we will continue to advance as we further engage by way of our community offices and field activities in preparation of the upcoming staged 10,000 to 20,000 metre drilling program."
Optimized Preliminary Economic Assessment
Whittle Consulting Pty Ltd ("Whittle") and Ausenco Engineering Canada Inc. ("Ausenco") and AGP Mining Consultants Inc. were engaged in 2023 for purposes of advancing project optimization which involves a rigorous analytical and computational process using Whittle's Strategic Mine Planning software and Integrated Strategic Planning concepts. To date, hundreds of iterations of pit shells have been conducted to establish the most advantageous mine plan. In addition, statistical studies that identified several compelling alteration effects on the deposit, were incorporated into our 3D Geological Modelling and have been linked to zones with higher copper grades all of which will be incorporated in our Optimized PEA.
Based on what are considered very positive developments with our 3D Geological Modelling, more fully described below, positive metallurgical testwork on Cañariaco Sur and Whittle optimization, the Company is now targeting to publish the optimized 2024 PEA on or before May 15, 2024. The Optimized PEA has benefited from previously conducted engineering studies over many years, especially 2010 through 2014 and 2021 to 2022, which will prove to show many aspects developed beyond a typical PEA level.
2024 Geological Modelling
A new geological model for the Project has been completed with the re-interpretation of district-scale and project-specific geology including statistical analyses on alteration effects to various lithologies. This new geological model, has identified significant mineralization potential and numerous high priority drill targets which will provide the foundation for the planned staged 10,000 to 20,000 metre drilling program targeted to commence by Q4-2024.
The 2024 geological modelling has identified several high-grade copper zones with previously untested potential depth extensions. These zones as well as internal zones, where infill drilling could expand some high-grade zones, will be drill tested with the goal of further enhancing the current substantial mineral resource already defined at Cañariaco.
Methodology
The 2024 geological model for alteration and lithologies relies on detailed logging of 85,000 metres drilled between 2006 and 2013, largely in Cañariaco Norte. Information which was captured in historic logs has been recently reviewed. Multi-element geochemical data available for most of the holes was used to establish lithological and alteration zonation modelling. The data collected has not previously been incorporated into a formal three-dimensional geological model.
Interpretation of geology was hand drawn on cross sections, where appropriate, and together with the other technical datasets, was integrated into Leapfrog software to generate the new three-dimensional model.
Next Steps
Our current geological model and observations from historical drilling will provide the framework for our upcoming diamond drilling program. (See Figures 1 to 9 following). In addition, a generative study is underway to provide a portfolio of targets for future testing, in a district that remains underexplored.
End of Figures
Community Relations and Field Activities
Alta Copper continues to advance its long-term involvement with the community in a fashion that will benefit all stakeholders. The goal is to improve sustainable development in the community which allows better quality of life for the community members with or without a mining project nearby through the implementation of Economic and Social Development Support Programs and Corporate Strategic Partners.
Our community relations team together with community members recently reviewed 40 agricultural products potentially suitable for production in the area and chose 5 products (coffee, dried mushrooms, gooseberries, green peas and trout). These products were chosen as they will allow coverage of all 3 altitude zones in the project's area of influence while identifying potential for major positive community impacts that can result from:
technical assistance to improve product quality;
expansion of current production given the existence of large market potential; and
better income for the producers and clear interest from local producers.
We have introduced Corporate Strategic Partners in coffee and mushrooms, whom are major Peruvian exporters, and have identified groups that could be suitable for the gooseberries, green peas and trout.
Alta Copper has also recently provided the first third of the S/750,000 soles committed (US$ 210,000) for the development of sustainable projects in the area. These projects are to be chosen by a committee made up of community members, Cañariaco Copper team and the Lambayeque Chamber of Commerce.
Alta Copper currently has field personnel working with locals and consultants preparing for the upcoming drill program. The team has been conducting maintenance work on local roads, the field camp as well as conducting other various environmental tasks required for the drilling. In addition to the technical aspects, this work allows us increased community engagement.
As of February 2023, the Company has four community offices which, allow the Cañariaco Copper team many more opportunities to engage with the local community. The dialogues and exchanges of information with the local community are much more frequent and continuous now.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Alta Copper's, President, CEO and Director, Joanne Freeze, P.Geo., who is the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
About Alta Copper
Alta Copper is focused on the development of its 100% owned Cañariaco advanced staged copper project. Cañariaco comprises 97 square km of highly prospective land located 150 km northeast of the City of Chiclayo, Peru, which include the Cañariaco Norte deposit, Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the effective date of the consolidation and name change of the Company. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. 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. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of Alta Copper Corp.
"Giulio T. Bonifacio" Executive Chair and Director
For further information please contact:
Giulio T. Bonifacio, Executive Chair and Director
gtbonifacio@altacopper.com
+1 604 318 6760
or
Joanne C. Freeze, President, CEO and Director
jfreeze@altacopper.com
+1 604 512 3359
Email: info@altacopper.com
Website: www.altacopper.com
Twitter:https://twitter.com/Alta_Copper
LinkedIn:https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram:https://www.instagram.com/altacopper/
YouTube:https://www.youtube.com/@AltaCopper
SOURCE: Alta Copper Corp.
Pan American Silver Announces the Sale of La Arena for US$245 Million Cash Upfront and US$50 Million Contingent Payment
https://ca.finance.yahoo.com/news/pan-american-silver-announces-sale-091400974.html
Business Wire
Wed, May 1, 2024 at 2:14 a.m. PDT·7 min read
PAAS.TO
+3.31%
PAAS
+1.57%
PAASF
-0.02%
retains a 1.5% gold net smelter return royalty for the La Arena II project
VANCOUVER, British Columbia, May 01, 2024--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") announces that it has agreed to sell its 100% interest in La Arena S.A. ("La Arena"), which owns the La Arena gold mine as well as the La Arena II project in Peru, to Jinteng (Singapore) Mining Pte. Ltd., a subsidiary of Zijin Mining Group Co., Ltd. (collectively, "Zijin") for US$245 million cash upfront and a US$50 million contingent payment.
"With the sale of La Arena, we continue to deliver on our strategy to optimize our portfolio, following the Yamana transaction, while maintaining future upside through the retention of royalties," said Michael Steinmann, President and Chief Executive Officer of Pan American. "Proceeds from the transaction will further strengthen our financial position and allow us to deliver on our capital allocation priorities of investing in high-quality assets, debt reduction and returning capital to our shareholders."
Under the terms of the agreement, at closing Zijin will pay US$245 million in cash and will grant Pan American a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. Upon commencement of commercial production from the La Arena II project, the agreement provides for an additional contingent payment from Zijin of US$50 million in cash. The closing of the transaction is subject to customary conditions and receipt of regulatory approvals. Pan American expects the transaction to be completed in the third quarter of 2024.
The La Arena property is located in the La Libertad province of Peru and is comprised of the La Arena gold mine and the La Arena II project. Since acquiring the mine from Tahoe Resources Inc. in 2019, Pan American has successfully added 535,521 ounces of gold through exploration, and extended the mine life from 2021 to 2026, with the potential for further extension.
About Pan American Silver
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
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Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "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 provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the receipt of regulatory approvals and successful completion of the proposed sale of La Arena , as well as the anticipated terms and timing for the completion thereof; the anticipated use of proceeds, including investing in high-quality assets and providing returns to our shareholders; the anticipated benefits from the completion of the sale of La Arena; the anticipated commencement of production from the La Arena II project; and the impact of such transaction on Pan American’s future financial or operational performance.
These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the ability to satisfy the closing conditions and receive regulatory approval to complete the sale of La Arena; the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate sustainability-linked credit facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American 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 as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430474138/en/
Contacts
Siren Fisekci
VP, Investor Relations & Corporate Communications
604-806-3191
ir@panamericansilver.com
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GPPRF
0.00%
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ABSOLUTE #msg- ACERO-MARTIN #msg-11340067 AMERA #msg- ANDEAN AMERICAN #msg-14192578 ANTARES #msg- BEAR CREEK MINING #msg-11340001 CANADIAN SHIELD #msg- CANDENTE #msg-15029804 CENTURY #msg-15029809 CHARIOT #msg- ESPERANZA #msg-16445900 FORTUNA SILVER MINES #msg-11340011 Geologix #msg-15035152 GITENNES #msg- GOLD HAWK #msg- GOLDEN ARROW #msg- INTL. MINERALS #msg-11750571 MPH Ventures #msg-13683508 NORSMONT #msg-11626088 NORTH PERU CU #msg- OREX VENTURES #msg-12662886 PERU COPPER #msg- SIENNA GOLD #msg-11337825 SOLEX #msg- SOLID RESOURCES #msg- SOUTH AMERICAN #msg- TINKA #msg-12295976 VENA #msg- ZINCORE #msg-15349758.......................................................
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