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Gran Colombia Announces Second Quarter 2021 Production and Webcast; Provides Details of Forthcoming Repayment of Its Gold Notes; Declares Monthly Dividend to be Paid on August 16, 2021

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 16,789 ounces of gold at its Segovia Operations in June 2021 bringing the total gold production for the second quarter of 2021 to 52,198 ounces compared with 44,377 ounces from Segovia in the second quarter of 2020. The Company also produced 54,573 ounces of silver at Segovia in the second quarter of 2021, up from 41,342 ounces of silver in the second quarter last year. For the first half of 2021, Segovia’s gold and silver production totalled 101,256 ounces and 111,888 ounces, respectively, up from 94,723 ounces of gold and 87,260 ounces of silver in the first half of 2020.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s latest results, said, “We have continued to gain momentum in the second quarter of 2021. With our trailing 12-months total gold production from Segovia at the end of the second quarter amounting to 202,895 ounces, up 3% over 2020, we remain on track to meet our production guidance at Segovia for the full year of 200,000 to 220,000 ounces of gold. The expansion of Maria Dama to 2,000 tpd is proceeding well and commissioning of the new polymetallic plant at Segovia will commence in the third quarter. Our use of cash is typically higher in the second quarter each year as we complete the required payments of income tax instalments in Colombia. In May 2021, we also used $10.4 million of cash to complete an early optional redemption of our Gold Notes ahead of schedule. At the end of June 2021, we had a cash position of approximately US$57 million and the aggregate principal amounts of our Gold Notes and Convertible Debentures outstanding were reduced to US$19.75 million and CA$18 million, respectively. We are very pleased with our progress through the first half of 2021, including the successful completion of our acquisition of the Toroparu Project in Guyana and the recently announced high-grade drilling results from our ongoing exploration programs at Segovia.”

The Segovia Operations processed an average of 1,581 tonnes per day (“tpd”) in the second quarter of 2021 with an average head grade of 12.6 g/t compared with 1,211 tpd at an average head grade of 13.9 g/t in the second quarter last year. It should be noted that the second quarter 2020 production was affected in the first half of April 2020 by the early stages of adapting Segovia’s operations to the pandemic. For the first half of 2021, the Segovia Operations processed an average of 1,526 tpd with an average head grade of 12.7 g/t compared with 1,247 tpd at an average head grade of 14.4 g/t in the first half last year.

Second Quarter 2021 Results Webcast

Gran Colombia announced today that it will release its 2021 second quarter and first half results after market close on Thursday, August 12, 2021 and will host a conference call and webcast on Friday, August 13, 2021 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/8pi4h8ou
Canada Toll / International:1 (514) 841-2157
North America Toll Free:1 (866) 215-5508
Colombia Toll Free:01 800 9 156 924
Conference ID:50186481

A replay of the webcast will be available at www.grancolombiagold.com from Friday, August 13, 2021 until Friday, September 10, 2021.

Quarterly Amortizing Payment of Gold Notes on August 3, 2021

Gran Colombia announced today the details for the forthcoming quarterly repayment of its 8.25% Senior Secured Gold-Linked Notes due 2024 (the “Gold Notes”) (TSX: GCM.NT.U) as follows:

Payment date:August 3, 2021
Record date:July 26, 2021
Cash payment amount:Approximately US$0.12881677 per US$1.00 principal amount of Gold Notes issued and outstanding on the Record date representing an amortization payment of the principal amount of approximately US$0.08829114 per US$1.00 principal amount of Gold Notes and a gold premium of approximately US$0.04052563 per US$1.00 principal amount of Gold Notes. Based on the London P.M. Fix on July 15, 2021 of US$1,823.75 per ounce, the aggregate amount of the cash payments on the Payment Date will be US$2,544,131, of which US$1,743,750 will be applied to reduce the aggregate principal amount of the Gold Notes issued and outstanding and the balance represents the Gold Premium.
Principal amount issued
and outstanding:
As of today’s date, there is a total of US$19,750,000 principal amount of Gold Notes issued and outstanding. After this quarterly repayment, the aggregate principal amount of the Gold Notes as of August 3, 2021 will be reduced to US$18,006,250.

Monthly Dividend Declaration

Gran Colombia also announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on August 16, 2021 to shareholders of record as of the close of business on July 30, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production, the repayments of its Gold Notes, payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. 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, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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Gran Colombia Gold Announces the Discovery of Two Additional High-Grade Veins at Its El Silencio Mine at Its Segovia Operations

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today high-grade intercepts from the first 59 diamond drill holes totaling 10,229 meters of an in-fill drilling campaign that is being carried out by the Company’s Mine Geology Department at the El Silencio mine at its Segovia Operations. This 23,000 meters drilling campaign, which commenced in 2020 and will be completed this year, is focused on resource definition within the underground mine developments of the El Silencio mine and complements the previously announced 60,000 meters drilling program being carried out in 2021 by the Company’s exploration team. High-grade intercepts from two new veins recently discovered by this in-fill drilling campaign at the El Silencio mine provide and corroborate information of importance for the current and future development of different sectors of this flagship mine.

The best high-grade intercepts from these latest drill results at the El Silencio mine include:

  • 1040 Vein, new discovery: 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters (ES-GM-U51-20);
  • 1150 Vein, new discovery: 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters (ES-GM-U59-20);
  • 1180 Vein: 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters (ES-GM-U49-20); and
  • Manto Vein: 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters (ES-GM-U17-21).

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our drilling programs in Segovia are continuing to provide us with outstanding results. With the discovery of two additional high-grade veins at the El Silencio mine, close to the mine workings currently in production, we remain confident that we will continue to expand mineral resources and add to the mine life for this operation. These new discoveries are further evidence that our main mines remain under-explored and have the potential to be larger than what we understand today.”

The Company’s Mine Geology Department currently has three diamond drill rigs in operation at Segovia carrying out resource definition within the underground developments of the El Silencio mine in a program that has another 13,000 meters of drilling to be completed this year. In addition, as outlined in the Company’s press release dated June 9, 2021, the Company has another seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the south ore-shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the down-dip extension of the Marmajito Vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

Key Highlights

1040 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES900N-A, ES710N-A, ES810N-A and ES610N-A, installed on levels 22, 25 (ES710N-A/ES810N-A) and 26, respectively, led to the discovery of a new high-grade vein called the 1040 Vein, which is an E-W trending structure, shallow-dipping to the NE, located in the footwall of the 1180 Vein and interpreted to merge into the Manto Vein System down-dip. Multiple high gold grades were intersected from 32 multi-target drill holes (6,900 meters) on the main vein system with maximum intersection grades of 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters on the 1040 Vein (ES-GM-U51-20). The footprint of the orebody outlined on the 1040 Vein so far is over 500 meters down-dip by 200 meters wide, and it remains open up and down-dip. The 1040 Vein will be incorporated into the El Silencio mine plan through the ramp RP1130N from Level 31 to 38.

The discovery of this new orebody offers the potential for additional mineral resource growth and extension of the mine life.

1150 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES710N-A and ES810N-A, installed on Level 25, led to the discovery of another new high-grade vein called the 1150 Vein, which occurs in the hanging-wall of the Manto Vein System and is interpreted as a splay off the Manto Vein. Multiple high gold grades were intersected from 21 multi-target drill holes (5,228 meters) on the main vein system with maximum intersection grades of 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters on the 1150 Vein (ES-GM-U59-20).

Manto & 1180 Veins (Attachments 1 and 3)

In-fill exploration drilling on the northern block of the Manto Vein System, from underground stations ES900N-A, ES810N-A, ES872N-B and ES615N-A, installed on levels 22, 25 (ES810N-A/ES872N-B) and 26, respectively, was targeted to extend and better delineate the known ore-shoots on the Manto Vein, which is the master structure; and the 1180 Vein, which is a footwall splay off the Manto Vein. Drilling was successful in extending the Manto Vein’s ore-shoot from Level 25 to 28, and better delineated the ore-shoot on the 1180 Vein down-plunge. Multiple high gold grades were intersected from 45 multi-target drill holes (8,047 meters) on the main vein system with maximum intersection grades of 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters on the Manto Vein (ES-GM-U17-21) and 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters on the 1180 Vein (ES-GM-U17-21). High-grade mineralization associated with both ore-shoots remains open down-plunge and will be targeted by in-fill drilling in 2021.

The table below lists the key intercepts from the ongoing drilling campaign carried out in 2020-2021 by the Company’s Mine Geology Department:

HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)Vein
EL SILENCIO MINE
U-G Drilling station ES-NV40-A
ES-GM-U03-20*49.8050.200.4011.52**VEM
U-G Drilling station ES900N-A
ES-GM-U09-21*133.08133.700.6212.0714.21040
ES-GM-U12-21*106.81107.851.0440.6360.7VEM
ES-GM-U17-21*90.8091.150.3544.4998.5VEM
U-G Drilling station ES710N-A
ES-GM-U02-21*93.5993.950.3628.0268.51150
ES-GM-U05-21*109.44109.800.366.579.61150
U-G Drilling station ES610N-A
ES-GM-U01-21*112.10112.800.7074.39154.51040
ES-GM-U04-21*128.45130.181.7335.1830.81040
ES-GM-U06-21*116.64116.950.3114.8827.31040
ES-GM-U63-20*145.22145.760.5431.2938.01040
ES-GM-U64-20*123.78124.480.7013.7410.51040
U-G Drilling station ES615-A
ES-GM-U07-20*79.7080.000.3018.24**1180
ES-GM-U11-20*93.5594.601.0548.47**1180
ES-GM-U12-20*92.0092.950.957.74**1180
ES-GM-U13-20*9.309.760.467.70**VEM
ES-GM-U14-20*8.158.450.306.02**VEM
ES-GM-U16-20*7.848.200.3614.32**VEM
U-G Drilling station ES810N-A
ES-GM-U36-20*103.90104.460.5644.28**1150
ES-GM-U37-20*86.5686.900.3418.348.4VEM
ES-GM-U37-20*195.80196.220.4210.845.51040
ES-GM-U44-20*190.15191.391.2418.8025.91180
ES-GM-U49-20*96.6597.590.947.7130.51150
ES-GM-U49-20*197.24197.540.3073.0332.01180
ES-GM-U51-20*68.7069.560.866.218.31150
ES-GM-U51-20*163.51164.070.56137.4410.11040
ES-GM-U51-20*179.13179.970.8412.0229.3SNO
ES-GM-U59-20*61.2061.740.5493.19<0.31150
U-G Drilling station ES872-B
ES-GM-U52-20*40.0340.330.308.371.9VEM
ES-GM-U52-20*185.52185.900.3812.2232.21180
U-G Drilling station ES872-A
ES-GM-U21-20*37.0037.400.4011.9513.4VEM

* Denotes underground drill holes. Underground drill holes coded as GM were drilled by the Company’s Mine Geology Department. The underground infill holes were drilled at -0 to -79 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.

** Silver was not assayed for these drill holes.

Vein name abbreviations: VEM: Manto Vein. 1180: 1180 Vein. 1150: 1150 Vein . 1040: 1040 Vein. SNO: unknown vein.

Results from in-mine exploration and infill drilling are reported for 59 holes (10,229 m) including: 3 holes (341 m) from station ES-NV40-A, 1 hole (103 m) from station ES230N, 3 holes (435 m) from station ES900N-A, 3 holes (600 m) from station ES710N-A, 8 holes (1,238 m) from station ES610N-A, 12 holes (918 m) from station ES615-A, 12 holes (2,682 m) from station ES810N-A, 13 holes (2,882 m) from station ES872-A, and 4 holes (1,030 m) from station ES872N-.B There are no results above cut-off grade for 35 holes and these holes are not listed in the table above.

Please refer also to the attached illustrative maps and section showing the El Silencio drilling programs.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Some of the samples were prepared and assayed by the Gran Colombia Mine Laboratory at Segovia (not certified). Gold was assayed by 30 g fire assay with AAS finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was not assayed in these samples. Standard, blank and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. 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, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Attachment 1 – El Silencio mine – In-fill Drilling Grade Intercepts on Manto and 1180 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/d60b06e3-0e1c-4085-8221-b1ccc5d8ae11

Attachment 2 – El Silencio mine – In-fill Drilling Grade Intercepts on 1150 and 1040 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bddabe3-5100-4aab-a756-514110441993

Attachment 3 – Cross section of the El Silencio vein system at northernmost end of the mine
https://www.globenewswire.com/NewsRoom/AttachmentNg/440c6e7a-98a5-41bb-bad2-d308d8fa93bf 

Attachment 1Attachment 2Attachment 3
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Tocvan Drills 47.3 meters of 0.75 g/t Au from Surface in Step-out South of the Main Zone Also Drills 7.6 meters of 1.7 g/t Au and 7 g/t Ag at New 4-Trench Extension Target

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce results for the next six drill holes from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program has concluded with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Results for six drill holes are included in this release, highlighted by drill hole JES-21-47 which returned 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq). Seven (7) drill holes from new target areas are pending assay results.

 

Drill Result Highlights

 

JES-21-47 (Figure 1)

  • – 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq) from surface to 47.3 meters
    • – Including 12.2 meters at 1.1 g/t Au and 12 g/t Ag from surface to 12.2 meters

      – Also 19.8 meters at 1.06 g/t Au and 4 g/t Ag from 27.5 to 47.3 meters

      – Including 3.1 meters at 5.6 g/t Au and 22 g/t Ag from 44.2 to 47.3 meters

 

NEW 4-Trench Extension Target

JES-21-44

  • – 44.2 meters at 0.41 g/t Au and 4 g/t Ag (0.45 g/t AuEq) from 10.7 to 54.9 meters
    • – Including 7.6 meters at 1.7 g/t Au and 7 g/t Ag from 47.3 to 54.9 meters

 

“JES-21-47 is another significant step-out to our Main Zone, expanding the potential further southeast along trend”, commented VP Exploration, Brodie Sutherland. “With each hole we learn a little more about how this system behaves, giving us more confidence to test our new target areas at Pilar. In addition, we are starting to see results for the 4-Trench Extension target and we are excited to have intersected 7.6m at 1.7 g/t Au, in one of our first holes in that area. With the conclusion of our Phase II drill program, we look forward to releasing the remaining results once available and begin planning for the next phase of program development.”

 

Results Discussion

JES-21-44 – The hole was planned to test the 4-Trench Extension target. Drilling intersected a broad low-grade zone from 10.7 to 54.9m of 0.41 g/t Au, including a higher grade section at depth of 7.6m of 1.7g/t Au and 7 g/t Ag (see Table 1). Historic results from drill hole N-12 intersected 4.5m of 1.42 g/t Au, 40m to the east of JES-21-44 suggesting mineralization is widening to the northwest along this trend.

 

JES-21-47 – The hole was planned to test southeast along the Main Zone Trend 100m from drill hole JES-20-32. The hole also tested 60m down-dip of historic hole JES-18-03, which intersected 13.5m of 5.6 g/t Au and 22 g/t Ag. A broad zone was intersected from surface to 47.3m of 0.75 g/t Au and 5 g/t Ag with higher grade intervals up to 3.1m of 5.6 g/t Au and 22 g/t Ag.

 

Figure 1. Cross-Section of Drill Hole JES-21-47


Click Image To View Full Size

 


Click Image To View Full Size

Figure 2. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Drill Results


Click Image To View Full Size

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

 

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  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 any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

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Black Mountain Gold USA Corp. Begins Trading on OTCQB

Black Mountain Gold USA Corp. (TSXV: BMG) (“BMG” or the “Company”) is pleased to announce that the Company’s common shares have begun trading on the OTCQB Venture Market (“OTCQB”) under the ticker symbol “BMGCF”.

The common shares of the Company are eligible for electronic clearing and settlement in the United States through the Depository Trust Company (“DTC”). DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. The Company’s common shares will continue to trade on the TSX Venture Exchange (“TSXV”) under the symbol “BMG”.

Graham Harris, Chief Executive Officer and Director, commented, “We are pleased that our securities are now DTC eligible. This means that our common shares can be transferred electronically between United States brokerage firms and eliminates physical stock certificates. This is important to US investors and will allow us to broaden our shareholder base in the USA.”

About the OTCQB
The OTCQB offers early stage and developing U.S. and international companies the benefits of being publicly traded in the U.S. without the complexity and cost of a U.S. exchange listing. As a verified market with efficient access to U.S. investors, the OTCQB helps companies build shareholder value with a goal of enhancing liquidity and achieving fair valuation. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com.

To find out more about Black Mountain Gold USA Corp. please contact Investor Relations at (604) 662-8184 or email info@blackmountaingoldusa.com.

BLACK MOUNTAIN GOLD USA CORP.

“Graham Harris”
CEO, Director

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 may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Arizona which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for CDN$, fluctuations in the market for gold/silver, changes in exploration costs and government royalties, export policies or taxes in Arizona and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Mohave Gold Project may be impacted by economic uncertainties arising out of COVID-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Mohave Gold Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

info

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Multiple Holes Yield Silver-Tin Polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes at Eloro Resources’ Iska Iska Project, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 43 diamond drill holes totalling 20,030 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the Santa Barbara Breccia Pipe (“SBBP”) and Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the CBP from the northern radial platform and a second surface drill is testing the major Porco (South) Target. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and CBP areas. Figure 3 is a NW-SE geological section along the northwestern part of the CBP and the eastern part of SBBP showing locations of the main mineralized zone and of drill holes DSB-08, DSB-10 and DCN-2 in this release. Figure 4 shows the currently interpreted metal zoning pattern on this same section. Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.
  • Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, stated: “We are continuing with our strategy of completing first pass drilling from both surface and underground to test major target areas of the SBBP, CBP and Porco (South). Targets drilled to date cover an area 2km long by 1.2km wide with additional targets further east in the caldera complex still to be tested, as shown in Figure 1. All holes drilled to date have intersected significant mineralization and it is becoming clearly evident that the Iska Iska mineralizing system is zoned both laterally and vertically. Mineralization at SBBP is more intermediate style polymetallic Ag-Zn-Pb-Sn, whereas recent results from the CBP suggest a deeper level higher temperature tin-dominant system. We are currently carrying out a down-hole induced polarization (IP) survey which will aid in determining the distribution of mineralization especially potential higher-grade areas which tend to have more sulphides. Currently we have approximately 2,600 samples in the laboratory pending analysis. ALS Global in Lima, Peru has advised us that they are gradually returning their operations to a more normal basis as the COVID-19 situation improves.  The backlog of samples has now been stabilized and they anticipate that in the next 4-6 weeks the sample back log will be significantly reduced allowing the laboratory to return to more normal turnaround times.  The preparation facility in Oruro continues to operate at normal compacity.”

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. and an expert on the geology of Bolivian mineral deposits said: “Diamond drilling at Iska Iska to date allows us to define a preliminary lateral and vertical metal zoning model in this large km-scale mineralized polymetallic system. This zoning is from a higher temperature core characterized by Sn moving outward to Sn (W-Au-Bi), Sn-Ag (Bi), Ag−Zn-Pb-(Sn-Au-Cu), and finally Zn-Pb-Au. These zones are arranged according to a decrease of temperature of deposition and increasing distance from the presumed heat source that is likely a Sn porphyry at depth. Mineralization can be telescoped depending on the geochemical environment, the character of metal-forming solutions and the extent of subsequent structural overprinting and remobilization. Remobilization is likely responsible for producing significant areas of high-grade mineralization within the more extensive lower grade envelope.”

Dr. Arce continued: “Drill hole DSB-10, drilled in the SBBP and crossing into the CBP at depth, intersected primarily tin mineralization corresponding to the highest temperature and deeper part of the mineralizing system. The tin intersections have local silver and gold values that likely belong to the edge of a higher-level epithermal event. The strong tin mineralization is widely distributed in this hole with the best intersection being 0.325% Sn over 56.2m which included a 28.86m section grading 0.535% Sn. Although not continuous a total of 211.34m cumulative intersections of Sn mineralization were obtained in the lower part of hole DSB-10 collectively grading 0.22% Sn (102.27 Ag eq/t). These higher-grade intersections have a distinctive alteration of tourmaline, silicification and jarosite within a much broader pervasive alteration of tourmaline and silicification with anomalous values of Sn. These grades of tin are comparable to grades reported for other well-known tin deposits in Bolivia including Llallagua, Huanuni and Chorolque.”

Finally, Dr. Arce noted that: “Hole DPC-01, the first hole drilled in the Porco target zone, intersected 767 meters of an intercalation of mineralized granodiorite and intrusion breccia with aphanitic dacite and sandstone clasts which confirmed that Porco is likely a major breccia pipe. The last 72m of this hole intersected medium to coarse granodiorite which is still mineralized. Mineralization in this hole is related to breccia veins, veins and veinlets of pyrite, cassiterite, tourmaline, chalcopyrite, sphalerite, galena, pyrrhotite, siderite and alunite collectively up to 7%. Assays on this hole are pending but the potential metal contents appear to be more comparable to the higher level SBBP than the deeper level CBP. As previously reported (March 29, 2021), channel sampling of the Porco adit located approximately 200m to the south of the Porco breccia pipe target (Figure 1) returned a 50m strike length averaging 519.35 g Ag eq/t (236.13 g Ag/t, 1.89g Au/t, 0.2% Bi, 0.87% Cu, 0.31% Pb and 0.055% Sn) over an average channel width of 2.5m supporting this conclusion.”

Dr. Quinton Hennigh, Senior Technical Advisor to Eloro commented: “Every hole drilled at Iska Iska to date has encountered multiple mineralized intercepts. Porco, the most recently tested target, is yielding visible indications of long mineralized intercepts. Even though we have now drilled numerous holes within an area 2km north-south and 1.2km east-west, we have yet to find the ultimate limits of this immense system. Every hole displays hydrothermal alteration and zones of mineralization. While it is becoming clear that mineral zonation is present within this huge system, there is still a lot of work to do to fully determine such patterns. It is entirely possible that there are multiple magmatic drivers within this immense complex. It is truly exciting to see continued discovery with every hole that is completed.”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 5, 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ebd3df4f-fd1a-473e-8e9f-343d82ab1244

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,40065.6000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 6, 2021.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-18UG205421.27656358.74152.6180-10446.45
DHK-19UG205422.77656359.84151.6145-45329.80
DHK-20UG205421.27656359.24151.4180-50350.80
DHK-21UG205418.57656360.04151.9235-70512.90
DHK-22UG205418.57656360.04151.9210-60600.00
Subtotal2,239.95
DHK-23UG205418.57656360.04151.9270-50In progress
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-11S205118.887656205.74356.0125-40665.30
Subtotal665.30
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-03S204902.07655860.04420.0135-60464.50
DCN-04S204902.07655860.04420.00-80851.40
DCN-05S204902.07655860.04420.090-60524.30
DCN-06S204902.07655860.04420.0180-80626.40
Subtotal2,466.60
DCN-07S204902.07655860.04420.0270-60In progress
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-01S204852.07655612.84429.690-601,007.50
DCS-02S204852.37655612.44429.6135-60800.50
DCS-03S204852.17655612.34429.7225-60443.50
Subtotal2251.50
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.50
Subtotal767.50
DPC-02S205457.27655110.94175.0225-60In progress
TOTAL8,390.85

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 20,030m in 43 holes (17 underground holes and 26 surface holes) with one underground and two surface holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release.   Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m. Hole DSB-10, drilled from Santa Barbara Breccia Pipe platform, encountered over 500m of continuous sulphide mineralization in a position several hundred metres below mineralization encountered in hole DCN-01. Assays are pending. The target zone is more than 1km long by 800m wide, over 500m thick and open in all directions.

Geological mapping and satellite interpretation has located a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A ground magnetic survey was recently completed over the property and an induced polarization survey will commence shortly to further define drill targets. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbe63c9a-c90c-4915-b361-72dbfa10ea2b

Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing locations of diamond drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/eec70115-e425-4175-98d8-9bd7b64ea3d6

Figure 3: SW-NE Geological Cross Section of the Central Breccia Pipe and Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/a8e5dfe9-0d46-41e6-be22-707dc405ab06

Figure 4: SW-NE Geological Cross Section showing Metal Zonation of the Central Breccia Pipe and Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/71af10d1-4d50-4ef3-807a-10f546253edb

Table 1Figure 1Figure 2Figure 3Figure 4
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Gran Colombia Announces Results From the 2021 Drill Program at Its Toroparu Project in Guyana; Confirms 4-Km Strike Length of Structurally Controlled High-Grade Gold Mineralized Structures

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) (“Gran Colombia” or the “Company”) is pleased to announce results from the recently completed Phase 2 diamond drill program at its 100%-owned Toroparu Project in Western Guyana. The 10,494 meters Phase 2 program was designed to confirm the continuity of both the northwest oriented high-grade gold structures and the cross cutting east-west high-grade structures that create a repeatable pattern of intersecting zones amenable to underground mining methods over the 4 kilometer strike length of the Toroparu Project1.

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “The discovery of the structural control of high-grade gold mineralization at Toroparu has reaffirmed our confidence in the potential value of this project as one of our cornerstone assets. The recently completed, two-phase diamond drill program comprised a total of 20,750 meters in 114 drill holes and has confirmed a 4-kilometer (“km”) strike length of high-grade structurally controlled gold mineralization at Toroparu. In addition, the program identified a repeated pattern of intersections of NW-SE and E-W oriented sub-vertical structures containing high-grade zones extending over mineable widths up to 100 m vertically (“jewelry boxes”)2 that support our belief that a high-grade resource amenable to underground mining methods lies at the core of this very large, disseminated gold deposit. We are currently working with Nordmin to prepare an updated mineral resource estimate and preliminary economic assessment (“PEA”) incorporating the high-grade results from this latest drilling program. We expect the PEA will be completed later this summer.”

Highlights

  • Assay results from the 2021 Phase 2 High-Grade Definition Drill Program extend high-grade mineralization to the northwest of historical drilling and confirm a 4-km overall strike length of Toroparu Deposit Area (Figures 1 and 2).
  • Drill results identify several additional concentrations of high-grade gold contained in intersecting NW-SE and E-W structures (“pipes”) that occur in a repetitive pattern across the deposit (Figure 2). These structural pipes exhibit continuity over 2 metre (“m”) to 25 m widths extending over 30 to 100 vertical metres and confirm the potential for significant volumes of gold mineralization amenable to underground mining methods exists along the 4 km Toroparu Deposit Area.
  • The high-grade mineralized pipes, ranging in grade from approximately 5 g/t gold (“Au”) to greater than 20 g/t Au over potentially mineable widths, are often surrounded by a lower grade (0.5 – 5.0 g/t Au) halo of mineralized material. (Figure 5).
  • The high-grade gold grades intersected in structures range from 2.42 g/t Au to 101.7 g/t Au and have a length-weighted average grade of 6.7 g/t Au (uncut) over 113 m and 76 intervals highlighted in this release (Table 1).
  • Since historical drilling has been limited to the upper 450 m of vertical extension of the deposit, this remains open at depth across the 4-km of strike length at depths that are relatively shallow for an underground mine. Results from the most northwest set of drill holes, which intersected multiple high-grade intervals indicate that the high-grade structural component of the deposit is still open along strike to the northwest.

Figure 1: 2020/2021 Drill Results
https://www.globenewswire.com/NewsRoom/AttachmentNg/cafe9a55-43f7-489c-ac04-00017211a672

2021 Phase 2 Drill Program – Drill Result Highlights (Figures 1 through 8)

Significant intercepts were encountered in 27 of the 42 holes drilled. Highlights of best intercepts are presented in table below:

Northwest Area
HoleFrom (m)To (m)Width (m)Weighted Avg. Au Grade (g/t)
TDP54410.619.69.004.51
including10.612.11.5037.50
TDP549221.9222.80.9835.80
TDP549260.1267.06.943.02
including261.0262.01.009.05
including265.5267.01.507.11
TDP56827.140.613.502.13
including33.134.61.5012.40
TDP57273.174.11.008.12
TDP57290.591.10.608.13
TDP572327.5329.01.503.45
TDP572339.0348.59.502.02
including340.0341.01.003.89
including342.5343.00.509.41
including345.5346.00.5010.70
TDP574319.5337.518.001.17
including319.5321.01.503.15
including331.0332.31.304.48
TDP574361.5363.11.556.58
TDP574382.5384.01.508.01
TDP574420.3422.32.0027.05
including420.3420.80.50101.70
TDP574478.0480.02.004.04
Main Area
TDP551148.5207.058.501.77
including150.5151.51.007.20
including153.5154.00.5012.70
including157.9158.40.5433.80
including171.5172.00.507.56
TDP551222.0292.870.801.13
including240.0241.51.502.60
including264.5267.53.002.99
including268.5269.51.003.08
including273.5274.51.002.65
including276.5279.53.003.37
TDP553205.5227.522.001.13
including214.4214.90.514.49
including226.5227.51.006.03
TDP553229.1232.13.005.21
including229.1229.60.5215.70
TDP553274.5280.56.005.64
including277.5279.52.0011.85
TDP553292.5297.04.5013.22
including294.0295.51.5038.10
TDP553312.9330.017.132.27
including312.9313.40.5319.40
including321.0322.51.507.38
TDP55467.4102.535.151.65
including71.573.52.002.62
including81.583.52.003.20
including86.588.52.003.15
including96.598.52.007.98
TDP554151.2156.75.4910.57
including151.2152.71.5324.57
TDP554284.5285.51.002.21
TDP554288.0291.03.005.17
TDP55864.065.51.504.83
TDP55881.297.616.371.69
including87.789.21.507.70
TDP558173.8179.86.002.70
including176.3177.81.508.31
TDP562183.0216.033.001.85
including187.5188.51.004.15
including190.2193.33.057.99
including204.5205.50.993.16
TDP562304.5314.09.501.57
including309.0309.50.503.13
including310.5312.01.504.30
TDP56479.086.07.003.14
including83.085.02.007.66
TDP564107.6163.856.181.34
including125.9127.01.122.81
including130.0131.01.004.12
including147.0150.03.004.24
including161.0163.82.785.22

Figure 2: Plan View of 2020/2021 Drill program and Corresponding Cross-Sections
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc54c85c-5127-4ec8-abd6-3784db09fb11

High-grade gold-mineralized intercepts within the deposit are associated with the occurrence of native gold, sulfides, and quartz-carbonate veins or veinlets that crosscut most lithologies except for late-stage mafic dikes. Additionally, the geologic structural model is validated by structural measurements from 2020 and 2021 oriented core measurements that indicate an orientation of NW-SE and an overprinting orientation of E-W in the Toroparu Deposit Main and Northwest Areas. Figure 3 illustrates 2020 and 2021 drill intersections greater than 5 g/t Au.

Figure 3: 2020/2021 Drilling High-Grade Intersections > 5 g/t Au
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e4dbc64-f82a-4048-9a1a-dcef116853ad

Figures 4 through 8 present the geological model in cross-section (see Figure 2 for section locations) with results from the 2021 drill programs highlighting the continuity of gold mineralization within the high-grade NW-SE and E-W structures.

  • Section A–A’ includes four 2021 diamond drill holes: TPD551, TPD552, TPD562, and TPD564
  • Section B–B’ includes one 2021 diamond drill hole: TPD558
  • Section C-C’ includes five 2021 diamond drill holes: TPD545, TPD546, TPD547A, TPD548, and TPD555
  • Section D-D’ includes one 2021 diamond drill hole: TPD572
  • Section E-E’ includes one 2021 diamond drill hole: TPD574

Each of these sections illustrate the high-grade NW-SE and E-W structural wireframes which are surrounded by a lower-grade halo (> 0.2 g/t Au) in the block model. Collectively, these assay results and historically drilled intercepts confirm the Nordmin/HPX Geological Model and potential for development of Underground Resources at Toroparu.

Figure 4: High-Grade Drilling Program Cross-Section, Main Area (A-A’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/1aec386f-3e83-4bdb-9eed-87e12ec50c73

Figure 5: High-Grade Drilling Program Cross-Section, Main Area (B-B’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3bab4c7-3fcf-4a9c-80c4-cb78a42ddbce

Figure 6: High-Grade Drilling Program Cross-Section, NW Area (C-C’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/2e56f981-a0e8-46b5-a0e0-643690a6986f

Figure 7: High-Grade Drilling Program Cross-Section, NW Area (D-D’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/dd3b24d2-16b6-4a38-9a5d-4abe501917f7

Figure 8: High-Grade Drilling Program Cross-Section, NW Area (E-E’)
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0152a33-86a2-4fff-af53-b4be3fffce7b

The 2021 diamond drilling program consisted of 10,494 m of drill core from 42 holes (TPD540 through TPD580) drilled to lengths of up to 640 m. Core samples for the drill program were collected over 0.5 m to 1.0 m intervals within the mineralized zone and 1.5 m intervals in the barren intervals. The sampling has been driven by sulfides content, quartz carbonate vein density, and lithological discrimination of barren mafic dikes. Half-core was submitted to MS Analytical Labs in Georgetown, Guyana for analysis. Gold was analyzed by fire assay atomic absorption reading and gravimetric reading greater than 10 ppm. A standard quality control procedure has been applied including blanks, standards, and duplicates.

The total cumulative diamond drilling on the Upper Puruni Concession as of July 6, 2021 is 245,693 m in 1,091 diamond drill holes (“DDH”) including 600 DDH totaling 199,223 meters drilled at Toroparu and 184 DDH totaling 21,963 m drilled at Sona Hill.

Qualified Persons Review

This release was independently prepared under the supervision of Mr. Glen Kuntz, P.Geo. (Ontario) of Nordmin Engineering Ltd., a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects, who consents to the inclusion of his name in this release.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. 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, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com


Figure 5Figure 6Figure 7Figure 8

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GR Silver Mining Announces Appointment of Eric Zaunscherb as Chairman of the Board

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce the appointment of Eric Zaunscherb as the Company’s Non-Executive Chairman of the Board of Directors effective July 1, 2021.  Mr. Zaunscherb has been a director of the Company since April 2020.

Eric Zaunscherb is a Canadian geologist with over thirty years of experience as a mining and capital markets analyst. He has enjoyed working in TorontoVancouver, and London, learning best practices in capital markets, and reviewing and evaluating hundreds of exploration, development and mining projects globally. He embraces new technologies and industry initiatives in diversity and socially responsible investing, ensuring that local communities receive lasting benefits from mineral resource development. He is now focused full-time as an independent corporate director.

Mr. Zaunscherb commented, “I am very honoured to be appointed Chairman of the Board of Directors of GR Silver Mining. Management has created an extraordinary opportunity, beginning with the artful consolidation of the highly prospective Rosario Mining District around the La Rastra community in Sinaloa, Mexico, growing a respectful and productive relationship with the people of the surrounding communities, and building a powerful team of geologists, technicians, and support staff. This team is successfully peeling the geological onion, expanding known mineralization and generating exciting new targets. I am excited to contribute to the Company’s efforts for the benefit of its stakeholders.”

GR Silver Mining CEO, Marcio Fonseca commented, ” We are pleased to welcome Eric Zaunscherb as the Company’s Non-Executive Chairman and welcome his proven track record of mining excellence over many decades. Mr. Zaunscherb’s significant experience in the capital markets and expertise in identifying and adding value to district scale mineral deposit opportunities are of notable value given the Company’s focus on its 100% owned leading portfolio of Ag-Au mineral assets in the Rosario Mining District.”

About GR Silver Mining Ltd.
GR Silver Mining Ltd. is Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is completing a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

1 Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

2 Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

3 Refer to Mako Mining Corp. MD&A dated August 28, 2019, April 29, 2020

4 Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

Qualified Person

The scientific and technical data contained in this News Release was reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo.  Mr. Fonseca is the President, CEO and director of GR Silver Mining Ltd. He has approved the disclosure herein.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. 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. Such statements and information reflect the current view of the Company. Risks and uncertainties 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.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Related Links

http://www.grsilvermining.com/

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Lucky Minerals Receives New Assays for Macuche and Trench Samples Assay 0.33 G/T Gold Over 20.0 Meters

Lucky Minerals Inc. (TSXV:LKY), (OTC PINK:LKMNF), (FRA:LKY) (‘Lucky‘ or the ‘Company‘) is pleased to announce it has received new assays for Macuche. A 20-meter-long hand dug trench returned an average of 0.33 g/t gold from systematic 1.0 m x 0.50 m panel samples. This work is focused within its 100% owned Fortuna Property (‘Fortuna’). Fortuna comprises approximately 55,000 hectares in a known mineralized district in southern Ecuador.

Lucky’s CEO, François Perron stated: ‘Our recent field work at Macuche was a follow up on an area that had gold values of interest which we have previously announced. The goal was to understand the continuity of the stockwork system. These results indicate that the stockwork system is pervasive over 20 metres and the potential for bulk tonnage is very real. The mineralization in the trench remains open both to the east and to the west. More work needs to be done in the area to understand both the scale and controls of the veining. Local prospecting will be undertaken in order to follow up on some historical artisanal pits that have been located nearby.’

Macuche Update

Lucky’s exploration team has continued with geological mapping and sampling at Macuche. A total of 20 rock sample assays have been received from ALS Chemex Labs. These samples were taken from a 20-meter-long hand dug trench in altered schists with stockwork quartz-hematite-tourmaline veinlets. The stockwork veining remains open at both ends of the trench.

A total of 20 systematic samples were taken (Panels 1.0 m x 0.50 m each) and returned an average of 0.33 g/t gold. Please see the geology map and sample table below:

For a larger image of the map please click here and for a larger image of the sample table please click here.

Macuche Trench Geology and Sample Location Map

Macuche Trench sample Intervals and Gold grade

As this is an area at an early exploration stage, geological work will continue to better identify the extent of this mineralized area at surface. Prospecting work will include geological mapping to determine rock and alteration types. There are presently more than 18 samples, some coming from historical artisanal pits that are approximately 250 m from the Macuche trench. These assays are pending and are expected in the coming weeks.

At this time, mineralization at Macuche has been observed to be related to quartz-pyrite (hematite) stockwork type veinlets in a strongly altered (sericitic) rock.

QA/QC Protocols

All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

The Company’s Fortuna Project is comprised of twelve contiguous 550 km2 (55,000 Ha, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Covid-19 Safety Protocols

Lucky Minerals has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are housed in separate and private accommodations and are isolated from the community.

Qualified Person:

Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

ON BEHALF OF THE BOARD

‘François Perron’
Chief Executive Officer

Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as ‘will,’ ‘may,’ ‘should,’ ‘anticipate,’ ‘expects’ and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

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Newlox Gold Appoints Prof. Giorgio de Tomi to Lead Brazil Initiative

Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX ) (Frankfurt/Stuttgart:NGO) | PINK (OTC:NWLXF) (CNSX:LUX.CN) welcomes Professor Giorgio de Tomi, Ph.D., CEng, FIMMM to the Newlox Gold team. Professor de Tomi will head up Newlox’s Brazilian division to undertake market research and development, including the assessment of projects for Newlox Gold.

Newlox announced on June 16th, 2021, that the Company had entered the Brazilian market to develop future ESG-focused precious metals projects in partnership with local artisanal mining groups. This continues Newlox Gold’s growth through an ESG-centered partner mining model to provide environmental and social benefits to all stakeholders while supporting economic development in traditional artisanal mining communities.

Dr. de Tomi has over 30 years of experience in the resource sector and has a degree in mining engineering from the University of Sao Paulo, a Ph.D. from the Imperial College, London, and an MSc from Southern Illinois University, USA. He leads the Centre for Responsible Mining, at the University of São Paulo (USP) in Brazil, as an associate professor and former Head of the Department of Mining and Petroleum Engineering.

Dr. De Tomi is a Fellow of The Institute of Materials, Minerals & Mining (FIMMM, UK), Chartered Engineer CEng (Engineering Council, UK). He is a member of SME (USA) and acts as mining QP and CP for numerous mining enterprises worldwide. Currently, he is a member of the Technical Board of CBBR (Brazilian Commission for Mineral Resources and Reserves), a member of the Executive Board of EMBRAPII’s Unit Tecnogreen, a Research Scholar with FAPESP and CNPq (Brazil) and a member of the Editorial Board of the Mining Technology journal and the Brazil Mineral journal (Please see the link here to Dr. De Tomi’s professional biography: https://bit.ly/3qd93PQ).

 

The Company, with the guidance of Dr. De Tomi and the support of NAP.Mineração/USP, has identified two highly prospective areas suitable for the deployment of Newlox Gold’s ESG-focused precious metals processing plants. The projects represent a significant opportunity to the Company and are currently in due diligence.

 

A Message from Ryan Jackson, President & CEO:

“We are delighted to welcome Professor Giorgio de Tomi to the Newlox team and are looking forward to deploying the Company’s environmentally and socially positive resource development model to Brazil. We are fortunate to have the knowledge and experience of Dr. de Tomi to guide our Brazilian initiative.

The Company has established a close connection with Brazil over many years through its Chief Technical Advisor Dr. Marcello Veiga, who has worked closely with Newlox Gold since 2014 and now heads up the Company’s research and development division. Through our relationship with Dr. Veiga, the Company has been developed a team focused on identifying and assessing expansion opportunities in Latin America, with Brazil at the heart of the endeavour.

We are excited to see Newlox Gold begin its growth program in 2021 and believe that an ambitious expansion in Brazil will be a significant milestone in the Company’s growth strategy. The Brazilian mining industry is several orders of magnitude larger than what is found in Costa Rica, with over 250,000 known artisanal miners operating in the Amazonia region alone.

Dr. De Tomi is currently conducting a World Bank sponsored program in this area to design programs to reduce the social and environmental impact of the artisanal mining sector.  Newlox Gold’s partner mining model could play a significant role in the effort.

Newlox Gold has established a beachhead in Brazil through its partnership with Dr. De Tomi and NAP.Mineração/USP. We are eager to initiate the Company’s expansion program beyond Costa Rica and look forward to updating shareholders as we make progress assessing the multiple opportunities available to the Company.”

A Message from Professor Giorgio de Tomi, PhD, CEng, FIMMM:

 

“It is very encouraging to see Newlox Gold interested in the development of an ASM (artisanal and small scale) mining business in Brazil. Newlox Gold will create partnerships focused on sustainable development that will connect responsible mining with the needs of local communities, generating a framework for economic growth and regional integration.”

 

Forward-Looking Information

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).

 

Technical Disclaimer

 

The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.

 

On Behalf of the Board, Newlox Gold Ventures Corp.

 

Contact Newlox Gold

 

Ryan Jackson

Newlox Gold Ventures Corp., President

Website:                                                         www.newloxgold.com

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GR Silver Mining Mobilizes Seven Drill Rigs in the Rosario Mining District and Announces Expanded 14,000 m Exploration Drill Program to Test New Ag-Au Vein and Breccia Targets

GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has initiated a 14,000 m exploration drill program targeting newly identified and untested silver-gold (Ag-Au) veins on its concessions within the Rosario Mining District, Sinaloa, Mexico. Seven drill rigs are being mobilized to undertake this program at new project sites on the Company’s extensive Ag-Au vein systems that extend over structural trends covering a combined 75 km strike length of the Plomosas, San Marcial and La Trinidad Project Areas (Figure 1).

After successful completion of the resource drill programs at the Plomosas Mine Area and the San Juan Area (both within the Plomosas Project), exploration efforts are now focused on testing Au and Ag-rich veins that have seen little or no exploration activity. While the program includes previously identified veins, several of the targets to be drilled are new discoveries identified by the Company’s mapping and prospecting teams.

Among the recently discovered epithermal vein and breccia targets to be tested are the GAP Area system, which connects the San Marcial and San Juan areas, and also Au-rich epithermal mineralization identified to the south of the Plomosas Mine Area (“Plomosas South”). The first two rigs have commenced a 16-hole drill program at Plomosas South that provides step-out extension potential to the resource estimate currently underway on the Plomosas Mine Area.

The GAP Area was covered by the recently completed NW extension of the San Marcial ground geophysical (IP and magnetometry) program (see News Release dated February 22, 2021), extending from the San Marcial Project northwesterly to the San Juan Area (Figure 1).

Another new area that is being prepared for drilling is the Loma Dorada structure, an epithermal Au vein target which is on the northern extension of the La Colorada vein system, where the Company recently released high grade results from LCS21-04 containing 0.65 m at 10,777 g/t AgEq  (see News Release dated June 10, 2021). A significant mapping and drill program has commenced at the El Saltito vein system in the western portion of the Plomosas concessions. Further details on specific programs at the new drill target sites will follow.

GR Silver Mining VP Exploration, Honza Catchpole commented, “We are excited to commence this new phase of our exploration program after the successful conclusion of the resource drilling at the Plomosas Mine and San Juan Areas. With the mobilization of seven rigs, we can now begin to test new Ag-Au vein targets that we have had our eyes on for some time. Our goal is to test a series of new project drill sites that can prove we are dealing with an expansive Ag- and Au-rich system of veins and hydrothermal breccias. Additionally, we aim to connect the proven mineralized structures of the Plomosas and San Marcial Projects by filling the geological gaps in places where we have already mapped important vein structures on surface. We expect our new drilling program to significantly expand the strike length of our vein system in the key structural trends”.

Qualified Person

The scientific and technical data contained in this News Release related to the exploration program was reviewed and/or prepared under the supervision of Honza Catchpole, P. Geo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is completing a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

_____________________

1 

Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

2 

Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

3 

Refer to Mako Mining Corp. MD&A dated August 28, 2019, April 29, 2020

4 

Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. 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. Such statements and information reflect the current view of the Company. Risks and uncertainties 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.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Related Links

http://www.grsilvermining.com/

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